Is ODIN Diet the Worst Trading Software Ever?

[rjks]

http://nse-india.com/products/content/equities/equities/trading_system.htm

THESE ARE THE TYPE OF ORDERS ALLOWED BY THE EXCHANGE..

So thats all that the brokers can allow.:lol:

Now I know why! NSE is the real culprit who are working against their own traders!!

NSE exchange monopoly needs to end and soon it will.

Yes, with MCX, at least they should be let known of these limitations with NSE, so that they can come with attractive ways to trade!

 

[rjks]

How Please???

I guess he was mentioning about MCX Exchange.

 

[vishnuvarma222]

what about india infolines TRADERTERMINAL which is good i think Faster order executions:thumb:

 

[mastermind007]

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.

Almost all Indian software work like that only. Trade Tiger from SK does have advanced order (bracket order) concept implemented but no real person from SK is able to explain it using the terminal.

In the world of trading terminals, crown of unfriendliness lies with Pointer (from Ventura Securities) unchallenged.

About the only thing good about Ventura is their monthly training where they give you free lunch and only thing their trainers can teach you is to place stop loss orders. If you ask about "Take Profit" Orders, they look at you as if you've come from a different planet.

 

[mastermind007]

NSE ended BSE monopoly and also decimated one otherwise good exchange OTCEI

 

[mastermind007]

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.

boycott trading?... You will have to do it in very very large numbers and even then retail traders contribute small fraction of the volume .... You will have to come up with different idea to get your voice heard.

 

[Giraffe]

I think its because the exchange supports only basic simple orders: BUY/SELL/SL (all in market and limit configuration). The combination orders are not accepted (like One Cancels Others or even trailing stop loss orders).

Broker terminals might implement the other configuration, it would not be much difficult to program, but there will be one big problem: The order will lie in your computer or brokers server. The exchange won't accept them. E.g. An OCO order, when one is triggered other is cancelled by the broker terminal (by sending a fresh cancel order to the exchange as they don't accept OCO order). Now any glitch anywhere (your computer/server) might lead to both orders executed and a client will suck the blood out of broker for there loss as they put correct orders. So brokers avoid this. They might also not be allowed to perform these fancy maneuvers by exchange.

 

[zoha.noah]

You shouldn't be bothered about worst or best. Let me tell you one thing if you trade likewise where in you would have to put in order one cancels the other. You would never ever make money. I have never come acrosss a single intraday successful trader. Never do trading. It's meant for hedging and only meant for financial institutions. You are never gonna make money in trading. Try and loose everything. I have tried this intraday trading for 6 years and result is zero. I lost more than 20 lakhs. I have used all advanced softwares but nothing worked consistently. Because it's a big scam. Better invest in some business where you can involve yourself. There are some people who make money but tell me how many. one out of thousands, you know who are those!

 

[vaibhav14476]

You asked the question in 2012 & I m answering it in 2019. Now Zerodha provides such facility mentioned in your question. if you only want to place order, you can use simple web based trading platform. Odin is used for charting, drawing the patterns, watching the indicator signals etc.