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Fed up with ICICIdirect in day trading

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  #21  
Old 13th November 2008, 11:24 AM
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Default Re: Fed up with ICICIdirect in day trading

ICICIDirect good for delivery based and positional trading. If you trade once or twice a day with stop-losses and profit target orders entered upfront then it is ok. Whenever possible, always use limit orders instead of market orders as the slippage and spread can be significant.
It is not a good platform for day-trading based on speed and features.

As a software developer, I suspect that their website is not designed for high traffic.
I have personally experienced that if there are too many users logged-in, then it will not allow you to log-in until someone else logs-out.
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Old 14th November 2008, 12:18 AM
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Default Re: Fed up with ICICIdirect in day trading

For day trading most web based trading platforms like icicidirect are a disaster. Switch to somebody who will give you an exe based platform like ODIN or Tradeanywhere. Depending upon your charting requirements / speed of execution you can select a platform after seeing the online demos.

I lost plenty of money with icicidirect due to software/ website issues, before I swiched to the ODIN platform.

For the last one month I am trying to close my icicidirect trading account, but they have already lost my applicaton twice. Now they asked for a scanned copy.
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Old 14th November 2008, 01:06 AM
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Unhappy Re: Fed up with ICICIdirect in day trading

Quote:
Originally Posted by arm View Post
For day trading most web based trading platforms like icicidirect are a disaster. Switch to somebody who will give you an exe based platform like ODIN or Tradeanywhere. Depending upon your charting requirements / speed of execution you can select a platform after seeing the online demos.

I lost plenty of money with icicidirect due to software/ website issues, before I swiched to the ODIN platform.

For the last one month I am trying to close my icicidirect trading account, but they have already lost my applicaton twice. Now they asked for a scanned copy.

Off course.

ICICI web based application is not meant for day trading. It is for investment and for positional trading. I am yet to see a good broking service which is good for investment and positional trading as far as the safety measures concern. I remember the day after the black monday, people could trade in icici where every one else were shut down, at least at my own place.

And ICICI broking centers where people have trading stations and people who trade themselves with ICICI's with active trader terminals may find it better for day trading.

Being a ex-software professional, with my experience in development and implementation of systems, I find ICICI play bad as it has fair amount of client base. They have recently upgraded the servers and trading terminals. Still the resources are not adequate to handle the traffic. There is always trade-offs! It is better to stay away if it does not suit ones personal needs.

Second things I see good with ICICI is, not having a pool account (broking people know it is a for fools! a fool account?)

ICICI's system prevents average traders from unforeseen market conditions. Say, they disable day trading when the market has no direction in their opinion. The product Margin PLUS makes a trader to put a stop as mandatory.

If you are a killer trader, you may not need all these things. The system may suck. But if you are an average trader, ICICI is good to be with. On Black monday, ICICI client's derivative positions were squared off automatically, whereas the other broking houses made it explicitly, made the market more panic and you know...there are stories of GREAT MTMs. ICICI collects and gives MTMs on daily basis. If you fail to maintain an MTM, you need not have to put a STOP. Your position would be squared off.

Any smart trader won't enter a derivative contract when the market wide position is around 95%. With ICICI, when it reaches 85%, new entry in the contract would be disabled.

So, if you are not a killer trader, think twice.
If you are great in trading and in managing risk, ICICI would not surely suit you.

Market has diversified people (so the market is), ICICI serves for a segment. Still, they have to make technology better for the traffic. If you don't need a child care, you don't need ICICI. If you need the care, be with ICICI.
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