5paisa.com switches their users to "Trader Terminal 2005"

From the close of the market on 30th Nov 2005, 5paisa.com moved all their users from the existing Trader Terminal "TT" (an awesome trading tool) to a supposedly upgraded version called "Trader Terminal 2005" or "TT5". After a little investigation, i've discovered that this TT5 is the same software that Sharekhan.com uses but they call it "Speed Trade" instead.
5paisa's explanation is mainly that the "Risk Management" is run automatically on TT5 at EOD and it makes life easy for the Tech staff working behind the scene. Not considering how their day trader clients that used the feature rich TT are affected. TT was developed and maintained by Reliable Software Pvt. Ltd. www.reliable.co.in but I guess 5paisa has changed the vendor now and the only thing that one can conclude is their new product is going to the dogs.

If we compare the two, TT5 has only a subset of features of TT. Here are some things I miss in TT5:

1) One has to keep track of which scrip belongs to which segment, TT allowed 6 times leverage for the most common scrips (a mix of all smallcaps, midcaps and largecaps, popular stocks basically). However in TT5 you have to keep track of which stock belongs to which segment, so if RELIANCE and INDIAINFO are in the same market watch window, I have to remember that RELCAPITAL has 10 times leverage, and INDIAINFO has 4 times leverage before I put in a trade. Disgusting when it comes to practically using it !!!

2) They claim to have incorporated Action Watch, Tick List, Tick Watch in TT5, I simply couldn't find the latter in the menu, any luck anybody? The other features only work for buy trades that are happening on the exchange, I just can't find the sell trades in the action watch window. How do I know where the selling is happenin, if I have to go short !

3) They also claim that TT5 is faster than TT, frankly i found no diff. and technically there shouldn't be any, as they both use the same servers !! ie. orders are routed via the brokers servers to the exchange which are the same for both versions.

4) They've incorporated BSE trading in TT5 which was not there in TT, why the extra overhead when I'm not even interested in trading on BSE.

Some drawbacks in the user interface:

5) You've arranged all the windows in as per your convenience and the next time you restart TT5 its back to how the interface was like after a fresh installation.

6) The top 5 bids/sells don't show graphically on the charts. This was very convenient when squaring of trades at a limit price.

7) One can't use formulae in determining/monitoring any active scrips.

8) Tick list doesn't refresh automatically, one can't determine supply v/s demand with this tool and also its very inconvenient to read on screen as the font is too small.

This only goes to show that how feature rich the old trader terminal was and 5paisa have done a pathetic job by discontinuing it. I wonder if reliable has sold this terminal to any other broker.

Therefore, I'm still waitin for 5paisa to convince me and the many day traders that they've put out of business, with their "smart" upgrade move on how TT5 is better than the robust Trader Terminal. 5paisa has just gone from bad to worse !

I'd recommend any concerned person to switch to Power Indiabulls instead, but they all are the same again, Its been over 10 days now and no login id and password has been sent to me via e-mail or courier. The Relationship Manager (I don't know why they have the term relationship, its more like a divorce!) said that it would take no more than 5 working days. Crap !!

Does any broker in India care for quality ??

Comments Please !

Very informative review of the new Trader Terminal 2005 terminal.

Keep up the good work pagenotfound!

Thank You Traderji.

The new 5paisa's Trader Terminal 2005 (TT5) is developed by a mumbai based software company, SpiderSoftware Pvt. Ltd. I wonder if these are the same guys who made Spider Solitaire, because you guys are seriously better off programming kiddy games. You just forgot to add Alerts a very necessary feature for a day trader, in TT5.
Get some lessons from Reliable Softwares will ya.
Bunch a amateurs.

Actually the team at Spider Software were originally from Reliable Software. They then left the company (Reliable) to start their new venture and called it Spider Software.

Is the software (TT5) provided by 5paisa is free of cost or is there any charge.Please clarify

RajK,
Perhaps the team is the same, but why didn't they incorporate the same set of features in TT5. The old Trader Terminal must've been proprietory to Reliable, but as the developers where the initial brains behind it, they could've made something on the same lines or even better, don't you think ? I'm certain that they (spider software team), feels they were better off working for reliable as they were surely makin more money there on salary, than here as i've got to know that lots a 5paisa customers have quit their terminal and opted for Indiabulls instead. Not many takers for TT5, I guess.

Appasri,

One has to pay Rs. 1000/- monthly in order to use TT5. This is brokerage committment, ie. As you trade your brokerage is deducted from this amount, if you exceed, then ofcourse its deducted from your float with 5paisa.com. In this case the minimum brokerage charged is 5 paise. There is another plan in which you pay brokerage committment of Rs. 8000/- per annum. Here the advantage is the minimum brokerage charged is 1 paisa. So if you trade in small priced scrips, this could be more profitable. When calculated, the annual scheme works out to be around rs. 660/- per month.

Pagenotfound

In TT they have provided DDE facility.In their new TT5 whether they have provided the same or not?Are u using it?If so what is ur experience

with regds
appasri

Appasri,

Thank you for bringing it to my attention. The DDE Link feature is absent in the new Trader Terminal 2005. Therefore, no external DDE aware application, like excel can communicate with TT5. That just adds to the things that were possible otherwise and another reason why the good old TT was better ! gosh ! I miss it.
As a TT user, I never felt the need to exploit DDE so I can't help you much with that, and as for now I have switched to Power IndiaBulls, so far so good. I'll definitely exclaim my concerns, if any so that some new entrant day trader gets rolling, untroubled ! :-)