Typically, a day trader executes both short and long deals within the same day. The majority of these transactions are conducted online. Online brokers facilitate the procedure. Profits and losses are contingent on intraday price fluctuations of financial instruments. It is doubtful that day traders will hold overnight positions. Nevertheless, there may be exceptions.
Is day trading a feasible employment choice?
The answer is affirmative. Half a million people in India make a living through day trading. Do you believe day trading is an easy method to earn money? Or you may believe it requires less effort than a typical job. Then, you are mistaken. Day trading as a profession requires patience. You must be capable of making reasonable decisions. You must also have extensive understanding of the stock market. A solid mental foundation is another advantage.
If you possess all of these characteristics, Day trading would be suitable for you. Do you want day trading to be your primary source of income? Then, you must comprehend the job’s advantages and disadvantages.
India’s Top Stock Trading Applications
Name Fees Platforms Language supported
Upstox
20 Rupees per order/ 2.25% Android and IOS English and Hindi
Zerodha
Rs. 20 per order/ 0.03% Android and IOS English, Hindi, Kannada, Telugu, Tamil, Punjabi, and many more
IIFL markets
Rs. 20 per Trade Android and IOS English
Angel Broking
20 or 0.25% per executed order Android and IOS English, Hindi, Marathi, Gujrati, and many more
Groww app
Rs. 20 per order/ 0.05% Android and IOS English
ICICI Direct
Rs. 25 per order Android and IOS English, Hindi, Marathi, Punjabi, Telugu
Sharekhan
0.50% Android and IOS English
FYERS markets
Rs. 20 per order Android and IOS English
Axis direct app
Rs. 10 per order/0.50% Android and IOS English, Hindi, Punjabi, Marathi, Tamil
Motilal Oswal trading app
0.50% Android and IOS English, Hindi
Edelweiss Mobile trader app
Rs. 10 per Trade Android and IOS English
1) Upstox
Upstox is a reliable trading platform that gives price alerts and comprehensive charts/analytics.
Upstox, formerly known as RKSV securities, is India’s premier bargain broker. Upstox is one of the most popular intraday trading applications. They are backed by prominent investors such as Mr. Ratan Tata.
Using price notifications and a variety of other features, Upstox enables users to track their success. Additionally, Upstox delivers timely and useful investment-related news updates.
Upstox offers many choices for trading stocks with an intuitive interface. You may trade equities, mutual funds, digital gold, and other assets. It provides comprehensive charts to assist you.
Features:
- The most efficient trading execution.
- Outstanding accessibility and usability.
- Real-time data streaming and news updates.
- Facilitates rapid trade executions
- Transaction costs are kept to a minimum.
- A limitless quantity of price notifications.
2) Zerodha
It is a user-friendly stock market application that gives good statistics in charts and performs trades swiftly.
Zerodha was the country’s first cheap broker. It went on to become India’s leading mobile trading platform. The application only displays the most useful and pertinent information to you.
Their superior capabilities help you to exclude and prioritize possible investment stocks. With data-rich charts and analytics, it is less difficult to analyze performance and make better decisions.
Zerodha is the top share market app in India for a number of reasons, including its tech-first strategy and substantial savings. More generally, the majority of Zerodha’s investments are commission-free. Customers adore the fact that they are not charged any commissions for assets kept for more than one day.
Features:
- Simple mobile trading applications
- Provides access to level 3 data or market depth level 20.
- India’s quickest, most trustworthy, and finest stock market applications.
- Multiple data-rich widgets are supported.
- Advanced filtering capabilities to list preferred stocks
- Charts including over 100 performance indicators.
3) IIFL Markets
The selected reason is that the IIFL Markers app is loaded with brilliant capabilities for technical analysis, price alerts, and outstanding customer service through WhatsApp.
Since 1995, India Infoline (IIFL) has been a highly esteemed, full-service best stock broker in India. Consider IIFL if you’re seeking for anything similar to research and suggestions.
The IIFL Markets app is one of India’s leading online trading platforms. It is a stunning stock market application that provides individualized assistance to each of its customers. IIFL “Buzz” offers consumers with the most recent market updates and vital investing information.
However, the IIFL Markets app is helpful for novices. Because it is the top trading software in India for providing quick and simple client assistance. They offer superior customer service by phone, WhatsApp, email, and other channels.
Features:
- Multiple support channels, including telephone, intelligent chatbot, WhatsApp, etc.
- Trade stocks, futures and options, currencies, and commodities.
- Free research reports on the top 500 BSE/NSE-listed businesses.
- Options chain functionality gives data and insights for futures and options traders to make better judgments.
- Price alerts and notification options are available.
- Create up to three separate 50-stock watchlists.
4) Angel Broking
Customers select Angel Broking because there are no commissions, and their premade portfolios are a boon for beginners.
The Angel broking app provides investors and businesspeople with time-saving features that make it one of the top trading applications in India. The application is loaded with unique features, such as an exceptional user interface and pre-built portfolios, that make trading on the stock market easier.
Angel broking has over 30 years of experience in the brokerage profession. They offer a variety of services to their clients, including brokerage, insurance, and mutual funds, among others.
The Angel brokerage app has reduced fees in accordance with the discount brokerage paradigm.
Features:
- There is no cost for transferring money.
- Analyze the industry using research conducted by specialists
- Assists in building a low-cost, high-quality portfolio using tiny examples.
- Allows for fractional investment
- Intraday charts and news, including real-time updates on the top gainers and losers.
- Also provides insurance and other services.
5) Groww App
Groww is one of the highest-rated online trading applications in India and allows you to establish a trading account for free.
Groww is a rapidly expanding brand that enables diverse commerce in India. In addition to traditional stock market trading, the Groww app provides access to gold, fixed deposits, and several other financial products.
This commission-free service makes this one of the finest investing apps in India the best app for the Indian stock market. In addition, the commission is invested in direct mutual funds, where agents do not get fees.
You can invest directly in mutual funds or participate in SIP (Systematic Investment Plans) with no fees or commissions. Additionally, you may track invested mutual funds.
The Groww app emphasizes simplicity and openness. Using the respective AMC, you may instantly redeem your collected mutual funds to your bank account.
Features:
- Supports investments in gold, fixed deposits, U.S. and domestic equities, mutual funds, and futures and options.
- Provides a built-in mutual funds calculator.
- Category-based filtering of stocks, mutual funds, and other assets.
- It has several charts, indicators, and other features.
- Complementary SIPs with no commissions are supported.
6) ICICI Direct
It offers a range of charts and other technical indicators, as well as heat maps for rapidly visualizing complicated data.
ICICI direct is one of the greatest trading applications in India, offering a variety of features such charting and reporting, grid view, top gainers and losers, etc. Investing in existing and new fund offerings (NFO) has been made absolutely hassle-free. They have assembled 37 AMCs.
Their goods and advice supported by research allow you to make an informed investing decision. It allows you to trade a wide variety of financial instruments. Customers of ICICI Bank may receive additional perks by utilizing ICICI Direct.
Features:
- Numerous customization options are available for the market watch.
- Numerous technical indicators and graphs.
- Heat maps to view complicated data quickly
- Simple and useful technical evaluation
- You may also create numerous watchlists, but you can only add up to 50 stocks to each.
- Instantaneous paperless account opening online
7) Sharekhan
It gives advanced charts for market research and unparalleled instruction for beginners.
Sharekhan’s over 20 million clients in India have access to superior tools and customer service. This trading application provides exceptional help for making more informed trading selections. Sharekhan offers its clients a diverse selection of products for portfolio diversification.
These managers are a boon for newbie investors since they impart invaluable expertise to aid you with your investing. In addition, their efficient and trustworthy market research and transfer tools make it a pleasant experience. The Sharekhan mobile app offers all of the most popular trading functions, including sophisticated charts, measurement tools, watchlists, etc.
Features:
- Utilizing advanced charts for market research.
- Managers give support, advice, and help.
- Research reports assist in decision-making.
- Wide variety of things for commerce.
- Simple money transfer service
- Options for advanced searching and filtering.
- Numerous charting possibilities paired with good analytical tools.
8) FYERS Markets
Reason chosen: The number of charts with 20 years or more of market data available to all clients in order to analyze the market and make smarter judgments.
FYERS is a Bangalore-based discount broker that, while starting a bit later than other discount brokers, produced one of the most impressive mobile trading apps.
FYERS has devoted its attention and resources to developing a top mobile trading app in India, which has aided its efforts to become India’s primary stockbroker.
This stock trading application permits unrestricted stock trading by traders. It has features such as watchlist accessibility and high-level security mechanisms. Therefore, it is regarded as the greatest trading app in India.
Features:
- Streaming quotes, charts, and trade execution are quick and dependable.
- More than 22 years of EOD data.
- Utilizing more than sixty technical indicators for market analysis.
9) Axis Direct App
Due to its outstanding user interface and technical and analytical features, this online trading application is suited for both novices and experts.
Axis Direct is a subsidiary of Axis Bank Ltd that provides a variety of financial products and services to retail consumers. A variety of loan techniques are available to consumers.
Axis Direct has more than 300,000 active customers. It has subscriptions to the NSE, BSE, MSEI, and MCX-SX and offers trading in numerous financial areas, including stock, currency trading, IPOs, etc.
This application has been created with the needs of frequent travelers in mind. Customers of Axis bank get an even better experience thanks to the bank’s great connections with Demat accounts.
Features:
- Voice instructions enable users to express commands that are then effectively executed.
- Streaming of the prices of various assets and news updates in real time.
- The application is replete with technical and analytic tools.
- Facilitates investments in equities, mutual funds, commodities, foreign exchange, etc.
- Outstanding for current Axis Bank clients.
- It gives extensive information on each IPO.
10) Motilal Oswal Trading app
Motilal Oswals allows you to trade gold without paperwork, making it one of the top trading applications in India.
Motilal Oswal is an additional notable stockbroker in India, having a robust network of branches and sub-brokers in over 1700 locations. They provide a vast array of goods, including stocks, mutual funds, life insurance, IPOs, and many more.
They invest a substantial portion of their money in research, and hence their research articles are regarded as excellent. Expertly crafted market analysis tools and educational resources are supplied.
Compared to bargain stockbrokers, this online trading program has significant commission rates, but it is the only one of its sort. It is designed for both novices and pros. Innovative artificial intelligence functions provide suggestions for enhancing your portfolio.
Features:
- Sell digital gold without documentation.
- You get access to market study studies compiled by professionals.
- There are educational materials for both novice and experienced traders.
- There is a stock scanner for scanning equities and commodities trading, as well as other assets you wish to monitor and trade.
- Utilize the ability to execute numerous orders with a single click.
- It presents an overview of orders, places, and constraints.
11) Edelweiss Broking
It supports several technical charting and allows you to create a custom watchlist, manage IPOs, and more with over twenty-three data-rich reports.
Edelweiss Broking Ltd is a Mumbai-based firm that offers financial services, brokerage services, and investment advice to over 5 lakh customers. Their knowledgeable staff, superior tools, customisable reports, dependable services, and numerous other attributes make it the top trading app in India.
The Edelweiss mobile trading app has a notable presence in mutual fund and stock market trading for regular investors.
Features:
- It allows you to follow 100 stocks with a personalized watchlist.
- Multiple technical charting, over 80 technical indicators, and sketching tools are supported.
- Directly supports mutual fund investments in addition to standard schemes.
- A section devoted to IPOs lists all forthcoming offerings.
- Access to over 23 reports, including transaction, P&L, and other statements.
- The research team delivers research recommendations for equities, currencies, and other derivatives.
What Risks Are Involved In Day Trading?
Online day trading has the potential to introduce behavioral problems. There are few here.
- Perhaps the greatest risk is the possibility for addiction. The Internet facilitates commerce. This may entice you to trade more than is sensible or required. This is the primary motivation for day trading, which would be impossible without internet trading.
- The profitability of day trading is subject to discussion. However, it earns a substantial amount of trading costs. This is beneficial for brokerage houses but detrimental for traders. Frequent trading can lead investor earnings to be eroded by a high number of minor fees, the sort that do not first appear to be dangerous. However, excessive trading can significantly lower the return on investment over time.
- Another important risk is that online trading, like virtually everything else on the web, is deceptively simple. It may lead you to underestimate the hazards associated with your financial endeavors.
- Ultimately, the quality of your investments, not the simplicity of trading, will determine your investment success. The speed and convenience of online trading may encourage you to disregard crucial research in favor of the apparent chase of rapid rewards.
- These are not the kinds of issues that powerful firewalls or passcodes can fix. They demand a good understanding of the dangers associated with internet trading, a dedication to financial fundamentals, and a healthy dosage of self-discipline.
What Qualities Are Necessary for Novice Day Traders to Succeed?
As a day trader, it is necessary to understand the basics of day trading. But what is even more crucial for taking prudent risks is having a balanced perspective of the market. Here are the top characteristics of profitable intraday traders:
Understanding of Market Fundamentals
Before placing your first transaction, you must have a thorough understanding of the market. Internet-based stock suggestions are widely accessible, but you should not blindly rely on them. Try reading some books and advice to grasp the fundamentals of stock investing. Also, keep an eye on the most recent news because unfavorable news can often prompt widespread selling or frantic purchasing.
Invest a Decent Capital
It is prudent to invest just what you can afford to lose in the market. However, information might help you accomplish the opposite result. Typically, inexperienced traders begin the market with less capital. However, inadequate cash may also cause you to take greater risks. With a large amount of wealth, you may diversify your risks and earn modest rewards. Multiple little gains might lead to a huge profit margin if your capital is substantial.
Backtest Your Approach
As a day trader, you may apply several tactics, but not all of them will be effective. Consequently, it is prudent to devise a plan that works in all market situations and adhere to it – consistency is the key. A trader with perseverance and self-discipline may navigate both favorable and unfavorable market situations to generate consistent gains. Also, maintain the stop loss in place at all times to safeguard your cash.
The Footnote
Day trading is an art like any other. However, if you have the necessary expertise and experience, you may do the work like a pro. We hope our day trading tutorial has given you the confidence to test your abilities and take on the challenge.