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 :
NIFTY50
MYSTOCKS
RECENTVIEWED
WATCHLIST1,
WATCHLIST2,
WATCHLIST3,
WATCHLIST4,
WATCHLIST5
NIFTY50
This watchlist is pre-defined which includes all stocks present in
NIFTY50 market. Total 50 stocks are listed in this watchlist.
MYSTOCKS
This watchlist will generate when you have stocks in your portfolio
or when you buy stocks.
RECENTVIEWED
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 in different 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.
2. 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 Price
Flickers 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...!!!