The Best AI Stock Trading Software
Artificial Intelligence (AI) is big news at the moment. But, as well as using it for creative content like art and writing, did you know it can also help to make trading easier? Let’s dive into this brave new world with our rundown of the best AI stock trading software.
Author - TradeZella Team
As more of us use Artificial Intelligence (AI) to automate different parts of our lives, it’s important for traders of all levels to know about the best AI stock trading software.
After all, big hedge funds have been using it for years – and now it’s our time.
In fact, many ‘retail’ traders are already using AI to make decisions on what to invest in.
A recent Yahoo Finance-Ipsos survey found that 20% of American investors have used an AI chatbot, like ChatGPT, to help them pick stocks in the past year.
We don’t see this trend dying out any time soon.
Thanks to increased computing power, more cloud availability and higher bandwidth – as well as huge leaps in the machine learning space – there’s a lot of amazing bots and software available for techy traders to choose from.
And, thanks to amazing software development, even not-so-techy traders can use AI algorithms to supercharge their stock picks.
Today, we’re going to look at the pros and cons of using AI stock trading software – and highlight some of our current favorites.
Not quite ready to join the AI revolution? Check out our article on the best software for trading – AI not included.
How does AI work for stock trading?
There are a few different ways that AI can be used by traders. For now, most of the popular bots and software on the market are rule-based.
Deep learning is still not quite there yet, but things are moving fast in this part of the tech world – so who knows what the next few months will bring?
For now, the main types of tech to look out for are:
Stock trading bots
Stock trading bots are algorithms that find trading opportunities for you. They can also automatically execute buy and sell orders.
A good example of this is Trade Ideas, which connects to the major stock exchanges so always has up to date info to help inform its picks.
Stock trading AI algorithms
Another way you can use stock algorithms is for analysis. Many of these algorithms are able to do full chart pattern recognition – a time-consuming part of any trader’s job. They can quickly scan the market and back-test to find the best opportunities.
A powerful example is TrendSpider: which can recognize nearly 150 candlestick patterns.
AI stock trading software
The best stock market AI software can generate rules-based trade signals, helping you to understand when to enter and exit positions. These can be used to build entire portfolios.
Because they’re based on algorithms, they can almost instantly gather in-depth information – back-testing price patterns, volatility, risk and even diversification to ensure you’re making wise investments.
Tickeron is a good example, with an eye-wateringly large selection of AI-developed stock strategies to explore.
Is there an AI that picks stocks?
The quick answer to that question is: yes, AI can pick stocks. And it’s pretty darn good at it. Even good old ChatGPT has proven successful at stock picking.
A recent UK study found that a basket of stocks picked by the app outperformed some of Britain’s most popular investment funds.
If you’d rather not use a generalist app like ChatGPT, there are specialist AI bots that are able to pick stocks.
We’ve already mentioned TrendSpider and Trade Ideas. Another great option for stock-picking is Magnifi, an AI tool that searches stocks and funds based on your own personal preferences.
As with any type of stock trading, there’s still a risk of loss when you trade using AI software tips.
As clever as these algorithms might be, they can’t predict the future. They’re just doing what humans do, but quicker. They’re reading into past patterns, and making predictions based on it.
So, as exciting as AI stock trading software is, you can’t just kick your feet up and let the robots do all the work.
Think of it like cruise control in your car. You can relax a little, but you still wouldn’t take your hands off the wheel or stop concentrating on the road around you.
The best way to ensure progress is going as planned is to use a trading journal to track your trades.
As well as helping you to keep an eye on your – or your AI’s – performance, it will also give you the chance to analyze what’s going on and learn from it. Both the mistakes and the wins, ultimately, making you a better trader.
What is the best automated stock trading software?
We’ve already touched upon a few of the best AI trading software, and how it can be useful. Now, let’s take a closer look at some of the top tech currently available.
1. Trade Ideas
Widely regarded as the best AI trading bot, Trade Ideas is among the most impressive software available at the moment. The whole thing was designed from scratch by it’s US-based team of developers and fintech entrepreneurs.
Connected directly to the exchanges, it watches every move and measures each tick against past patterns – all in real time.
Because it has lots of different investment algorithms built-in, it can help users to improve their trading by instantly suggesting strategies that would take a human a while to think of.
Another cool feature is the Full Quote Window. It gives you a bit more background on a stock’s price by showing you fundamental data related to it.
We also like the AI-Holly bot, with suggested entry and exit signals that are weighted by statistics and risk management.
Trade Ideas is suitable for traders of all levels: whether you’re a beginner looking to learn through powerful practice sessions, or an expert who wants to use AI to improve your own tried and trusted trading strategies.
2. Signal Stack
One of the most simple and best AI trading bots, Signal Stack gives you the kind of power that only Hedge Fund managers had up until now.
You don’t need to be a coding expert to use Signal Stack. This easy-to-use tool converts alerts from trading platforms into executed orders in your brokerage account.
Designed to be highly available and reliable, it instantly processes incoming signals from your chosen outside system and transforms them into live orders.
It might sound a little basic, but this is the first time that tech this powerful has been available to everyday ‘retail’ traders – giving you an edge, and reducing the risk of slippage.
Another advanced AI trading bot that’s bound to impress tech-focused traders is TrendSpider. This stock analysis software uses a proprietary algorithm to scan historical market data, providing automatic technical analysis.
As a trader, you can either use this information to make your own decisions and improve your strategies. Or, you can hand it over to TrendSpider’s trading bots.
With these, you can take your preferred strategy and turn it into a position-aware bot that can do your bidding.
On TrendSpider, you build your own bots: they’re completely customizable. Once an event from your strategy is met, the bot triggers an action – whether that’s triggering an order, or notifying you via Discord.
You can try your bots out with TrendSpider’s in-built Strategy Tester before sending them out there into the real world, too.
This gives a little extra peace of mind that things are working as they should.
Another of the best AI software for trading, Tickeron uses chart pattern recognition to predict future trends. It’s owned by SAS Global – a world leader in data analytics.
SAS Global is used by a whole bunch of Fortune 500 companies, so it’s clearly a trusted source.
The whole basis of the Tickeron software is pattern recognition. Its AI algorithm uses a database of technical analysis patterns to search the market for stocks that match them. Each pattern in the database is back-tested for a track record of success.
Using all of this amazing data, the bot can offer some of the best suggestions using its Trend Prediction Engine. It has 45 streams of ideas, and offers users the ability to build AI-powered portfolios with predictive returns.
Analysis is where AI stock trading software really stands out, and MetaStock has some of the best AI back-testing and forecasting abilities around.
It provides more than 600 charts and indicators to explore – and you can use it for all kinds of assets. It’s especially good for stock, forex and crypto.
While the algorithms of MataStock’s trading bots – aka Expert Advisors – aren’t as powerful as those on Trade Ideas, they’re still pretty robust.
They’re also customizable, so anyone with a little coding knowledge can easily tighten them up.
If you’re looking for the best AI software for short-term trading, Scanz is an ideal all-in-one made for day traders and swing traders.
It basically does what its name suggests, scanning the entire stock market in seconds to find the best trade opportunities in real-time.
Beginners might prefer using the pre-built scans, designed by the software team, while more advanced traders will enjoy the ability to build their own scans.
There are more than 100 variables to choose from: including price, volume, technical and fundamental.
For those who love to have their finger on the pulse of what’s going on in the market, Scanz also has an awesome News Scanner. This pulls in data from more than 100 news sources, press release wires, SEC filings and financial blogs.
Its news feed has powerful filtering and sorting functions, so you only get the most useful news to help you make your trading decisions.
Rounding out our list of the best AI software for trading is Magnifi. This is a pretty cool proposition – an AI-driven investment platform that offers customized recommendations tailored to you.
It looks at your past search behaviour, and from there finds stocks that match your preferences. A little like Netflix.
It’s designed primarily for beginners, and those who want to start out trading with small investment amounts.
Its AI assistant works a little like an automated financial adviser, answering any questions you might have about your portfolio or trading ideas.
Make even better trades with TradeZella
There are lots of AI software and bots out there that claim to help you calculate win rates and make you more consistent as a trader. Call us biased, but we think a trading journal is the absolute number one trading analytics tool you can use. Whether you’re dabbling in artificial intelligence or not.
Journaling your trades can give you more awareness about the market, trading strategies and even yourself and how your react. It’s a simple habit but, if you do it consistently, it will really help you to hone your skills.
Whether you’re using AI trading bots or prefer to do things manually, journaling software like TradeZella can help to streamline the process. Using our software will help you to keep an eye on what you – or your AI – is doing right and wrong.
Automatic broker integration (where available) means that all of your trades are automatically pulled in to the dashboard. All you need to do to monitor them is log in.
You can then use TradeZella’s powerful journaling features to analyze your trades. Use the R-Multiple to understand and improve risk management, record and analyze your favorite trading plans using the Playbook, or use Zella University to learn key skills.
See the metrics that matter in a simple visual format, and understand what’s going on with your trades in one glance. These insights will give you more control – whether you’re working off your own steam or using the power of AI. It can even help you to understand which days of the week you have the most luck.
Try it for yourself: sign up for TradeZella today, and get ready to reach your full potential.