Question submitted by Newbie - 11, Sep 2014

What is the best trading software i can checkout?

What is the best trading software i can checkout?

Harish - answered the above question

  • Harish (12, Sep 2014):
    Some more trading platforms provided by brokers other than ODIN Diet and Nest Plus - NSE Now , Trade Tiger, TradeRacer etc
  • Harish (12, Sep 2014):
    Basically you need software to do order management and analysis. Order management means where you can buy or sell stocks, track your open positions, portfolio etc. Most of the brokers in India give you this software for free. Indian market is captured mainly by 2 vendors first one is Omnesys Technologies with  their trading platform called Nest Plus (now this company is owned by Thomson Reuters). Other trading platform is called ODIN which is owned by Financial Technolgies. I am using Nest Plus trading platform through Zerodha and ODIN trading platform through Angel Broking. Find both of them good, but personally prefer Nest Plus as it gives some additional features and can integrate with Amibroker through a plugin.
    
    Nest and ODIN does order management really well, but when it comes to analysis you can do basic back testing and can't have complex logic built to be tested. These software gives basic charting with real time data for free, which is sufficient for most of the retail traders.
    
    Now if you want to do really complex analysis and back test your trading strategy then you need to buy commercially available charting and analysis platforms like Amibroker, NinjaTrader, MetaStock, MetaTrader, eSignal etc. Along with this you need to subscribe for real-time data which is additional cost. I personally use Amibroker and use data feed for NSE F&O data from Globaldatafeeds. You need to look into these softwares only if you have the need, for most of the retail traders the software provided by their broker is sufficient.
    
    Now next level of trading and analysis is building your own platform to run your algos. I have not reached this level yet, hope would reach there in a year's time.