What is Trade Ideas? Is it For Both Beginner and Advanced Traders?
Trade Ideas launched back in 2003 as a simple stock scanner and alerts platform, but has grown into one of the most robust stock trading platforms over the course of the past two decades. With five years running on the Inc. 5000’s list of fastest-growing privately held companies, there’s no doubt that traders are faithfully using the Trade Ideas technology to successfully navigate the market.
What sets Trade Ideas apart from the competition is how well it harnesses the power of artificial intelligence. Through its AI engine named Holly (explained more below), the platform provides specific strategies to help guide you into trades with high statistical odds. Unlike any human, Holly is able to constantly scan through thousands of stocks and ETFs both inside and outside of market hours, running millions of backtests and simulations. This constant flow of analysis and adaptation provides an exceptional tactical edge.
In essence, Trade Ideas expertly combines the power of humans and machines. You as the trader can customize the criteria, filters, and settings so that the platform feeds you the exact types of opportunities that you want to see. After all, your statistical edge in the market is determined by information, and computers are far better at scanning and evaluating that data than you are. So if you’re done trading randomly and actually want to execute a strategy with the odds in your favor, Trade Ideas can be the answer.
Top 5 Features of the Trade Ideas Premium Platform:
The easiest way to understand how the Trade Ideas platform works is through channels. These channels are preset layouts based on specific categories like penny stocks, blockchain/crypto, earnings, or short squeezes – all of which can be customized to fit your individual needs. You can also build your own layouts from scratch with custom strategies, scanners, and alerts.
This is as close to an all-in-one trading platform as I’ve ever seen. Instead of having to hop back-and-forth from all sorts of charting services, scanning softwares, newsfeeds, simulators, chat rooms, and other trading tools, Trade Ideas offers a form of all of them under one roof. You can potentially ditch multiple other subscriptions for just this one powerful platform.
But the biggest strength is in the scans, alerts, and filters, which can provide an ideal flow of potential opportunities for absolutely any type of trader. Overall, the Trade Ideas platform can be personalized to efficiently execute your own individual trading style.
1. HOLLY (Artificial Intelligence Algorithms)
A popular question from those unfamiliar with Trade Ideas is “what/who is Holly?”. The simple answer is that Holly is an artificial intelligence engine that scans the market for trade opportunities with high statistical odds. Holly was first introduced a few years back, but there are now three distinct versions of her – Holly Grail, Holly 2.0, and Holly Neo.
- Check Out Holly’s Monthly Performance Since 2019
- View the List of Artificial Intelligence Strategy Descriptions
It would take way too long to describe the exact parameters that each version of Holly uses to produce trade ideas, but the general concept to understand is that the algorithms are analyzing the market for you in real time. In essence, Holly works like a research analyst to evaluate technical/fundamental data, social media, and more – but 1,000X faster than any human ever could.
2. ODDSMAKER (Backtesting Strategies)
If you choose to build, test, or optimize one or multiple trading strategies, this is where the OddsMaker comes into play. The different versions of Holly are backtested strategies created by the Trade Ideas team that have proven themselves over long periods of time. But some individuals might still want to build and optimize their own strategies – either in place of or in addition to Holly.
Advanced traders take data and backtesting seriously, but most newbies have a tendency for random and impulsive trading. These random and impulsive actions usually stem from an obsessive focus on results (profits) instead of the process (statistical edge plus execution). The amazing part about the OddsMaker, in my opinion, is how it can help beginners start thinking in probabilities.
3. SIMULATION MODE (Paper Trading)
One of the biggest mistakes new traders make is diving straight into the market completely unprepared, yet hoping for a huge payday. But this reckless approach never works. Some individuals try to say that paper trading is a waste of time, but I don’t subscribe to that belief at all. In order to get used to the nuances of the platform, all new users should at least start in simulation mode.
Take it from me and thousands of other traders before you – it might feel like you’re missing out on opportunities by not immediately going live, but all you’re missing out on is blowing up your account. This is what I call learning the hard way. Even though I feel like a broken record saying the same thing over-and-over again, I think the repetition is important to get the message across.
4. BROKERAGE PLUS (Integrated/Automated Trading)
While it’s certainly possible to use the Trade Ideas software independently and then hop over to your brokerage platform when it comes time to execute trades, it’s far from the most efficient option. With Brokerage Plus, you can integrate your brokerage account directly to the Trade Ideas software. This integration eliminates the need to bounce back-and-forth from one platform to another.
It’s also possible to fully automate strategies through Brokerage Plus. You simply choose the strategies you want to go live, predetermine your position sizing (based on number of shares or dollar value), and set your risk parameters (stop loss and profit targets) – and the AI executes on its own. Brokerage Plus currently works with Interactive Brokers, Etrade, and TD Ameritrade.
5. GREAT SUPPORT & RESOURCES (Ebooks, Webinars, etc.)
One thing I recognized right from the start when using Trade Ideas was the incredible amount of support they provide. And not just for paying subscribers, but non-subscribers as well. They offer various ebooks, courses, podcasts, tutorials, a free trading room, webinars virtually every day, and daily live support sessions on YouTube. This is all in addition to standard phone, email, and chat support.
- Free Education (Lessons, Books, Support Sessions, and Trading Room)
- About Trade Ideas – Find Out The Company’s Back Story and Meet the Team
One of the most popular resources is the Free Trade of the Week. This is a hand-picked stock from the Trade Ideas team sent out at the beginning of each week – usually Monday or Tuesday. The email provides the ticker, candlestick chart, trigger price, suggested risk management, and potential profit targets. As a warning, these aren’t automatic buys and certainly not meant to be blindly followed.
Trade Ideas Subscription Options and Pricing:
The Trade Ideas offerings are very simple – they have Standard and Premium plans with Monthly or Annual Billing. The main differences between Standard and Premium are that Premium includes Holly, OddsMaker, and Brokerage Plus.
The Standard plan costs $118 per month or $1,068 per year – this breaks down to roughly $3 or $4 per day. The Premium plan costs $228 per month or $2,268 per year – which breaks down to roughly $6 or $8 per day.
If you subscribe to the Trade of the Week or attend one of the weekly webinars, that’s where you’ll be offered the steepest discounts. But for the cost of a couple Starbucks coffees each day, you can have the most powerful, AI-driven trading tool at your disposal.
Trade Ideas also offers a weekly newsletter called Strength Alerts for $17 per month. This includes five potential trade ideas delivered straight to your inbox every Monday. But this doesn’t include any direct access to the Trade Ideas software.
Trade Ideas Platform Pros and Cons:
As with any program, platform, or service, there are always certain advantages and disadvantages – Trade Ideas is no different.
The main advantage of Trade Ideas is that it allows you to harness the incredible power of artificial intelligence and utilize it to effectively operate within the market environment – from simple scans and alerts all the way up to fully automated trading. And this can all be done without any programming knowledge required. An underrated aspect of the platform is that data processing takes place on Trade Ideas servers, so it won’t impact your computer’s performance like other clunky software will.
The biggest disadvantage of Trade Ideas is the sheer volume of information it can provide. For someone without the proper focus, the platform can seem busy and overwhelming. The good news, however, is that with a sufficient level of self-control, you can avoid the noise and customize it to fit your individual needs. Your main goal should be to effectively and efficiently pair the power of artificial intelligence with your own trading style – not get distracted by every single opportunity presenting itself in the market.
All in all, the advantages far outweigh the disadvantages. Trade Ideas can be a dynamic tool for traders of all experience levels.
How Does Trade Ideas Compare to Other Trading Software Like StocksToTrade?
TRADE IDEAS vs. STOCKSTOTRADE
There’s one other platform that I’ve used in the past to closely compare Trade Ideas to – StocksToTrade. These two platforms are extremely similar in functionality and price. For example, they both have algorithms that generate potential trade opportunities – Holly and Oracle, respectively. Overall, Trade Ideas and StocksToTrade provide outstanding advantages in trading efficiency.
But I do have one that I personally prefer, and at the moment that would be Trade Ideas. StocksToTrade definitely has a cleaner look and beginner-friendly feel to it, but Trade Ideas is far more powerful in terms of customization. I enjoyed trading with StocksToTrade, but it seemed prone to glitches and I wasn’t a huge fan of how the custom screener worked. Even though Trade Ideas has a slightly less pleasing aesthetic and a bit more of a learning curve, the functionality is far more robust.
In the end, it comes down to personal preference. But in my opinion, the capabilities of Trade Ideas are unmatched. My personal take is that StocksToTrade looks better, but Trade Ideas performs better – and performance over looks is an easy choice for me. If you’re stuck deciding between the two, I recommend checking out the trial periods for each – StocksToTrade currently offers a 2-week trial for $7 and Trade Ideas offers a 2-week trial for $9 (At TI, this is only offered once every 3 months during the Test Drive period).
Best Advice For Beginners Using the Trade Ideas Platform:
For those just getting started in trading, I think Trade Ideas can be an amazing platform. It offers a ton of free resources, robust functionality, and amazing support. Unique tools like Holly and OddsMaker work in real-time to analyze the market and help you find opportunities with the greatest odds of success. The artificial intelligence goes even further to provide chart-based risk assessments.
Here Are 5 Steps That Every Beginner at Trade Ideas Can Benefit From:
- Take a Dedicated Mindset Course. My #1 Recommendation is The Advanced Trader’s Mindset Course at 2ndSkies.
- Start in Simulation/Paper Trading Mode to Get Used to the Platform and Confirm the Effectiveness of Your Strategies.
- Take Advantage of the Free Resources Offered By Trade Ideas (Ebooks, Tutorials, Trading Room, Trade of the Week, etc.)
- Utilize the Free Resources Offered Here as Well (Courses, Blogs, Simulators, Tests, Trading Encyclopedias, etc.)
- Subscribe to the Free Trade of the Week and Stay Informed on Quarterly Test Drives For the Largest Discount.
With all of the incredible tools and functionalities provided by Trade Ideas, the technical aspect of trading is thoroughly covered. But there is still the psychological component to consider. Without acquiring the proper mindset, every strategy, system, plan, or set of rules is vulnerable to self-sabotage. Because of this, all beginners should ideally start with a dedicated trading psychology course.
Trade Ideas can certainly help you develop and refine your statistical edge, but it’s on you to develop and refine your mental edge. If we were to boil down trading success into two main components, it would be 1) defining a statistical edge, and then 2) executing on that edge with consistency and discipline. As long as you bring the mental edge, Trade Ideas has you covered with the statistical one.
Conclusion – Is Trade Ideas Worth the Cost or is it a Scam?
In my opinion, Trade Ideas is not a scam and entirely worth the cost. It can seem a little expensive for absolute beginners, but for intermediate and advanced traders looking to level up their tools and capabilities, I don’t know of a custom scanning and alerts tool better than Trade Ideas. But that’s just a couple of the simplest TI features offered – the artificial intelligence, paper trading, backtesting, and other functionalities can all potentially be scaled-up to fully automated, real money trading if you choose.
At this point in time, Trade Ideas is my top-rated market intelligence software. The functionality is robust and offers endless opportunities for customization – and the development team only continues to update and improve it over time. There are numerous preset channels, layouts, scanner settings, and more. But you can customize from what’s already provided or start completely from scratch. It can certainly seem a little overwhelming to figure out in the beginning, but completely worth it after a week or two.
Overall, I’m not at all surprised by the significant growth of the Trade Ideas user base in recent years. I can see exactly why it has attracted so many traders and has kept them around for extended periods of time. The biggest advantage of the platform, in my opinion, is the ability to pin down custom strategies based on your own lifestyle, risk tolerance, and preferences. It offers all the bells and whistles for your own unique trading style to shine. Strategy creation, optimization, and execution have never been easier.
If you’re tired of trading without a statistical edge, then stop gambling and let Trade Ideas help you define and refine a successful strategy. Please leave any thoughts, questions, or personal experiences about Trade Ideas within the comments section below.
Written by Matt Thomas (@MattThomasTP)