Trade Ideas Review
I hope you’ve been enjoying the Bulls on Wall Street Review series! So far, we’ve covered the scanning site Finviz and the charting platform TC2000. Now’s it time for a Trade Ideas review.
Like Finviz, Trade Ideas is a scanning platform. Both are tools for filtering out the majority of stocks, so that a trader need only look at those most likely to be trade-able. That’s pretty much where the comparisons between the two platforms end, though. Both are valuable tools, but they fill different needs. Here’s what I like about the Trade Ideas platform.
Speed
This is the most significant difference between Trade Ideas and Finviz. Finviz is great for generating a nightly or weekly watch list, but the free version is far too slow for finding hot stocks in the morning. In this area, Trade Ideas excels! Using preset scans, you will be presented with a list of dynamic list of stocks in real time. Along with the ticker itself, you can choose to display other helpful info, like volume and where it is in its range.
Scanning Options
If you can think of it, there’s a way to scan for it in Trade Ideas. There are settings for every technical and fundamental data point imaginable. If you only want to see stocks that are at least $5 up from the previous close, have 1 minute volume 10% above average, and are no more than a week from their earnings date, you can do that! Which leads me to our next point…
Bulls on Wall Street Stock Scanner
We have our own Bulls on Wall Street scans! These are the scans that I use, and that many of our students use, to find the hottest stocks in the morning. It’s so much easier than sifting through long lists of stuff I don’t care about and won’t trade. And it’s incredibly helpful to be able to have all of these up at once. Instead of a single scan, I am running six at once – three scanning for long setups, three for short setups. That way, I’m always prepared for every market situation. If you want the layouts to what I use you can download them here. BullsOnWallStreetScanner
Stock Charts
Trade Ideas is visually appealing and intuitive. You can display whatever information you want, in any configuration you want to see it in. One of the best examples of this is in the charting. When an alert pops up, you can confirm it visually right away, rather than having to click away onto something else. This will save you time and the frustration of constantly flipping between programs more than necessary.
Backtesting
One of things I love about Trade Ideas is that they are constantly innovating and adding helpful new features. Backtesting with their Oddsmaker tool is a great example of this. They introduced it several years ago and it’s a very neat tool. Essentially, it allows you to backtest your strategies to see how they perform over time. It’s easy to setup the conditions, and they provide several visually-appealing ways to display the results.
Summary
Having the right tool for the job will save you a lot of time and hassle, as a stock trader. Finviz and TC2000 are great for charting and some nightly scanning, but for the fastest intraday scanning and the most scanning options, I like and recommend Trade Ideas. Use promo code BULLS4TIPRO for a 15% discount.
