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. :rofl::rofl::rofl: 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.
I am associated with a project named Wisdom Capital. Being a trader (Basically scalper), I understand the problem of a trader specially if he has to trade in Indian Market.
So far Algo trading provided by the brokers (hundreds of such brokers available in India on date), I have seen the system is best of its kind is Globe Capital, But they used to charge 15000 PM for thieir system to use. Also they charge high rate of brokerage. So its not feasible for small traders like us.
No doubt Zerodha is an excellent service provider, but since I have not used their Algo trading I can't comment about their system.
Now What I am trying to gift my trading community friends, unlimited trading facility @ 1111/- pm irrespective of NSE cash/FNO/MCX & MCSX. For Algo Trading we are in touch with few of the best software providers in the world. But at present we could start with Global data feeds with Nest platform just like Zerodha. Actually a lot of things are in Beta testing phase. Once it will be fully functional, we will let my Traderji friends, with proper Advertisements.
Thanks & regards
Dev Mookerji