trading software

what are the best share trading softwares available in the market and what are the costs involved? can anyone throw light on that? thanks.

Hello Investor,

It's funny that you've called yourself "investor" and are now asking for trading software.

But seriously, if you mean software by which you can punch in trades to buy/sell, that'll depend on who your broker is. I've found Religare to have really good software, so does Indiabulls, sharekhan and others. Each has pluses and minuses. And unfortunately, not much choice for you as it depends on who holds your account.

But if you mean software that gives you calls to buy/sell (which I think you mean) than a couple I know of (only by name) are Metastock and Falcon. There are others also but these two seem popular. I'd also like to hear from people who are regularly using one such software and are willing to share their comments.
Paresh

Hello biswajyotih,


I went to the website you mention and was not happy with what I saw. They are not selling 'live' trading software. Their software requires one to punch in "op, hi,lo,cl" of the day so it can generate buy/sell signals!! That means you gotta wait till the end of the day to get the metadata from the stock exchange or wait for next day's newspaper. Judging from their English, it seems like a 'guy in the garage' operation.

You can plug in standard formulae that give you r1,r2,r3 and s1,s2,s3 levels from metadata. But that's too simplistic. This can only work as a identifier of trends.

I believe this thread is talking about is 'live' trading calls that generate buy/sell calls during trading hours.
Paresh

whatever be the software,human ingenuity play vital role as far as enter and exit levels.these softwares will give you some indicators only.it may not be absolute.fundamentals,technical analysis,global cues,political situations,economy,etc,etc,influence the trade,anyway the final decision is yours.the softwares will help u to learn many things,that is all

Hi all,

Thanks for the informative discussion on the topic and special thanks to pkapadia. However, I don’t see a lot of fun in my question as my id is investor and not trader. I hope one realizes the difference clearly. I am looking for softwares so that I can become a trader as well besides being an investor. As far as I learnt these softwares are mainly useful for trading perspective rather than for long-time takers(investors). Investing seems to be comparatively easier bet than trading, specially day-trading and they say that only 5 to 10% jobbers are successful while the rest are a disappointed lot. People envy those small 5-10% group as many believe that there are very few jobs which can be as satisfying as that of a successful trader or investor. U r independent, ur own boss, no ridiculous dictation to take from anybody nor to give to anybody. Earn when you want and rest and enjoy the beautiful world whenever you want. What more, one can even trade from his laptop from his holiday resort or the sea beach to recover the money he is spending on the holiday. No leave application, no buttering of seniors, no tension and so on. Who doesn’t want such a life? Its not easy though to go to that level.

Coming back to the topic, I tried a calculator named “pivot point calculator” which can be downloaded from surefire trading site. All you need to do is to put previous day’s high, low and closing price of the stock and you instantly get next day’s entry level, two target levels and a stop-loss. However, it seemed to work with a 50% or so success rate. So, as some1 said, finally one’s own perception, intuition, knowledge about the market/stock etc. are very important. But then tools like a good trading software will definitely provide good guidance into the investment process, I believe so.

Yes, this thread is about live calls for trading. For investing for medium to long terms, I think best bet is to go for blue-chips and spare some cash for stocks which might shoot up anytime driven by breaking news and a software may not be that helpful for that purpose. I am an icicidirect account holder. Can I use some other software or one of those mentioned in the thread for jobbing while staying on icicidirect? Where are they available and what could be the prices of these softwares, any idea? Thanks.

india bulls software is best sotware for buy sell 52 week high low

date 09/05/07 time 3.03 pm ist

hi all,
whatever the software u will eventually use is just that a part of ur hardware on ur system in the form of a program. What makes for a successful trader or investor is not pivot points or tips, but a sound trading plan. the essentials of this are the real "software" of tradiing. As a trader i can say that the systes that i developed were on metastock, but later for entry and exit i had to go back to basics and currently i use siple excel sheets to derive my entry and exit points. Though i myself am working on developing this into a aoftware. but the progress is real slow. I am trying to keep the intellectual property behind the software i safe hands. for i dont ant to make money selling software which makes wild claims. Hard work discipline and strong money managemnt are the essentail software components that one requires to be a successful trader. One more thing not 5- 10 % of the jobbers are succeful my rule states that only 3 of the people ever make money in trading the reamining 97% lose and lose badly.

__________________
sinn fien

Neeraj B


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i am sure an well experienced trader/investor would have a better insight into wise investing which one learn gradually from past blunders among other things. however, that doen't eliminate the need of a smart tool which could add to the already available resourses. one may be expert in writing letters etc., but that does not eliminate his need for a word processing software(say MS-word) as that would even enhance his existing ability. i believe the same analogy holds good for the above case as well.

by the way, advice from a long-experienced trader is always welcome and to be considered seriously.

I agree with Neeraj that strong money management is required to know where you stand at any given point in time, and also regarding entry/exit points. Most people just go with the flow or by the seat of their pants - many times end up losing their shirts. I have made pretty foolish blunders and have burnt my ass on trading without understanding.

My rule of thumb is : Trend, Volume, Price.
First of all, one must agree upon the trend of the market, then the sector, then the stock. So if you feel tomorrow is generally bullish, then identify the sector(s) which will lend the bullish tone (say Banking) then identify the stock (say ICICIBANK) that is going to show movement.

Secondly, only trade in stocks that have volumes. I don't like to trade in stocks with less than 5000 contracts per day in future for instance. If the stock futures volume is less than 1 every 5 seconds (4020 in a trading day of 5 hrs: 35 mts) then I don't want to sit on the screen waiting for my price to come up (unless there is a solid news/events trigger and confirmed).

Lastly, one must have entry/exit price points like the ones Vijay gives in his intraday trading calls. For example, I resisted entering SAIL until it crossed 168 and than immediately kept a valid StopLoss. If the stock show more bullish I trail the SL and let it run to maximise profits.

Of course, the more you are familiar with the stock, the better your predictions will be about its movements. So one must religiously keep a list of X number of stocks to follow whether you are trading in them or not. This list must include the largest market caps like RIL, SBIN, INFOSYS, BHARTIARTL, ONGC, ICICIBANK etc. About 40-50 is the max I care to handle.

For entry/exit points, I suggest a site like DLNGROUP.COM that provides free info (tech analysis) on thousands of stocks. One must follow these on a daily basis to get a good grip on price movements and their recommendations.

Yeh market kisi ke baap ki nahin hai - so beware of anyone who gives unnatural price points. I'd like to hear of other people's opinions/systems.

Regards,
Paresh

while the experience and opinions shared in this thread are valuable, the thread has diverted from the main topic and the prime questions still remain open, that is, whether reasonably working(if not excellent) softwares r available in the market for live calls/guidance and if yes, which r they, how can one get these, cost etc. Even if the topic diverts, it should come back to the original matter. i think some useful points discussed above could find a better place in some other thread named, say "trading protocol/etiquette" etc.