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So, which trading software is the best, Trade Ideas, TrendSpider, TradingView or TC2000?
Are there any other better alternatives?
In this comprehensive review, I am going to give you all the information you need to decide which trading software is the most suitable for you.
What To Look For In Trading Software
Before we go on and compare Trade Ideas with Trendspider, TradingView, and TC2000 in all aspects, let’s talk about how you choose the right trading software.
First of all, you need to know what you really need from your trading software.
Here’s a list of questions that you can ask yourself to get more clarity:
- What type of trader are you? (e.g. full-time day trader, part-time trader, or algorithmic trader?)
- What markets do you trade? (e.g. stocks, options, currency, crypto, or futures)
- What is your trading style? (e.g. scalping, day trading, or swing trading?)
- How do you make trading decisions? (e.g. what kind of charting tools do you need? how do you use a stock scanner to find your trade setups? do you trade news? do you develop and backtest your own trading strategy?)
Next, when it comes to stock trading software, here’s a list of factors that you must consider:
- Charting
- Stock scanner
- Back-testing tools
- Alerts
- Real-time Market Data and News
- Broker Integration
- Social community
Last but not least, you have to also compare the ease of use of the trading software, the pricing, client reviews, and customer support.
Trade Ideas Vs TrendSpider Vs TradingView Vs TC2000
Stock Scanner
The next important feature of any trading software is its stock scanner.
Is it scanning the market continuously in real time?
What kind of stock scans does it allow you to run?
Price and volume-based scans?
Technical indicator-based scan?
Chart pattern-based scans?
Can you customize your stock scan without any coding?
Now, let’s compare Trade Ideas, TrendSpider, TradingView, and TC2000 stock scanners.
Out of these four trading software, only TrendSpider and Trade Ideas give you real-time stock scanners.
Both TrendSpider and Trade Ideas let you do the following:
- Search the market for specific chart patterns, breakouts,
- Mix and match any combination of technical data in your conditions
- Use data from multiple timeframes in your scanners
However, TrendSpider gives you much more.
For example, it allows you to customize your stock scan using any combination of technical, fundamental, and alternative data (such as Dark Pool, Unusual Options, Insider Trading, and Seasonality).
TrendSpider also allows you to build a custom market scanner using custom indicators built in Javascript.
I also find “TrendSpider in-force pattern” very useful.
“TrendSpider in-force pattern” is a chart pattern that “is currently being formed on chart” as identified by the TrendSpider platform, indicating a potential trend direction based on the pattern’s characteristics, like a developing head and shoulders, double top, double bottom and etc.
On top of that, TrendSpider also gives you actionable and valuable data on unusual option flow, corporate insider, and fund manager transactions.
I like to keep an eye on corporate insider transactions and hedge fund portfolios to find swing trade ideas.
If corporate insiders are spending millions of dollars buying their stock, I would be very interested to find out more about that stock.
Also, if a famous hedge fund manager builds a huge position (especially billion dollars worth) in an individual stock, I will be super interested in that stock.
On the other hand, although TC2000 EasyScan can also scan the market in real time, you can only apply the scan to your WatchList instead of the entire stock market.
In other words, TC2000’s “EasyScan” only allows you to filter a WatchList to show the stocks that have met your pre-defined conditions.
By the way, TC 2000 is more of a trading platform than a trading software.
TradingView does not have a stock scanner, but it has a stock screener with many technical and fundamental filters for you to screen the stock market.
Both TC 2000 and TradingView are not designed to help you day trade the stock market because you won’t be able to find your perfect trade setups in time.
TradingView stock screener is more suitable for position traders who hold their trades for weeks or even months.
Try TrendSpider Out For 14 Days
Charts
Charting is an integral part of your trading software.
If you are a technical analysis trader, then charting is one of the very first things you look at in trading software.
When it comes to charting tools, both TradingView and TrendSpider provide advanced charting with all the drawing tools as well as many technical indicators including volume-based indicators.
Also, both TrendSpider and TradingView allow you to do multi-timeframe analysis easily on the same chart.
The major difference between TradingView and TrendSpider charting is that TrendSpider automates most of the technical analysis (e.g. drawing of trendline and Fibonacci levels) for you while TradingView does not have that.
By the way, you won’t be able to get alerted on TrendSpider’s chart patterns.
Also, all these automated trendlines and chart pattern recognition are updated in real time.
On the other hand, Trade Ideas and TC2000 have very basic charting tools.
If you heavily rely on charting to trade your strategy, then TradingView and TrendSpider would be better than Trade Ideas and TC2000.
Backtesting
In terms of backtesting, only TrendSpider and Trade Ideas provide you with automated backtesting tools.
TradingView has a backtesting function, but you have to do it manually.
TC2000 has no backtesting function, so it is probably not a good option if you need trading software that allows you to develop and test trading strategies.
Now, let’s take a close look at TrendSpider and Trade Ideas backtesting tools.
TrendSpider allows you to backtest ANY STRATEGY, ON ANY ASSET, ON ANY TIMEFRAME using the historical price data for the past 50 years.
Here’s the BEST part.
There are many simple ways for you to build your strategy with no coding required:
- Use manual entry using menus to select entry and exit criteria
- Use natural language input to simply type what you are looking for and have the AI interpret it
- Use the AI Strategy Lab to generate true Machine Learning-based trading models based on your inputs and desired outcomes
Also, you can also backtest and refine custom strategies built around custom indicators written in JavaScript.
TrendSpider also provides you with a lot of tools to help you assess, refine, and improve your trading strategy.
For example, it can readily assess the viability, potential, and effectiveness of any strategy and give you suggestions for improvement.
It can also help you control risk and reward and optimize your probability of winning.
If your goal is to automate your trading strategy, TrendSpider also allows you to turn any strategy into a live Trading Bot with just a few clicks with no coding required.
Now, what about Trade Ideas?
For Trade Ideas, its backtesting tool is called “OddsMaker”.
You can design your trading strategy using its built-in filters and alerts without any coding.
The main difference between Trade Ideas and TrendSpider backtesting tools is that TrendSpider makes it so much easier and simpler to build and test any strategy.
TrendSpider‘s platform is more intuitive and user-friendly while Trade Ideas’s platform is a bit too clunky and ancient.
Market Data
When you trade, it’s essential that you get real-time market data feeds.
So, is it included in the paid plan or do you have to pay extra to get real-time market data?
For both Trade Ideas and TrendSpider, you get real-time market data for free when you subscribe to any one of their paid plans.
But, for TradingView and TC2000, you have to pay more if you want real-time market data.
Below is the pricing table for TC2000 Data Feeds.
If you are trading US stocks, you have to pay about $15/ month for real-time market data.
On the other hand, for TradingView, below is the pricing table for US market data.
If you are trading international stock markets such as Canada, HK, UK, and Australia, you can buy real-time market data for them on TradingView as well.
Real-Time Stock Market News
When you are trading the stock market, it’s important to keep up to date on what is happening in the market and the stocks that you are trading.
This is because any major company-specific news or economic news can result in sudden big price movement.
And you don’t want to get caught off guard.
Of all the four trading software, only TrendSpider provides a live stream of the latest news from Benzinga.
With TradingView, it shows you relevant news about the stock (or currency pair or crypto) as it comes in.
For Trade Ideas and TC2000, you don’t get real-time market news.
If you are trading news, then this could be one of the important factors in your buying decision.
Social Trading
In terms of social community, only TradingView provides an active trading community of traders where you can share ideas and trading strategies with other traders.
Although Trade Ideas does not have an active social community, it does provide a FREE live trading chatroom where you get to trade alongside other day traders and share watchlists and ideas.
For TC2000, there is a trading chatroom for paid users only where you can post messages to other users who are currently online or send private messages to other users.
On the other hand, TrendSpider doesn’t provide any social community.
Brokerage Integration
In terms of brokerage integration, all Trade Ideas, TradingView, and TC2000 but TrendSpider allow you to directly trade on their platform through broker integration.
But, there is a limitation on what brokers they support.
TradingView supports only a few brokers such as TradeStation, OANDA, FXCM, Alpaca, SAXO, and AMP.
You can see that the only well-known broker there is TradeStation.
Most of the other brokers are CFD brokers.
TC2000 has its own brokerage, but its brokerage commission is a bit on the high side and it only accepts clients from the United States.
Lastly, Trade Ideas offers broker integration with quite a number of prominent brokers such as Interactive Brokers, LightSpeed Trading, Etrade, and Scottrade.
Pricing
Now, let’s talk about pricing.
All Trade Ideas, TradingView, TC2000, and TrendSpider offer both monthly and annual plans.
All annual plans are at least 20% cheaper than the monthly plans.
In terms of pricing, TradingView is also more competitively priced than TrendSpider.
Free Plan/Trial | Monthly Plan | Annual Plan | |
TradingView | Yes | from $12.95/month up to $99/month (data not included) | from $155/year up to $1199/year (data not included) |
TC2000 | No | $29.99/month or $59.99/month (data not included) | $300/year or $600 (data not included) |
Trade Ideas Pricing:
TrendSpider Pricing:
As you can see, TC2000 and TradingView have the cheapest monthly plans, while Trade Ideas is the most expensive.
But, DON’T get fooled by the pricing just yet.
The real-time market data fees are not included in the pricing plans for both TC2000 and TradingView.
So, if you are trading US stocks, you should expect to pay at least $25/month for TC2000.
Also, if you need real-time data feeds for options and index, you have to fork out another $20 at least for TC2000.
So, after taking everything into account, the cheapest is NOT really cheap anymore.
On the other hand, TrendSpider includes all the market data fees in its pricing plans.
On top of that, TrendSpider provides a live stream of news from Benzinga which, if you purchase separately from Benzinga Pro, would cost you $99/month.
So, I would say that TrendSpider is very competitively priced (starting from $54/month) if you are looking for good day trading software.
Unlike Trade Ideas, TrendSpider gives you access to ALL the features and tools.
So, if you need more capacities (e.g. more open workspaces, more alerts, more trading bots, etc), then you pay more.
Now, let’s compare Trade Ideas’ pricing to TrendSpider’s pricing.
So far, Trade Ideas is the most expensive day trading software in the market with a standard plan of $127/month.
If you want to get access to its AI signal, then it would cost $254/month.
Are Trade Ideas’ AI signals worth it?
Hmmm, there will definitely be winners because even if you toss a coin to determine whether a stock goes up or down, you have a 50% win rate.
So, can Trade Ideas AI help you generate CONSISTENT profits?
All I can say is that the ONLY known algorithm trading company (Renaissance Technology) with an impressive track record.
“From 1988 to 2018, Renaissance Technology’s Medallion Fund returned more than 66% annually before fees and 39% after fees”
It hired PhDs and computer science geniuses to crack the code and has been keeping its algorithm a TOP SECRET.
Yes, they WON’T let anyone know their trading strategy and they stopped taking outside investors in 1993 because they wanted to keep the winning system to themselves!
So, I am a naturally skeptical person.
If anyone wants to sell me AI-generated trade signals, I would wonder why they don’t want to keep it to themselves and trade it with their own money.
Wouldn’t it be easier to make money that way than selling their “secret” strategy to other people?
If you are into algorithm trading and have experience and expertise in this area, then a better way would be to get trading software that can help you design and backtest your trading strategy.
Which Is Right For You?
So, which trading software is the most suitable for you?
For day trading stocks, I don’t really recommend TC2000 because there is much better trading software out there.
The only unique feature of TC2000 is its option trading tools with built-in options trading strategies and options profit and loss zones.
So, if you are an options trader, then you might want to consider TC2000.
I also don’t recommend TradingView for day trading stocks because it does not have a good real-time stock scanner.
But, if you are a swing or position trader who trades many markets, TradingView might be a good option for you because it’s web-based and covers a lot of markets, and its charting tools are also very advanced with custom indicators.
Both Trade Ideas and Trendspider provide stock scanners, automated trading, and backtesting tools.
However, Trade Ideas is more expensive and its interface might not be intuitive.
I would recommend TrendSpider if you are looking for an affordable stock scanner with advanced charting capabilities and if you are interested in developing and testing your trading strategy.
Hi Gladice.
I really appreciate your very informed analysis & comparison within your post.
You have been able to provide me with all the data and more for me to make the right trading software choice. Thanks again 😉
Gavin
Hi Gladice,
Thanks for the post.
Noel
Thanks for the review. I have used TradeIdeas and Tradingview, I definitely agree with you about Tradingviews scanner, it’s not very good for Daytrading. TradeIdeas is really good, I haven’t tried Trendspider but I plan on checking out their free 7day trial.