is 5 lacs enough to start trading? Please advise this stock market beginner

[Brijesh_Patel]

Hello there,
I have been following Traderji since a month and have gone through most of the important threads from very educated traders like Saint, Raghavji, Karthik AW10 and smart trader. I would admit they are very informative and helpful for a novice like me.
Now to introduce myself, I am currently living in USA and have planned to start trading in NSE. I have applied for a Trinity account with Kotak Securities as I would like to conduct all the transactions online. Please advise if this is a good decision?... Further, I saw all you guys talking about Metastock, amibroker or fibotrader software. Are these different from the software provided by broker say Kotak securities? Do you think the trading platform provided by Kotak is as good as these software?

My account would be operational by next week. Please advise the best way to make my trading experience enjoyable.

Thanks in advance.

 

[nac]

1. Transaction cost will be high with Kotak.
2. They are charting software and yes, it is different than software provided by kotak.
3. You can not place order in these software, you have to have software given by your broker. It's not fair to compare these two...

 

[RITIKA1985]

Depends on how much you intend to make. So u need to make that assessment

 

[Brijesh_Patel]

Thanks Nac for your quick reply.
After reading different posts here, I was able to figure out that these other software are there to help us better assess market by allowing Technical analysis. First of all, which one do you this would be best for a new beginner like me? Would you recommend me buying any of those directly from the company? I think they are relatively expensive there ($1000-2000).
I appreciate your help in getting me started trading.

Thanks again and have great trading.

Brijesh

 

[Brijesh_Patel]

Hey Ritika,
Thanks for answering my "Not a straight forward" question. I am not sure if it is feasible, but my aim is to get 20% return per month. I think there is nothing wrong in aiming high. Ha ha ha.....If you do not mind, can I ask you about your trading practice regarding what charting software you use and how can I get it and set it up for real time technical analysis?

Thanks in advance.

Brijesh Patel

 

[neo1599]

Hi Brijesh

Are you planning on trading with medium to long time frame in mind?

The transaction costs are very high with ICICI, HDFC and SBI. Doubt Kotak will be different.

The charting you will get with any of these brokers/free applications are frankly not that great. If you have used MT4/thinkorswim or any similar, you will be left frustrated.

As for the is 5 lacs enough question:

Depends on whether you want to trade futures, delivery/cash market? I will say this though DO NOT trade futures without keeping enough liquidity. Every broker will advise you to invest the 5 lacs into cash/delivery and to use it as collateral for futures, DO NOT GO FOR IT.

Hit me up for any info/advice, will help if I can.

Cheers

 

[Brijesh_Patel]

Thanks Neo1599 first for expressing your willingness to help me out.
As far as trading is concern, I have decided to keep it very simple initially until i get grasp of market. I have though of starting with simple cash/delivery trading and not getting involved in FnO for time being.
I have opened 3-in-1 account with Kotak securities as i have mentioned earlier, coz I live outside india and would like to conduct everything online and secondly, brokerage cost is lower with kotak compared to ICICI or HDFC. Would you help me in arranging trading set up? I understood that beside kotak trading platform (for buy/sell), I should also get a good charting software. I need your advise in selecting, obtaining and setting up that software for Intraday or short term trading.
I thank you again in advance.

Brijesh Patel

 

[neo1599]

Thanks Neo1599 first for expressing your willingness to help me out.
As far as trading is concern, I have decided to keep it very simple initially until i get grasp of market. I have though of starting with simple cash/delivery trading and not getting involved in FnO for time being.
I have opened 3-in-1 account with Kotak securities as i have mentioned earlier, coz I live outside india and would like to conduct everything online and secondly, brokerage cost is lower with kotak compared to ICICI or HDFC. Would you help me in arranging trading set up? I understood that beside kotak trading platform (for buy/sell), I should also get a good charting software. I need your advise in selecting, obtaining and setting up that software for Intraday or short term trading.
I thank you again in advance.

Brijesh Patel

If you are tech savvy and willing to put in extra effort to find the excel format close/open price etc, then I believe Amibroker or others might work(I tried them and decided they were too much hassle).

If looking for a single click and set-up solution I would say Esignal is a decent option, again cost might be a factor here. Just shoot them a mail and then see.

If its cash/delivery segment you are planning to trade, may be you can work without the charting software? Just use the online resources(cant remember the name of websites) for daily charts, they are decent.

Hope this helps.

BTW nearly ever broker will provide you with online trading terminal, make note: Always get the contract note and check it religiously. Heard some strange stuff about it @ Kotak.

 

[VJAY]

Hello there,
I have been following Traderji since a month and have gone through most of the important threads from very educated traders like Saint, Raghavji, Karthik AW10 and smart trader. I would admit they are very informative and helpful for a novice like me.
Now to introduce myself, I am currently living in USA and have planned to start trading in NSE. I have applied for a Trinity account with Kotak Securities as I would like to conduct all the transactions online. Please advise if this is a good decision?... Further, I saw all you guys talking about Metastock, amibroker or fibotrader software. Are these different from the software provided by broker say Kotak securities? Do you think the trading platform provided by Kotak is as good as these software?

My account would be operational by next week. Please advise the best way to make my trading experience enjoyable.

Thanks in advance.

Dear brijesh,
Go with zerodha...fully online with good support staff....