Day trading platform in India - Start Trading: Sign Up, Sign In

If we classify investment methods by duration, there are three main groups: long-term investing, medium-term investing and short-term trading.

While long-term and medium-term investing can be classed as classic options, short-term trading differs in its nature and methods.

The short-term trading method differs in that all positions are opened and closed on the same day. Therefore, Short-term trading is better known to everyone as day trading, or else it is often referred to as intraday trading.

What are the methods of day trading? Who is a day trader and what qualities should he possess? What is a trading platform for day trading, and what functions should it have? In this review, we will examine these issues in detail, focusing on the topic of the day trading platform. So, the topic of today's review is a day trading platform in India.

Day trading platform in India
Day trading platform in India

Day trading

Day trading is the name given to exchange trades, that is, purchases and sales of assets that are made during the day (as opposed to regular trading). These are positions that are opened or bought and then closed or sold after only a few hours, minutes or even seconds.

It is important to have a trading strategy that you are comfortable with when you start trading. One of the biggest mistakes a beginner makes is not having a clear trading strategy.

Here are some basic strategies for day trading:

  • Trend trading means buying when securities prices are rising or short selling when securities are falling in value. Trend trading is done under the assumption that prices will continue to rise or fall.
  • Scalping is a style of trading in which a trader uses small changes in price to make a profit. This strategy is implemented by quickly entering and exiting a location within minutes or even seconds.
  • Trading on the news occurs when a trader buys based on positive news, or sells when there is bad news. This can lead to higher volatility and create opportunities with higher profits or losses.
News feed on the platform
News feed on the platform
  • Contrarian investing is a trading strategy in which some traders intentionally go against current market trends, buying financial instruments when others are selling and selling when most others are buying.

Day trading is mainly done with high-risk financial instruments, such as CFDs, so this type of investment is very risky. All this is only for experienced investors who know what they are doing and can assess the risk correctly.

Day Trader

Day trading offers disproportionate profit opportunities, but the risks are much higher than in conventional investments. Remember that you can lose all the capital you have invested, especially if you do not follow some of the basic rules. Day trading, of course, is not for everyone. What should a day trader be like?

Firstly, you have to remember that trading is not gambling. Anyone who sees day trading as a way to get rich quick and easy will sooner or later start gambling, not trading is a sure way to go bust. You should know that day trading can be just as much work as any other. Even if you go deep into the subject, it will take you some time to really understand how the business works. Once you see it as "gambling" and a big game of roulette, you should close your account and save your money. But with patience and diligence almost anyone can learn intraday trading.

Start by learning. Modern online trading platforms offer entire sections for learning, with video tutorials and clear examples.

A day trader should always be "on": focused, attentive, calm. The difficulty of intraday trading is in instant market movements, sometimes even in a split second. A trader has to be ready for such changes. The main thing here is concentration and the ability to keep the strategy in cold blood.

Day trader should know technical analysis, because with help of indicators for technical analysis market trends can be clearly defined.

It is also important to be a stress-resistant trader and be able to make quick and clear decisions without panic. The peculiarity of the day trader's work is increased psychological pressure. Too high price for mistakes in combination with very dynamic variability of the result leads to the fact that most traders who have entered day trading quickly become disappointed in this work.

Nor should the possibility of addiction be underestimated. Like gambling addiction, speculation in securities can lead people into bankruptcy. In addition, there is a transaction fee on every purchase and sale, which can amount to a considerable sum if the number of transactions is large. These costs must be earned in addition to possible losses.

Therefore, a day trader is, above all, a person who is willing to learn, willing to take moderate risks, motivated but also cautious, stress-resistant and sufficiently disciplined.

Some transactions may only last a few seconds
Some transactions may only last a few seconds

Platform

The Day Trading Platform is a software developed by the company to enable you to carry out all of your trading needs over the internet. With the online trading platform you can open and close trading positions, follow market news, and monitor charts of asset price movements directly from your laptop or even your phone.

Why is the daily trading platform a separate topic? Because an online platform for day trading requires a number of special features and tools, which allow traders to start day trading. 

What are these features? Besides easy and clear registration, easy deposits and demo accounts, it is important to have stop-orders to secure your trades, as well as indicators for technical analysis, which are especially important for day trading. We have found a platform that meets all these requirements and consider it the best online platform for day trading in India. Below we tell you what points are important and should be considered when choosing such a platform.

Day trading platform
Day trading platform

Easy and fast registration

It is very important for traders, especially for beginners, that the difficulty of understanding the trading process is not compounded by technical difficulties in registering and making transactions. The platform developers understand this, so registration on the platform is an easy process that takes only a few minutes and does not require any special knowledge or skills. To register on the platform, follow these simple steps :

  •  Visit the broker's official website and find there the "register" option;
  • Click on the "register" option and fill in the registration form with your name and email;
  • Click on the button "create account";
  • Go to the specified e-mail and open the automatic email received from the system with a link to confirm the registration. Click on the link provided.

Once your registration is confirmed your account is ready to use. Later on when you will be using the platform and you will need to withdraw money from your account, or the transaction amount will be too high, the system may ask you for additional verification details. This is done for the security and safety of your funds. In this case you should follow the prompts of the system (e.g. "make a scanned copy of your ID" or "turn on the camera for photo verification" etc.).

Registration on the platform
Registration on the platform

The possibility of opening a demo account

An important distinction of quality and reliable online trading platform is a demo account. This account is designed to conduct test operations on the platform. It fully copies the functionality and the way of use of the real account, but differs in the fact that the funds on it are fictitious, and it is impossible to withdraw them. On a demo account you will have access to a dummy $10,000, which you can use without any fear or risk for different operations. This way you will practice and gain experience, but there is no risk of losing your own funds. The amount of dummy funds can be resumed an unlimited number of times, if necessary. There is no time limit for using the account either.

Ability to open a demo account for training
Ability to open a demo account for training

Convenient depositing options

You can activate the real account by depositing it with not less than $10. The platform we are considering offers simple and convenient depositing methods. Click "Deposit" and the system will redirect you to the payment page. Choose your preferred method of payment, which could be by card or through one of the payment systems. The funds are credited instantly. With these payment methods you can also withdraw money from your account. The minimum withdrawal amount is $2.

Deposit replenishment options
Deposit replenishment options

Financial Markets

Which financial markets and assets do day traders prefer? Traders mainly trade derivatives such as futures, options or CFDs. The name of these securities comes from the fact that they are based on a certain underlying value (derivate = derivative). Day traders are less likely to use equities as they require more equity. Most intraday traders are active in the currency market (Forex market). If for example the news reports that the euro went up against the dollar, this is a special market for currency pairs. It is characterised by very high volumes and is traded 24/7. Due to its high liquidity the Forex market is the most efficient financial market in the world. In other words, assets with high trading volume and volatility are popular. Apart from Forex, popular markets for day trading include commodities, metals, cryptocurrencies, ETFs (Exchange Traded Funds) and stocks.

The platform offers a wide range of financial instruments for day trading, as well as the possibility of trading derivatives and the use of a multiplier in trading to enable leverage.

Trading tools

Day trading is a dynamic and complex process that requires a high degree of self-organization, concentration and focus. Modern tools, such as stop orders and technical analysis indicators, help the day trader in trading. Thanks to these technical tools inherent in the platform, you can to some extent protect your trades as well as analyse market trends.

Indicators

Day-trading strategies usually employ one of two approaches: overcoming the spread or identifying short-term trends. The spread is the difference between what is offered for a share (offer) and the price that is asked for a share (price). Spread trading tries again and again to buy at the price and sell at the ask. Spread traders can make hundreds or even thousands of these trades every day. With the advent of spreads as low as one cent, spread trading has become much less profitable than it used to be.

In general, in order to identify short-term trends or swing trades, you need to follow technical indicators to indicate when a trend might start or end. 

Technical indicators are mathematical simplifications of market movements which give some traders some idea of the future direction of the market. 

Trading on fluctuations requires a much smaller number of trades than trading on spreads, with the expectation that trading on fluctuations will bring more profit than one would expect from successful spread trading. You will find almost all known technical analysis indicators on the platform. The platform settings allow you to use a single indicator, or several indicators at the same time. This is very convenient and is a definite plus when choosing a platform for day trading.

Indicators for technical analysis
Indicators for technical analysis

Stop orders

Day trading is an activity that is associated with a significant risk of losing money. Therefore, being able to limit your losses is extremely important. You must control your risk. Options for risk management include:

  • Determining the maximum amount you can risk. Never risk more than 1% of your trading balance in a single trade, which is a proven rule of thumb in day trading.
  • Using a stop loss is an effective way to limit losses on a position in a security. A stop loss can be placed above the current high for short positions or below the current low for long positions. The principle behind the stop loss function is to set a transaction limit, upon reaching which the position will be automatically closed. The stop loss feature helps you avoid large losses if the trader goes out of business and does not see the price change.

On the platform we are looking at, you will find the stop loss feature in the left hand panel - it is easy to use and thanks to the handy menu it is easy to set the stop loss limit.

Using Stop Loss
Using Stop Loss

Principles for successful day trading

Despite all the accessibility of the platform, which lies in the ease of registration, the available limit amounts and the ease of use of the platform, day trading is a complex process.

Statistically, 80-90% of day traders go bust. Why is this the case? The reason is that many people act at random, perceiving day trading as a game of chance. In fact, this is not the case. Trading, including day trading, is a whole science, which requires knowledge of how the investment market works, an analytical mindset, developing a trading strategy, tracking market trends, and so on.

The main reasons for failures in day trading are:

  •  Lack of experience. Many people think that if using an online platform is so easy and any asset can be bought with one click, then there is nothing complicated about the trading process itself. Disappointment comes quickly: when the account balance goes down, the trader realizes how little he knows about the market mechanics and trading strategies. Like any profession, trading requires training and time to learn.
  • Lack of capital: Because of the high leverage offered by some brokers, many beginners may come to the delusion that they can live comfortably with a trading capital of 10,000 Euros or less. This is why they take big risks in order to earn the monthly income they need. This is a surefire way to arrive at losses.
  • Lack of discipline: this is probably the main reason why traders fail. Many people try to get "their" money back after losing, to increase their bets and to switch from trading to gambling in the markets.
  • No trading plan: Would you invest thousands of Euros in a company that has no business plan? Then why do many traders think it is not necessary? A trading plan lists all strategies for market events and defines your risk and money management strategy. Many traders save themselves from this problem and do not consider a trading plan, which often leads to disastrous results.

All of these points can be avoided and you can trade profitably. To do so, learn the basics, strategies and follow the latest market news. Do not treat trading as a game of chance, but as a job. Create a trading plan, hone your strategy with a demo account, learn the basics of investing and trading techniques - you will find lessons and useful articles both on the platform itself and on external resources (of course, choose trusted sources of information).

Try opening a free demo account today and dive into the exciting world of day trading on the best day trading platform in India!

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