A lot of us are digital natives. We use the internet almost without thought, and our computing devices are as natural and essential to us as our toothbrushes. It does help that these gadgets are so enmeshed in our lives. We use our laptops, PCs, tablets, and phones for everything from making doctor’s appointments to ordering breakfast.
We also use our computers and mobile devices to manage our bank accounts, and now you can even use it to generate income. Welcome to the world of online stock trading. It has multiple advantages. It enables both local and
offshore stock trading regardless of your physical location or time zone. If you trade with Monex, you can access 12 markets covering Asia and the US in addition to your Aussie portfolio, all on one screen.
It’s a lot easier than it seems. All you need is an overseas share trading account and to deposit trading funds. You can choose an Australian one with international access or an international one that is open to Australians. Your choice will depend on convenience and trading rates. At Monex, you can open your account in minutes and start
US trading with as little as $9.99.
To open an account with us, click here. Once you open your account choose the markets you’d like to trade in. The Monex trading platform allows you to select multiple stocks from various markets and put them into a watch-list. Many investors use this tool so that they can group their favourite companies and watch them simultaneously, waiting for the best price to buy or sell.
Help when you need it
You might still feel a little overwhelmed. Most trading platforms offer assistance on issues as banal as how to fund your account, or as complex as where to invest. At Monex, we’ll give you an individual relationship manager who can assist with your account enquiries and even help you with research particular topics if you are time poor. We have multilingual customer support staff so that you can receive real-time guidance in your preferred tongue, via phone or chat.
Keep in mind that each market has its time zone, so as you make your sales and purchases, remember that making an order while the market is closed could cost you. Prices may be vastly different when the markets re-open the next day, so try to trade within the working hours of your selected market.
Types or orders
That said, it’s sometimes advisable to trade in off-hours, and there are five different kinds of orders you can use to maximise your profits. Don’t forget to factor in commissions.
Market order – the most straightforward type, based on the current market price.
- Limit order – look at the current price and offer a different price that suits you better. Automate your system to buy or sell once your stock reaches the limit price. Limit orders apply to buying or selling at maximum or minimum price points.
- Sell-stop limit order – to avoid losses, you can automate your trading platform to sell once your stocks or shares reach a pre-set minimum price. Sell-stops, sometimes called stop-loss orders, only apply to selling at the lowest price that works for you.
- Two-way sell order – This combines limit and stop-loss orders. It pre-sets your account to automatically sell at the Target Price when it rises or the Stop Price when it drops.
- Chain order – for overnight or off-time-zone trade, you can set up multiple orders before you log off. Later orders will only be filled once prior ones are executed.