Is Trade Ideas a Scam – Common Complaints and Personal Warnings:
Trade Ideas was founded in 2003 and is widely accepted as one of the best available market intelligence platforms.
Thousands of traders, investors, and market professionals across 65+ countries use Trade Ideas to pinpoint opportunities in the stock market. Even brokerages like E*Trade and Scottrade utilize Trade Ideas’ technology to power their own premium platforms.
But Trade Ideas’ longevity and reach doesn’t come without skepticism and resentment. There are some dissatisfied users who claim that the technology is “cumbersome”, “useless” and “expensive” – you just don’t hear this side of the story very often.
So do the Trade Ideas haters have a point – is the platform cumbersome and expensive? Should it be completely avoided because it’s a scam? Or are there far more positive reviews than negative ones because the platform is legitimately robust?
These are the critical questions concerning the Trade Ideas platform that I’ll be sharing my personal thoughts on below.
Warnings For Those Who Have Recently Come Across Trade Ideas – Especially Beginners:
The Trade Ideas platform is named perfectly because its main goal is to provide you with trade ideas based on your personal trading style.
One of the main functionalities of the platform is being able to choose specific channels – which are pre-configured workspaces designed for specific approaches. For example, there are channels created for Premarket/After Hours, Earnings, Blockchain/Crypto, Electronic Vehicles, Penny Stocks, Short Squeezes, and many more. There’s an attractive option for almost any type of trader.
But if you can’t find a channel or two that fit your specific needs, you can either partially customize an existing one or create your own from scratch. If, for example, you like to trade 52-week breakouts on stocks over $10 with short float over 25%, or whatever other parameters you choose, you can create a custom scan for it. Your scans can be as simple or complex as you want them to be.
In my experience, there are 3 main reasons why some beginners struggle with and complain about the Trade Ideas platform:
1. Beginners Get Overwhelmed By the Near-Endless Number of Trade Ideas
While the Trade Ideas platform provides the technology and customization to fit the needs of almost any type of trader, this immense power also poses a substantial risk for individuals lacking the proper level of self-discipline.
The never-ending flow of potential trade ideas can either be a blessing or a curse – depending entirely on how you manage it. The sheer volume of data provided can be filtered to fit your own individual style, or it can be used to overwhelm and debilitate you.
I think those who call Trade Ideas “cumbersome” are individuals who jump erratically from one strategy to the next in fear of missing out. It’s cumbersome only because they make it so. There’s a certain threshold where too much information becomes toxic.
Overall, you have to have the self-control to focus on just one or a small handful of strategies, while avoiding many distractions.
2. Beginners Think That Following the Artificial Intelligence Engine (Holly) is Foolproof
If you join Trade Ideas solely to follow trades generated by any of the 3 versions of Holly (Holly Grail, Holly 2.0, and Holly Neo), understand that they won’t be winners 100% of the time. With absolutely any system, there will always be losses.
As humans we love to think in certainties, but trading is a probabilistic game. At best, Holly produces a win rate around 60%, but that leaves 40%+ of her trades as losses. Don’t get me wrong – that’s a perfectly fine win rate. But you still need to manage your account appropriately. Don’t think that just because you have AI on your side that all risk/money management can go out the window.
The power of Holly can’t be denied – constantly running through enormous amounts of technical, fundamental, and social data at a rate no human could come anywhere close to matching. But even the most powerful artificial intelligence will never be able to completely eliminate risk from the market. There will always be unknown variables that it can’t possibly compute.
It’s my feeling that those who call Trade Ideas “useless” are individuals who go in with the expectation of guaranteed profits.
3. Beginners Subscribe Without Any Legitimate Trading Skills and Expect Immediate Success
This is an issue I see with almost every trading platform or tool. The harsh reality is that most people subscribe to these kinds of platforms with big dreams of fast riches, but aren’t willing to put in the time to build the necessary skills for durable market success.
They want a “magic pill” that will produce millions of dollars with little to no effort. And while the advertisements for many trading courses, programs, platforms, and tools will try to make you think this is possible in order to sell you their product or service, it’s just not the truth. It takes legitimate training in 4 main areas in order to become a self-sufficient, consistently profitable trader.
Sadly, the vast majority of people who try trading end up failing because they take ineffective shortcuts – mixed with random, impulsive, and irrational trades. Then when they lose a bunch of money, they turn around and claim that every trading platform and tool is a scam – and even the market itself. But it’s because they chose the gambling approach instead of the proper training path.
A robust tool like Trade Ideas can certainly take your trading to the next level, but it’s best to go in with a strong foundation in place.
Conclusion – Is Trade Ideas a Scam or Top Rated Stock Trading Software?
With all of this taken into consideration, my personal opinion is that Trade Ideas is nowhere close to a scam. Just because the technology offers AI-generated trades and auto-trading capabilities – no profits are guaranteed (especially on a trade-by-trade basis).
The real value offered by Trade Ideas for beginners is with the simulated trading capabilities in order to practice and build skills, and the value for experienced traders is with the dynamic scanners. Most other scanning tools available on the market for traders require you to manually run them in order to see the results, but Trade Ideas scans are dynamic – constantly updating in real-time.
As a final note, I want to touch on the complaint that it’s “expensive”. This is always tough because it’s subjective and relative to individual wealth – what’s expensive for one person can be cheap for another. But in my opinion, Trade Ideas is simply worth it if it can help you make at least $10 more on average per trading day ($2,268/yr Premium subscription costs about $9 per trading day).
For anyone still skeptical or just interested in trying out the platform before you buy it, Trade Ideas offers a trial period every quarter. It’s not entirely free, but you can get 2 weeks of full Premium access for about $10 during the Quarterly Test Drive.
Please leave your thoughts, questions, or experiences on Trade Ideas and whether or not you think it’s a scam below.
Written by Matt Thomas (@MattThomasTP)
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