Trade-Ideas out of the box is a powerful scanner for finding your perfect trade setups. This tool is used by many professional traders from around the world to complement their trading. But what exactly is the Trade-Ideas scanner and how can you use it to help you trade better?
How can you use a Trade-Ideas Scanner to help your trading
With a little research inside of Trade-ideas, you can start to build powerful alert windows to signal you the exact time a stock is setting up your favourite chart pattern to trade. Use these alerts to pull up your chart, check to make sure the risk to reward follows your trading plan, and execute the trade! Here are a few tips and tricks to help you get started with Trade-Ideas and start building your customized alert windows today.
Where to get Trade-Ideas and how I found it
First, if you haven’t heard of Trade-Ideas or never used them, then honestly I think you’ve been trying to trade with one hand tied behind your back. Funny story on how I found out about Trade-Ideas. I was surfing Youtube one evening and one of those clickbait trading videos popped up on my feed, “How I made a gazillion dollars in 13 seconds trading the stock market”… Of course, I click.
Honestly, the video was garbage, mostly the guy showing off all his luxuries for 12 minutes but in the last 2 minutes of the video, he started showing his screens and that is where I saw Trade-Ideas. A little research and I found out that I’ve been missing out on this software for years! Thanks, Clickbait video!
After getting the software it took some time getting used to. There wasn’t a lot of good resources on how to quickly get started using Trade-Ideas. Thankfully I got that covered for you. Part of the mission of this blog to help people getting started with Trade-Ideas. I’ve put together everything you need to know from getting started from scratch, all the way to automating everything… wait automate? More on that later.
If you haven’t already guessed, the software isn’t free. But all it takes is one good trade a month to completely cover the costs of Trade-Ideas. Since you’ll be using the powerful Alert Windows of Trade-Ideas to quickly identify your trade setups, the costs of Trade-Ideas should be a no brainer.
Use Trade-Ideas to take your trading strategy the the next level
Sounds simple? That’s because it is. Literally, go over your trading journal and find 3-4 examples of the perfect trade over a course of at least 1 month. Then click this link here. This stockslikethis website is the key to finding the data we need to start setting up the Alert Window. It’s so simple to use, you’ll be banging your head wondering why you didn’t think of this before.
First, compare all of your noted examples of the perfect trades on that site. Write down alerts that are similar in all of them. Pay special attention to the alerts that have a fewer count number. Once you’ve identified a good alert, go into Trade-Ideas, and create a new Alert window. An example of how to use this can be found here.
Secondly, take a look at the filters of your example trades. Look at some common filters like volume, position in range, change in x amount of time, dollar volume, gap, change from the open/close, etc. Apply these filters to the alert window you are building.
Fine tune your Trade-Ideas Alert window
Okay by this point you’ve probably clicked saved and now are looking at the historical data on this alert window. The first thing that you probably noticed is “Way too many alerts! This Trade-Ideas scanner is garbage! “. This is where the fun begins…
You see, Trade-Ideas premium includes a backtesting tool called Oddsmaker. Plug in your risk management, your time management settings, and how far back you want to backtest and press run! The beauty about this tool is that the 250+ filters that Trade-Ideas comes with is all visually available in the backtesting tool and you can start to really weed out all those bad trades from your Alert Window.
Follow the guide in the Oddsmaker link above and within a few hours you’ll most certainly have created a really good Alert Window to supplement your day trading. A few hours work for potentially thousands of dollars gains, I’ll take that any day!
Did you know you could Automate this in Trade-Ideas?
What if I told you, you could take this one step further with Trade-Ideas and automate this Alert Window and have it take the trade for you? This does require the one-time licensing fee for the Brokerage+ tool with Trade-Ideas, but yes, this is completely possible and this what I have been doing since I started with Trade-Ideas.
How does it works?
It’s more simple than you think. If you have an Alert Window (or more), that is really profitable, what you then do is use the Brokerage+ software to connect to Interactive Brokers (currently the only broker that is supported). Inside the Brokerage + tool, you will feed the Alert Windows and setup the specific risk parameters you desire for the trade. Once the Alert is triggered, Brokerage + will send the order to your IB account. Hands off trading!
I hope you found the information on this page useful. If you have any questions feel free to reach out to me at any time at firstname.lastname@example.org or leave a comment below.