I have been doing fully automated trading for the last one year and have used all the vendors and three different brokers. I have accumulated a list of brokers offering Algo Trading capabilities and vendors they are associated with:
1. ShareKhan- Symphony (
www.sharekhan.com)
2. Zerodha- Omnesys (
http://www.zerodha.com/)
3. Mastertrust- Omnesys (
http://mastertrust.co.in)
4. Phillip Capital- Symphony (
http://www.phillipcapital.in/)
5. Destimoney Securities - Symphony (
www.destimoney.com)
6. Composite Edge - Symphony (
www.compositedge.com)
7. GRD Securities - Symphony (
www.grdgroupz.com)
8. Sykes & Ray Equities- Symphony (
www.sre.co.in)
All the brokers are having their own target market and both the vedors have their own capabilities:
1. Omnesys plugin/NEST- BENEFITS: It is a great software and beats symphony in the number of installations. It is very cheap (however if you include the total charges in a year's cycle, icluding data feed charges, hardware charges, brokerage etc. it comes near to symphony itself).
Some drawbacks include, custom strategy development will not be done by Omnesys itself but by other free lancers which reslut in lots of errors and headache. Also, Omnesys Plugin only sends the orders directly to exchange. With a trader like me who extracts maximum profits out of triggers generated from AmiBroker by custom bracket orders, trailing stop loss profit booking etc. it is not advisable because they cannot provide it.
2. Symphony- BENEFITS They have another great software presto which is customizable to the T. They seem to be winning the war of signing up with most retail brokers from omnesys and their development team develops the logic themselves. They also have complete open APIs if a trader is a programmer himself
confused
. They can connect their algo platform with TradeStation, AmiBroker, MS Excel, MetaTrader etc with custom execution logic. Also, one thing, They can automatically send orders to multiple client accounts.
DRAWBACKS They seem to be expensive to some traders in first look, however, the custom offerings they offer and guidance given including paperwork, connection to broker, live feed from exchange via leaseline/vsat only they can do so. Another drawback is the development time they take. They take one month for developing any strategy which i believe is the biggest headache. Also, except composite edge, their other partner brokers like sharekhan or GRD has attitude issues and quite expensive.
SUMMARY:
If you are a small trader doing turnover between 2lac to 50 lac daily you should go ahead and immediately signup with Zerodha or mastertrust (You anyways will not have an execution logic to run with AmiBroker triggers)
If you a trader with turnover more than 50 lac per day and want custom Stoploss, Profit Target, trading in multiple client accounts etc., immediately sign up with symphony.
So let me know if i can claim myself to be an expert in automated trading of India. Personally i am passionate about auto trading and want to become superstar like other people in Traderji with more than 20 greenblocks or whatever that is. (Reposting in a new thread)
