Written by Katie Gomez

One difference between becoming a good and great trader is the willingness to conduct further research to find the path others have missed. Technology has dramatically changed the world of trading over the last century. Unfortunately, many traders think they are using the best technology. One of these common misconceptions involves understanding the difference between a stock screener and a scanner. Many vendors confuse the issue by advertising their platforms as scanners, enticing you to earn your subscription, but most of those are just screeners in disguise. In this article, I will further review the fundamentals of scanners vs. screeners and provide evidence why the former is the better option.

A stock market scanner is a tool that helps investors search for specific stocks based on certain criteria such as volume, price, and technical indicators. Scanners provide real-time data and alerts that help identify potential trading opportunities. On the other hand, a stock screener allows investors to filter a large pool of stocks based on specific criteria, such as sector, market capitalization, and dividend yield. 

It may help to think of a police scanner, which monitors police airwaves in real time and, without even pressing a button, offers a firehouse of discovered information. Similarly, a stock scanner scans data in real-time more efficiently than a screener, offering live data to the user.

The main difference that scanner software like we have at Trade Ideas compared to screeners at Trendspider is that scanners focus on real-time data and alerts (i.e., stock races). In contrast, screeners focus simply on filtering stocks that meet specific criteria. So if you want to start leveling in investments, stock market screeners like the ones we have at trade ideas will be the best option. 

A screener is like a slow web browser that has to refresh every different search to get new data. Essentially, a screener is the spinning rainbow wheel that tests our patience. At the same time, a scanner acts as a refresh button on its own, updating information without having to press another button. Unfortunately, a screener can only provide information from the past, so the only way to receive data in real-time—like a scanner does—is spending the entire day clicking the refresh button to find something new. 

The new search engine that everyone is talking about is Open AI’s new product Chat GPT, but this AI acts like a screener. It fetches data and presents it to the user, but it cannot automatically update in real-time. Time is the only thing one could argue is more valuable than money. Scanners allow investors/traders to save this precious time and energy by delegating AI to scan the market for them in real time so they can put their time and energy into more important tasks. 

IMG: Screenshots of Trade Ideas Scanner in real-time 

Additionally, Trade Ideas offers an automatic audible alert feature that notifies the trader whenever its scanner finds information about specific trades. Once set up, the scanner becomes an AI-powered super-tool that provides information about the market without asking. In other words, if Siri is a screener, asking questions and getting answers, a scanner is like Siri 2.0, giving random daily updates on things without prompting her. 

Most people need help understanding the difference between a scanner and a screener, assuming that since they sound similar, they are interchangeable. However, with the development of AI skyrocketing in the past few years, the seemingly minuscule difference is actually monumental. Continuing to use a screener is the equivalent of settling for the iPhone 8, with all the bugs and outdated features, instead of trading it to upgrade to the newest iPhone 14 for the same price. Nevertheless, just as counterfeit phones pretend to be the real thing, many companies falsely advertise their screener products as scanners. That said, the only official scanner on the market right now is offered by Trade Ideas. 

In conclusion, For the same price, traders can save time, energy, and frustration by trading out their outdated screener software (iPhone 8) for the new, improved Trade Ideas scanner software (iPhone 14). While more companies will eventually realize the importance of scanners vs. screeners, for the time being, Trade Ideas is the only company that offers scanners. Once one discovers the higher caliber quality that scanners provide, returning the mediocre screener previously used is impossible. A trader’s time is invaluable as a trader, so why waste it? We, as traders, deserve the best quality tools to improve our livelihood. So do not settle, switch to scanners today by visiting www.trade-ideas.com.