Hello Mr. Raj and Mr. Rakamath,
Thanks for your true helpful guidance. I've opened my account with 5Paisa and checking out their Trading Terminal2005. They'll charge overall Rs. 84/- for a two way day trade of Rs. 1 lakh. That's their overall brokerage. But they aren't offering much margin money, they are only offering 1X margin money and that too at an interest of 1% per month's basis. With that, the only offer a max 1lakh for my 1lakh put to business. I think this is too little as I originally heard that ICICI was offering 20X margin money on a set of approved stocks.. and now I come to know from yourself that they offer 5X...
<b>I believe that the price table of stocks shown by all of these online brokers' systems SHOULD have a column reflect how much X the margin money is available to the specific trader at any specific time according to his/her account balance and according to the criteria of the broker...</b>
Please let me know what do you think about it...
I've heard icicidirect's site is slow, so not sure if it's worthwhile to open an account with them as well...
Being new to this world, I still have a few questions :
1) I'm still not sure if a trader is allowed to day trade on ANY stock in the market...
2) A friend of mine lately told me that some of the orders we place are declined AFTER the end of the trading session... and you do not get stocks... Still don't know what does that mean... Will be grateful if a senior member can guide me on this front...
3) I still have no explanation as to what ADVANCES and DECLINES are...
This is my BEGINNING period on the stock trading front... what I have is a power programming background and I intend to develop my own systems through live data feeds from SOME sources out there so that we can end up with POWER trading guide platform that can perform advanced technical analysis and can issue live alerts for us traders to trade accordingly.. I'm learning all analytical tools and formulae and their effectiveness...
What I truly look for is a collaborative approach from at least a few junior and senior members that can contribute resources together to create a power trading network supported by some power trading application that I can develop... I look for a collaboration where several senior and junior members over here may contribute live feeds that they are getting from different sources of their own.... so that we can set them up as alternative routes for getting live data feed for the future power application that I develop... I also look forward for formulae and procedures that senior members would like me to code and develop so that we come up with this power application in no time...
Members that share my vision can leave their message right over here on this thread and I'll contact them through yahoo messenger from my personal filtered real email account that I safeguard for spam issues.
My vision is that a few members over here come forward together and share all resources they have and work as a team and help build such a powerful application... With that, I CAN develop the application in such a way that it will issue trading calls and alerts to all our team members through yahoo messenger OR... I can setup a web site where all core team members will have their admin area and they'll add the scrips they want to watch... and our system will deliver alerts to them right through OUR web site in this way....
I invite junior and senior, new-starters an expert traders to our new collaborative team called V2TRADE.
For now, please don't forget to answer my few basic questions that I asked above....
My best regards,
Sanjay.