How to do stock trading using online trading Apps
If you have an online trading account, it is possible to access your internet trading interface through your smart phone. Most smart phones have a screen that is large enough to be able to read research ideas and transact. However, the internet trading screen is created to cater to a normal PC or laptop screen. Hence, you may find the smart phone screen slightly unwieldy to access the full-fledged internet site. The other option is to download a trading app.
Trading app is short for trading application. It is a small program that can be downloaded from the Apple store or the Android play store, depending on which mobile phone you use. Here are the steps you need to following to start using the trading application.
Download the app on to your mobile phone
As stated earlier, most online trading platforms today offer the facility to download the app for Apple and for Android. You can either follow the link provided in your broker website or you can just go to the store and search for the name of the broker. Normally, the trading application has size of less than 25MB to enable easy download on all types of connections. Most brokers take that additional effort to optimise the app so as to make it as light and user friendly as possible. Trading apps are nothing but small programs that can be downloaded on to your smart phone hardware by clicking on the link provided.
Run the application and authorise with your username and password
Once you double click on the app, it automatically downloads and then intimates you when the download is completed. After that, you just need to run the app based on a menu driven button. Once the app is downloaded, you can choose to place the icon on your desktop or in a specified folder for easy access. Once the app is opened on your mobile, you will have to authenticate with your username and password, which you have set in your internet trading interface. Remember that the app is unique to your phone and to your mobile number and hence you will have to authenticate with a one-time OTP. Subsequent access to the app will be based on dual-level authentication.
Ensure to use a secured connection for the trading app
This is an additional level of safety you need to follow. You can use your existing mobile connection, which is secured anyways. Alternatively, if you have a private wi-fi at home, then you can use the private wi-fi to access your app. A couple of points to be noted are that you must never use the app over public wi-fi systems at airports / malls etc. Similarly, avoid opening your internet trading account at a cyber café or in any public place where your passwords can be easily stolen. Avoid downloading unnecessary software on your mobile phone as it may endanger your phone security and encourage phishing.
Get familiar with the mobile app interface and flow
This is a very important step. Broadly, the process flow of a mobile app is the same as the internet platform. However, you will find that it takes some time for you to get familiar with the new interface. This interface of the app looks different because it has been created with a mobile phone interface in mind. A good way to test the app is to place small orders at first and test the full process flow like order placement, order book checking, order modification, trade book verification, portfolio upload etc. Once you get familiar with the full process flow, you can start trading your normal size trading on the mobile app.
Create an app plan for your trading
What exactly does an app plan mean? For example, if you want to use complex technical charts or ready elaborate reports, then the app interface may not work for you. That would require a more expansive PC or laptop screen to be effective. However, for regular trading based on news, research calls and technical recommendations, apps are the perfect platform. Apps have an added advantage in the sense that they offer seamless call to action. The apps of most of the reputed brokers are designed in such a way as to take you from research to ideas tot action in less than 5 clicks. That is where apps work best.
The big merit in an app is that it becomes an anytime / anywhere platform. You can trade as you are travelling in a car or train and you can act on opportunities with alacrity. That is what sets the app apart.
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