To get started as a trader, one of the most evaluative things you can do is an uncompromising commitment to Stock Watchlist. A particular stock in the watchlist is an important aspect of any trader’s daily practice. You should make it a practice to update your list on a daily basis based upon the research and analysis you did.
Here’s a simple checklist to assist you in creating your stock watchlist.
What is a Watchlist ?
A watchlist is a collection of stocks that you keep an eye on to see if they fit into a specific trading strategy.
Importance of developing a watchlist :
Without a watchlist, you cannot keep a track of too many stocks. More than 7000 companies are listed in National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) across India.
Keeping track of that many stocks is impossible . Your watchlist can aid in identification of possible trades that satisfy your trading criteria. If you don’t have a watchlist, how will you know which stock to buy and when?
Tip for newbies : Never trade a stock simply on the basis of what you read on message boards or in promotional material. The fact is 90% of traders lose money due to lack of preparation.
Make sure you do your homework to avoid being conned !!
IIFL Markets provides eight watchlists for users which includes :
This watchlist is pre-defined which includes all stocks present in NIFTY50 market. Total 50 stocks are listed in this watchlist.
This watchlist will generate when you have stocks in your portfolio or when you buy stocks.
Now you can see your recently searched stocks in this watchlist . Through this you can also add stocks to another watchlist.
WATCHLIST1, WATCHLIST2, WATCHLIST3,WATCHLIST4,WATCHLIST5
IIFL Markets provide five custom watchlists for you which helps to differentiate these
segments if you wish. Each watchlist has the capacity of 50 stocks.
After the complete overview of watchlist, let's start with its in depth functionalities :
1. You can directly start adding stocks to your watchlist in the simplest way by clicking on the “+” icon beside the price of the stock.
When you start adding stocks to your watchlist, it is very important to look into their price changes and other details. In IIFL Markets, watchlist has
which indicates the Last Traded Price (LTP) of a stock. It continuously changes when there is a change in LTP.
3. When you will check the price flickers for a stock , there is another section which you will keep checking i.e
Indices on your watchlist. IIFL Markets watchlist has scrollable indices which helps to check indices just by
one horizontal scroll.
By going through each watchlist, always keep in mind that sorting plays a very important
role. We provide this sorting option to each watchlist.
Sort By :
This option includes the sorting methods used frequently while trading. When you come to the watchlist and have added 50 stocks , you will get confused to keep an eye on these stocks. Below are the options included in this Sort By card :
1. Alphabetically :
You can simply sort the watchlist with orders i.e A-Z and Z-A
2. %Change :
This will help you to see the difference between the current price and the last trade of the previous day and it can get sorted through High-Low and Low-High.
3. LTP :
LTP is Last Traded Price at which the last transaction got executed on exchange and it can get sorted by High-Low and Low-High.
4. Volume :
It is the total quantity of shares or contracts traded during given period of time and it can get sorted by High-Low and Low-High.
Similarly you can make changes in your watchlists through :
Add Stocks : Through this option you can simply add up to 50 stocks in your watchlist
Delete stocks : If your watchlist seems to be filled or you don’t want these many stocks then you can make use of this option and delete the stocks from the watchlist.
Rename Watchlist : You can change the name of your watchlist.
Set As Default : This option helps to set the default watchlist which means whenever you will come to the watchlist screen , this watchlist will be listed first.
Through this you can keep track of stocks within your custom watchlists.
Are you ready to get serious about learning the trade?
Then start creating your own watchlist in IIFL Markets App today...!!!