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Opening A Day Trading Account From Home – The Steps You Need To Follow
Intraday trading is regarded as a lucrative investment by new and seasoned investors. If you pick your stocks strategically, this type of trade has the potential to help you turn in profits on a daily basis, eventually helping you create a decent corpus in the long run. In order to be able to conduct your trades, you need to open a special account, provided by investment brokerage firms. You can either visit the nearest branch of your chosen brokerage firm or open the account online. Here are the steps to open a day trading account online, from the comfort of your home.
Step 1 – Choose a good investment brokerage firm
Before you open an account, it is necessary that you select the right investment brokerage firm. There are several different types of firms to choose from, but you need one that has a good reputation and experienced financial advisors on their payroll. While you can carry out your trades on your own once you’ve gotten comfortable with day trading, you will need a financial advisor if you’re just starting with day trades. Keep this point in mind while selecting the investment brokerage firm.
Step 2 – Fill the account opening form
Once you’ve decided the investment brokerage firm with which you wish to open your trading account, you need to visit their website, where you will find the account opening form. This is a basic form in which you need to enter your personal details such as your name, address, contact details etc. You may also be required to provide your banking details i.e. the account number of the savings account through which you will be buying the stocks to conduct your trades.
Step 3 – Attach the necessary documents and submit the form
You must now attach all the documents mentioned in the account-opening form. Make sure you have scanned copies of your basic ID and address proof documents such as your PAN Card and Aadhaar Card (both are mandatory) as well as your driving license, passport and Voter’s ID card. Attach the documents with the account opening form and click on the submit button. Your account opening request will be sent to the investment brokerage firm.
Step 4 – Complete the verification process
Upon receiving your request to open a day trading account, the brokerage firm will run a verification check. The verification process may either be completed over the phone or the brokerage firm may send a representative over to your home/office to verify the originals of the documents submitted.
Step 5 – Your account is opened and ready for trades
After the investment firm verifies your details, your account will be opened. The brokerage firm sends you the details of your account – a unique ID and password, which you can use to access to your account. Remember to change the default password immediately.
Step 6 – Link your demat account to the trading account
The last and final step is to link your demat account to your trading account. Linking the two accounts allows you to seamlessly process your trades. If you don’t have a demat account, you can follow these same, above mentioned steps to open one.
Final word: Your online day trading account can help you carry out trades in a quick and efficient manner. You can benefit from developing situations in the lucrative trading markets and book profits through clear and precise strategies. Most investment brokerage firms also provide specialised financial advisory services so that can you can invest in a manner that your financial goals may be achieved within specific investment horizons.
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