Popular Use Cases
Here is a list of the most popular use cases for TrendSpider. While there are many other tools and uses not listed here, these are the core four:
- Scanning Through a Watch List: Quickly spot potential technical trade setups.
- Building, Analyzing, and Refining Strategies: Utilize the Strategy Tester to create and refine strategies without needing coding knowledge.
- Automated Technical Analysis Tools: Save hours of manual analysis.
- Timing Trades with Alerts or Trading Bots: Improve trade timing for better results.
Common Questions
Problem: I keep buying too late and selling too early, even when I anticipate the price movement.
Solution: Utilize TrendSpider’s trendline detection across various timeframes to find better entry and exit points. Patience is key in trading; avoid letting fear of missing out (FOMO) influence your decisions. Wait for trades that align with your plan instead of altering your plan for seemingly opportune trades.
Problem: I often redraw my trendlines because they are inaccurate.
Solution: Initially, avoid manually drawing trendlines. Rely on TrendSpider’s automated chart pattern recognition to create unbiased, accurate initial trendlines. This approach provides a more objective view of the charts than subjective manual drawing.
Problem: I'm concerned about the reliability of my technical analysis because I might be biased towards what I want to see.
Solution: While it's important to conduct your own technical analysis, consider various perspectives and factors. Automated analysis tools like TrendSpider can bolster your confidence in your analysis or help you identify potential errors. Using TrendSpider alongside your existing platform can yield optimal results.
Problem: I want to backtest my strategy but lack coding skills.
Solution: Our Strategy Tester features a visual scripting tool that handles the coding for you. Here’s a brief video demonstrating how it works.
Problem: I don't have time to monitor the charts all day and often miss trades.
Solution: TrendSpider is designed with this concern in mind. By leveraging our Alerts or Trading Bots, you can stay on top of the market without constant monitoring, ensuring you never miss a trade opportunity.
Problem: I have a set of conditions I like to trade but struggle to find stocks that meet that criteria at any given time
Solution: The Market Scanner is one of the industries most powerful tools. Use one of our prebuilt scans or create your own using our visual scripting language. You can scan for things like moving average crosses, range breakouts, chart patterns, earnings, analyst estimates, news, dividends, and splits.