As an active investor and review extraordinaire, I get pitched quite a few trading tool products that claim to provide the extra edge needed to becoming a successful trader. Recently, I took a test spin with Tradespoon, and I must say, Tradespoon offers a very cohesive and easy to use platform, facilitating trade ideas in a quick and succinct manner. Based on my experience and testing criteria, Tradespoon can be a valuable tool in any trader's arsenal.
A Few Tools That Immediately Stood Out For My Trading Style
Tradespoon's Real-Time Predictive Software
- Tradespoon offers an extremely user-friendly software. While some trading platforms require an intermediate level of computer savvy, Tradespoon provides for easy set up, quick change capability, and easy to set filters.
- Tradespoon demonstrated reliable predictive capability. The software provided over 83% accuracy in a sixteen-stock real-time test, delivering accurate results to within 2% of the target price in 12 of 16 trades. Traders don't need to worry about how the metrics work, but it was a reliable outcome in the test trades. It's important, though, to manage these trades, as once a target is hit, it should be acted on, executing the trade to maximize and lock in the gain.
Tradespoon's Trade Idea ToolThis tool provided excellent predictive capability with performance based on my own criteria. Simply enter a risk/reward profile and personal trade criteria, and the predictive power does a great job in selecting stocks that adhere to your trading strategy. The great thing about this is that Tradespoon is not a one-type-fits-all product; users can set it and forget it if they are comfortable with a chosen trading strategy.
Tradespoon's Virtual Trading ToolI used this tool to assess the claims made by Tradespoon and was pleasantly surprised by the accuracy. The tool allows for a risk-free environment to practice trade ideas generated through the Tradespoon platform. Tradespoon tracks each individual trade and allows a user to add virtual cash to continue on a training program to evaluate the power of a personal trading strategy.
Tradespoon ScoopTradespoon Scoop provides a complete weekly ranking of stocks that Tradespoon analysis deems to offer the most opportunity for traders in the days and week ahead. Tradespoon algorithms provide insight into both undervalued and overvalued stocks, offering traders an easy to read report that can provide valuable insight into hundreds of listed stocks.
My Bottom Line Analysis
Overall, Tradespoon offers traders a fantastic product. The interactive tools, the ease of set up, and the ability to test stocks in a virtual mode were my top picks that can provide any level of investor the tools needed to successfully navigate the market. While these were my top picks from the site, Tradespoon offers other valuable research tools and charting data for both technical traders and for those that seek a deep level of due diligence prior to making a trade.
The Tradespoon product can be a compliment to any traders toolbox, and the ease of use makes it a viable product for novice and professional alike.