Saturday, January 28, 2012

3 Ways to Reduce Your Trading Cost / Expenses


Reduce_Trading_Cost

You will agree with me that “Money Saved is Money Earned”. If you save money on your trading it is your Income. So how to save money on trading.

What are Expenses on Trading?

  1. Computer With Internet where computer is one time investment but for Internet one has to pay every month based on his plan. (People who are using these at office I really envy them Smilethey are very lucky.)
  2. Charting Software + Data Feed
  3. Brokerage

Ways to Reduce Your Expenses on Trading:-

1. Save On Internet Expenses

As I already discussed that there is no way to skip expense on computer as it is one time investment. But you can save your expenses on Internet Significantly  by almost 1/5. Surprised … but I mean it. In my example I was paying Rs 500/- pm for BSNL Broadband every month (20% Govt Employee Discount) but then I found a way to save money on this. Now I am paying only Rs 65/- pm for my internet expenses. So saving almost more than Rs 400/- pm. Only thing is that it only gives you lesser speed. This speed is OK for online trading softwares, data feeding softwares and also for browsing. Believe it I am using Chartsdata, Nesttrader, NSE NOW, and also browsing internet with Firefox all simultaneously. And I have no problem from last six months.

Huawei ModemTo save your Internet expenses you need to buy a 3G USB modem which you can get it at a price from Rs 1100/- to Rs 1600/- I prefer 3G Huawei E 173 … Just search for it on Ebay.In This modem is unlocked and all SIM Cards of all Networks works in it (Only GSM) 2G and 3G also. I use TATA DOCOMO which gives speed of 200 KBPS which good for all above activities. Only when we have to download any thing then this takes a lot of time. This modem is having many more features which you can Check  it HERE

2. Save On Charting Software + Data Feed

  • If you nedd EOD data then you can get free Charting Software and Free DATA with ChartNexus. Get it HERE .This does not gives Realtime Data.
  • If you need Charting Software which will give you advanced features  and facility to use Realtime Data.Then there are many options like Amibroker, Metastock and many others. But I prefer Amibroker as it is very Cost Effective and simple to use with advanced charting facilities. Amibroker does not gives you free RT DATA. If you want free data for AMIBROKER then just check DATAFEED section of TraderAdda
  • This will save you of your data Cost of Rs 500/- pm.

3. Save on Brokerage

  • Now a days brokers are dying to get clients. So this is the benefit for us as Customers. One can bargain with their current broker. I ask all our fellow Traders at least get 1 paisa/10 paisa brokerage. If you are paying more than that then you are making your broker Rich. There are many brokers who are offering  very less than that. So find out how much your broker is charging you and save money on it.

So these are the ways you can reduce the cost on your Trading. Start saving today because “MONEY SAVED is MONEY EARNED”

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