The problem with trading in the share market online is that every broker offers a different software when trading in shares online. This makes it sometimes difficult to adapt, if you change your broker. However, life becomes easy with a little help from the brokers online portal, which generally provides you with a dummy mechanism to trade.
1) Begin by logging in
Even this process is different with different brokers offering a different trading platform for trading in online shares. After you login with the login ID, some broking platforms would ask you for a favorite question, which you have saved when logging in for the first time. Some brokers like Sharekhan directly have a login, trading password and account password.
2) You can then begin by setting up your market watch
If you are looking at buying a select set of shares, which you have in mind, you have to create a market watch. In most broking terminals, you can see the market watch on top. Click on it, you can then enter the first few names of the company and a list will drop down. From there you can select your company. In this way you can see share prices live.
3) Transfer of funds
Again to buy a share online, you first need an amount in your bank. You can see transfer funds on the trading software, which you have logged on. Click on transfer funds, select the bank, which you have linked your account to and it will take you to login of your bank. Login with your bank login ID and transaction password and transfer the funds.
After the fund transfer process is complete, it would immediately credit the amount to your broking account. You can now proceed to buy the shares through the stock market online.
4) Buying and selling of shares
If you have created a market watch, there is an option to click on the same and buy the shares. Once you click on the same, a pop-up showing the last price, quantity, limit price etc., would appear. If you put a market order, the shares would be purchased immediately. In case you put a limit order, you can track whether the shares have been bought through the "track order".
5) Check turnover report
If your shares have been bought it will show in the turnover report. You can view the buy rate and the profit and loss here.
6) Balance in DP account
After a period 3 days you can see the balance in your shares account, through the DP report.
7) Check cash balance
Check your cash balance in the account with the broker, by clicking "my accounts". As mentioned earlier the software is different for different brokers and you may need some time to get acquainted. The ideal way would be to sit at the brokers office for a few hours and get acquainted with the same.
It is very important to familiarize yourself with the brokers software before you trade in shares online. This is because if you place a wrong order or you do not know how to sell, you could incur losses. It is not a very complex system, but, is neither very simple.