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 !
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 !
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