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FACEBOOK STOCK BROKER DEMO APPLICATION
Abstract
Social Networking Sites are where people like to hang out and socialize with friends and family members. Here business deals can also be done. Face Book is one of the Social Networking sites where people can interact with each other. This paper presents the implementation of Stock Broker Application in FaceBook.
A stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors. Whenever investor wants to buy stock they will contact Stock Broker. Stock Broker acts as mediator between investor and firm. He will commission charges on the buyer.
This whole process will lead loss to buyers. To overcome this problem an application is developed in Facebook.
Through this application buyers can interact with each other. They can exchange their views about stocks in the market. They will often charged minimal commissions because of their low overhead costs. Investors can save their time. Investments can easily be made with the click of a mouse. Investors have the benefit of working with a stock broker directly from their home instead of visiting an office or calling the broker. This saves both time and money for Investors as well as to the broker.
Developing Stock Broker Application in Facebook will be helpful to both broker and buyers.
Trading overseas has become common place in today's world of online technology. By this application one can trade their investment in overseas. They can know the Stock Market Exchange News every day. Since day to day news are posted on the Facebook wall.
Hence Facebook Stock Broker Application is a boon to stock savvy individuals as it has opened various avenues of trade for investors (buyers) and brokers. And made things amazingly easy and convenient.
Existing System
At present to buy shares from the market investors have to directly contact with the Stock Broker.
A transaction on a stock exchange must be made between two members of the exchange—an ordinary person may not walk into the Stock Market. Such an exchange must be done through a broker. Broker acts as mediator between these two members.
If it were not for such a middleman / matching service, investors need to spend months hoping that we somehow crossed paths with someone who was willing and able to trade stock in the same company as us and at a price they found acceptable.
Clearly, there is a need for this broker in order to enable the smooth running of a stock exchange.
Because of their experience and expertise, however, stock brokers may be in the position to give investment advice, and others may be given permission by their clients to act on their behalf at their own discretion.
Drawbacks of an existing system
1. Highly commission rate to the investors.
2. Consumes more time for investors. Every time they have to contact broker to know the current situation in market. This leads to time wastage.
3. They can’t able to know the exact information of stock exchange market.
To overcome this problem, FaceBook Stock Broker Demo Application is to be developed.
Proposed System
Developing FaceBook Stock Broker Application is helpful for both the investors and broker. This can be described briefly as follows:
Advantages for Investors
People who want to invest may have questions about which course of action is the right one for them. They may not want to get investment advice from a stockbroker, feeling that the main function of a stockbroker is to be a salesperson, not an adviser. When they discuss investing with fellow investors, they feel that they are participating in a community that is interested in the same thing they are (to invest wisely and see a good return on those investments). The people participating on the social networking sites won't be shy about sharing what works for them and what investments went south. People are more likely to take investment advice from someone they "know," even if they only have an online relationship. Investors are always hungry for information about emerging trends and what other people see as the Next Big Thing.
Savvy investors want to get into the market as certain stocks are set to rise, as opposed to chasing trends after the fact. Information affecting markets is available very quickly online and investors are less likely to wait to find out about them through a news service or by receiving an e-mail message. Participating in a social networking site for investors lets them feel that they have finger on the pulse of what is happening in the business world and that they can use this information to make wise investment choices.
Advantages for Brokers
Brokers like it when investors take advantage of social networking sites because investors who are participating in them tend to make more trades, and brokers get paid a commission every time an investor decides to do so.
By using FaceBook Application user can
1. Easy Access: Using this application has an easy access to the market with advent of internet as all they need to have is an Online Stock Trading account. The traders can check out real time stock quotes and go through historical stock price trends; this will give them a fair idea about the deal they are entering into. They can also assess the market analysis and do their own research on various firms. They can also interact with the online stock trading brokers via forums or chat rooms.
2. Eliminate Middlemen: This application eliminated the long line of middlemen involved in stock trading otherwise. It allows the traders to invest wisely and make buying and selling of stocks much easier and simpler. It allows the traders to directly contact online stock trading brokers whenever and wherever without any hassle.
3. Lower Commission: Making this application is much more economical then going in for the help of a conventional broker who are always looking for chance to make money out of the client. On the other hand, online stock trading brokers only charge a fixed amount of commission and help you in making deals that are beneficial for you. Traditional brokerage houses turn out to be very expensive which gives the online stock trading brokers leverage in comparison.
4. Rich Information Source: This application has bridged the gap between the traders and the commercial market. With the help of internet the traders can gain any type of information related to stocks, companies, market trends, etc. Investors ca interact with each other by chatting. They can gather information by exchanging their views.
5. Wider Investment choice: This Application gave the traders a wider choice in terms of investment. They can invest in stocks, bonds, mutual funds, mortgages, insurance, derivatives, futures, options, etc. depending upon their choice. Online investment phenomenon offered an extensive variety of products to the traders.
6. Quick Trade execution: This application has significantly speeded up the process of commerce. It have made things accessible and available to the traders and decreased the time related to the completion of the overall trading procedure drastically.
Modules
1. Registration: To Login in to the Facebook, user has to register. Registered user only can login into the Facebook and can access Stock Broker Application
2. User: After Login, Users can view their Profile and can send friend request.
3. Application: This Page displays list of Existing Applications in FaceBook. Clicking on the particular application, particular Application page is displayed.
4. Application Requests: This page displays list of Application Request. User can accept the Application by clicking on Accept Request or can reject by clicking on Ignore Request.
5. Stock Portfolio Canvas Page: After selecting Stock Broker Application, canvas page will display. The main canvas page will display all stocks available in the system, and the user's shares of whichever of those stocks they own. It will also provide controls to trade stocks and to recommend a stock to friends on Facebook.
6. Portfolio page after trade: After Entering number of shares of a stock to buy, click Buy/Sell, and can see the trade reflected on that row.
7. Trade Notification: After trading, trade is posted an action to the user Mini-Feed and possibly to their friends' News Feeds (depending on the settings given by user).
8. Recommend Stock to Friends: To recommend Stock to their friends, send friend request to others in facebook. This request is displayed in Application Request page.
Hardware Requirements
RAM (minimum) 1 GB
Hard Disk (minimum) 80 GB
Processor Pentium P4
Software JDK 1.6 Version
Database Oracle
Technologies Used
HTML, Java Script, JSP, Servlets