Indeed day trading is one of the most challenging activities in recent days. Whether it is about purchasing significant stocks and trading them on the very same day or generating a considerable amount of income from the little fluctuations in stock rates within a timeframe of 6 hours, day trading can turn out to be a complicated job. In the previous period, there were no day trading tools accessible to standard investors. However, with the advancement in technology today, using online day trading tools through the internet can make your task much easier. So do you want to get rid of the common day trading mistakes? Let’s have a look at some tips to avoid the unwanted issues:

  • Prepare an Appropriate Business Strategy

Similar to the general income-generating enterprises, day trading is considered to be a business venture that requires proper planning and strategies. Basically, you won’t require a lot of investment to start with day trading. All that you need is to get a PC/laptop and a speedy internet connection. Prior to commencing your trading journey, it is vital to have a quick overview of day trading, how it is conducted, the key points, and other crucial aspects.

What’s more? Thanks to the modern technology that allows you to practice stock trading without needing to invest any funds. Yes, you read it right! you just need to search an appropriate platform that facilitates cost-free trading for beginners. This will aid you to get a brief idea on how does the buying and selling of stocks actually processed? What amount of income can you expect to gain by selling a specific number of stocks? In short, it can give you an adequate knowledge about day-trading.

  • Don’t Change Your Trading Strategies Frequently

Research suggests that no one ever had an absolutely perfect experience in day trading. This is because the price of the stock keeps fluctuating. While you can enjoy an abrupt rise in the stock rates, there is the equal possibility of undergoing losses. But whatever the circumstances are, you should aim to stick to the plan you’ve already build. Oftentimes, people alter or modify their strategies just because they couldn’t bear the loss. Changing the business strategies works well only if there is an oscillation in market dynamics. However, the same doesn’t seem to be a precise approach to gaining maximum profit.

  • Always Go Through the Current Stock News

In order to perform better in your day-to-day financial markets, it is crucial to have a check on the stock market news regularly. The financial news is often based on the recent stock market state of your region. Fortunately, there exists a host of financial news websites that can help you ascertain any modification made in respect to the day trading market.

  • Make a Post Trading Analysis and Maintain a Journal

After the successful accomplishment of your day trading, you should examine your trades to evaluate which trades were more profitable? How well did you follow your business strategies? Are your day-trading plans relevant to the present-day stock market state? Are you adapting to the changing market traits? In addition to conducting a proper analysis of your day-trade, you should aim to record the same in a journal to preserve it for future utilization. You believe it or not, but preparing a trading journal is the best possible technique to analyze your previous failures and successes.

So these were some essential tactics that can help you avoid day-trading mistakes. Though these approaches do not guarantee a stable income or quick earnings, following the listed tips can aid you to prevent the occurrence of unnecessary mistakes that can ruin your day-trading task

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It is, therefore, important to learn both the pros and cons of intraday trading to get a better idea of how this market works and how exactly you can grow your money. In this post, we will walk you through a few advantages and disadvantages of intraday trading. So, keep reading to learn more.

• Beware of fixed/guaranteed/regular returns/ capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
• Ensure that pay-out of funds/securities is received in your account within 1 working day from the date of pay-out.
• Be careful while executing the PoA (Power of Attorney) – specify all the rights that the stock broker can exercise and timeframe for which PoA is valid. It may be noted that PoA is not a mandatory requirement as per SEBI / Exchanges.
• Register for online applications viz Speed-e and Easiest provided by Depositories for online delivery of securities as an alternative to PoA.

• Do not keep funds idle with the Stock Broker. Please note that your stock broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities, without any transaction on the exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms.

• Check the frequency of accounts settlement opted for. If you have opted for running account, please ensure that your broker settles your account and, in any case, not later than once in 90 days (or 30 days if you have opted for 30 days settlement). In case of declaration of trading member as defaulter, the claims of clients against such defaulter member would be subject to norms for eligibility of claims for compensation from IPF to the clients of the defaulter member. These norms are available on Exchange website at following link: NSE, MCX

• Brokers are not permitted to accept transfer of securities as margin. Securities offered as margin/ collateral MUST remain in the account of the client and can be pledged to the broker only by way of ‘margin pledge’, created in the Depository system. Clients are not permitted to place any securities with the broker or associate of the broker or authorized person of the broker for any reason. Broker can take securities belonging to clients only for settlement of securities sold by the client.

• Always keep your contact details viz. Mobile number/Email ID updated with the stock broker. Email and mobile number is mandatory and you must provide the same to your broker for updation in Exchange records. You must immediately take up the matter with Stock Broker/Exchange if you are not receiving the messages from Exchange/Depositories regularly.

• Don’t ignore any emails/SMSs received from the Exchange for trades done by you. Verify the same with the Contract notes/Statement of accounts received from your broker and report discrepancy, if any, to your broker in writing immediately and if the Stock Broker does not respond, please take this up with the Exchange/Depositories forthwith.

• Check messages sent by Exchanges on a weekly basis regarding funds and securities balances reported by the trading member, compare it with the weekly statement of account sent by broker and immediately raise a concern to the exchange if you notice a discrepancy.

• Please do not transfer funds, for the purposes of trading to anyone, including an authorized person or an associate of the broker, other than a SEBI registered Stock broker.

• Do not deal with unregistered intermediaries (who are not registered with SEBI/Exchanges).

Names and contact details of all Key Managerial Personnel including Compliance Officer

Sr. No.Name of the IndividualDesignationContact NumbersEmail Id
1 Charanpreet GillCEO/MD011-40345555admin@gillbroking.com
2 Charanpreet GillWhole Time Director011-40345555gillbroking@gmail.com
3 Charanpreet GillCompliance officer011-40345555compliance@gillbroking.com
4Manpriya GillDesignated Director-1011-40345555manngill04@gmail.com
5Kewal GillDesignated Director-2011-40345555fvwealth@gmail.com

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