Help me to choose a good broker for a novice scalp trader

#1
Hi all,

It's good to be here among the professional traders,investors and finance enthusiasts.

I'm a novice trader. I just started learning about trading like 2 months ago and after few weeks of paper trading I started to trade with real money. I'm a scalp trader and started with capital of Rs. 25K and my current broker is Sharekhan.

I am just trading in commodity right now and will start trading in equity soon. After doing few trades I realised that a big part of my booked profit is going to my broker and I was getting peanuts in each trade and since then I had to be too careful doing any scalp trades.

Somehow I managed to add 3.5K to my initial capital in last 3 weeks but I feel that I could get more profit with discount brokers.

Can anyone suggest me a good broker for me ?

I've heard and read a lot about Zerodha and I read about some unlimited plans of other brokers too. I'm still confused. That is why I'm here to know you suggestions and get your guidance.

Thank you
 
#3
I had used Sharekhan account some time back. Like you to decrease the trading costs I moved to Zerodha.

I am happy with their services.

You can consider them

I don't know much about others.

If you have time go thourgh this thread.

http://www.traderji.com/brokers-trading-platforms/89681-discount-broker-comparison.html

It may useful
Hi,

Thanks for replying. I had already decided to go for Zerodha before and then I got to know about monthly unlimited plans of RKSV , SAS Online ,Wisdom Capital and TradePlus Online etc.

I figured that I will pay more in Zerodha,here is an example :

If I do only 4-6 trades of crude oil in a day then I'm paying Rs. 80-120 in a day for just brokerage only and taxes extra.

In comparison to those unlimited plans this look costly.

The confusion is that are those brokers really providing unlimited as they claim ?

I read about the higher turn over charges in some discount brokers.

Do they provide good trading software ?


Thanks
 

niftygupshup

Well-Known Member
#5
Hi,

Thanks for replying. I had already decided to go for Zerodha before and then I got to know about monthly unlimited plans of RKSV , SAS Online ,Wisdom Capital and TradePlus Online etc.

I figured that I will pay more in Zerodha,here is an example :

If I do only 4-6 trades of crude oil in a day then I'm paying Rs. 80-120 in a day for just brokerage only and taxes extra.

In comparison to those unlimited plans this look costly.

The confusion is that are those brokers really providing unlimited as they claim ?

I read about the higher turn over charges in some discount brokers.

Do they provide good trading software ?


Thanks
No confusion, these monthly plans are trade unlimited for a fixed monthly charges, no extra brokerage is charged.
Regarding higher TO charges, you have to make a detailed study, for each broker. Even with a nominal higher TO charges, you will find monthly plans much cheaper than per trade or per lot brokerage.
Trading software is normally NestTrader with these brokers, it is good and easy to use.

So do your study and choose

Happy trading
 
#6
Hi,

Thanks for replying. I had already decided to go for Zerodha before and then I got to know about monthly unlimited plans of RKSV , SAS Online ,Wisdom Capital and TradePlus Online etc.

I figured that I will pay more in Zerodha,here is an example :

If I do only 4-6 trades of crude oil in a day then I'm paying Rs. 80-120 in a day for just brokerage only and taxes extra.

In comparison to those unlimited plans this look costly.

The confusion is that are those brokers really providing unlimited as they claim ?

I read about the higher turn over charges in some discount brokers.

Do they provide good trading software ?


Thanks
Generally most of discount brokers give NEST as a trading platform. If you use only Trading platform for charting purpose also NEST is not a good one in my view.

I used NEST through Zerodha before launching PI. I did not like it much. Except some issues ( Before not now ) PI is running good.

In the view of Brokerage If you use the trading platform as a charting platform in my view good trading platform will help you to improve your profitability in trading. We have to pay more for this advantage.

If you are sure of your trading strategy gives definite profit Zerodha will give brokerage refund to you ( 60 days challenge. Refund currently capped maximum Rs. 6000 )
 
#7
When I started trading ,I opened my account with Sharekhan.After some time I opened my account with Zerodha.As as awareness about trading increased, my trading also increases.I started day trading equities,options.Than I found I also paying more inspite of low brokerages in Zerodha
As I was in this stage DPL online came out with very attractive rates for yearly plan.Then wisdom capital came with whole life plan.I have contacted Wisdom capital & they have send me their forms.
So I am going to open my account with wisdom capital

So as a novice I opened account with Sharekhan,then I shifted to discount brokers Zerodha & now I am considering life long freedom plan
 
#9
After considering all options and discussing with you guys I have decided to go for a broker who is providing unlimited plans. I will try for TradePlus first because the risk is only Rs. 99 per month there. I will put only 10K for as initial capital so the risk will be low.

If something goes bad then I will move to Zerodha for sure.

Good or bad, I will let you know my experience with the broker I will choose(after few weeks).
 

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