How to check out that the futures and options strategy that you are designing, will work or not?
Sensibull is an options trading platform for the Indian stock market. But do you know that it also provides a very robust virtual options trading and stock, futures virtual trading too? In this post, we are going to review all the features of this platform.
For stocks in cash we have best stock market simulators, but what is there for futures and options players?
In the case of futures and especially options, paper trading has limited use due to price fluctuations.
I heard about Sensibull in January 2020 on Quora but was not able to test it properly. Then, due to lockdown & market movements during this time, give me a chance to test the platform for testing my option trading strategies. It is turning out to be a pleasant experience so far.
I am not affiliated with Sensibull in any way. If that changes I will update that here.
Sensibull was co-founded by Abis Hassan with support from Zerodha as third party options trading platform.
For now this platform integrates with Zerodha, 5Paisa, Motilal Oswal and Angel Broking. As per the website, you can request the integration of your broker to the platform.
Sensibull has also produced content for teaching options trading. You can access these videos by clicking here.
From what I have seen in last few weeks, few of the features are new to the platform.
Here is the list of options provided in side menu:
The features are quite exhaustive, and new ones are being added on regular basis.
As a beginner, you shall start with the top section only with the easy options, strategy wizard & virtual trade (the virtual F&O trading simulator).
As platform sensible provides you access of both real and virtual trading:
- Paper Trading: This is the virtual options trading platform part. Here you get access to virtual capital in both equity and futures and options segment separately.
- Real trading: This is the part where the full power of this platform comes into the picture. Once you have tested a strategy & it is profitable. You don’t to export it. Just connect it with your broker & this strategy can be executed with real money in real market.
But for this guide we are more interested in virtual trading service, especially in future & options of this platform, so let’s dig into that.
Virtual trading app
This is the area where this platform is making big progress in recent times.
Simply head over to papertrade.sensibull.com and create your account.
Info: Right now there is the hiring of best traders in the Indian Stock market is going on by Sensibull. The process is explained right there on the homepage of the link given above. If you are interested, do register.
On the home dashboard, on the left side, you can create multiple portfolios. You can create these portfolios either based on the strategy or based on the instrument that you will be trading:
Creating different portfolios is actually a very useful feature, it helps you to keep different strategies separate from each other and you can actually check the profit and loss separately.
Let’s use an example to understand how to take positions in virtual trading account. In my index portfolio, I try to enter a futures long position in BankNifty index:
You click ADD position and this order window will open up. Just chose your instrument and you can enter your position.
The process is smooth and you get to put in the order at price you desire
Few important things to note:
- Your F&O portfolio has virtual trading capital of ₹ 20,000,0000 (twenty lakh only). So, calculate your margin requirements accordingly.
- There is no option to input different types of orders like Market or Limit. The only option is the Limit order. So, if you want to put Market order, just change the price accordingly.
- There is no concept of stop-loss here. You need to either set the alert or manually keep checking the prices.
What is missing?
Despite having the technological help from Rainmaker of Zerodha as well as the experience of Abid Hasan there are certain shortcomings in this platform.
If you’re taking a hedged position you are protected from the maximum loss you can have.
But this is not the case when you’re taking one-directional positions in futures or options.
When you are trading in futures and options stop loss is one of the most important things. Without stop loss the volatile market movements can make a big loss.
The most important feature that is missing currently from the platform is the stop-loss order.
In the other drawback with this initial trading app is that it is free only for seven days. To access the virtual trading service after that period you need to sign up to their paid plans.
If you have a trading account with Zerodha, then you can get certain paid features free of cost. Even the cost of paid plans is cheaper.
As per Sensibull, their pricing vary from broker to broker and it depends on what broker is offering to their clients.
Hiring India’s Best Trader – Test your trading skills and get hired
You are a trader who is looking for a big time exposure then this might interest you.
Sensible is running high in India’s Best trader programme.
The registration process is very simple. On top of your login dashboard, you will see hiring India’s Best raider, click there & register yourself for the contest and that’s it.
It is not a contest it’s not a leader board whoever makes the maximum profit end of the period they will contact and hire for their own proprietary trading account.
And the best thing you don’t have to risk real money. You can use the virtual money in this virtual trading platform to enter participate and win the contest. Isn’t that great?
Final Thoughts – is it for you?
I have checked out the pricing structure and I am subscribed to pro plans to test out the features and I can tell you one thing.
If you’re serious about developing your trading skills, then the money that you pay for a monthly subscription is what you can earn within one day.
But if you’re planning to use this virtual trading app feature only to learn to invest in the stock market then this is not a service for you. It is much better to take other stock simulators.
If you have any questions about sensibull or want to share your feedback, please post that in the comment box below.
What is Zerodha Sensibull?
Sensibull and Zerodha are actually two separate companies. Sensibull is a third party options trading platform. It provides the facility to execute your options trading strategy in your trading account through your broker. Zerodha is one such broker who has Sensibull enabled for its clients.
What is virtual trade in Sensibull?
Virtual trade is trading simulator service by Sensibull options trading platform. This service/feature is to help you test your trading strategy without risking your real money.
You can place trades and test your strategy in virtual trade by using virtual cash.
Is Zerodha Sensibull free?
No, Sensibull is not completely free on Zerodha. You get few features free of cost on Zerodha. Options Chain by Sensibull is free for Zerodha clients.
For lite and pro plans, you need to subscribe to paid plans. The charges are cheaper when you purchase them as broker’s client.