The global COVID-19 pandemic ushered in a new wave of day traders, many of which likely fell into the trap of associating their early profit-making with skill. After all, once the stock market bottomed in March, it was mostly one-directional: up.
It seemed so simple. Buy any stock at any time and it will trade higher over the coming seconds or minutes. When this wasn’t the case, a trade required a few hours or days of patience for the trade to turn green.
But trading isn’t this easy. It may have been for a few months, but assuming this is the case indefinitely is a recipe for disaster.
New traders that recognize this reality understand that day trading is a battleground. Sharks, that is professional Wall Street traders and hedge fund managers, feast on the fish — inexperienced traders.
The pros won’t hesitate to take every last penny from the rookies. Trading is a zero-sum game as what someone makes, someone else loses.
Fortunately, there are many resources available for new traders to learn the true ins and outs of trading from scratch. One of these platforms is Stockstotrade or STT for short. In this article we’re going to review Stockstotrade from a-z. Let’s get started, shall we?
What Is Stockstotrade?
STT offers a real-time stock scanner that makes it easier for traders of all shapes and sizes to find opportunities based on a wide variety of criteria.
The program is fully customizable and strives to offer traders access to the data they want and how they want it. Traders are often distracted by a large amount of noise going on in the background from inexperienced “experts” on financial media outlets and Tweets that sound intelligent but are written by a novice.
Sure, many traders love the noise and have perfected their ability to single out what is important. But many others find value in paying for a service like STT to better focus on what matters most to them.
Traders across the world can sign up for STT’s services as long as they qualify as a Non-Professional market participant based on FINRA and SEC definitions.
STT is not a stockbroker but it can integrate with several major brokers. This allows STT customers to place trades directly through its platform. Traders that don’t have a broker can take advantage of exclusive offers for new STT customers.
Cost and Sign Up Process
STT’s subscription-based membership service will set traders back $179.95 per month while those opting for a full year service can save $250 through an annual membership cost of $1,899.50.
Both membership options can be canceled at any time or switched from one to another. The signup process is simple and asks for basic personal and contact information. Customers must use a major credit card to pay for the service.
A 14-day full-access trial will cost $7 and traders are reminded near the end of the period that they will be billed the regular monthly fee unless they cancel.
Additional features available to monthly and annual subscribers for an additional cost include:
STT also offers an independent product called Oracle that does not require a subscription to the core STT platform.
Oracle is an artificial intelligence and big-data algorithmic scanner that analyzes thousands of stocks. Each day, subscribers receive 15 daily actionable trading ideas with key numbers to watch, like resistance prices, price targets, and appropriate stop losses and exit prices. The subscription costs $97 a month and a seven-day trial costs just $9.
Here is what the Oracle scanner looks like
Holding Your Hand
STT’s platform is complicated because it does so much. Fortunately, STT will hold new users’ hands from the start through a well thought out learning center with many hours worth of instructional videos. Many of the videos feature STT’s lead technical trainer Tim Bohen.
Below we will cover the educational sections (Learning Center, Bonus Content, Tutorial Center) and explore what traders can expect to find in each.
The Getting Started category features 14 lessons on how to properly set up the platform from scratch. Users are paying a good amount of money and STT wants to make sure its customers are fully knowledgeable on the many features available.
A lot of time and effort was put into this section and it would be a shame if a new user doesn’t take a few days to study the topics.
Below is an example of how a trader can add volume-weighted average price (VWAP) information to their charts.
STT Pro is a mentorship program that few beginners would likely be interested in.
StocksToTrade Basics 101
Moving on, the StocksToTrade Basics 101 serves as the foundation to help traders succeed. Seven video lessons of around five minutes each offer detailed hands-on instructions on how to create watchlists and screeners, set up an off-hours filter, link tabs, access the STT Chat, among others.
Trader’s Features Guide
After mastering a few of the more basic features, the final Traders Features Guide provides 17 lessons on topics covering News, among others.
The Bonus Content includes access to 10 video seminars held by Bohen. Each video is approximately 50 minutes long and covers multiple topics. The oldest webinar is from February 2019 and the newest is from February 2020.
The Tutorial Center dives into more advanced features of STT’s platform. Now is the time for new traders to dedicate 100% of their attention. Failure to do so will certainly result in frustration when trying to set up the platform later on.
None of the topics are particularly complicated but there is a lot to learn here — 20 lessons to be precise. It is impossible to jump ahead as some of the features discussed in early video features reappear later on.
The videos vary in length from less than one minute to more than five minutes. Some videos have one objective while others have many, such as the lesson on setting up stock charts:
What You Came Here To See: The Platform
New traders foolish enough to jump straight into the platform before studying the lessons will quickly realize why this is a mistake. The platform when first opened is blank and one wouldn’t be mistaken to quickly conclude it is broken or useless — or both.
But armed with the hours of videos and tutorials, now is the time to see just how user-friendly the platform is. Let’s test it out.
Scanners are meant to be simple and basic yet it is an invaluable tool for all traders. STT can set up custom scanners in which a trader inputs the stocks they want to keep an eye on. In addition, traders can scan for top percentage losing stocks to watch for a potential rebound or top percentage gainers to ride the momentum, among others.
All the scanners can be customized by price, volume, or other factors. Many traders want to avoid penny stocks at all costs while others exclusively focus on these cheaper plays. STT makes it easy for everyone to do as they wish.
STT’s screener is perhaps the most widely used feature by traders and for good reason. Traders can set up complex screeners based on their specific criteria to identify what stocks can be traded. The many different color codes could probably be improved as it is quite bulky and hurts the eyes, especially after a long morning trading session. But if it is easy to define parameters and it works, then this is a more than reasonable sacrifice.
Here are some of the more advanced parameters that can be used as part of a screener. Needless to say, it is quite impressive.
For some, charting is extremely important and must be highly customizable. STT doesn’t disappoint traders that live or die by the chart. Traders can opt for candlesticks, bars, or line charts and toggle between different timescales and interval lengths.
Technical analyst gurus will be happy to know all it takes is one click to add or remove what they want to the chart.
A chart can act as a stand-alone feature or be combined with other important sets of data like level 2 quotes and news. Having a more general view of a stock can give a trader a more informed decision on how to approach a trade.
In this example, a trader will be reminded in the Live News box that Slack Technologies ($WORK) recently reported earnings that disappointed investors. This may impact how they interpret a chart.
Access to TipRanks’ insight is a value-added offer and some may find the three features useful, others not so much.
First, TipRanks’ analyst ratings break down to traders the average Wall Street analyst price target and recent upgrades or downgrades.
The second feature is TipRanks’ Insider Rating. This scans insider transactions as reported to the SEC. Traders can see what and when executives bought or sold their company’s stock.
A third feature is called Hedge Fund Rating and aggregates recent hedge fund buying and selling activity to create a sentiment score.
Overall Ease Of Use
STT’s platform is easy to use as soon as it is opened — that is for those that did their homework first. It shouldn’t take more than one hour before becoming a pro, although most new traders will need to return to the educational videos and lessons at some point.
Within a few days of using the platform, most will graduate to becoming an expert. The makers of the platform deserve a lot of credit as several rival products certainly take longer to master.
STT is after all created by traders for traders. By contrast, other platforms are created by programmers for traders. Not that there’s anything wrong with this but ask yourself which of the two options would you prefer.
Bottom Line: A Great Product to Try
There is little doubt the monthly membership fee is worth the cost, especially for new traders that are struggling on their own. The modern and clean platform is best suited for the current market and we will likely see older and antiquated rival platforms quickly lose customers in favor of sleek and highly customizable platforms like STT.
The best part about STT is it offers an extremely cheap trial at just $7. For just the cost of two coffees, traders can test drive the platform for themselves to see if it best suits their needs.
We are willing to bet it does.