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Once you’ve picked your first few stocks, it’s time to buy them.
In this tutorial, I’ll show you how to buy a stock online using COL’s trading platform in three simple steps.
- Go to Trade > Enter Order.
- Enter your order details.
- Review and place your order.
Step 1. Go to Trade > Enter Order.
Login to your COL account. Under the Trade tab, select Enter Order.
Step 2. Enter your order details.
For example, we’re going to buy 400 shares of Semirara Mining and Power Corp. (SCC) at P25 per share.
Make sure to set the following correctly…
- Transaction – BUY
- Board – MAIN
- Term – DAY
- Stock Code – SCC
- # of Shares – 400
- Price – 25
Let me explain…
This is where you select the type of order – BUY or SELL.
- Buy – To place a BUY order.
- Sell – To place a SELL order.
This refers to the board lot – MAIN and ODDLOT.
- Main – The minimum lot size is called a board lot and is usually traded in the Main Board.
- Oddlot – Any amount of shares not fully divisible by the minimum board lot can be traded in the Odd Lot Board.
Here, you have three options – DAY, GTC, or ATC.
- Day Order (DAY) – This is a limit order which allows you to send the order to the Exchange immediately and can only be placed during regular trading periods.
- Good-till-Cancelled Order (GTC) – This is a limit order which is valid for 60 calendar days.
- At-the-Close Order (ATC) – This allows you to enter an order that will be sent to the Exchange for execution during the market RUN-OFF period at a price equivalent to the closing price of the stock. This can be placed when the market is OPEN or when the market is CLOSED.
If you know the stock code, simply type it in. Otherwise, click on Stock Code to browse through the list of stocks.
# of Shares
For the number of shares, always refer to the board lot.
The board lot for SCC is 100. Meaning, the minimum number of shares you can buy is 100 and in multiples of 100 only (100, 200, 400, etc.)
To calculate the number of shares, set your price first, say P25/sh, and then divide it from your budget, say P10,000.
P10,000 ÷ P25/sh = 400 shares
Here, you can put any price you want as long as it is within the fluctuation and floor/ceiling prices.
But if you want your order to get executed right away, always refer to the Ask Table. This table shows you exactly the price people are willing to sell their shares.
And to have your order processed quickly, go for the first or second listing on the table.
That said, we should have gone for P25.50/sh or P25.75/sh for the price. But in order for me to show you what happens next after placing an order, we’ll go for P25/sh instead.
When you’re done, click on Preview Order to continue.
Step 3. Review and place your order.
Next, you will see a summary of your order details including charges.
Review your order details carefully. Then enter your password and click on Place Buy Order to continue.
Next, you will see confirmation details about your order.
To verify your order, click on Trading History to view the completed transaction.
If it hasn’t been executed yet, you can click on View/Modify Order tab to cancel the order or make necessary changes.
That’s it! I hope you learned from this tutorial. If you have some questions, please feel free to drop me a comment below.
Thanks for reading!