StockHero Review – Do These Trading Robots Work?

StockHero is a trading software that enables you to quickly create automated trading bots. You can build and test your own bots or subscribe to user-generated bots on the StockHero marketplace. The platform is easy to use, although renting robots from the marketplace can be expensive.

Is a trading robot service right for you? Keep reading our StockHero review to find out.

StockHero Pricing Options

StockHero offers three pricing levels.

The Lite plan costs $4.99 per month or $49.99 per year. It allows you to have one active bot and only gives you access to a simple bot builder. The Lite plan also supports trading with TradeStation only and does not include access to the StockHero marketplace.

The Premium plan costs $49.99 per month or $499.99 per year. It offers 15 active bots and gives you access to all of StockHero's bot building tools as well as the marketplace. It also adds brokerage support for Robinhood, TD Ameritrade, Trader, Alpaca, and more.

Bots on the bot market start at around $15 per month. Traders can set their own prices for the robots they contribute to the market.

The Pro plan costs $99.99 per month or $999.99 per year. You get free access to all bots on the market and can have up to 30 active bots. This plan also supports long hours trading.

You can try the Lite plan free for 14 days. However, there is no way to test advanced bot building tools or explore the entire market for free.

Features of Stock Hero

Simple bot builder

StockHero offers several robot building blocks, including Simple, Advanced, Dollar Cost Averaging, Exit, Price, Sell, and Grid. The simple bot builder is only available for Lite users.

Using the Simple bot Builder, you can choose a stock symbol and decide whether you want to trade long or short. You can set the maximum amount of money that will be allocated to the robot and the amount that the robot can use per trade. You can also select a trading frequency of 15 minutes, one hour, four hours, or one day. The robot will not trade more frequently than the specified trading frequency, but it can trade less frequently depending on the conditions.

The simple robot builder is limited to operating based on five indicators: Exponential Moving Average, Bollinger Bands, Stochastic, RSI, and MACD. You can't set any parameters when these indicators trigger an entry — StockHero does this automatically. You can set the take profit and stop loss level to exit each trade, or have the robot exit based on any of the five indicators.

You can backtest your new bot to see how it performs over time periods ranging from one day to one year. The backtester displays your total return, win/loss ratio, number of trades, average trading duration, and maximum withdrawal. You can pull up a table containing data about all trades executed during the backtest for more information.

Advanced bot builders

StockHero's advanced bot builders give you more control over your trades than a simple builder.

The advanced builder allows you to set parameters for the five indicators offered by StockHero. For example, you can specify the interval and standard deviation to calculate Bollinger Bands. You can also better control your trade exits by setting a minimum profit target above which your trade will be exited based on an indicator change.

The dollar cost averaging robot offers similar parameters, but adds a time interval option. Therefore, the bot can open trades on a daily, weekly or monthly basis.

The exit robot allows you to open a trade instantly and specify only the exit conditions. Once the robot exits the trade, it will not open a new trade. StockHero also has a selling bot that works very similarly to a checkout bot. The difference is that the sell robot assumes that you already own the stock you want to trade and will only sell a position.

Price bot allows you to enter and exit based on specific price levels. For example, a robot can buy a stock if it drops below a certain entry price and sell it when it reaches the target price.

Grid bot enables you to automate a grid trading strategy, which involves placing overlapping buy and sell orders. This robot is only available to professional subscribers and you cannot backtest grid trading strategies.

Market bot

StockHero's bot market allows users to contribute bots they have created and earn income when other traders subscribe to them. StockHero also has eight of its own bots available in the market (available to Lite subscribers).

For bots on the market, you can see their performance over one year, win/loss ratio, subscription price, total trades, and average number of monthly trades. Each bot also comes with a description of what it does.

However, you cannot perform detailed backtesting on market robots or view a list of all their trades. This means that you will not know what the withdrawal is from the robot before you sign up.

You can subscribe to the bot on a monthly, quarterly or annual basis. Traders can set their own prices for the robots they contribute to the market, so prices vary widely. Expect to pay at least $15 per month per bot subscription.

Compliant mediation

StockHero works with TradeStation, Robinhood, TD Ameritrade, Alpaca, Stake (UK and Australia only), and Tradier. StockHero also offers paper trading using data from TradeStation, so you can use the platform to generate signals if you use a different broker.

StockHero customization and layout

StockHero offers a web platform as well as mobile apps for iOS and Android. They are all easy to use and allow you to see what your bots are doing at a glance. One table displays all your open trades, while another shows your robots and whether they are active.

Having mobile apps is especially great because you can activate or deactivate your bots on the go. You can also create new bots using the mobile app.

Differentiators in the StockHero platform

StockHero is just one of many services that enable you to create stock trading bots. Other options include Composer.trade, Tickeron, and TrendSpider.

Compared to these alternatives, StockHero is much simpler. Even the advanced bot builder lets you create bots based on just five popular technical indicators. You can't use StockHero to automate very complex trading strategies, but the simplicity of this platform makes it much easier to use than other trading bot builders.

Another feature that sets StockHero apart is its bot marketplace. Although the market can get expensive quickly, it is good to have the option of launching a bot quickly that has a proven track record. Again, this makes StockHero more accessible for new traders who want to try new strategies.

What type of trader is StockHero suitable for?

StockHero is suitable for traders who want to automate relatively simple stock trading strategies. It is especially useful for beginner and intermediate traders who are new to trading automation and do not have very sophisticated strategies of their own. This simple bot builder can help you quickly test and launch a trading bot based on several popular indicators.

Advanced traders may find that StockHero has too many limitations to be useful. For example, the platform may or may not work with your current strategy – if you use indicators other than moving averages, Bollinger Bands, Stochastics, RSI and MACD, StockHero may ask you to adapt your strategy to create a robot.

Traders should also consider StockHero brokerage compatibility. The platform works with many popular stock brokers, but does not integrate with many of the largest stock brokers in the United States.

Positives

• Multiple modules to build robots for different strategies
• Backtest new robots up to 1 year old
• It is very easy to use for beginners
• The Marketplace provides access to bots with winning records

cons

• Very limited information about past trades of market robots
• Limited mediation compatibility
• The robots are limited to trading based on five technical indicators