Beware of Icicidirect

gemramu · #1 23rd April 2009, 03:05 PM

Hi Friends

If you are thinking of using Icicidirect for trading or opting to open an account with ICICI, pls read the below before taking a decision

I wanted to share with the forum a very bad experience that I had with ICICIDIRECT today. I opened a short position on RNRL at 57.55 (with a stop loss of 59) at around 1 PM. The share price reached 57.30 and I opted book the profits. Unfortunately action was not completed as the screen just hung up and after some time got a message saying it cannot proceed due to techinical error. In the meantime the price further fell to 57.10 (1.20 Pm) and still i was unable book the profits. The price moved up and stop loss was trigerred (1.26 PM) forcing me to book loss.

Couple of things I do not understand here. When I tried to exit the position the order was not executed but how did the stop loss order get trigerred and get executed

With a High brokerage charges and very bad trading platorm (icicidirect) it is really impossible to make decent gains in trading using icicidirect

Can anyone advice if any action can be taken against ICICI or how I can get this grivience across to ICICI folks

Cheers
Ramesh

Northie · #2 23rd April 2009, 06:16 PM

This had happend to me also. In that type of situation as you had, you should have called them up and clear the position for you. When you had put the stoploss order then that order was already accepted by icicidirect servers and it stayed there but after sometime icicidirect servers had some problem and stopped accepting any new order. I can understand your feelings as this is the story of most of brokers in India.

sreeramy · #3 29th April 2009, 10:34 PM

I agree.. Their website is not available most of the time. I've had experiences of this nature thrice in the last three months.. They automatically square off your positions.

My Infy short was squared off today when their website was not avbl for me to allocate more money..

sucks

Sunny1 · #4 30th April 2009, 12:33 AM

ICICI is very bad for day trading.sorry, its worst

Bimbo · #5 30th April 2009, 08:39 AM

Hi,
I have not tried ICICI so no commets on their Software

I will answer your query why the stop loss got triggered & fresh orders could not be posted.

Since you placed your "stoploss" before their Software got hung,it rests in the NSE SERVER ( if I am not wrong) i.e will be executed even if you shut down your machine.It was already resting at the NSE SERVER.

Just think like this.The Postman had already delivered the letter( your stoploss).In your second case you were not able to communicate to the NSE server because the software got hung.The postman could not go to the NSE SErVER to place your order.Since the Communicator(software) was not there you could not communicate to the NSE SERVER to place fresh orders.

Hope this helps in understanding the Tecnical nitty gritties.

gemramu · #6 30th April 2009, 11:19 AM

thanks for the clarification ....makes sense

Flock · #7 5th May 2009, 10:36 PM

Looks like ICICI Direct has never improved in the last one year. I left it a year ago fed up of losing money due to their useless software. And it is not that they are not aware of the problem. They acknowledged the issue and how they are painfully aware of the problems.

Either it is beyond them or they dont care.

Daytrading with them is like sky diving with a home made parachute. There is a possibility that you may land safely but breaking neck is more likely.

DISASTER · #8 9th May 2009, 10:54 PM

thanks for the infomation guys. iwas also plannin to use icici diect but now i will have to rethink.

gsalvadi · #9 9th May 2009, 11:04 PM

Quote:

Originally Posted by gemramu

Hi Friends

If you are thinking of using Icicidirect for trading or opting to open an account with ICICI, pls read the below before taking a decision

I wanted to share with the forum a very bad experience that I had with ICICIDIRECT today. I opened a short position on RNRL at 57.55 (with a stop loss of 59) at around 1 PM. The share price reached 57.30 and I opted book the profits. Unfortunately action was not completed as the screen just hung up and after some time got a message saying it cannot proceed due to techinical error. In the meantime the price further fell to 57.10 (1.20 Pm) and still i was unable book the profits. The price moved up and stop loss was trigerred (1.26 PM) forcing me to book loss.

Couple of things I do not understand here. When I tried to exit the position the order was not executed but how did the stop loss order get trigerred and get executed

With a High brokerage charges and very bad trading platorm (icicidirect) it is really impossible to make decent gains in trading using icicidirect

Can anyone advice if any action can be taken against ICICI or how I can get this grivience across to ICICI folks

Cheers
Ramesh

Ramesh,

You can not take any legal action against any broker for a technical failure. But it is good for a broking firm to take care of those issues for good business.

I wonder how would you choose a web based (I believe you are talking about web application) application if you are an aggressive trader. If you are not an aggressive trader, it is better to have an account linked with a ICICI broker's office (it makes a lot of difference in handling technical issues and day trading)

For day trading, any web based application would not do well with any broker. Take care in choosing your broker and the trading terminal.

And, every business has a market segment and they will concentrate in supporting the market where they are strong. IMO, ICICI's market segment is not day traders.

Happy Trading.

The Following User Says Thank You to gsalvadi For This Useful Post:
Nava (10th May 2009)