Is ODIN Diet the Worst Trading Software Ever?

#1
I am new to trading and is going to use the ODIN Diet trading software for the first time. It is given by my broker.

According to the RM of this broker house, I personally felt that ODIN is the most non-user friendly software ever used!

He explained to me that for stop loss and to take profit from my each trade, I need to open or create 2 more trades (Buy/Sell)!! I will explain it in more detail with examples below.

Scenario 1 (Long)
If I am planning to buy 1 unit of NIFTY from futures and suppose I am buying it at 5500 and I want to place a stop loss at 5450 and take my profit if it reaches 5600. Now, according to my RM, what I had to do is to take my first trader by buying Nifty 1 lot at 5500 by placing a regular buy order. Now as soon as I have brought it now to place a stop loss, I had to place another fresh sell order of 5450! And in order to place a take profit order, I need place another new order and this time a buy order at 5600!

Suppose if I am stop loss hit and that 2nd sell order will be executed and the third (take profit) order will still be live and if again NIFTY bounces back to 5600 it will be executed as a new and fresh order! I am totally bamboozled with this option! So what I have to avoid is to cancel this order each time the stop loss is hit and vice versa.

Scenario 2 (Short)
It is the same query but in the reverse order

I am buying Nifty at 5500

Take Profit: 5000

Stop Loss: 5550

Take Profit/Stop loss hit

I had to manually cancel my 3rd order (the stop loss/take profit) order!


Is this is how it really works when it comes to stop loss and take profit in ODIN? Or my RM has explained it to me wrongly?

Seniors please explain.
 

yusi

Well-Known Member
#2
Since your potential opinion leaves no room for getting any worser, I'll skip the bad news about margins.

A counter question: in your part of the world, who guarantees that only one leg (stop-loss or take-profit) is executed? Is it your broker or the exchange? You may be shooting at the piano player.
 
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bpr

Well-Known Member
#4
Since your potential opinion leaves no room for getting any worser, I'll skip the bad news about margins.

A counter question: in your part of the world, who guarantees that only one leg (stop-loss or take-profit) is executed? Is it your broker or the exchange?
there is a very well known order type called OCO(one cancel other) in many platforms that means we have to put TP and SL simultaneously and make them as OCO
the moment either TP or SL hit the platform will simply remove the other order.
Not rocket science to implement but I wonder why we are deprived of such simple features.

It is time to raise our voice and demand all types of advanced order types from your broker or boycott trading else we will always remain behind.
 
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#5
Ur RM is correct and welcome to INDIA's trading.
All trading platform works the same way.
OMG, I think we are in a very bad situation with such non-trader friendly features that these brokers have!

But soon advanced order types will be available i guess in various platforms but not sure if ODIN is one of them.
This is mainly because from traders demand and broker competition...
lets hope our future is bright.[/QUOTE]

Hope for the best, we should bring all these minor yet most powerful tools to be implemented and should bring this to the notice of sebi or whoever is incharge of it!


there is a very well known order type called OCO(one cancel other) in many platforms that means we have to put TP and SL simultaneously and make them as OCO
the moment either TP or SL hit the platform will simply remove the other order.
Not rocket science to implement but I wonder why we are deprived of such simple features.

It is time to raise our voice and demand all types of advanced order types from your broker or boycott trading else we will always remain behind.
Yes, such tools are available in MT4 and I wonder why they are not available in indian software! It is a very simple option to add, i wonder why they have not done so yet! Carelessness or casualness on the brokers part on traders money!
 
#6
I am new to trading and is going to use the ODIN Diet trading software for the first time. It is given by my broker.

According to the RM of this broker house, I personally felt that ODIN is the most non-user friendly software ever used!

He explained to me that for stop loss and to take profit from my each trade, I need to open or create 2 more trades (Buy/Sell)!! I will explain it in more detail with examples below.

Scenario 1 (Long)
If I am planning to buy 1 unit of NIFTY from futures and suppose I am buying it at 5500 and I want to place a stop loss at 5450 and take my profit if it reaches 5600. Now, according to my RM, what I had to do is to take my first trader by buying Nifty 1 lot at 5500 by placing a regular buy order. Now as soon as I have brought it now to place a stop loss, I had to place another fresh sell order of 5450! And in order to place a take profit order, I need place another new order and this time a buy order at 5600!

Suppose if I am stop loss hit and that 2nd sell order will be executed and the third (take profit) order will still be live and if again NIFTY bounces back to 5600 it will be executed as a new and fresh order! I am totally bamboozled with this option! So what I have to avoid is to cancel this order each time the stop loss is hit and vice versa.

Scenario 2 (Short)
It is the same query but in the reverse order

I am buying Nifty at 5500

Take Profit: 5000

Stop Loss: 5550

Take Profit/Stop loss hit

I had to manually cancel my 3rd order (the stop loss/take profit) order!


Is this is how it really works when it comes to stop loss and take profit in ODIN? Or my RM has explained it to me wrongly?

Seniors please explain.
i am also new to odin but for general buying excute for RL and for stop loss use sl. rl sl u will find under order type. for odin diet many broker charge 250/month or demand high volume. dont know why but opening time less than iifl ttadvance
 

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