Reg: Intra daytrading software

TraderPro · #21 12th April 2005, 10:00 PM

Hello tachy
For those of us not living in bangalore can u plz elaborate how u do this as it would be a great service to all here.Plz just elaborate in a few words how u do it and we can take it frm there.Like which broker terminal and how u sync data.

Regards
Anand

sh50 · #22 13th April 2005, 08:47 AM

I second that. Real time data is a big headache and it would be a great service to all of us if somebody could let us know how connect and import real time data. The official cost of metastock real time is astronomical.

tachy · #23 13th April 2005, 08:39 PM

Hi Ppl,

For realtime data you would need access to ODIN this will have to be provided by your broker. It's generally given free of cost to daytraders having a turnover of atleast a crore a day. My trading volumes per day are huge since i make a living from daytrading after having quit my job as a senior software exec with one of india's biggest IT companies. Here in bangalore the ODIN terminal is provided by my broker for free and i get an intraday futures brokerage of .025 each way. I cannot mention the name of my broker on the web since he would not appreciate it. I do not deal with the big brokerage houses like kotak and 5 paisa since they use web based trading which has a lot of lag. Also their brokerage is too high.

Once you do have access to ODIN and i repeat only ODIN terminal you can set it up to export data in excel format. This happens in realtime. Once you get realtime data in excel you can use a program like metaserver to convert into metastock format. Synching will not work since all data has to be updated in realtime.

Any traders in Bangalore wanting to see this at work are welcome to contact me.

Cheers!

Tachy

sh50 · #24 13th April 2005, 09:10 PM

Thanks for enlightening us.tachy sir. The junior member label seems grossly inappropriate for you, sir.

I really feel honored to come across somebody who is good at daytrading, sir.

It looks more like chicken and egg syndrome to me. Till you are good at day trading, you cannot hope for ODIN and you need something like ODIN to be able to practice and sharpen your skills.

Kindly confirm that once you get this ODIN going, you can get realtime data in Metastock as I understand.

Since creditviolet is also from Bangalore, it seems that just as hyderabad is the cybercity, Bangalore is the tradercity. Must be something to do with the ambience. Great interacting with you, sir. We are not expecting any great trading secrets but hope you won't mind a few tips on daytrading, sir. Once again congrats for being a suncessful daytrader, sir.

snowy · #25 13th April 2005, 09:25 PM

Hi,

I am a lousy daytrader and dont do daytrades at all for several weeks sometimes, but I have access to a broker who provides me with ODIN for a fee of Rs. 500/ - per month (other than brokerages). I live in chennai and would gladly suggest my broker name if you e-mail me at kuttimukund@**********.

However, it will be a great help if someone here gives instructions on how to export ODIN data to excel as it can then be used as a feed to metastock.
Since I am new to this software thing, I am not sure I understand what is being suggested.

Thanks and Regards
Snowy

abhinav · #26 13th April 2005, 09:27 PM

5 paisa provides ODIN client!

tachy · #27 13th April 2005, 11:17 PM

Hi SH50 ,

You're welcome to any tips i can share with you regarding daytrading. I use 5 min charts for entry and exit with a guppy MMA template and all trades are taken only in the direction of the main trend indicated by a 30 EMA on the hourly charts. I will not take a trade if the two EMA bunches are clustered together. In case of longs I prefer waiting for the price to move higher and will enter on a pullback only. For shorts it will be the opposite. I may also enter on a NR7 bar breakout in the direction of the main trend since the risk is limited to the height of the NR7 bar.

The most important thing in daytrading is to keep your Reward:risk ratio at a minimum of 2:1 ie. after brokerage and not to add to a losing position. I will go long only if price is above both MMA clusters in the smaller time frame. Trying to buy bounces will only wipe you out. I watch a maximum of 4 futures stocks at one time using a multimonitor setup and maybe take two trades on an average in each stock every day. The most important thing in daytrading is to find a good discount broker otherwise commissions will be more than your profits. I do not like taking trades between 11:30 and 1:30 unless the breakout happens on huge volume.

Please do not call me sir, i'm just another trader like you who's in love with trading.

Cheers and happy trading.

Tachy

sh50 · #28 14th April 2005, 09:51 PM

That is good guidance indeed. Thanks very mouch. I am touched, Tachy.

Traderji too deserves a special mention for that wonderful guppy post. If he had not done so, I would have dismissed guppy as some frivolous character(like those musicians with weird hairstyle)character because the name sounds like that. You have been very kind and comprehensive, my dear friend but in case you feel like adding something after what traderji has said in that post, please do so

I was attempting day trading with the technicaltrends software but it seems more and more that without a fancy software this is not going to be possible. All the more reason to meet each other and learn first hand. I have always wondered when another creditviolet will appear. All such efforts must be appreciated:-
One is afraid
To day trade
Because the associated negative perceptions make it as financially unsound as an I-Tax raid
On actually attempting, continous triggering of stop losses are like blisters from a blade
If day trading resembles a blistering sun, such posts are a shade
Such an helpful attitude deserves a top grade
One hopes that from memory such posts never fade
From a trader and a forum’s perspective, you are a true comarade

I am not in love with trading but with banagalore. Seems the best ppl are from there. Hope we have the first traderji conclave there. I have never been to Bangalore in life. Good excuse to visit.

Thanks a million once again

veneet · #29 14th April 2005, 10:10 PM

hi trachy..
which odin ur using?
odin from finanical tech
or odin from orion..

thanx
veneet

tachy · #30 15th April 2005, 08:36 PM

Hi Vineet, its ODIN from fin tech. If anyone wants to go splits on the registered version of ddechartupdater please let me know i'd like to buy the registered version. Email me at tachyon@nitro420.cjb.net

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