Planning to start trading - Please help in selecting online trading site (sharekhan)

#1
Hi Friends,

I am absolutely new to trading. Just planning to start doing it with a good online trading facility.

Just came to know about shareKhan. I have heard that they are best in the industry. But I am not sure how they actually works as they do not offer 3 in 1 account.
Then does it mean that I have to link my savings account with sharekhan and everytime I do a transaction in tradetiger then they would directly deduct money from my account. Not sure how it will actually work.

Request all of you to please explain.

Thanks,
Gaurav
 

DSM

Well-Known Member
#2
Re: Planning to start trading - Please help in selecting online trading site (sharekh

Other things apart, remember in trading, brokerage is a big component of cost. You should be able to quickly close the trade, if it is not working out to your liking, which again includes brokerage+taxes. Hence, besides strategy, focus on getting the cheapest brokerage. Discount brokers are the best - providing 9 or 20 rs. per executed order. Unfortunately, though Sharekhan has good trading/charting terminal, the brokerage for trading is too high and not practical. So do your own research.

On your question, no broker will allow you to trade without adequate capital. It means you must deposit money into your account with the broker before you can trade.

Good luck.


Hi Friends,

I am absolutely new to trading. Just planning to start doing it with a good online trading facility.

Just came to know about shareKhan. I have heard that they are best in the industry. But I am not sure how they actually works as they do not offer 3 in 1 account.

Then does it mean that I have to link my savings account with sharekhan and everytime I do a transaction in tradetiger then they would directly deduct money from my account. Not sure how it will actually work.

Request all of you to please explain.

Thanks,
Gaurav
 
#3
Re: Planning to start trading - Please help in selecting online trading site (sharekh

Thank you DSM, for bringing these facts in my knowledge. Request you to please spare few mins to answer my doubts:

So u mean to say, I need to deposit money into my trading account and then I can buy shares using that fund and the shares would be stored in my demat account.

Dobut: When I decide to sell the shares, the gross profit will be stored in the trading account. How will I transfer that amount to my bank account? I need to link my SF account with trading account, right?

Also, please feel free to share as much knowledge as you can.

Thanks a ton !!

Other things apart, remember in trading, brokerage is a big component of cost. You should be able to quickly close the trade, if it is not working out to your liking, which again includes brokerage+taxes. Hence, besides strategy, focus on getting the cheapest brokerage. Discount brokers are the best - providing 9 or 20 rs. per executed order. Unfortunately, though Sharekhan has good trading/charting terminal, the brokerage for trading is too high and not practical. So do your own research.

On your question, no broker will allow you to trade without adequate capital. It means you must deposit money into your account with the broker before you can trade.

Good luck.
 
#4
Re: Planning to start trading - Please help in selecting online trading site (sharekh

before trading
1. select the right type of brokerage depending upon your style of trading.
2. learn all the charges he charges.(many charges are there like STT,service tax, stamp duty etc)
3. Trade plans will be yours or the brokers
4. who will do the trading self or broker
5. if broker take care that your a/c is not overtraded
6.check your statements whenever you trade
As you said transfer of money from trading a/c will be done on your instruction by the broker
 

DSM

Well-Known Member
#5
Re: Planning to start trading - Please help in selecting online trading site (sharekh

1. Yes, you need to have funds into your account before you can place buy order - especially if you are taking delivery. Else, you will have to square off your trade (irrespective if it is in profit or loss) before end of day.

2. You can request your broker to transfer the funds. But don't worry about these initially. Don't mean to discourage you, but the reality is that most traders end up funding and then topping up their account balance in the initial years of trading.

3. There is a lot of stuff on TJ that you can read. But these are like truisms that we know, but don't follow. One may believe in the sayings e.g Well begun is half done or Haste makes waste or A stitch in time saves nine. But what these have little relevance unless practiced. So suggest that whatever you like on TJ, write it down and condense into your 10 principals of trading. Have a WRITTEN trading strategy, WRITTEN money management plan etc. And then FOLLOW it. This will help you start off well.

Good luck.

Thank you DSM, for bringing these facts in my knowledge. Request you to please spare few mins to answer my doubts:

So u mean to say, I need to deposit money into my trading account and then I can buy shares using that fund and the shares would be stored in my demat account.

Dobut: When I decide to sell the shares, the gross profit will be stored in the trading account. How will I transfer that amount to my bank account? I need to link my SF account with trading account, right?

Also, please feel free to share as much knowledge as you can.

Thanks a ton !!
 
#8
Re: Planning to start trading - Please help in selecting online trading site (sharekh

For a beginner sharekhan is actually quite good, in my opinion its the best. Once You get a good idea of how to trade over a year or so then you can look around for other brokerages which can charge you lower commissions. Initially brokerage will not be much of a concern rather how to profitably trade should be. Sharekhan will even renegotiate with you for lower prices as they did with me. I re-negotiated lower prices with my Account Manager recently and there is a trust and brand factor with them. I have heard many horror stories of dishonest brokers who trap the traders money so i say go with sharekhan initially. Later you will be wise enough to choose for yourself.
 

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