I keep at 3 different charts open at all times:
* Broker's chart
* Chart app on my mobile phone
* Independent desktop software with its own data feed
I don't trust broker's platforms. Too many glitches, downtime & wrong candlestick data.
I just read through this thread and feel sorry for any trader who faces issues while trading
(Even if it happens through us, of course). For years, I have faced the same issues with various brokers whom I will not name for the sake of maintaining decorum on this forum and also I understand the issues which they face as brokers. Before you try to subscribe for data, pay for extra software and unnecessarily incurring additional cost, open multiple applications and consume your internet bandwidth, think about whether all of that is feasible.
Retail traders have a small capital, to begin with. Adding fixed costs via subscription to software applications and data to that is not at all a feasible alternative. I have been and am on both sides of the coin so I can tell you from my experience. I am not making any suggestions and there are no hidden implications but before you splurge money on software, here's an example for you:
1. Your capital is ₹2,00,000.
2. Software cost is a minimum of 30,000 to be modest
(Standard rates are much higher than that).
3. Data cost is a minimum of 15,000 to be modest
(Standard rates are much higher than that considering the scrips, type of feed etc).
4. Your immediate minimum yearly fixed costs is about 22.5%
(45,000/200,000).
5. Now, you only have 77.5% of your capital left to trade with.
6. To just reach your starting point of ₹2,00,000, you will have to earn 29% return [(22.5/77.5)*100].
7. This uphill task is further accentuated by transaction costs
(STT, Brokerage, CM charges, Exchange Charges, GST, SEBI Charges, Stamp duty etc.).
8. Let's not forget Short-Term Capital Gains Taxes (STCG), Tax on speculative income on intraday trades & tax on business income from derivatives that you will incur upon making profits.
9. Every losing trade will pile on the pressure and you will become desperate and start taking aggressive trades.
Keep it simple. Test the broker
(Whichever one you choose) but don't splurge on software, it's not worth it IMO especially for those who are strapped for capital. It's very easy to be optimistic in the beginning but with a few losing trades, the odds of breaking even reduces dramatically because you were already down a significant 22.5% or so to begin with.
Disclaimer:
This is not a promotional message by any means. I am trying to make people aware of the hazards of fixed costs in trading. The fewer fixed costs you have, the higher your odds of making money will be. This is not just true for trading but also in business in general. By the way, brokers get real-time feeds from the same source as the data vendors and it is free for clients. Whereas, data vendors charge for this. I am sure some data vendors will be pissed/annoyed after reading my message but, it is what it is.
Good day.
