There are tons of trading tools out there, but none of them are quite like TradeMiner. The software doesn’t look at your standard indicators. Instead, it focuses on history, but does this approach to trading work and is the software worth your time? In this review of TradeMiner, we’ll:
- Break down what the software actually does;
- provide pros and cons to consider before trying it out; and
- giver our brutally honest opinion about the service.
What Is TradeMiner?
TradeMiner is a software that was developed to help traders become more profitable through the use of historical data. Using the tool, traders can find out when the best time to buy a stock is, based on its movements in history.
For example, if you’re interested in buying Apple, you may want to consider buying it in October. Historically, Apple has seen larger gains in the month of October than any other month of the year. This is the type of data that you get from TradeMiner.
The idea is simple, and interestingly, it follows the basis that technical trading was built off of. History repeats itself in the market, and by knowing the market’s history, traders have the ability to make money in the future.
Steps To Using TradeMiner
TradeMiner is a relatively simple program to use. Here are the steps to do so:
Step #1: Search For Opportunities – The TradeMiner program has an intuitive search function that is set up like fill in the blank sentences. Here’s the exact sentences:
Prospect for trends in the (day, month, year), of (choose month, day or year from dropdown).
Find trends that have won at least (blank)% of the time, showing (Bullish or Bearish).
Find trends that last at least (blank) trading days and last for at least (blank) trading days.
Mine at least (blank) years of history.
Once the blanks are all filled in, the you simply tell TradeMiner to start mining and it will list the stocks that fit the criteria that you have chosen. The list of stocks that fit the criteria will include tons of data like what day is best to buy the stock, what day is best to sell, how many years of data were mined, risk vs. reward, average daily profit and maximum drawdown. The software also gives a score from 0 to 5 that shows the strength of the call. Although, we don’t know what criteria TradeMiner uses to come up with the score as the company says that it is proprietary.
Step #2: Add The Best Picks To Your Portfolio – Once you’ve mined the list of stocks that are likely to do what you want them to do in the market, it’s time to add them to your portfolio. This can be done using the TradeMiner software as well, making the process as simple as possible.
Does The Software Work?
When used as intended, TradeMiner is a great tool and it works perfectly. However, many may not quite use it as intended, in which case, it’s just like gambling. The truth is that historical trends are important in the market, but there is more to the market than history. It’s important to know what’s happening with the company now. For example, TradeMiner tells us that October is the best month to buy Apple. Historically, this has been a great month for the stock. However, what if this October, Apple releases bad news? What if Apple’s CEO steps down? What if sales projections are reduced? The best way to use TradeMiner is as a source of validation.
First, do your due diligence and find a trade that you believe will do well. Once you have taken the time to do your research, run the ticker through TradeMiner to see when it’s the best time to enter or exit that trade based on historical trends. Based on the data provided, make your move. While I can’t speak for the founders of TradeMiner, I can say that this is likely how the founders intended for it to be used.
Pros And Cons To Consider
As with any other trading tool, TradeMiner comes with its own list of pros and cons. Here are the most pressing in my opinion:
- Data Accuracy – I’ve dug through TradeMiner personally and cross-referenced the data manually to see just how accurate the data was. I can tell you first hand that the data is flawless.
- A Leg Up In The Market – There are tons of tools out there, many of which are just replicas of something else available. However, the historical trends dug up by this particular tool are second to none because it takes a different approach than any other tool. Professional traders know that technology like this has the ability to give you a leg up in the market.
- It’s Fast – When you think of mining through years of data, speed isn’t usually what you expect. TradeMiner, on the other hand is lightning fast.
- Easy To Use – While the software doesn’t have the most flashy user interface in the world, it is incredibly easy to use, making it a great tool to help both novice and professional traders improve their probability of gains when trading.
- Price – The price of TradeMiner is $194 to download the software and $129 every year thereafter. While it’s definitely not the most expensive trading software out there, the price is a bit high for those just starting to get involved in the trading space. I’d love to see the company break it out into a monthly option, giving novice traders that aren’t willing to pony up $194 access to the software.
- Software – Call me new school, but I don’t like to download software on my computer unless it is absolutely necessary. I’m a trader that would rather use online tools. Nonetheless, this isn’t a big deal for most.
Overall, I’m very impressed with TradeMiner. While it is not the only tool a trader should have in the toolbox, it’s definitely one that should be there. Due to the ability to go back and quickly look at historical trends, the software gives traders the ability to pinpoint the best times to buy and sell stocks that they are interested in. Sure, the price may be high for the novice trader, but for those who trade often and are well versed, $194 is pennies compared to the amount of money you can make using the software. All in all, I highly recommend the TradeMiner software.
Disclaimer: CNA Finance has an affiliate relationship with TradeMiner. If you sign up for the service using one of the links above, we will earn a commission. However, we do our best to avoid any bias in reviewing any trading tool. For any questions you may have about our relationship with TradeMiner, feel free to email us at Joshua@CNAFinance.com.