52 reviews for Tradealgo are not recommended
These reviews are not recommended because our content quality algorithms have determined them to be less useful for users researching this business. Our content quality algorithm makes decisions based on a number of proprietary evaluation factors, and is constantly updating and improving over time. Even though these reviews are not displayed by default, they still factor into the overall number of reviews and the average rating for the business.
New York
2 reviews
34 helpful votes

AI is not what is advertised. My bottom line decreased 12k in 3 months
March 13, 2023

I bought TradeAlgo because they confidently pushed that they have an edge with AI. They gave the examples of people who made alot of money in a year. Explained what dark pool data is. And they stated they have experts who send out trade alerts. I explained that I work a full time job and can't look at computers all day. And the response was the alerts can just come to your phone and that's fine. So I signed up. And followed all the alert trades that I could. I immediately won my first two trades. Even though they were small "Scalp" wins I was very satisfied. Then I lost my next 7 trades. Then next 3. In looking at the data. I decided to try to see if I could use this dark pool data to find trades on my own since this expert was costing me hard earned cash. They have many taped recordings of someone lecturing trading days, it was of no help to me. I want professional well thought alerts and paid a company to do that. I could not find any recordins on the way to make actual trades using their tools. It comes with all the typical techinical indicators like MACD, RSI, Stochastics etc. But nothing on how to use them with their AI. Would be great that if they said, if the AI dark pool percentage increases say 200% and you get a MACD crossover, then attack sort of trade info. But there is nothing like that. What you get is dark pool data that comes in, but you can't tell if its long or short. I then found out the AI isn't doing anything but analyzing "dark pool" data to see what the major players are doing. Bottom line with the alerts is the experts are day technical traders and they find trades like anyone else would with basic indicators, resistance levels and candle sticks. Sometimes they say dark pool data is coming in last night and look at xyz stock closely tomorrow. As a person who paid thousands for this software for a lifetime membership. I paid for an AI to find me trades. But the reality of the program is you nothing could be further from the truth. So I put in my cancel request and then their customer service suggested I take a call with one of their customer reps to teach me a method on how to use the software with a day trade method being used. Initially I was like why isn't this shown to new customers when they join? But then decided to learn how to use the tool and if this works I'll be a lifetime member. So I decided I'll try it for a week and if I can get a 50% win rate out of 8 trades, I would continue. One week generally wouldn't be enough time, but the total time to this point was about 3 months of losing and losing so I gave myself an internal ultimatum week. So I found 9 trades using this mehod and won 3 of them, I was sneaking to look at my phone at work all morning. So after winning 33% of the trades I cancelled. To their defense they honored their cancelleation policy and I am thinking that they hope customers can figure out things and win somehow so they won't cancel. The service is not for a novice or even an expert who knows how to make trades, its not for a person who can't day trade, and its not for a person who has a 9 to 5 job where they can't look at their cell phone all day. I have to objectively give this a thumbs down for any investor that thinks he is paying for AI to find trades alerts for them and that they will win even their membership back. Nothing can be further from the truth. They need to give step by step how to use the software and what type of trades their AI is good for and when to use it, but this instruction doesn't exist in that the AI isn't that at all. By the "Expert" alerts that come out at probably 5-7 a week. They are all short term scalp traders. 20% type wins are the goal with tight stop losses recommended. A really annoying thing a couple of times is alerts would come out that if you held this position, it made a rebound and you would of made this high percentage. Thats very annoying when the instructions state the importants of tight stops. To have a trade go over night was rare. They should have an expert on swing trades where the trades last a few weeks if not a month sometimes. So I did find another service that I won't mentionj where they also claim AI from IBM, but they send out all types of alerts. They have experts on day trades scalp trades, long term holds, crypto and swing trades and a person who works can get the alert on their cell then place the trade. No figure it out yourself,, no needing to look at charts, no hidden methods etc, just place the trades. I hope this helps anyone considering buying what I will call a sub-par program. Its incomplete, has some potential. They need to be honest upfront that its a day trading tool that will come with no instructions. And they need to back calculate methods on how it can work.

Date of experience: March 13, 2023
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