Hi @nithin, I have a small suggestion for a feature in Zerodha which can prevent a user from impulse trading.
Can we have a feature in Kite, wherein it allows a user to set up a set of questionnaire (kind of a checklist) before the trade confirmation.
Like after clicking on Buy/Sell after entering the trade details before confirmation of the trade a window to pop up which will have user defined questions like below,
a. Trade as per Risk Mgmt Y/N
b. Chart Checked Y/N …etc
The trade should be concluded after clicking on all check boxes.
As many would not want such questions before executing a trade, this feature can be a customized feature specific to user if he/she would want to make use of it.
This suggestion is just to have another layer of protection for small time traders and traders with impulsive behaviour.
We are planning on a tagging feature, where you can tag a trade when placing it. So you can tag something as gut based trade, technical analysis trade, etc. This way you can do P&L based on the tags. Maybe we can give an option to users to compulsory tag before placing a trade. That way it slows you down to think before placing a trade. Adding it to my list of things to do.
Sure that would do for starters, but yes i have a kind of checklist on excel which I check before every trade that I make, but some times the price seems to good to miss, which is when the mistakes start to happen and you get stuck in a trade.
The feature that I was suggesting was bringing my excel checklist to the trading terminal.
But Yes, the tagging system would work for now, also this tagging system should not be compulsory for all users, because Pro’s usually do their homework before entering a trade.
This is only good for novice traders and traders who are learning. But this is a harassment for someone who knows what they are doing and have already become a professional. Cause in intraday when the market is moving and you want to get in having this checklist before the order goes will lead to miss opportunity and might even decrease the performance.
Sure for a beginner who can’t control their emotions this might be helpful but not at all a feature that should be added for all general use cases.
What @nithin mentioned is actually a constructive idea and the trader can choose whether to tag or not.
I totally agree with you Manish & that’s why I mentioned that it should be a user specific feature and not compulsory for all. Also you would agree with me that majority of the participants in the market are novice or amateur traders and this feature if brought in would help many and for a pro trader like you it will not matter because you can simply disable the feature.
Yes thats a fact. Well this feature if implemented correctly will make trading systematical and rule based from the start for a novice. And if the trader can add his own strategy rules and checklist then its even better than a generic checklist for all traders.
But i don’t know if this will ever be implemented in Kite. Heck i have been requesting for a convenient way to modify chunks of BO orders in a single dialog since 2 years ago and still Zerodha couldn’t find time to implement it. So i don’t know when this check list would be implemented.
Yes with API its totally possible. But this needs to be in Kite itself. So that traders can manage BO orders when they get filled in multiple chunks of unimaginable proportions. Like sometimes i find myself having to edit over 20 fills just to change 1 stop of 1 trade. Just because the BO got filled in 40 separate chunks of 20 stops and 20 targets !
Am speculating maybe from zerodha’s point of view, this requirement is not faced by sizable chunk of its customer base. So it’s not really a priority. However since they have an API, it can be leveraged for such unique edge cases.
