Planning to start day trading? Looking for some help with your day trading?
You’re in the right place.
In this article, we will tell you about the best day trading app in India and how it can help you in intraday trading.
But before that, let us take a look at some aspects of day trading.
What is day trading?
Intraday trading or day trading refers to the trading style where a trader buys and sells stocks of the same company within the same day. The positions are not kept open overnight. It is most commonly used to trade highly volatile instruments such as stocks or foreign exchange.
If done properly, day trading can be very profitable. It is also a lucrative career option. However, it is in no way easy. It requires an immense amount of expertise and certain kinds of skills, which we have discussed in the next section.
How to achieve success in day trading?
Not everyone can be a day trader. Day traders need specialized skills as well as the requisite tools to achieve success in the market.
Let us take a look at a few of these tools….
1. Technical support: The market offers innumerable opportunities to trade every day. Thousands of shares trade in the market, with their prices moving up and down during a trading day. Choosing what to trade and what not is the primary task while day trading.
Herein lies the importance of technical support. A day trader must have access to different kinds of technical tools (such as price charts, candlestick patterns) which can help them analyze and predict price movements.
2. Market data and news: Another essential factor. We all know any event of substantial nature can have a significant effect on financial markets. For example, on February 24, 2022, Russia started its special military operations in Ukraine. The BSE Sensex closed almost 3000 points down on the same day. The situation was similar for all other global indices.
This kind of movement can have a significant impact on day trading. These can either be a great opportunity or result in substantial losses for any day trader. Hence, day traders must have ready access to news and events happening across the globe.
3. Access to readymade strategies: Any kind of trading requires a trading strategy. The same holds true for day trading as well. However, not all day traders are experienced enough to prepare their own strategy. Hence, having access to readymade strategies can be very beneficial.
If you are a day trader, ensure that the app or website you are using to assist in your day trading provides all of the above features.
StockEdge – the best app for intraday trading
Now we will talk about the point in the discussion – how can StockEdge help you in your day trading.
StockEdge is one of the premium trading apps in India offering a range of benefits regarding stock trading and mutual funds investing to all users.
Day traders can get benefitted in various ways by using this app. Here are 5 most important out of them:
1. End-to-end data scans
Data is gold for a day trader. The StockEdge app conducts innumerable scans to provide a range of analyses to users. From basic scans available in the StockEdge free plan to advanced and combination scans available with the StockEdge premium membership, this best trading app for day trading has something for everyone.
Advanced and combination scans include technical scans such as ATR scans, EMA, MACD, ADX scans as well as more than 40 fundamental scans which can help a trader choose the right kind of stock to day trade. Combination scans combine one or more fundamental and technical scans to generate a list of stocks for a given parameter.
2. 360° stock analysis
The StockEdge app provides comprehensive stock analysis from fundamental and technical perspectives. You can access charts, get updates and information on various aspects such as deliveries, technical and fundamental information, financial information, and much more.
3. A range of charts
StockEdge offers a range of charts for traders of different expertise levels. You can access candlesticks charts, bar, and line charts, and superimpose indicators on them to derive conclusions such as support and resistance levels, price rebound levels, and more.
StockEdge also has a unique charting tool named ‘Interactive Edgechart’ through which you can plot candlesticks, OHLC, end-of-day technical indicators, and fundamental parameters. You can also draw trend lines to understand the price movements expected during a trading day.
4. Updates on news and events
One news can change the direction of the market completely within a few seconds. Such drastic change can be a great opportunity for a day trader. However, the most important thing is to know why the market direction changed, what caused it and how soon is it expected to rebound.
StockEdge provides such updates to users. Day traders can stay on top of the latest happenings in the market through this app. Not only this, but the app also provides updates about announcements from big corporate houses, political and economic events, and all other such incidents which can have a positive or negative impact on the market – one of the reasons why it is considered the best day trading app in India.
5. Ready-made trading strategies
The app has pre-loaded day trading strategies that day traders can apply during their trading. These strategies are designed by the StockEdge analyst team by conducting multiple scans. They are tried and tested in the market so that day traders can focus on identifying quick trading opportunities rather than spending their time designing their own strategies.
Apart from the features discussed above, this best app for intraday trading offers a range of benefits to support all kinds of trading styles as well as mutual fund investment. From theme-based stock lists to accessing portfolios of big and experienced traders, the StockEdge app is your trading assistant for all your trading needs.