In the previous article in the series, I have mentioned about how to go about opening a trading account. There are various broker houses and selecting one is always a troublesome option. Choose a broker according to your convenience. This is most important step. Ensure that you get good service from them. Ask as many people as possible before deciding on one. It is good to seek the expert’s opinion. There are many forums, blogs and other source of information that might be handy for you. Do your research. I wanted to provide these links and one of the readers suggested I should not be doing that. I don’t know whether it is a good piece of suggestion or not but I thought I will stick with it.
The first thing that you have to do after opening a trading account is, getting to know the interface of the trading account. You should familiarize what options are there and how to access them. There are various options as to how to go about trading using a particular account. Say for example you have opened an account with indiabulls.com then just check their guide and go through the nitty-gritty details of it and what options are there in it.
I would suggest you to attend demo classes for at least couple of weeks with the broker house. It is not a waste of time as most of you think, it actually helps you. I did go through one such class which helped me a lot and I would urge you to go for one. it is one of the most important thing that has helped me to know about the options that I have which I would have never bothered to exercise. This is a good option as you will know how exactly it works. Most of the time, if we don’t know something we don’t try to get the information, we just assume. I have done that many times and it has not helped me and I am sure that you would have done the same.
I urge you to go to demo classes, if you don’t have one or your broker does not have such a facility then I would suggest you to call up their customer care and learn the things that are there on the interface and get to know what the options are and how they should be used. It might take time and might be boring as you can figure out yourself but to be on the safer side and it is not a bad thing to learn something new even if it is boring. Most of us are very smart and we know everything, just don’t be the same way when you are learning something new. If you are that way then you won’t learn anything.
If your customer support is also bad then ask someone from your broker house to give you a demo, I am sure there will be some person who does such jobs, have an appointment with him and seek the details. Everything that you learn will be helpful to you in some way or the other. If you don’t understand something then make a note of it, if you can get the information from the person who is giving demo get the information else search the web I am sure you will find it. This is way I learnt the things on my own which initiated me to write articles for others. You never know where that might lead you to. Keep learning.
Visit regularly for more updates on the series.
Engineer's Finance 