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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, a part-time trader, or an 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:
- Stock scanner
- 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
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, only TradingView and TrendSpider provide advanced charting with ALL the drawing tools you possibly need as well as many technical indicators include 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 technical analysis (e.g. drawing of trendline and Fibonacci levels) for you while TradingView does not have that.
On the other hand, Trade Ideas and TC2000 charting are rather limited when compared to TradingView and TrendSpider.
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 own stock scan without any coding?
Now, let’s compare Trade Ideas, TrendSpider, TradingView, and TC2000 stock scanner.
Both Trade Ideas and TrendSpider stock scanner can automatically scan the market for the best trading opportunities based on your pre-defined technical conditions.
Also, you can mix-and-match any technical conditions using any indicators or a combination of indicators together in one scan with no programming knowledge required.
TrendSpider’s Stock Scanner can search across any time frame, from 1-minute to 1-month, and can even combine multiple time-frames together in a single scan.
Also, you can do multiple scans with TrendSpider at the same time.
It can even alert you if a particular stock in one scan appears in another scan — a great trading opportunity.
Lastly, you can turn your Stock Scanner into a dynamic watchlist that is automatically refreshed and kept up-to-date.
On the other hand, Trade Ideas has this feature called ” Alert Window”.
“Alert Windows” are designed to alert you the minute a stock triggers your entry signal.
This entry signal can be any specific trade setups that you are looking for.
It can be customized without any coding inside Trade Ideas.
For TradingView, it has a stock screener with a number of technical and fundamental filters for you to screen the stock market.
It’s not designed to help you day trade the stock market.
If you are an investor, a stock screener will be good enough.
For TC2000, it has a scanner called “EasyScan” which allows you to combine conditions to filter a WatchList to show only the stocks and options that have met your pre-defined conditions.
However, the problem with EasyScan is that you can only apply the scan to your WatchList instead of the entire stock market.
In terms of backtesting, only Trade Ideas and TrendSpider provide you with powerful automated backtesting tools.
TradingView has 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.
TrendSpider has a chart-based backtesting tool called “Strategy Tester”.
It has an intuitive, web-based, easy-to-use, 100% visual interface.
You can combine indicators, price action, chart patterns, volume, and time-based conditions to build custom strategies with no coding required.
Also, you can perform backtests for stocks and other asset types using the historical price data for the past 27 years.
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 as follows.
TrendSpider “Strategy Tester” shows your buy and sell directly on your chart, so you can visually see the trades.
On the other hand, Trade Ideas “OddsMaker” allows you to optimize your strategy by drilling down into the details of the strategy to see what makes it work.
For example, Trade Ideas OddsMaker can break down your strategy by different filters allowing you to see which subsets of the trades work well and which don’t.
With information such as this, you can adjust your strategy accordingly and further optimize it.
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?
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 of 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 latest news from Benzinga.
With TradingView, it shows you relevant news to the stock (or currency pair or crypto) as they come 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.
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 watchlist 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 message to other users.
On the other hand, TrendSpider doesn’t provide any social community.
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 also 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.
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||$14.95/month (data not included)||$155/year (data not included)|
|TC2000||No||$9.99/month (data not included)||$99.84/year (data not included)|
As you see that, TC2000 and TradingView are the cheapest of all while Trade Ideas is the most expensive trading software.
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.
For TradingView, if you add all the market data fees, you will be looking at at least $25/month.
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 really very competitively priced if you are looking for good day trading software.
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 monthly subscription of more than $100 dollars.
- Trade Ideas Premium ($228/Month)
- Trade Ideas Standard ($118/Month)
The reason why it’s so expensive is that it is one of the few artificial intelligence trading software in the market right now that supports automated trading as well as runs its own algorithm to give you high probability trade ideas.
Which One 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 about 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 that trades a lot of 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.
If you are day trading stocks and have a tight budget for trading software, I highly recommend TrendSpider because its stock scanner is top of the line, its charting is very advanced with automated technical analysis and good backtesting function.
On top of that, market data is included in its pricing plans and you also get a FREE live stream of stock market news from its partner Benzinga.
But, if you have the budget for trading software and you want to do automated trading in stocks, then Trade Ideas is the right option.