What To Know Before Signing Up To Trade Ideas


Jeremy BiberdorfBy: Jeremy Biberdorf

December 13, 2023December 13, 2023

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In this Trade Ideas review, I will dive into what to know before signing up to Trade Ideas, a platform that could significantly enhance your stock trading experience. Selecting the right stocks to trade is a complex task. With thousands of stocks available in the market, identifying the ones that might yield profits is both challenging and critical, especially for new and seasoned investors.

Trade Ideas stands out as a tool designed to make this process more objective, helping to overcome the common biases that often lead investors astray. Confirmation bias, for example, can lead traders to seek information that supports their preconceptions while ignoring contradictory data. This approach can be detrimental, causing missed opportunities and emotion-driven decisions.

The solution lies in leveraging modern technology, specifically stock screeners. However, just as there are numerous stocks, there are also many stock screeners available. Choosing the right one is crucial for effective trading.

This review aims to provide an unbiased and detailed look at Trade Ideas, assessing both its advantages and drawbacks, to help you determine if it’s the right investment for your trading needs.

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What to Know Before Signing up to Trade Ideas

We will get into all the details you need to know before signing up to Trade Ideas, but for starters, let me set the table with a quick overview and some background information.

Trade Ideas History

Founded in 2002, Trade Ideas has evolved significantly, transitioning from a simple market scanner to a robust idea generation platform. It now serves over 50,000 traders in 19 countries, primarily focusing on the US and Canadian equity markets. A key feature that distinguishes Trade Ideas is its integration of artificial intelligence, which helps identify effective strategies in the current market and generate predictive trading ideas.

Co-founder Dan Mirkin, an experienced day trader, plays an active role in the platform’s operations. His involvement is evident as he often shares his trades on Twitter, demonstrating a keen understanding of what traders require. Trade Ideas efficiently handles data processing at its data centers, rather than burdening the user’s computer. This approach allows for rapid and accurate stock scans, even on standard computing devices.

The origins of Trade Ideas can be traced back to the financial technology boom of the 90s, a period marked by a surge in online trading and self-directed investments. The founders, leveraging their previous leadership experience in this domain and learning from a challenging venture capital-backed venture, sought to create a tool that would empower investors. Their goal was to enable easy access to market data and help in identifying promising stocks. This venture was built on the principles of slow, profitable growth and a strong technological foundation.

Trade Ideas stands out as an advanced stock scanning tool that offers in-depth market analysis. Combining traditional stock scanning methods with the power of artificial intelligence, it provides comprehensive insights, making it a valuable tool for traders seeking detailed market analysis.

Trade Ideas Benefits

Here are the most powerful benefits you should be aware of before signing up to Trade Ideas:

  • Holly AI: This AI system, named “Holly,” uses pre-set trading strategies to scan stocks and execute trades, simplifying daily trading routines. It has demonstrated success historically, growing a test portfolio significantly over two years. Holly analyzes market action and suggests trades with a high probability of success. There are three versions of Holly AI – Holly Grail, Holly Neo, and Holly 2.0, each offering unique features and strategies.
  • Pre-Built Stock Scans: Trade Ideas features customizable and pre-built scans, suitable for both beginners and experienced traders. Users can start scanning immediately with basic configurations and advance to more customized real-time scans using hundreds of filters. The Market Explorer tool offers a wide range of prebuilt scans.
  • The Oddsmaker: This backtesting tool allows traders to test the effectiveness of trading strategies against past market data. It provides detailed metrics, helping traders optimize strategies before using real capital.
  • Brokerage Plus: This feature enables professional traders to automate their trading strategies, using real-time data for autopilot trading. It requires caution but brings a level of automation to the trading process.
  • Charting: The platform offers comprehensive charting capabilities, including price, candlestick, and advanced tick charts, scalable across various time frames, with pre-built indicators and manual markup options.
  • Training and Education: Trade Ideas provides a user guide, video playlists, free daily support sessions, and a free trading room, particularly beneficial for new traders.
  • Artificial Intelligence: Trade Ideas’ AI, launched in 2016, has consistently outperformed market benchmarks. The AI recommends trades based on optimized strategies and provides about 5 to 25 trade suggestions daily.
  • Streaming Alerts: The platform’s real-time scanner updates provide customizable alert systems, notifying traders of potential opportunities.
  • Simulated Trading & Backtesting: Trade Ideas offers paper trading accounts for risk-free training and an advanced backtesting system, “OddsMaker,” to test strategies historically with detailed profit and loss information.

Trade Ideas Limitations

Although Trade Ideas is considered one of the best automated trading software on the market, there are a few limitations you should be aware of before deciding to sign up for Trade Ideas:

  • High Fees: Trade Ideas’ subscription and usage costs can be relatively high, which might be a barrier for traders, especially those who are new or working with limited funds.
  • Not Ideal for Beginner Traders: The complexity of the platform and the abundance of trading ideas it generates may overwhelm beginners, making it less suitable for those just starting in trading.
  • Risk of Overtrading: Due to the multitude of trading ideas available on Trade Ideas, there’s a tendency for users to overtrade, which can be particularly risky for less experienced traders.

Trade Ideas Costs

Before deciding to sign up to Trade Ideas, you should be clear on the cost options and what is included in each.

  • Standard Plan: Priced at $84 per month or $999 per year, the Standard Plan includes the standalone platform with features like streaming trade ideas, 10 simultaneous charts, a chart-based visual trade assistant, and up to 500 price alerts. Subscribers also get access to the Channel Bar, which consists of curated workspaces by Trade Ideas, and a live trading room hosted by Barrie Einarson.
  • Trade Ideas Premium: This plan costs $167 per month or $1,999 per year. It encompasses everything in the Standard plan and adds additional features such as 20 simultaneous charts and the AI robo-advisor Holly, known as your ‘Virtual Trading Analyst.’ This plan also includes entry and exit signals, risk assessment, and a chart-based AI trade assistance feature. The Premium plan allows users to build and backtest any trade ideas and provides access to Brokerage Plus.

Check out my Trade Ideas coupon code to save 15%.

Final Thoughts

When considering “What to know before signing up to Trade Ideas,” it’s essential to weigh the comprehensive features against the potential limitations. Trade Ideas stands out for its advanced AI capabilities, particularly with the Holly AI system, and its robust stock scanning and charting tools. These features cater to a range of trading strategies and are especially beneficial for those looking to integrate AI into their trading.

However, potential users should be mindful of the high subscription costs, the platform’s complexity for beginners, and the limited range of chart indicators. If you have read this far and think Trade Ideas might not be the best fit for you, you can consider a respectable alternative in TrendSpider. This TrendSpider vs Trade Ideas article will give you all the information you need to compare the two platforms.

For those ready to dive deeper into the world of advanced stock trading and AI-driven strategies, Trade Ideas provides a robust platform that can significantly enhance your trading experience. If you’re considering this powerful tool for your trading arsenal, Click Here to explore more.

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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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