Just like a Pilot has to trust their instruments when flying in bad weather, a Day Trader must be able to trust their tools. If you talk to any traders you will find out they all agree that there is not one platform or service that provides everything they want in one location
The Top 5 tools for me include a reliable Level 2, a reliable stock scanner, a reliable charting software, reliable community of traders and a reliable trading site.
Reading Level 2 for profits
Having an in depth level 2 market data is in my opinion very important. Without being able to see where the big orders are on the book you are trading blind. Being able to see a buyer or seller refresh their bid to get their bigger order is very important. Understanding where the strength lies on the volume is very important.
There isn’t always one provider that will give you everything you want. For my level 2 market data I use two different sources. Think or Swim and Schwab Street Smart Edge.
Why do I like Think or Swim? I love that I can see GSCO or Goldman Sachs to see where they lie on the books. Many times I use their bids or offers as targets as they have a great deal of capital and can help to move the market. I will track their initial bid and offer 15 min after open. If they move their offer up there is a chance that the price will continue past their first offer, but it still remains a target.
The second one I use is Schwab Street Smart Edge that shows bigger orders and the refreshing of orders on bids and offers more easily as well as a time and sale box that shows when a sale goes through the ADF or Alternative Display Facility.
I love being able to offer people free alternatives but I haven’ been able to find a free real time level 2 quotes online.
Best Stock Scanners
I know you are thinking more than one scanner what Jane you must be crazy. No I don’t know of any more than one because I do have a free stock scanner to offer to you on this one. First we will start off with the best stock scanner.
Trade Ideas is an amazing software that has been evolving since 2002 and with 17 years of tweaking and feedback from their customers and outside users it is an amazing software. You have the ability choose to use the scanning and alerting by itself. You have the ability take the premium version to back test you strategies and use their Artificial Intelligence Holly to generate ideas for you. You have the ability take it one step further and automate your trading directly with certain brokers. A software built by traders for traders. They also offer a free trading room and a free web version of the product with delayed data.
The Second top scanner that I am happy to enlighten new traders about is Finviz.com They have a free version and a paid version. The paid version obviously gives you more abilities, but the free version is amazing and great for end of day scanning. They also offer an amazing map of the market sentiment by sector.
Stock Charting Software
For Charting there are a couple options that I really love. The best charting software to me is Tradingview.com. One of the main reasons why I love this software is because it is so easy to use on a mobile device. I set everything up on my laptop. I set levels to watch alerts and then when I’m at the gym getting in a workout I receive my alerts and can see the same charts. Some platforms especially brokers offer different views on the desktop versus the mobile device.
My second favorite charting software is Trendspider that has the first ever that I know of rain drop candles. Truly only second because they are a new company and don’t have their app up yet. Since I’m a big follower of volume they use the data feed to create these candles which help to show where the volume flow was during that candle. Best way to describe it is to show you an image Worth 1000 words right!
Also the ability to have multiple time frame analysis on one chart. Where you can use a 5 min chart to trade but see the daily averages as a dashed line to know where the price action might stop.
The final feature of Trendspider that is great for newbies is the algo that will draw trend lines for you, to help you shorten the trendline learning curve.
There are actually a couple of free charting platforms. Tradingview.com also has a free version which like finviz.com is great when the market is closed. There is also Bigcharts.com which has a premium upgrade to it and StockCharts.com
Day Trading Community
There have been two very positive and supportive trading rooms that I don’t know of any really found to be my home. One of which is you bet free. It is so important as a day trader to be in a community of supportive people as you will make mistakes and when others support you and allow you to get better we all win. That mentality really hit home in the Java Pit Trading Room.
I clicked with Stefanie Kammerman and now we are working together in the Training Pit to which would be similar to trading 101 in trading university. A place for beginner traders to come and learn the proper foundations of trading. Software execution, Charting, and more tips.
The other trading room that is great for people just wanting to get a taste of the stock trading world is hosted by Trade Ideas. Where you can see their software for free ad Barrie the moderator will keep people in check.
Many times I hear people talk about stock chat rooms, but the day trading chat rooms that I don’t know of any been have been more about chatting than trading and unfortuntately not a supportive atmosphere. Bottom line is you will find the room and style that meshes with you. I prefer up beat positive people that yes are human and make errors and take small losses in trading.
Your Trading Platform
It is very important to have a platform that you like. There are many out there depending on where you live. For me as an expat in Canada I only have a handful. I use Interactive brokers remotely on my phone, but find their platform not the easiest. I love the mobile version of Think or Swim.
A great resource for finding Top Online Stock Brokers is the Benzinga updated list. Where they review the brokers annually and change them as the latest and best become available.
I don’t know of any heard horror stories from some Americans that are day trading with Robinhood. It is somewhat true to say that you get what you pay for. So make sure that you go with a reputable broker that will not kill your capital with fees.
Arsenal of Tools in Trading
When someone asks me what I use, I always think of my instrument flying experience and trusting my instruments. I need to know that I can rely on all the items I mentioned above. To be honest if one faulters it can distract me from the job of trading. When that happens. I wait until everything is fixed and watch for the next setup. This I just realized does not include my desk setup of hardware it is all software for trading.
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you would like to be in Training Pit with me sign up here or if you want one on one training you can email me jane@thedarkpools.com You can contact me here or Twitter (@ItsAirplaneJane), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane) or YouTube
The tool I use for scanning and alerting is Trade Ideas who offer an always free trading room. You can receive 5% off with Promo code CARPEPROFIT15 all caps when you sign up here for your first year or month
Trade Ideas will be offering the quarterly full access test drive of their software their software in Nov 2019 for the cost of data fees $9.
Another amazing software is Trendspider that has a new innovative rain drop candlestick that shows the volume for the morning session and afternoon session as far as the weight of it in price action. You can try them for free for 7 days here and receive 20% off with MTS20
This blog is for informational and educational purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.
Having the latest and greatest news you can see is quite a lucrative business for the services above, but wouldn’t you like to be able to trade with an advantage before the news came out.
Another way to catch a glimpse of what might happen is to track what the insiders are doing.
Most of us do not have the ability to get the insider information, but the insiders of the company do have it and when they place a trade they have to report their trade to the SEC.
The insiders must fill out a Form 4 for when buying or selling stock or options. You can easily check if there is a form filed on a stock here
Many times the form 4 buying will signify a big move to the upside coming potentially, but an insider could sell for any reason.
They could sell because they want a new house, they need to pay for their child’s education, they want to transfer money to another investment, or potentially a divorce settlement.
So you never really know why behind a sell, but a buy tends to be stronger than a form 4 sell.
Wouldn’t you want to know before these forms pop up 3 days after the transaction. You can see these transacions in the darkpool.
The Dark pool was established back in the 1980’s. It was established for people that have those massive orders to get better fills and better commissions.
When you are trading 1 mill shares you can get a discount on the fees and the best fills. Another reason to use the darkpool is to keep that order out of the public eye.
They do have to report those trades, but they have up to three hours after the trade is complete to report these trades. This where you can learn about the prints before the news and before the form 4s are reported.
This is where you truly get an edge before the news and the insider reportings.
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you would like to be in Training Pit with me sign up here or if you want one on one training you can email me jane@thedarkpools.com You can contact me here or Twitter (@ItsAirplaneJane), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane) or YouTube
The tool I use for scanning and alerting is Trade Ideas who offer an always free trading room. You can receive 5% off with Promo code CARPEPROFIT15 all caps when you sign up here for your first year or month
Trade Ideas will be offering the quarterly full access test drive of their software their software in Nov 2019 for the cost of data fees $9.
Another amazing software is Trendspider that has a new innovative rain drop candlestick that shows the volume for the morning session and afternoon session as far as the weight of it in price action. You can try them for free for 7 days here and receive 20% off with MTS20
This blog is for informational and educational purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.
I will explain fully what Stocks to Trade in this post. I first learned of Stocks To Trade as a Millionaire Challenge student of Timothy Sykes.
I was using Equityfeed at the time and Tim wanted to create something that was better than Equityfeed for trading.
As with all trading softwares the initial software is developed initially for the funding partners and then it will evolve over time. The initial version of StocksToTrade was released back in 2009.
At that time it was fairly basic with the charting , alerts of highs and lows of the day and the use of level 2 and indicators.
For the basic version of StocksToTrade monthly costs you are looking at a 14 day trial for $7 and then a cost of $179.95 per month or an annual version for $1899.50 a $250 a year savings.
What you could do is if you like it on the 13th day upgrade to annual and you have saved more than $250 getting those additional days for $7.
You have the ability to add the Level 2 Market depth for $29.00 each month.
The Add on of Tip Ranks Trade Sentiment would be an additional $8.95 each month.
The cost of adding the Chat Channel is $6.95 per month.
So if you go for all the bells and whistles then you could be spending $179.95+$29.00+$8.95+$6.95 = $224.85 a month ( x12 for a year $2698.20)
I’m not sure if they would give you a deal if you buy the annual and you would like to get level 2 or the chat for the whole year as well. You would likely have to email them to find out.
The customer service is quick to rely and resolve issues if they do occur.
All of the Features in StocksToTrade have been developed by traders for traders. I remember when I first started using the platform back in 2016 and they were taking feedback from all the users.
Emailing them to find out what the liked and what they didn’t like. The honest true of trading platform is that you are never going to be able to find one platform that is going to fit all traders.
Here are some of the top features that are amazing with StocksToTrade.
First off it is a great scanning tool and the ability to see on the chart as well as set the alerts for stocks breaking new highs or new lows on the day.
There is the feature of being able to see the premarket and postmarket price action.
The Oracle with the 15 proprietry algo scans to find setups is pretty awesome as well.
The ability to have the all in one screen is great for single screen laptop traders to have the news, SEC filings, Price action, Charting and the linking to your broker all in one spot.
The Stocks to Trade University is amazing as well for new traders to be able to watch videos to educate themselves more, which goes with the hand in hand feature of papertrading capacity.
Any Time that a platform will allow you to train on their software it makes it easier to place real money trades later as understanding the software, especially with penny stock trades is crucial.
For me the cons are that they Level 2 is an add on feature. I am someone that absolutely loves to see the orders lined up on the books.
The Time and sales will help you see the past, but the orders lined up can help you to view where the stock might stall or reverse for that day trade.
Another con for me could be a plus for someone else. I like to have multiple screens going and the ability to take my charts off the main page and enlarge them.
StocksToTrade all in one screen has tabs where you can see the price action at the top of each tab, but you can’t open that chart on another window as far as I have figured out.
One minor detail but a big one for me is I like to have the ability to set up a custom timeframe on the chart. I like to watch the 45 minute chart.
To let you know my evolution I used to love the 1 minute, then the 2 minute, then the 5 minute and now the 45 minute chart. I have also gone more from a scalper to a intrady trade or swing trader after seeing the bigger moves tend to come overnight.
Overall the platform has alot of amazing attributes. Not every platform out there will give you a free trial, but half a month is pretty good.
The development of the alerts on the chart is pretty cool as well as the all in one to find out stock information such as the filings, news and social sentiment.
The trading world is evolving at a fast pace and I believe the two biggest competitors for scanning and alerting stocks are StocksToTrade and TradeIdeas
I hope my personal review and perspective on StocksToTrade helps you in your decision making. I truly believe the software that you use is a personal preference.
There are some amazing features and attributes with the software, but Trade Ideas is my number one for stock alerting software and using AI in trading.
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you would like to be in Training Pit with me sign up here or if you want one on one training you can email me jane@thedarkpools.com You can contact me here or Twitter (@ItsAirplaneJane), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane) or YouTube
The tool I use for scanning and alerting is Trade Ideas who offer an always free trading room. You can receive 5% off with Promo code CARPEPROFIT15 all caps when you sign up here for your first year or month
Trade Ideas will be offering the quarterly full access test drive of their software their software in Nov 2019 for the cost of data fees $9.
Another amazing software is Trendspider that has a new innovative rain drop candlestick that shows the volume for the morning session and afternoon session as far as the weight of it in price action. You can try them for free for 7 days here and receive 20% off with MTS20
This blog is for informational and educational purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.
There are so many people out there that are curious about Trade Ideas Software. They have been an innovator in the fintech marketplace starting all the way back in 2002. Let me give you a little taste of many of the positive attributes and who uses the software
The Founding Team of Trade Ideas consists of Dan Mirkin, CEO, Brad Williams, COO, Shari Mirkin, CFO, Phil Smolen, Senior Managing Partner, David Aferiat, Senior Managing Partner and Jamie Hodge, Director of Education.
It is a no wonder that the company is one of the fastest growing companies for Inc 5000 3 years in a row.
Now that you know a bit about the team lets get into the software.
Trade Ideas for Day Trading or Swing Trading
The answer to that is that Trade Ideas is a software meant for day traders, scalpers, swing traders and investors. The reason is because you can customize the Trade Ideas Scanner to pick up the stocks that interest you.
Many times next question to come after this is does Trade Ideas have a free demo that I can try for my trading?
The costs of the Software ranges on what service you prefer to use
You can see that the Annuals will save you roughly 17% monthly in the long run. Many times they do have promotions going on and if you have subscribed as a monthly user for the Standard plan you can apply that promo code to upgrade to Premium or to an Annual.
The next best thing to free is a one of the quarterly test drives for roughly $11.11 or the data fees to access the real time data. This is the best for someone that really wants to experience all the features available.
Stock Market Scanners
There are plenty of stock market scanners out there to find stocks for you. You can find gapping stocks. You can find stocks with earnings and so on.
Lets get into the nitty gritty of Trade Ideas
Below is the Channel Bar of different premade channels you can surf. Much like a Television there are different channels for you to sear the stocks you like to focus on in trading.
You can see that there are over 40 channels that you could search to find stocks on things such as
Premarket, Banks, Social Media, Gapping Stocks, Low Float, Earnings, Biotechs, 420 in Play and more.
There are 5 channels that are also devoted to the AI Holly Thy have written a couple different versions of the Artificial Intellegence Trader and you have the option to follow one or all of them at once.
The AI has over 40 different Strategies that have been written in to search for stocks after the market closes each day. Not only that but they have written the code of Holly to get smarter and better everyday.
that have been written in to search for stocks after the market closes each day. Not only that but they have written the code of Holly to get smarter and better everyday.
Automated Stock Trading
The way of the future the retail trader fighting against algorithyms. Why not fight the algos with an algo of your own.
Trade Ideas has set up a select few brokers that will allow you to Auto Trade with your account.
Below is the performace of Holly for 2018 and you can see it out performed the indexes for 2018 and optimizes itself to get smarter and better every night when analyzing the market.
The Software is so well liked in the trading community that there are numerous well known traders and trading rooms that use this software.
Warrior Trading Scanners – Ross Cameron
Bulls on Wall Street – Kunal Desai
Madaz Money – Madaz
Dekmar Trades – Sean Dekmar
and 1000s of other retail and even institutional traders.
Customer Service and Support
The team at Trade Ideas prides themselves on having amazing customer service. There is no one in India that is going to return your message these are all part of their team.
They go above and beyond with trying to give their customers support. The free trading room is just one of the support features out there.
They have developed a small series of videos to help traders learn the absolute basics called Back to Basics.
They also created 4 different free ebooks to help traders with your trading strategies.
They have started their own annual Trade Ideas Summit out in San Diego with many amazing speakers. This years will be the weekend of October 26th and I am happy to be participating again for the 4th year in a row.
When you subcribe to the premium products you can sign up for one on one training personal training to help you fully understand the possibilities of the software.
Or you can set up a one on one training if you simply want tips and potentially winning alert windows as well.
So what are you waiting for?
Have you tried it? You can always try it for free every day as well in the Free Trading Room It is a free room to try to help traders, but also to advertise the software.
Barrie Einarson is the moderator in the room and will try to help you understand the software and how it works. For more in depth questions it is good to email support.
So if you are in the trading world and have not yet tried Trade Ideas I highly recommend a trial of some sort that fits you.
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you would like to be in Training Pit with me sign up here or if you want one on one training you can email me jane@thedarkpools.com You can contact me here or Twitter (@ItsAirplaneJane), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane) or YouTube
The tool I use for scanning and alerting is Trade Ideas who offer an always free trading room. You can receive 5% off with Promo code CARPEPROFIT15 all caps when you sign up here for your first year or month
Trade Ideas will be offering the quarterly full access test drive of their software their software in Nov 2019 for the cost of data fees $9.
Another amazing software is Trendspider that has a new innovative rain drop candlestick that shows the volume for the morning session and afternoon session as far as the weight of it in price action. You can try them for free for 7 days here and receive 20% off with MTS20
This blog is for informational and educational purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.
Many people become accustomed to the same platform and same information to analyze their stock charts on a daily basis. As with technology and the movement of algorithms, comes development of some amazing new products.
Trendspider is a newer player in the world of Fintech with the latest in charting technology and they are advancing quickly.
The concept of Trendspider began back in 2016 when Dan and Rus the founding partners set out to build a new type of charting platform. A platform that you help you to make more profits and simplify your analysis.
The is the latest and greatest now in charting technology to help a trader with a plan succeed with more profits and fewererrors. Their alerts are “head and shoulders” above the rest as they state right on their site.
The company is global with people working around the world in Chicago, Denver, India, Russia, and Ukraine. As of September 2019 they presently have over 4000 traders using and helping to improve the software with feedback.
A newbie in the fintech world, but as you read the pros and cons below you will quickly understand how they are here to stay and thrive all while helping traders along the way.
When you are a trader it is important to understand the overall trend of the stock in the big picture to know if you are going with the masses or trying to stand out and be different and go against the trend.
I am one that is definitely a non-conformist in life, but in trading being a conformist with the trend is a benefit. Riding that trend until the chart tells you otherwise is a smart idea.
The Automated Trendlines that are drawn by Trendspider are a life changer especially for a newbie trader that might not have any clue about how to draw the trendlines.
Not only does the software draw the trendlines for you, it allows you to spend more time analyzing instead of spending time doing the work of drawing the trendlines.
You might be saying to yourself did she make a mistake typing Candlesticks and Raindrops. Nope there is no mistake there.
Trendspider has developed a proprietary candlestick that incorporates the volume into each candlestick. It is a way of being able to see how the volume affected that particular candle.
You can see this can help to capture the order flow in each individual candle. The Neutral raindrop (blue or purple candle)can sometimes help to point out the reversal point.
If you have ever spoken to a trader that has been in the trading world for a while they will almost always advise you to look at a stock on multiple time frames before you make your ultimate decision to place that trade.
Well this is another point the Trendspider has gone above and beyond. They have a special feature that you can turn on and off where you can overlay the trendlines and indicators on one chart.
It’s literally mind blowing that no one created this sooner. I mean when you are trading don’t you want to have your moving averages from the daily chart on your 5-min chart.
You can see on the chart the MTFA that is circled in yellow that is the toggle on off area. You can also see on this 5 minute chart how the double bottom that was created happens to be the 8 ema on the daily and that is right where the price action stopped.
Do you think it is a coincidence that the price action stopped right there or that there might be computer programs set up to buy there. The more you see this happen in time you begin to trust the indicators that you use.
It is tough to see the MACD as well has the overlay of the daily MACD on top of the 5 min chart. I know some people choose to have the Daily RSI versus 5 min RSI as well as indicators for potential entry.
Now lets touch on the areas that could use more innovation. I have no doubt the partners will likely read this review and see that there are other areas of expansion for the future that might make it to the update list.
The Risk Management Plan
One Tool that is great for traders is the ability to calculate risk before entry. Having the ability to calcuate risk is invaluable for entry and exit points
I’m sure that this is likely coming where you might be able to draw on the chart and have a box pop up to enter the amount of the risk if it goes against you and the profit potential and have that plot on the chart.
It would also be good if this could lock as to the day you enter to track you trade visually and show the profit that you were able to lock and share to fellow traders.
Order Book
Being able to see the order book where the orders are stacked up also helps to innovate the tool as a one stop shop for a trader that might want to see the bids and asks.
Even to be able to have an add on of the different ECN books for a surcharge. The data is coming in and potentially there for the trader to use as well but only if they want it in depth.
Stock News
We know that the market will usually have the positioning happen before the news is released, but it is still nice to have the ability to access the news.
Maybe the ability to link to the website of your choice Yahoo Finance, CNBC, CNN or another news service to see what is happening especially if there is a large intraday move.
The Different Trendspider Subscriptions
Trendspider Plans
Trendspider Compare Plans
Trendspider Plan Limits
Trendspider Analysis
Trendspider Backtesting
Trendspider Alerts
Trendspider Alerts
Trendspider is definitely the latest innovator in the trading world. If you know of new software that you find useful please let me know as I would love to try out the latest and greatest as well.
As of August 2019 I have partnered as an educator in The Training Pit that was created to help people learn from zero knowledge or to reset your training.
I hope this post has helped you learn a bit more about the Trendspider software. As you can tell, I find that helping people is very fulfilling and the whole reason why this blog began in 2015. If there is something that you would like me to cover please leave in the comments below.
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you would like to be in Training Pit with me sign up here or if you want one on one training you can email me jane@thedarkpools.com You can contact me here or Twitter (@ItsAirplaneJane), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane) or YouTube
The tool I use for scanning and alerting is Trade Ideas who offer an always free trading room. You can receive 5% off with Promo code CARPEPROFIT15 all caps when you sign up here for your first year or month
Trade Ideas will be offering the quarterly full access test drive of their software their software in Nov 2019 for the cost of data fees $9.
Another amazing software is Trendspider that has a new innovative rain drop candlestick that shows the volume for the morning session and afternoon session as far as the weight of it in price action. You can try them for free for 7 days here and receive 20% off with MTS20
This blog is for informational and educational purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any security or fund.
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