Zerodha - Number One Discount Broker in India

[Zerodha]

Has currency trading gained traction in India? How does the number of traders, volume, liquidity etc of USDINR compare with that of NF? Is it a worthwhile option for day traders?

Yep, there is no lack of liquidity and even small movements are enough. The best bit of currency trading is that there is no STT.

 

[throwawayacc123]

@zerodha,

today i made a mistake that i shouldn't have to worry all time as i have so many things to worry as a trader.

I have a bone to pick with you about the order types.

when will you introduce the stop/limit orders.

whom do i have to bribe to get this done.

Is nse so retarded that they cant get into 20th century.

I know its not fair for a trader to blame his mistakes on broker ,but this has gone to far.

Nitin claims to be a trader and he wants to address the issues retail traders face and yet nothing has been done on this front.

All over the world traders have access to all kinds of order types and more.

Till today in india we don't ? Why is that? Who is lagging behind?
Is it the brokers or the exchange? For sure i can tell you it's not the traders.

I actually had a lot of hope that you will bring some good change for retail traders. Trading is hard as it is. But you fail me.

You have now grown so much that you don't care about why you started this business. You have lost your focus , your goals. Your mission.

You call yourself discount broker, but you are no better than other non-discount brokers. Soon you will become one as you are growing to a good mammoth size in terms of your revenue.

Your best interest would be to cater to retails traders if you are to survive in this business long term , but just like americans you think short term.

You dodge the real issue when asked a hard question. At the least be honest, i don't expect you to be jesus or krishna. No harm in being honest. But please don't dodge real issues like our beloved politicians.

I don't expect this message to reach nitin or any of you to bring about any significant change, but this is the best i can do as a trader to encourage my broker to be the best out there. So that we both can benefit in long term and actually you can make business that makes a difference in this stagnant industry. You could be the google in brokerage industry.

Whether you want to be the best out there is now up to you or you can just be another broker and die out in next 5-10 years.

 

[TracerBullet]

Yep, there is no lack of liquidity and even small movements are enough. The best bit of currency trading is that there is no STT.

Which instrument in india has the lowest cost of trading ?
- while also having good volume and high proportion of day traders
- ie something good to day trade while also being easiest to breakeven

 

[throwawayacc123]

Which instrument in india has the lowest cost of trading ?
- while also having good volume and high proportion of day traders
- ie something good to day trade while also being easiest to breakeven

I can answer this question.

ALL instruments(NIFTY 50 stocks, 10 commodities - metals and energies &currencies) that's about 65 instruments have enough volume for day traders and at best break even.

if you need more , then you have to look at FOREX market.

 

[TracerBullet]

I can answer this question.

ALL instruments(NIFTY 50 stocks, 10 commodities - metals and energies &currencies) that's about 65 instruments have enough volume for day traders and at best break even.

if you need more , then you have to look at FOREX market.

What i meant was which of these would have lowest expense ( brokerage + taxes + slippage )
Zerodha said USDINR has no STT. Currently Nifty Fut i think has 30-40 STT out of total ~100 cost. No STT would be very nice for Nifty

My current plan is to start with equity stock with small qty and scaling up before moving to its Fut or to Nifty.
Is USDINR (or anything else ) worth consideration over it due to apparently lower costs ( seems 2-3 pips for 10+ lots )

I know that all of these are good enough to trade if you are good enough but if i am going to start with something i might as well start with one with least barrier to breakeven.

thanks

 

[throwawayacc123]

What i meant was which of these would have lowest expense ( brokerage + taxes + slippage )
Zerodha said USDINR has no STT. Currently Nifty Fut i think has 30-40 STT out of total ~100 cost. No STT would be very nice for Nifty

My current plan is to start with equity stock with small qty and scaling up before moving to its Fut or to Nifty.
Is USDINR (or anything else ) worth consideration over it due to apparently lower costs ( seems 2-3 pips for 10+ lots )

I know that all of these are good enough to trade if you are good enough but if i am going to start with something i might as well start with one with least barrier to breakeven.

thanks

The problem here is you are NOT making enough profits with whatever strategy you are following.

No amount of reduction in brokerage or STT will help you if you are not consistently profitably.

Your issue lies elsewhere you are looking somewhere else to fix the problem.

Brokerages and STTs and taxes should be the last thing to worry about,because they are beyond your control.

either you are not well funded or not consistently profitable or breakeven.

Like i said earlier , you can't expect your broker to help you being profitable.

 

[Zerodha]

@zerodha,

today i made a mistake that i shouldn't have to worry all time as i have so many things to worry as a trader.

I have a bone to pick with you about the order types.

when will you introduce the stop/limit orders.

w up to you or you can just be another broker and die out in next 5-10 years.

Stop/limit orders? I didn't get it, isn't that already available?

http://zerodha.com/z-connect/tradez...oftware-version/stop-loss-orders-limit-market

Are you talking about some other order types?

 

[Zerodha]

Which instrument in india has the lowest cost of trading ?
- while also having good volume and high proportion of day traders
- ie something good to day trade while also being easiest to breakeven

Definitely currency futures, the biggest cost for intraday traders is STT and currency especially USDINR is very liquid

 

[TracerBullet]

The problem here is you are NOT making enough profits with whatever strategy you are following.

No amount of reduction in brokerage or STT will help you if you are not consistently profitably.

Your issue lies elsewhere you are looking somewhere else to fix the problem.

Brokerages and STTs and taxes should be the last thing to worry about,because they are beyond your control.

either you are not well funded or not consistently profitable or breakeven.

Like i said earlier , you can't expect your broker to help you being profitable.

You didnt answer the question. Is USDINR or anything else more cost effective to trade vs NIFTY? If not by much then ill stick to current plan.

i am not looking at brokerage as excuse for fixing any problems. i like to do things step by step. Finding lower cost is part of the steps. Lower costs will give more flexibility to go in and out and will certainly allow me to survive better while i start. I dont expect to become a great trader while i am just starting out.

Starting slow is to allow time for skill development. I am not in hurry to make money and i rather not lose much either. I dont see a need to start high.

I was behind expenses in bar-by-bar reply before, this month i seem to be ahead and near target but decision making is still suspect ... Once comfortable ill start live with low amounts.
thanks

 

[TracerBullet]

Definitely currency futures, the biggest cost for intraday traders is STT and currency especially USDINR is very liquid

thanks.

Different question - market vs limit orders - which takes priority in NSE/BSE/MCX.
I thought limit will take priority to increase exchange volumes but recently i read some article that said Market takes priority ( not india related )
NSE article here didnt seem to clarify it.