Have you heard of the company Tradespoon? In a way, Tradespoon is like a stock screener that runs on its own algorithm. Since we’re always looking for stocks to trade, we thought we’d do a Tradespoon review on this screener and how it works.
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Review of Tradespoon
Tradespoon is a unique trading tool that provides predictive analytics to its users.
Once you enter the parameters of your search, Tradespoon scans the market for stocks that have the maximum probability of being a profitable trade. It all seems too easy right?
The company notes that none of its picks are financial or investing advice, and are informational in nature.
But does it work? Users are obviously going to have different results because if trading were this easy, we’d all be millionaires. The Tradespoon platform has mostly positive reviews online but there are some mixed user experiences for sure.
That can be expected with a software that basically spits out stock choices to trade. While the platform provides those picks, it is up to you to execute the trades for a profit.
Who They’re For
To be honest, anyone can make use of Tradespoon’s tools. The site comes with something for everyone and whether you are brand new to trading or a seasoned veteran, Tradespoon offers tools that can help improve your trading experience. If you think about it, any trader can benefit from an algorithm choosing high potential stocks to trade.
Should you blindly trust Tradespoon? Ultimately that is up to you, but I warn against following any service or person blindly when it comes to investments.
Tradespoon works best when it augments your trading tools. You can integrate Tradespoon’s stock picks with technical analysis charting. This might actually be the best way to use Tradespoon as you can learn what type of stock setups the program is searching for.
How Does Tradespoon Work?
The software utilizes artificial intelligence and machine learning to provide users with potential stock trades. Using the Trade Intelligence Platform, the Tradespoon algorithm chooses the trades that have the highest chances of being profitable. After that, it’s up to the user to execute the trades themselves.
Tradespoon is also a way for retail investors to even the playing field against institutional investors. Does all of this sound familiar to you? It should.
Tradespoon is essentially providing retail traders access to trading algorithms. Most institutional investors on Wall Street are using trading algos on a daily basis to facilitate trades.
I hope you’re taking notes, because Tradespoon comes with a lot of features. Here are some of the main ones.
Trade Intelligence Platform
This is the heart and soul of the Tradespoon app and is the toolbox that traders will use to access the analytics. You can think of Trade Intelligence as the platform and all of these other features are tools within the toolbox.
Trade Intelligence is indeed a full suite of features that allows users to trade using predictive analytics. Its machine learning algorithms have been honed over 15 years of trading and helps users select trades to make. The platform advertises the fact that there is no human bias or emotions involved in the picks.
Here are some of the tools that Trade Intelligence includes:
This is essentially a stock screener that takes the weekly performance of stocks and rates them as over performing or underperforming. The picks and ratings are reviewed by the Tradespoon analytics team. Stocks that are ranked bears are most likely to decline in value and the bulls are likely to rise in value.
Charting is a major part of trading and thankfully Tradespoon includes stock charts in its toolbox. The Seasonal Charts show the historical performance of a stock or or index.
Tradespoon includes filters like how these stocks fare in different political or economic environments. You can also add in any fundamental or technical conditions or readings that might assist further.
Active Trader/Monthly Trader
One thing Tradespoon does well is it provides interactive and real-time trading for users to observe. The Active Trader feature provides live day-trading sessions. It is for users who do not have time to research themselves but want to follow along with professional day traders. The Monthly Trader feature is similar to the Active Trader except it is for swing traders.
As we know here at BullishBears.com, trader education is crucial to helping users succeed. Not everyone has the same trading history or experience, so providing this education can really set your platform apart.
Tradespoon members get unlimited access to training video and webinars, as well as archived trading sessions. There is even weekly live training that is conducted by Tradespoon’s experienced leaders.
Most of these educational materials are available in the Free Training Vault which even non premium members have access to.
One of the best pieces of education that Tradespoon offers is its four-part Trading Guide. It is completely free for members and is available on the site or as a downloadable PDF.
The Tradespoon Trading Guide is divided into four distinct parts: Tradespoon 101, Advanced Options Strategies, Technical Analysis, and Developing a Trading Plan. Within these four segments are 61 sections of completely free trading education.
Premium Member Services
Of course, as with any service, the more you pay the more you get access to. I’ll cover membership prices and tiers shortly, but here are some of the exclusive features that only premium members can use.
As the name suggests, these are exclusive stock and options picks that only the premium tiers get access to. These picks come directly from the Tradespoon team of traders and analysts.
They use both fundamental and technical analysis to determine the best trades for paying users. Tradespoon even distributes pick packages to paid members which include a stock pick, an options trade, and an options spread trade.
Elite Trading Circle
Yes, there is a level that is even more exclusive than the Premium Member Stock and Options Picks. The Elite Trading Circle has access to Tradespoon founder Vlad Karpel’s personal trading activity. These traders get access to extended trading sessions and can watch Karpel trade live.
With this feature, users also get access to the WeeklyTrader service which provides 2-5 day stock and options trades that are optimized by the algorithm.
Okay so all of this sounds great, but it also sounds like it could be pretty expensive. How much does Tradespoon cost? As with many trading tools, Tradespoon comes in multiple different tiers with varying prices and accessible features.
Surprisingly, free members get access to quite a bit of Tradespoon’s material. This includes the Free Trading Vault, the Trading Guide, and webinar recordings. If you want access to the Trade Intelligence Platform, you’ll have to pay up. There are several different monthly tiers which can get up there in price. These are more reasonable when you pay for them on an annual basis where the monthly average cost drops significantly.
What Does Tradespoon Cost? (Pricing Review)
Monthly packages range in price from $147 per month for just the toolbox or $497 per month for the Elite Trading Circle. On an annual basis the range falls from $83 per month for the toolbox to $417 for the Elite Trading Circle. Prices subject to change.
You can also sign up for a la carte services if you only want some of the features that Tradespoon offers.
There isn’t a significant drop off in price so you’re probably better off with the package deals that Tradespoon offers. As you can see, Tradespoon can be a little pricey if you are on a budget. Granted, if you do want to make the dive and subscribe to Tradespoon, Karpel does offer a 30-day money back guarantee.
That is more than enough time to use the services and make a few trades. If the system works and you find you are making consistent, profitable trades, then the monthly price is likely worth it. If you aren’t finding any success in the first month, you can cancel your subscription and get your money back. While there is no guaranteeing trading success, this is the type of confidence you like to see from the founder.
Does Tradespoon Work?
This is going to be such a subjective answer depending on who you ask. Since Tradespoon doesn’t have any actual trading involved, it’s up for debate if it truly works. Or, perhaps a better way of saying it is if it truly works the way it is intended to. Stock picks are just that, picks.
Anyone can recommend stocks based on fundamental or technical analysis and be right a lot of the time. While Tradespoon has the 15 years of machine learning behind its algorithm, does that mean you should completely trust it?
My final word on Tradespoon is that it is a great tool for traders but it shouldn’t be used blindly. The platform is intuitive and has a wide range of features that are extremely helpful.
I absolutely love the wide range of educational materials it provides for both new and experienced traders. The monthly prices can be a bit expensive for the industry, but you do get a lot with your subscription. I say use it Tradespoon to supplement your own research and analysis of potential trades.