POP test! Answer these questions.
1. You spend more time with your computer than with your best friend.
2. You like calling the shots.
3. You trade more than twice a week.
4. You believe trees must be saved and support a paperless world.
5. You have close to perfect power supply.
If you answered yes to all, you have a perfect career option.
Welcome to the world of online trading. A world where you buy and sell shares online. This trend is fast spreading among stock market investors today.
Millions of people are making their millions sitting at home. And all it needs? A click or two. You can buy shares and transfer them to your demat account. Another click, and you can sell them at a solid profit and put the cash in the bank.
Earlier, you had to call your broker, place your buying/ selling orders over the phone, sign cheques and wait for money transfers.
Online trading frees you from constant calls to the broker, long queues for transacting and maintaining paperwork. Online trading is a thing of the future," says market expert Yogesh Chabria. "Even if you are travelling and have Net access, it is cheaper to trade on the Internet than to make a long distance call to instruct your broker."
Forty-two year old Prakash Manghani is a full-time online trader and eats, drinks and lives stocks 24x7. From Monday to Friday, he is glued to his computer screen, tracking every turn of the market and his stocks.
He says, "I have been trading for over a year now and read the market well. I like the control and independence I get through the online trading system. I can't imagine trading without it."
But Hiren Patel, 26, a software professional, still prefers to call his broker to place an order, "I prefer the personal touch over trading on the computer. I usually trade a few times over a month, so I am more comfortable talking to someone I know for advice, before I take a call rather than just click and regret the decision."
Online trading entails:
i. Full control over trading decisions.
ii. The advantage of speed.
iii. Saving trees through paperless transactions.
iv. Real time payment settlement.
But online trading also means:
i. A high degree of comfort factor with the computer.
ii. Technical snags, which could spoil the party.
iii. No personal touch.
iv. Absence of advice/ assistance.
v. You are at the mercy of the power supply.
Online trading is here to stay, and could be the future of trading. Today, it is through your computer. But, tomorrow, it could be through your mobile phone. The faster you get down to embracing technology, the better for you.
Photograph: Kapildeo Singh
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