In previous times, people would attend schools and colleges in order to equip them with a certain/skill which they would be able to trade for a steady pay/income at a job that they hope to like. This results in a steady workforce, and allows people to make sure that they are going to have their future and their family’s future secured. For the most part, entrepreneurial agendas were left up to the radical and visionary businessmen. With the digitization of the stock market however, all of this has now changed.
A digital stock market, facilitated by a host of online brokers with a stock market app such as the MO Trader app, helps close the gap between a ‘freelancer’ and an entrepreneur. Now, if you have the will, dedication, work ethic and patience, you can make a significant life that has the potential to out-earn a salaried individual. Such is the world of day trading.
As the name suggests, Intra day trading involves the process of buying and selling a given stock within one day of the stock market (between 9:30 to 3:30). This means that you are looking to buy a stock at a low and sell at a high in one day (or vice versa if you’re shorting). The biggest benefit of day trading comes from the leverage you get from your broker. If you have 1000 rupees and are offered a 10x leverage, you can use it to trade with 10,000, eventually returning 9,000 to the broker at the end of the day, while you keep the profit. If you make a loss, however, you must still repay the 9000 you borrowed in order to trade intraday.
How do you day trade on the MO trader app? Let’s find out.
First and foremost, in order to carry out any trading, intraday or otherwise, you will need a Demat account. You can open your Demat account here, or do so from the MO Trader App.
Secondly, you’ll need the MO trader app, which you can download from the App Store or Play store.
Now that you have all the tools you require for day trading on the MO trader app let's take a look at how it's done.
1. Login to the MO trader app with your information (used to create your Demat account).
2. Once you have identified a stock you want to trade, you can select it from the menu, and tap “Trade”
3. This will pull up the option to buy and sell the stock. Based on your trading strategy, you can click on the “buy/sell” buttons to execute an order.
4. Now, you will be displayed with a new screen that will offer the option to set your buy price, your quantity, the type of order (market, limit, etc.), as well as add a stop loss.
5. If you are satisfied with your selection, you can proceed to click the “send” button, which will send your order in, and your order will be executed.
Being a full-service broker, the MO trader app offers you benefits you cannot get from generic intraday trading tips or from discount brokers. The MO trader app allows you to trade in Equity, Currency, Commodity and Derivatives. It also offers portfolio management services, market screeners, and trading reports, among others, providing you with all the necessary tools to begin your day trading journey.
Related Articles: How to Open a Demat Account Without a Broker | Factors to Keep in Mind While Opening a Demat account | Factors to Consider When Opening a Demat Account | 10 Points to Remember When Operating your Demat Account | Types Of Demat Account & Trading Account | 5 Advantages of using MO Trader App | 7 Benefits of Trading through an Online App