Stock trading apps help investors buy and sell securities through their mobile phone/hand-held devices. A wide range of online trading applications has been established for investors to keep up with the fast-moving markets. These trading apps are offered by major brokers and enable you to trade stocks on your phone, making it convenient for you to execute trades anytime and anywhere.
Presenting to you a complete guide on how to use online trading apps for stock trading
Table of Contents
Step 1: Download the app
The first step toward online trading requires downloading your preferred trading app. Most brokerage firms have their trading apps available on ios and android. You can follow the link from the broker’s website or visit your store and search for the app. Most trading apps come with a size which less than 25MB and can be stored and downloaded easily. To begin trading, you must first open Demat account with your broker. A Demat account contains your financial securities in a digital form. In addition, a trading account allows you to sell and purchase securities from the stock market. Once you have opened a Demat and Trading account, you may start investing in the stock market.
Step 2: Create an account
Once you have downloaded your desired trading app, the next step requires you to create an account. You must sign-up and create a specific username and password. The app may require authentication through an OTP. Subsequent access to the app will require dual-level authentication.
Step 3: Use a secured internet connection
It is recommended that you use a secured internet connection while accessing your trading app. You can use your personal Wi-Fi or mobile data. However, you must avoid public Wi-Fi systems such as malls and airports. In addition, avoid using your trading account at a cyber cafe or public place where your account information or password is likely stolen. You must also refrain from downloading unnecessary software on your device as it may endanger your phone security.
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Step 4: Understand the app interface
The trading app interface might look familiar to the website platform. However, you must thoroughly understand the interface of your trading application before you resume your regular trading activity. A good practice to test your app is to begin by placing small orders to get more familiar with the interface. You can start by placing an order, order book check, modifying your order, doing trade book verification, uploading your portfolio etc. It would be best to explore all the available features offered by your trading app to develop a thorough understanding of the trading process. Most apps provide extensive features that include technical stock indicators and patterns, analyst recommendations, news and analysis and much more that give a deeper understanding of specific stocks. Explore all the available features so that you can use them to generate maximum profits. As you get comfortable with the app interface, you can resume your regular trading activity.
Step 5: Deploy a strategy
Design a strategy for your trading. Investors with an in-depth understanding of the stock market trends may wish to look up technical stock charts to base their investment decisions. Additionally, investors seeking to enter the markets may rely more on news and analyst recommendations. A definite strategy for your investments will help you design an effective portfolio. It would be a good practice to define your investment goals according to a specific horizon before you set up your portfolio.
Conclusion
Trading apps offer a simple and effective way of stock trading. These applications are designed with a user-friendly interface to ensure a smooth trading experience. These apps come with various features that help investors make efficient decisions. It is recommended that investors understand all the features thoroughly to generate maximum profits.
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