The financial market has helped investors change their trading and investing strategies. Online trading apps and demat accounts are the most significant innovations in the financial industry. Technological advancements have made trading apps more accessible to a broader public, with features such as brokerage calculators and intraday trading.
What is Intraday Trading?
Intraday, or day trading, is a method through which investors buy and sell stocks on the same day. Investors do not maintain their positions overnight to profit from short-term price changes. They monitor market sentiment and utilise technical tools to make quick trading decisions. Unlike long-term investing, intraday traders do not hold their investments overnight.
Suppose you are also an investor looking to diversify your investment portfolio. In that case, the market is flourishing with the mobile trading app that can seamlessly help you make investments at your fingertip.
Characteristics of a Good Intraday Stock Screener
Several intraday stock screeners are available, each with features, functions, and benefits. However, not all trading applications are suitable for intraday trading. Some are designed for long-term investors, while others are more appropriate for swing or position traders. As a result, you must choose an app specifically designed for intraday trading that meets your individual needs and preferences.
Below are the features a trading app should have to help investors decide on the best trading app in India:
- Stock Diversification
Trading applications should cover many stocks from different sectors, industries, market capitalisations, and exchanges.
- Offers Real-Time Updates
Mobile trading apps should offer real-time or near-real-time updates, as intraday trading requires fast and accurate information for growth.
- Provides Variety of Filters
Stock trading apps should provide a variety of filters and parameters to allow investors to customise their screening criteria, such as trend, price, volume, momentum, volatility, support, resistance, breakout, and more.
- User-Friendly Interface
Trading apps should have a user-friendly interface that allows investors to easily access, view, and analyse the screening results, such as charts, tables, and graphs.
- Provides Additional Tools
Stock market apps should provide additional features and tools to enhance trader’s intraday investment experiences, such as alerts, notifications, watchlists, backtesting, etc.
How to Use Intraday Stock Apps Effectively and Efficiently
Intraday applications help investors select stocks for intraday and short-term swing trading using various price actions and other technical parameters. Here are some tips and tricks to help you choose intraday stock screeners effectively and efficiently.
- Plan your Strategy in Advance
Plan your trading goals, styles, and risk appetite before using a stock screener. This will help you choose the right filter and parameters to match your trading criteria and preferences.
- Use Multiple Filters
Using multiple filters and parameters can help you narrow your screening results and find the best stocks for intraday trading. However, excessive filter use may limit your screening results and exclude some potential trading opportunities.
- Use Different Filters
Different filters and parameters, such as price, volume, volatility, trend, momentum, indicators, and patterns, can help you find stocks with different characteristics and behaviours, diversify your trading portfolio, and reduce risk exposure.
- Use Predefined Screens
Predefined screens or pro screens find stocks that follow popular trading strategies, such as momentum monsters, value picks, growth gems, and more. These screens are based on proven and tested trading methods that can help you find profitable trading opportunities.
- Create Customised Screens
Creating and saving your custom screens for future use will help you save time and effort to find stocks that suit your unique trading style and goals.
- Review and Update
Regularly reviewing and updating screening criteria and results will help you monitor market movements, changes, and trends and adjust your trading strategy accordingly.
- Conduct Research Simultaneously
Do not depend entirely on stock trading apps to make trading decisions. Use trading apps to find and analyse the stocks for intraday trading, alongside doing your own research and due diligence before entering or exiting a trade, which is mandatory.
Conclusion
Intraday trading offers ways to make money in the financial market. However, it also involves many risks and challenges. To succeed as an intraday trader, investors need a trading strategy, good insight into the market, and the right tools and resources to execute their trades.
