Embarking on the Trading Journey: Learning from My Mistakes and Exploring Algo Trading for Beginners
When I first ventured into trading in 2018, I was captivated by flashy profit and loss screenshots of some traders and enticing broker advertisements promising to start trading with as little as 500 rupees. Intrigued by the allure of quick gains, I hastily opened an account and unfortunately, quickly depleted my initial 10000 rupee investment within a few days.
Reflecting on those early experiences, I realized that had I possessed knowledge about systematic trading or algorithmic trading at the time, my journey might have begun on a more profitable note. It wasn’t until 2021 that I delved into the world of systematic trading, sparking the inspiration behind this post. I aim to share insights with new traders embarking on their full-time trading journey, discussing the top 5 algorithmic trading software options available in the Indian markets and outlining the pros and cons associated with each.
Assuming you are familiar with the concept of algorithmic trading, let’s delve into the world of top 5 Algo trading Software in india.
Now, let’s dive deep into the top 5 algo trading software options available in India, offering what kind of unique features and functionalities. Whether you’re a professional or just starting with algo trading, these platforms serve various needs, making algorithmic trading more accessible. Let’s explore each one.
Algo Test
AlgoTest stands out as one of the best algorithmic trading and backtesting software currently available in India. One of its notable features is the ability to backtest your option trading strategies for free. Unlike other platforms, AlgoTest allows you to deploy your backtested strategy directly within the software, eliminating the need for external tools like StockMock or BackInzo.
What sets AlgoTest apart is its commitment to continuous improvement. The platform updates its features every week, responding promptly to user requests. The error resolution process is swift, ensuring a seamless experience.
Another remarkable aspect of AlgoTest is its affordability. You can deploy your strategy on AlgoTest for an entire month for just 100 rupees, making it even more budget-friendly than your monthly recharge plan. This accessibility makes AlgoTest an attractive option for traders looking to explore algorithmic trading without breaking the bank.
A fourth standout feature of AlgoTest is the ability to deploy indicator-based strategies directly from TradingView, eliminating the need for a custom Python-based algo for your trading strategy. AlgoTest offers a signal-based plan that executes orders on its platform, taking signals directly from TradingView.com. To utilize this feature, you can either learn TradingView Pine Script or rely on pre-built strategies available in the TradingView community.
For more details about AlgoTest, you can check out my video listed below.
QuantMan:
While we have acknowledged AlgoTest as one of the top algorithmic trading tools currently available, it does have certain limitations. Notably, it lacks features that are essential for algorithmic trading enthusiasts, such as the ability to create and backtest custom trading strategies. This gap is seamlessly filled by QuantMan, our second pick for the best algo trading software.
QuantMan stands out for its robust capabilities, allowing users to craft personalized strategies, whether pattern-based or indicator-based and subsequently backtest them. Unlike AlgoTest, QuantMan isn’t confined to specific types of backtesting like straddle or strangle; instead, it provides a versatile platform for testing a wide array of custom-built strategies.
This flexibility positions QuantMan as our second-best choice for running custom-built strategies live in the dynamic landscape of algorithmic trading.
For more details about QuantMan, you can check out my video listed below.
TradeTron:
Now, let’s turn our attention to TradeTron, our third recommendation in the realm of cloud-based algo trading platforms. Positioned as one of the most seasoned and reliable options available in India, TradeTron brings a wealth of experience to the table. What sets TradeTron apart is not only its comprehensive suite of functionalities, akin to AlgoTest and QuantMan, but also its distinctive focus on providing unparalleled flexibility for algo development.
In contrast to QuantMan, TradeTron stands out by offering a heightened level of flexibility in crafting algorithms. This platform empowers users with the freedom to design virtually any trading strategy using the syntax it provides. Unlike the user-friendly drop-and-use approach of QuantMan, TradeTron adopts a more syntax-driven method. To unlock the full potential of TradeTron’s capabilities, users need to acquaint themselves with the syntax and its proper implementation.
While TradeTron may not boast the plug-and-play simplicity of some alternatives, it compensates by offering an array of in-depth tutorial videos, guiding users through the intricacies of its syntax. Embracing the philosophy that ‘more syntax leads to more functionality,’ TradeTron equips traders with the tools to execute complex algorithms on its platform, making it an ideal choice for those who prefer a hands-on approach to algo trading.
You can watch this video to Learn more about TradeTron.
QuantiPly:
Now, let’s explore our fourth contender, Quantiply. Unlike the previously mentioned three software options, Quantiply takes a distinctive approach as it does not provide a backtesting feature. Instead, its forte lies in live execution for strategies that have been backtested primarily on StockMock and now extend to strategies tested on AlgoTest as well. Quantiply, however, does not currently support the execution of custom indicator-based strategies. Despite this limitation, Quantiply stands out as one of the best software choices, particularly due to its exceptional execution system.
Quantiply excels in providing an execution system that minimizes slippage during entry or exit, making it a preferred choice for traders seeking optimal execution quality. However, it’s essential to note that Quantiply currently lacks extensive customization options. While it may have some limitations in terms of customization, the software’s strong execution capabilities make it a noteworthy player in the current market. We anticipate and hope for swift updates from Quantiply to enhance its features and customization options in the near future.
You can Watch this below listed video to Know more about Quantiply.
Stoxxo By AlgoBaba
Introducing Stoxxo by AlgoBaba, our fifth and final choice—an offline software catering to the Indian markets. In contrast to cloud-based alternatives, Stoxxo is downloadable, providing versatility for offline usage and integration with cloud servers like Amazon AWS or Oracle. With support from over 70 brokers in India, Stoxxo offers an extensive network of options.
It boasts compatibility with AmiBroker strategies, ensuring seamless automation, and features BackInzo software for distinctive tick data backtesting, granting users more control and reliability compared to standard one-minute backtests. A notable aspect of Stoxxo is its ‘freak protection’ feature, elevating security and stability beyond what’s typically found in other algorithmic trading software in India.
It’s worth noting that a potential drawback of Stoxxo is its non-cloud-based nature, which may pose challenges in case of errors from the broker end.
For further insights, explore their website to delve into details and consider their fixed-price plan, allowing unlimited strategy runs—an offering that sets Stoxxo apart from other software options. For a more comprehensive overview, refer to the listed video below.
Conclusion:
In conclusion, our exploration of the top 5 algorithmic trading software options in the Indian markets provides valuable insights for traders, both seasoned and novice. AlgoTest, QuantMan, TradeTron, Quantiply, and Stoxxo by AlgoBaba each offer unique strengths.
AlgoTest impresses with its features and affordability, while QuantMan excels in flexibility and customization. TradeTron, an experienced cloud-based platform, enhances algo development. Quantiply, though lacking in certain features, stands out for its execution quality. Stoxxo by AlgoBaba offers offline capabilities, unique tick data backtesting, and a ‘freak protection’ feature.
As traders make their choices, factors like backtesting capabilities, flexibility, execution quality, and unique features should be considered. Each software caters to different needs, ensuring a diverse landscape for algorithmic trading. Explore the details, consider your preferences, and make an informed choice aligned with your trading goals. Happy trading!
