10 Best AI Tools for Trading

The integration of Artificial Intelligence in every sector is remarkable. Today, most companies leverage artificial intelligence, machine learning, and deep learning to design a new product or improve an old one. As a result of this AI wave, tools for stock trading have also been launched. With the combination of AI in the stock market, these tools are trained on large datasets of the market’s past trends. These AI tools, known for their efficiency, help traders and investors make better market predictions, research the market, analyse data, and provide risk management strategies to reduce loss, boosting their confidence in their trading strategies. This article will discuss some of the best AI tools, their features, and their impact on the market.

Benefits of Using AI Tools for Trading

• Faster Analysis: These AI tools analyse the given data faster and make more accurate predictions than humans.
• Identify Patterns: AI tools are adept at identifying complex patterns in the data, providing a better market signal and reassuring traders about their ability to handle intricate data.
• Emotional Bias: Trading with emotions can often lead to losing investors’ and traders’ money. These AI tools provide relief, helping traders make decisions based on data, not emotions, enhancing their sense of security and control.
• Regular Market Monitoring: AI tools can monitor the market at all hours of the day, including 24/7. This constant vigilance helps traders stay informed about market sentiment, make better calls, and adjust their strategies as needed.
• Backtesting the strategies: AI tools can check the traders’ strategies and suggest required changes to ensure minimal loss.

Best AI Tools for Stock Trading

1. Hoops AI

Hoops AI is an AI tool that helps traders and investors with unique trading insights. It provides real-time trading ideas tailored to each user and covers all significant assets, such as US stocks, commodities, currencies, and ETFs. It uses artificial intelligence to design unique ideas and tailored strategies for the traders. It analyzes fundamental, technical, and sentimental factors, which helps users design strategies and make changes to fit their needs. Hoops also offers investment tools such as Stock Screener, which allows users to filter and find the best stocks, and Stock Comparison, which helps users compare multiple stocks simultaneously. It also provides a widget for market updates and trading ideas.

Price: Hoops AI offers 3 plans: Basic($4000/month), Pro($5,600/month) and Enterprise($15000/month).

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2. Stockpulse

Stockpulse is an AI tool for analyzing financial news and communities. It collects unstructured data from the Internet and converts it into information and insights. The tool has over 200 million sources and 13 years of historical data, providing correct information to traders and investors. This tool has over 66K equities and more than 17 K cryptocurrencies in the app, with more than 20 regions worldwide available. This tool also offers an AI-automated report and AI signals to the users.

Price: Stockpulse is free to use for everyone.

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3. Capitalise AI

Capitalise AI is a text-based trading analysis and automation tool. It takes instructions from traders and investors in simple text, and based on the text, the machine does trading. For Example, If the price of an Apple share is down by 10%, buy 2K worth of Apple’s share. After taking the instructions from the users, it performs a backdrop test that analyzes the users’ strategies. It also supports a lot of brokers who trade in different assets, such as crypto, forex, equities, indices, and commodities. Capitalise AI provides real-time research and analysis, technical indicators, and macroeconomics. It also refines the strategies of the traders and investors.

Price: Capitalise AI is entirely free to use.

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4. Alpha Research

Alpha Research helps investors analyze any stock in depth. It uses an AI search engine that uses advanced machine learning algorithms and NLP(Natural Language Techniques) to scan and extract insights related to global filings, transcripts, press releases, and reports about the company. It provides institutional-grade fundamental data, market data, news, and analysis for stock research. It also allows traders to highlight, edit, and share their research and insights with others. Alpha Research is a helpful tool for investors, traders, and businesses as it provides unique insights and saves time.

Price: Alpha Research offers a Basic plan for $49.99/month with a 7-day free trial and a custom Enterprise plan whose pricing varies according to investors’ needs.

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5. Trading Literacy

Trading Literacy is an AI-powered tool that is developed on ChatGPT. It analyzes the trader’s investment activities; based on that, they can ask questions, reports, and summaries related to their activities. Traders need to upload their trade history in the form of PDF or CSV, and then it goes through the data and helps the users get answers, extract information, summaries, etc. The tool is fully encrypted, as it removes users’ data before the AI scans the file. Trading Literacy supports most global languages, which helps traders across the globe learn from their mistakes and revise their trading strategies.

Price: Trading Literacy offers two tailored plans, one for investors at $19 and the other for brokers.

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6. Stock GPT

StockGPT is an AI search tool that helps traders and investors analyze S&P 500 and Nasdaq companies in detail. It scans these companies’ earnings, financial reports, and fundamental reports and helps the users get valuable insights. Stock GPT provides summaries, company performance, product updates, etc., across different timeframes to the traders. Users can search for specific transcripts across multiple quarters/years or industries and sectors. This tool contains real-time internet access, which updates the information at the latest. This tool is specifically designed in such a way that it produces fewer hallucinations and provides accurate answers.

Price: Stock GPT is a free tool with a daily limit. For unlimited searches and an advanced filter option, users can opt for Stock GPT Pro, which costs $7 per month.

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7. Avanz AI

Avanz AI is an AI tool that helps traders and investors create autonomous AI agents to enhance their trading experience. The AI agents use a large dataset of users and create tailored AI agents for traders and investors. These agents can provide economic releases, reports, and SEC filings to wealth managers, which help them stay updated with market insights and risk alerts. These AI chatbots can automate portfolio risk, monitor the portfolio, and trigger actions based on market events. Avanz AI can easily integrate with the SQL database, S3 bucket, and financial data API to enhance and improve the agents.

Price: Avanz AI is currently in beta testing and will be publicly available.

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8. Trade UI

Trade UI is an AI-powered tool offering multiple tools and features for beginners and experts. Trade UI offers real-time alerts across all the markets around the globe. Using advanced AI algorithms, it provides intelligent alerts for investment opportunities based on real-time market fluctuations and helps traders sync with the market. Trade UI offers a Dark Pools and Block Traders dashboard to provide insights into trading activities. Trade UI offers real-time visualization and analytics with automated charts, helping traders make informed decisions. It also offers an AI sentiments feature, which provides the impact of any news in the market.

Price: With a two-week free trial, Tade UI offers a Stocks Plan at $45/month, a Trader Plan at $75/month, and a Pro Plan at $115/month.

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Best AI Tools for Trading : Conclusion

AI tools have revolutionized stock trading, offering benefits like rapid analysis, pattern recognition, and emotion-free decision-making. These tools provide real-time insights, automated strategies, and in-depth market analysis, enhancing traders’ capabilities significantly. However, using AI as an additive to human judgment is crucial, not a replacement. Traders should carefully evaluate these tools and integrate them thoughtfully into their strategies. We can anticipate more sophisticated and personalized trading tools as AI technology evolves. The synergy of human expertise and AI-driven insights promises more informed and efficient trading practices in the complex world of stock markets.