How frequently are you facing chart problems with your broker?

[Tejas Khoday]

MT4 or Metatrader 4 has always been free legally worldwide. Once we open a demo account with forex brokers, we also get the data feed for forex & commodities which is what I trade. So far, the data quality has been better than what I get at my broker. Perhaps you should educate yourself about the world of MT4 trading. A lot many traders here use MT4 as a steady, reliable backup. MT5 was recently supported by BSE.

See: http://www.traderji.com/community/threads/metatrader-5-on-bse-has-anyone-heard-about-it.106176/

Hi @NJ78,

1. Yes, I am aware of the fact that it is free for individual users, but it is not free for platform providers. Theirs is a B2B model. I am educated about their offerings and we have even been in touch with their teams who are based in multiple countries. The company that created the MetaTrader platforms is called MetaQuotes. We have done our homework on this and we also know about their commercials.

2. Forex & Commodities trading through CFD brokers is illegal. Please check if they are registered under SEBI. It's very easy to find out. The odds of being profitable by trading through CFD platforms are close to none on a consistent basis because it is ultimately a casino. The platform providers are themselves the counterparty to your trades and hence, they provide unrealistic leverage and spreads are higher in comparison to the real quotes. The trades from such platforms is not going through to the exchange. You're basically trading against them and if you're familiar with how a casino works, the house always wins, by hook or crook. The players don't stand a chance.

3. Okay, I can't comment on your broker's data but I can tell you from my personal experience since 2009 that buying data from a registered data vendor is very expensive and it is limited (I don't want to take names). In the sense, you don't get it for all scrips, they have very limited historical data etc. The ones that sell for a very low price are generally unlicensed re-sellers who have no expertise or intent to curate data. The integrity of data is lost and retail traders use such spurious data to make decisions. I don't know about you, but I have seen numerous traders go through this cycle over the years.

Disclaimer: I have no vested interest in selling data at the moment. We provide a lot of data for free to our customers. I am just making people aware of what has been going on under the carpet in the field of data re-selling in India. This is not limited to price data alone. Fundamental data is also re-sold for a fraction of what a data vendor can possibly sell for but there is zero service, no reliability at all.

 

[NJ78]

Hi @NJ78,

2. Forex & Commodities trading through CFD brokers is illegal. Please check if they are registered under SEBI. It's very easy to find out. The odds of being profitable by trading through CFD platforms are close to none on a consistent basis because it is ultimately a casino. The platform providers are themselves the counterparty to your trades and hence, they provide unrealistic leverage and spreads are higher in comparison to the real quotes. The trades from such platforms is not going through to the exchange. You're basically trading against them and if you're familiar with how a casino works, the house always wins, by hook or crook. The players don't stand a chance.

3. Okay, I can't comment on your broker's data but I can tell you from my personal experience since 2009 that buying data from a registered data vendor is very expensive and it is limited (I don't want to take names). In the sense, you don't get it for all scrips, they have very limited historical data etc. The ones that sell for a very low price are generally unlicensed re-sellers who have no expertise or intent to curate data. The integrity of data is lost and retail traders use such spurious data to make decisions. I don't know about you, but I have seen numerous traders go through this cycle over the years.

Regarding Pt 2 -- I don't trade through MT4. I simply use it as a backup & verification for my technical studies because the broker's own charts -- like most Indian broker charts -- are unreliable. My trades in forex & commodities are done through a SEBI-registered broker. Nowhere did I mention that I was trading in CFDs. You assumed that.

Regarding Pt 3 -- I get my data through an MCX authorized data provider (listed on the MCX website) who has a very well-known Android app for the same. It costs me between Rs.500-1000 a month for all segments. You call that expensive? Plus it is definitely not limited in any way, features, functionality or otherwise.

So my original points stand.

 

[Tejas Khoday]

Regarding Pt 2 -- I don't trade through MT4. I simply use it as a backup & verification for my technical studies because the broker's own charts -- like most Indian broker charts -- are unreliable. My trades in forex & commodities are done through a SEBI-registered broker. Nowhere did I mention that I was trading in CFDs. You assumed that.

Regarding Pt 3 -- I get my data through an MCX authorized data provider (listed on the MCX website) who has a very well-known Android app for the same. It costs me between Rs.500-1000 a month for all segments. You call that expensive? Plus it is definitely not limited in any way, features, functionality or otherwise.

So my original points stand.

2. Oh okay. I was just ringing alarm bells, didn't mean to offend you in any way. Considering the lack of general awareness about CFDs, I just thought I'd mention for the benefit of forum members.

3. I can't comment on it because I don't know the scope and scale of data for that price. For example, NSE sends thousands of packets of data every second and many times, packets can go missing. There are several aspects of data management which have to be mentioned in micro detail to give a perspective. Even the most popular data vendors only give you a small set of F&O scrips and that too with very limited. The costs are very high to bear as per my example. It's not a good idea for a retail trader to bear those costs.

 

[newtrader101]

if u r frm Sharekhan,do 2 things-
1)change ur ID frm Team Sk to Team Sharekhan
2)open new thread by d name of Sharekhan where ppl can ask u Q&A in ur dedicated thread.

Still better would be, a human face and name.
As of now, Fyers is the only such broker here. Good sign. Tejas Khoday -Thumbs up!

 

[Satya.]

Still better would be, a human face and name.
As of now, Fyers is the only such broker here. Good sign. Tejas Khoday -Thumbs up!

@newtrader101 sir,every broker is good if a trader is making a decent money.
a struggling,low capitalized trader will shout on @Tejas Khoday too

 

[newtrader101]

@newtrader101 sir,every broker is good if a trader is making a decent money.
a struggling,low capitalized trader will shout on @Tejas Khoday too

OK

 

[Tejas Khoday]

Still better would be, a human face and name.
As of now, Fyers is the only such broker here. Good sign. Tejas Khoday -Thumbs up!

@newtrader101 sir,every broker is good if a trader is making a decent money.
a struggling,low capitalized trader will shout on @Tejas Khoday too

True. It can be a double edged sword to directly interact with traders out here as CEO of a brokerage.