Do you consider yourself to be an active trader? Would peers describe you as a day trader, or perhaps a swing trader? If so, then you’re in for a treat with this TrendSpider review! Active trading relies heavily on making informed, split-second decisions during market hours to maximize your profits. However, trying to mentally process data can be taxing and time-consuming. Fortunately, TrendSpider is one of the software solutions that can help you find success in your day-to-day trading activities. How so? Let’s take a look and find out!
What is TrendSpider?
TrendSpider is a technical analysis platform that’s designed to help day, swing, and other types of active traders efficiently track market trends. The platform can provide live data as well as time-specific charts, making it extremely useful for investors. Unlike other popular platforms such as TopStepTrader, TrendSpider’s basic plan capabilities are limited to analytics only: you can’t use TrendSpider to make orders unless you upgrade to a higher-tier plan.
Since TrendSpider didn’t spend as much time implementing trading capabilities, it focused mainly on using AI to analyze market trends in the most effective manner possible. As such, the data and analytics you’ll have access to will generally be of higher quality than you might find from the competition. Nonetheless, automated trading is possible via the “Trade Bot” feature.
The Ideal Investor
As mentioned at the beginning of this TrendSpider review, TrendSpider is designed specifically for active traders. Of course, that doesn’t mean long-term investors can’t use the platform, but many features—such as real-time trading data—will be of little use to them. Long-term investors would be better off considering alternative services if they want to get the most value for their money.
Offers & Plans
New users can take advantage of TrendSpider’s free 7-day trial offer. This should give them adequate time to test out the platform and see if it meets their needs. If so, they have three plans to choose from once the trial runs out: Premium, Elite, and Advanced. Every plan offers both monthly and yearly rates, although the latter billing option can offer significant savings over time.
Premium – “Premium” is the most basic TrendSpider plan. Costing $33 per month (or $297 annually), this plan gives users access to real-time data, a wide variety of charting features, two workspaces, 25 alerts, and automated analysis. However, this plan is lacking some of the platform’s best features (such as trade bots or backtesting).
Elite – Jumping up slightly in price, an “Elite” membership will cost you $65 per month (or $585 annually). For this price increase, users enjoy access to three trading bots, unlimited monthly backtests, 100 alerts, phone support (with priority service), four workspaces, and more. TrendSpider describes the Elite plan as “Best for serious active traders and investors.”
Advanced – Although TrendSpider Advanced still costs far less than competitors like PowerX Optimizer, there’s no reason to spend more than you have to! You can save 25% of the monthly costs if you opt for the Advanced plan. On monthly billing, you’ll be spending $97 every month, but you can reduce this to $72.75 per month ($873 per year) by opting for annual billing. For this price, you’ll have access to the aforementioned features plus a variety of additional services including up to 250 alerts, six workspaces, 250 results per scan, and five trading bots.
TrendSpider has a plethora of features. In fact, there are simply too many to cover in this simple TrendSpider review, so let’s take a look at a few of the main ones! If you’re interested in discovering each and every feature that the platform has to offer, TrendSpider has features listed (by plan) on its website.
- Real-time Data – TrendSpider provides real-time data of all your assets, which is included in every plan.
- Alerts – Different plans have different limitations, but TrendSpider will automatically alert you when there’s an important change on an asset you’re watching.
- Charting – Trendspider has a wide variety of charting capabilities so you’ll have plenty of ways to view data. Some options include logarithmic scale, standard, and RainDrop charts.
- Backtesting – This feature allows you to test out potential investment strategies over time periods as small as a minute (or months at a time!).
- Trading Bots – Once you’ve determined the trades you’d like to make, trading bots can do the rest for you. By setting specific trading requirements for the bots, you’ll be able to enjoy automated trading (and avoid missing out on important opportunities).
For active traders, TrendSpider is no doubt an invaluable trading tool. The platform allows you to process data effectively, research past performances, receive trading alerts, and even automate trading to an extent. Although monthly prices leave a little to be desired, we think that the annual rates are more than justified (especially when you consider the potential performance improvements!). If you’re a day or swing trader who’s looking for a way to get an edge over the competition, search no further: head over to TrendSpider and start your free trial today!