StocksToTrade is a stock scanning and research tool that combines charts, creating watch-lists, financial news, paper trading, level II and Twitter feeds into one platform. The idea behind the software is consolidation. It brings together a variety of tools that traders would typically use separately. Traders often find themselves juggling between a number of different technologies to screen stocks, assess company’s financials, look at charts and monitor financial news & social media. Rather than using a bunch of disjointed sources, switching back and forth among them, users can stick to just one application. Unfortunately, it can’t be downloaded for free as it’s a premium service.
The product’s creator touts it as a software “created by traders, for traders”. The idea for the tool was conceived by penny stock trader and entrepreneur Timothy Sykes. Tim Sykes has over a decade of experience trading and aims to create an all-in-one service that can meet everyone’s needs. He’s personally invested hundreds of thousands, hiring programmers to improve the product continually. StocksToTrade.com is mainly helpful for day traders and swing traders, who need to scan, research, and execute trades as quickly as possible. More time spent mulling over a potential buy could mean a less profitable trading day. In the world of financial trading, speed is everything.
So What Features Do They Offer to Members?
The platform makes finding stocks easier. Users can build their own personalized stock screens or just use ones that Timothy Sykes has already designed. In addition, StocksToTrade helps keep an eye on other potential stocks by displaying news and technical indicators in real time. This includes stocks hitting new highs or lows, top daily gainers and losers, as well as recent regulatory filings and headline news. Apart from scanning through mainstream exchanges like NYSE and NASDAQ, it also scans through OTCBB, AMEX and Pink Sheet stocks.
The charts run smoothly and include a ton of popular indicators and features. Time periods for charts range from minutes to months, and customers can select among candlestick, bar and line charts to get a well-rounded perspective on price action. The charts on this platform come pre-loaded with most of the essential price and momentum indicators, like Bollinger bands, pivot points, stochastic, moving averages and MACD. The drawing tool allows members to draw trend lines to spot possible patterns that are forming.
One of the highlights of StocksToTrade is its Oracle feature. The proprietary algorithm gives users a quick list of between 5 and 10 promising stocks and can be generated at any time during the day. The tool, which updates the data in real time, provides you with stocks that have highly profitable setups. Not only does it indicate the name of the stock, it also forecasts the upcoming price movement – so traders can apply it to their strategy to pinpoint entries and exits.
StocksToTrade allows its users to conduct deeper analysis with Level 2 quotes. Level 2 gives detailed insight by highlighting behind-the-scenes bid and ask price action. Despite the useful information it provides, market makers still use deceptive tactics to hide their actions. Level II should be used in conjunction with other analysis.
Built-in Twitter and News Features
Twitter has long been the preferred social media tool for stock traders, given its speed – and made better by the fact that so many traders find it indispensable. The tool features a customizable twitter feed, where members can keep an eye on the hottest hashtags while filtering by price, percentage change, volume, etc. You can build a filter that includes all the activity of your favorite traders on Twitter.
As for the news, this is also critical for day traders. Headlines are often the main drivers of price movements in the stock market. Investors need to keep track of big events – like mergers, financial results, public offerings, etc. Within the platform, news can be filtered in a variety of ways (like based on your watch lists, specific time frames or keywords), and stories are sourced from reliable media outlets such as the Wall Street Journal, Yahoo! Finance and Seeking Alpha.
This platform was crafted for the heavy (and sometimes frantic) activity of day traders, but it’s also well-suited for newbies. Like other trading platforms, StocksToTrade offers its users simulated paper trading – where they can test out their skills without putting any actual capital on the line.
This means that inexperienced traders can develop their techniques and learn everything they need to know without taking any risk. They can also get comfortable testing strategies without the emotions of trading with real money. By default, paper trading accounts start with $30,000, which can be changed later. Any amount below $25,000 will be subject to the PDT rule.
Adapting by Engaging with Users
StocksToTrade’s development team consistently and routinely roll out new features and updates. Because of this, the platform can quickly adapt and improve on a regular basis. The programming team behind the platform take into consideration user requests for improvements, bringing its community of traders into the decision-making ecosystem.
Additional Training Option
On top of the base price for signing up, users can access a supplemental training service called StocksToTrade Pro. The program is led by Tim Bohen, who is a seasoned trader with more than ten years’ experience. Bohen actually live streams his trading screen twice every day, which only Pro members can see. He allows subscribers see his watch lists and webinars, and even hosts Q&A sessions.
Is StocksToTrade worth the price?
StocksToTrade offers a subscription-based service that charges $179.95 per month or $1,799.50 annually. They offer discounts for members who pay up-front for the annual program. I strongly recommend users to sign up for their seven-day trial before making a decision. StocksToTrade is only worth the price if you’re an active trader with a large account. There’s no point joining unless you can make enough profits to cover your expenses. If you can find enough setups using the software, you could easily repay expenses from a few profitable trades.
StocksToTrade vs Trade Ideas
Both are stock screening tools that charge hefty monthly fee’s to help traders find hot stocks to watch. Trade Ideas has been in business since 2002 while StocksToTrade only started in 2013. Trade-ideas.com is suited better for experienced traders that can take advantage of their complicated features. StocksToTrade is primarily targeted at beginners. Both charge similar prices but Trade Ideas screening software is more advanced and leverages artificial intelligence. Stocks to trade are still developing their product and are behind the market leader, Trade Ideas.
So I’ve talked a lot about the positives, here are some negatives to considers.
- Doesn’t allow broker integration yet. Apparently, Etrade and Interactive Brokers will be the first brokers to integrate. This should take place sometime in 2018.
- Price is expensive; the average trader can’t afford to pay $180 per month to use a screening tool. Tim Sykes does offer free coupons and a seven-day trial before signing up. Make sure to cancel your credit card before the trial ends because you will get charged $179.95.
- The software does lag sometimes but is improving.
- Basic education is offered, you have to pay extra for advanced training.
- Not many honest reviews are available on the internet.