Many Traders are very keen in stock market trading. Perhaps, most of the time they are busy with their day job.
Now finding a terminal is another challenge to place their orders.
More than trusting we avoid using apps for stock and options trading purpose.
We rarely do trust mobile phone applications especially when cash is involved. This time I was going to travel and I was not in a position to carry my laptop. Markets were technically making higher highs and higher lows. Not much volatility in the market. But just had to keep a tab on the positions for adjustments and management.
Nevertheless, I was put in a situation where I was forced to use Mobile Application and Mobile Web browser. I was also confident that I would be able to manage my position by calling my broker if the mobile application does not work.
It was surprising how convenient it has become to setup and use mobile trading.
For certain section of people, timing is what they are looking for. Especially those who are into jobbing and intraday trading. What I found was that it is not a viable option for Jobbers’. Can we really leverage our trading being occupied with other day job and what are the features that can be really found in the mobile app?
Mobile based stock trading was launched in the year 2010 in India. Initially, it was slow but as per records NSE, mobile trading has clocked Rs. 50,000.00 crore of trading in the year 2014. These figures although contribute only a part of the total turnover but it is growing at a very gradual pace. By the year 2015, it has already clocked Rs. 1,150,000.00.
“People from tier 2, 3 and 4 cities are driving the maximum traffic on our platform,” says Jimeet Modi, CEO of SAMCO Securities
The volumes are driven from areas which were not earlier accessible and now have got access through mobile technology.
How is Mobile App Different from Desktop Trading?
Your entire process of screening the stock, analyzing the opportunities, punching the order, monitoring and closing the trade. Only the last two is really possible and convenient with mobile app e.i. monitoring and closing.
My first choice would be always desktop the ease of using along with various applications that it can handle.
I prefer a desktop over mobile the main reason is the access I have to various applications. Application to manage my option Greeks and portfolio options positions. Basic charting and data feed are just amazing. Ease of using the app is also very good for punching an order and exiting a position. The desktop would be my first preference. But if I had to travel and there are very fewer alternatives and choices I would go for a mobile app.
Tablets are also very good option for those who do not want to get stuck with a very small screen of 5 inches. Most of the time when I have to travel during the market hours and keep a track of my positions I use the mobile app. These days you can choose freely to use mobile application there are no extra charges
Getting Used To Mobile App
Initially, I was not comfortable with the idea of the mobile application. But once I was forced to see a position and had no other alternative left.
It took me some time to an emergency.
Had I got used to the app earlier I would have been an advantage.
It’s very simple to start putting some small orders which you would have otherwise put on the desktop to punch in mobile.
Mobile development involves cost, but for those who do not want to spend the money to customize and built their own mobile application can always use the white label mobile application. This is a generic application developed by a third party and used by the broker.
Interestingly some brokers have launched their own apps giving options and feature the generic application do not have with them.
Some brokers like SAMCO Securities, Trade Smart Online, Zerodha, RKSV etc. have launched their own app and created a niche for them.
Should You Shift to Mobile App
Now, this a relative question. There shouldn’t be a question of desktop or mobile.
Framework for desktop browser trading and mobile application are almost the same. Which one is more convenient to you is the question. When you are travelling you can easily shift to Mobile App and otherwise, if a desktop is accessible to you then you can use the same.
Over To You
Next time if you had to travel and at the same time you could be using a mobile application.
I am sure you would have things to tell regarding your experience in Mobile App Trading.
Let us Know in Comments.
Also published on Medium.