Intraday trading has been an area of immense interest for a lot of years now. So, if you are having a Kotak Demat account you can trade smartly by using the advanced trading platforms of the broker. In this article, we will look at how to do intraday trading in Kotak Securities App.
Let us have a look at the steps that you should take when you want to do intraday trading in Kotak Securities.
How to do Intraday Trading in Kotak Securities App?
Along with intraday comes the risk because of high volatility and therefore it becomes important for traders to put stop loss.
To put the stop loss, just click on advanced order types and enter the trigger price.
Now here, the stop loss value varies according to the type of trade you execute. For buy stop-loss, the trigger price should be more than the current market price while for the sell stop loss, the trigger price is less than the CMP.
To get a better understanding let’s assume the example of the screenshot shown above. Let’s say you buy Sunpharma shares of ₹705.25. You are bullish for the stock but to keep yourself on the safe side, you make use of the Stop-loss order.
Here as you are buying stock, thus you place the sell SL order at a value less than the buying price. So let’s suppose you can bear the loss of ₹5 per share thus you enter the stop loss value of ₹700.
If the stock price drops and reaches the SL value, then the order gets triggered and you would be able to exit the trade without facing much loss.
On the other hand, if you are shorting or selling the stock then you enter the buy stop-loss which is higher than the selling value.
So, in the sell order example of Cipla, if you sell the share at ₹937.80 using the stop loss order then the buy stop-loss order would be more than the selling value.
If here again, you can bear the loss of ₹5 then the stop loss would be at around ₹942.
In this way, you can make use of different order types to prevent yourself from much losses during the day trade.
Also, you are provided with the trailing stop loss option thus you can define the percentage of profit or loss you can incur. Here you can minimize the losses. So here if the stock price moves in your favor then the stop loss value changes by the value defined by you.
Suppose for the sell stop-loss order you added a trailing stop loss of 1% than with the rise or fall in the share price by ₹1 the stop loss changes by 1%.
So, in case the price moves in your favor, the stop loss trails accordingly thus preventing you from facing major losses.
The new Trade Free Plan of Kotak Securities opens the gateway for intraday traders to trade at zero cost. Along with this, the user-friendly interface has made it easy even for the newbies to trade effortlessly across the segments.
The different and highly advanced charts help you in analyzing stocks and at the same time, placing orders in few taps makes it easy for you to do multiple trades during the day.
Follow the above-given guide to make the best use of the trading app to place intraday orders in Kotak Securities.
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