With the advent of online trading, investors like you and me are no more left at the mercy of the stockbrokers. We can easily trade from anywhere and anytime we like with the help of the online trading tools.
In 2000, when Geojit BNP became the first Indian broker to launch online trading, many doubted the success of this trading tool. At the time, many questioned if it is even feasible to share a broker-driven mechanism with the clients, also if it is safe to give clients the full control of their account. Shortly, all doubts were dismissed, and online share trading became an integral part of the broking business.
Talking about the online trading tools, traders previously only had the facility of calling brokers to execute the trade. However, with the advent of technology, brokers have introduced several online trading tools making investors the true owner of their portfolio.
These online trading tools provide more than just the convenience of trading. The trading tools include several add-ons to help traders make an informed decision. These add-ons are primarily based on the technical aspects of trading like reading charts, trends, movements, etc.
Technical analysis is based on the historical price movement and is represented on a two-dimensional chart. These charts and graphs are easy to view and understand, and are available just on a click, making them extremely popular among the traders (to get more information on these add-ons visit).
Every stock investor must be aware of these share trading tools along with their functionality because each of these come handy in different situations, for instance, if a user is not at their desk, or there in no Internet connection, etc. So, to help you understand their use and features, discussed below are the various share trading tools and how they are helpful;
This is now one of the most common and widely used online trading tools. Users can access it from anywhere, provided they have a stable Internet connection. To access it, you need to go to the service providers’ website and use your log-in name and password.
You can use any supported Internet-connected device to access your trading account, be it your computer, smartphone or a tablet. This trading tool works best on the big screen like PC as it is not optimized for small screens. Further, some service provides even offer specially designed websitesfor the userswithslow Internet connections.
#2 Dealer-Assisted Trading
This share trading tool comes handy when an investor is unable to give required time to the trading, or want experts to take a position on their behalf. Most of us are not active traders, i.e., share trading is not their only source of income.
Such investors devote a majority of their time to their primary source of income. Thus, they want experienced and qualified dealers to oversee their trading and guide them to take correct positions. These dealers take into consideration your financial goals and objectives while offering you the right financial advice.
#3 Trading Terminal
Clients who want to get heavily involved with trading – especially day traders – can trade using a trading terminal. It is trading software that includes all the add-ons needed for trading, be it technical indicators, research reports, etc. These trading terminals quickly allow you take position fast and come with live streaming quotes, integrated fund transfer system, research calls along with multiple watch list facility.
With more and more users realizing the importance of staying connected via the Internet, smartphone trading has grown immensely popular as a good option among online trading tools. And, its popularity continues to increase as it allows you to trade at your own convenience while snacking at a restaurant while travelling or even watching your favourite TV show.
For smartphone trading, all you need is a smartphone and a reliable Internet connection. Once, you have these two, just download the trading app of the service provider. The app includes all features that one can find on the website trading. Brokers are even offering a customized app to help users get an unparallel trading experience.
This is one of those relatively new online trading tools as smartwatch itself is a new category.
Similar to smartphone trading, the service provider offers a trading app for the smartwatch that includes all the features needed to carry a trade. Motilal Oswal was the first to launch a smartwatch app for the investors. The app allows clients to access market updates, check portfolios and open positions.
Further, it shows all major market-related information via notifications.
#6 Call and Trade
At times when a user does not have access to their computers, they can always execute a trade by placing a call to the authorized customer care. Contrary to the belief, these call and trade platform are secure as the operators are qualified and the service provider practices varying level of security to prevent frauds.
#7 SMS Alerts
It is not exactly a tool but is more of service that complements other share trading tools. Still, we are listing it under share trading tools as it keeps the users updated with the price changes and other details that would help a user make an informed decision. Users can also customize this tool to send them alerts and receive reminders.
Further, these alerts also help users to trade. If a trader finds the timely alerts useful, they may carry the trade using any other tools, like, making a call to the dealer, or by executing the trader themselves via smartphone, or PC.
Overall, it is very important for any trader to be familiar with all these trading tools. Using a combination of these tools would ensure that the trader never (well almost) misses any movement in the stock market, thus helping them to maximize their returns.
In case, you are looking to perform trading but do not know which stockbroker suits the best for you, just fill in your details below: