When covid struck the world in 2019, it shook the financial markets. However, even after the economic blows, the stock market has now gained a secured grip with BSE Sensex reaching an all-time high of 63,284 in December this year. This has made thousands of investors and traders interested in stock trading online.
If you are also one of them, you’ve come to the right place! In this article, we’ll tell you how you can open free demat account and start stock trading online in 5 simple steps.
1. Enhance Your Knowledge and Skill Set
Do you have a sound knowledge of stocks and how the market works? If not, don’t worry. You can gain knowledge and use that knowledge to build up your trades. You can start this process by reading stock market-related books.
You can also learn from a professional or a mentor to learn about stock trading online. The ideal way would be to enroll yourself in an online stock trading course so that you can learn to analyze the market. This will strengthen your basics to start your journey in the stock market.
2. Open a Demat Account
Nowadays, with the presence of so many trading platforms, opening a Demat account has become so simple. You need to open a Demat account to store your stocks.
You will need to provide your identity and address proof along with details on the bank account for opening a Demat account. An important thing here is to search for Demat accounts available in the market to get the best deal.
3. Search for a Stock Broker
Finding a stock broker is crucial as brokers play an important role in getting a trading account opened. You need a trading account to trade stocks in the market.
At the time of choosing a stockbroker, make sure to check the charges of opening and maintaining the account. Charges can vary for different brokers. Also, you must ask the broker about the services that they offer. This will help in deciding if they are charging a reasonable amount of brokerage or not.
While choosing a stock broker, ensure to check their background and reputation. For this, you can search for reviews online. You need to also check if they’ll be available to help you with your queries at your convenience.
4. Add Money to Your Account
Before you start trading, you’ll need some money in your trading account. For this, you can use any of the payment gateways or UPI/NEFT/RTGS service. You can also pay by margin check or direct deposit the same. This will enable you to purchase shares.
Once you sell your share, you can also withdraw funds to your bank account. For this, you will need to connect your bank account.
5. Scroll Stock Market Feed and Start Investing
Once the money is added to your account, you can use the trading platform to pick stocks you want to trade in. It is crucial that to start trading, you have the required knowledge of the stock market. You also need to stay updated with the stock market news to make trading decisions accordingly.
If you feel you have the required knowledge and a solid plan, then you are ready to trade online. Start with a small amount and gradually increase it as you get a pace.
Conclusion
Online stock trading is easy if you master it. However, that requires patience and dedication. In the blog, we have mentioned five simple steps using which you can start your trading journey. The key lies in trusting the process and trading at your own pace.
Photo by Pixabay: https://www.pexels.com/photo/stock-exchange-board-210607/
