General Trading Chat

[lemondew]

if lets assume you lost 40000 doing bracket order with only 20000 in your account. Then will the broker expect you to pay the remaining 20000?

Its ideally not possible in a system with proper RMS.

All of us have suffered such losses due to software failure....such losses are bad enough, the worst feeling is feeling of helplessness and no control on the mounting losses. We save every rupee by tight risk control and such losses hit us very badly.

Thank God that the loss is defined and in this case is not a cripling loss.....I am sure TP will come out of it soon. I have had few such experiences of cripling losses due to software and system failure and in one case when I was a struggling trader, I had to borrow money to pay for the settlement obligation with all my capital wiped off due to a software snag and the broker refused to pay putting his finger on risk disclosure ducument we all sign...very scary thing to happen.

Smart_trade

You know, yesterday OBC opened at 88.25; and I shorted between 90.50-91.50; It reversed and went on to 100+. In normal course, my SL should've hit around 92.

At one point of time, with a capital of 20600, my losses were above Rs. 40000 !!!

Their RMS failed the whole day, not only the BO.

 

[headstrong007]

Traders are loosing 25,000-50,000 single day for frequent tech glitch (at least 5-6 times a year) from Zerodha. More than 1lakh+ per year. This is much more than brokerage u r saving. Think it seriously.
Many traders don't open a/c with Interactive Brokers bcoz min capital is 1Lakh and they are trading with 30-40k at a time. But when u loose big suddenly bcoz of brokers like Z.. u always bring/infuse extra capital which cost u 1lakh+ per year.
Even u r trading with 30k cap it is better to infuse extra 70k to get stable terminal like IB.

Traders Work Station a 20+yr old platform there is IBKR Mobile App as the backup. Such tech glitch is very rare from IB one of the Best brokerage house in the world. The mobile app is running all the time.. We are fortunate the have discount model now. I am trading peacefully with them. Presently I am using TraderWorkstation and NSENOW( as a backup, I don't need it, but I love it for many years).

Connection with NSE is the different issue but executing one leg order without the stop loss is dangerous. Who knows it is intentional or not. See, the frequency of such tech glitch increases in Z.. after Call & Trade Charge is introduced. They make Crores on such days due to auto square off charges. Be careful....Such tech glitch usually happens on a volatile day. Any day such loss could be enormous....

Still, there is time, shift with best broker, at least this is in our hand...
https://www.interactivebrokers.co.in/en/home.php
Yes, the leverage is less, min capital is 1 Lakh, but it also ensures that RMS is better there.
Smart RMS cut off the position with 80% capital in loss.

 

[vikas2131]

Traders are loosing 25,000-50,000 single day for frequent tech glitch (at least 5-6 times a year) from Zerodha. More than 1lakh+ per year. This is much more than brokerage u r saving. Think it seriously.
Many traders don't open a/c with Interactive Brokers bcoz min capital is 1Lakh and they are trading with 30-40k at a time. But when u loose big suddenly bcoz of brokers like Z.. u always bring/infuse extra capital which cost u 1lakh+ per year.
Even u r trading with 30k cap it is better to infuse extra 70k to get stable terminal like IB.

Traders Work Station a 20+yr old platform there is IBKR Mobile App as the backup. Such tech glitch is very rare from IB one of the Best brokerage house in the world. The mobile app is running all the time.. We are fortunate the have discount model now. I am trading peacefully with them. Presently I am using TraderWorkstation and NSENOW( as a backup, I don't need it, but I love it for many years).

Connection with NSE is the different issue but executing one leg order without the stop loss is dangerous. Who knows it is intentional or not. See, the frequency of such tech glitch increases in Z.. after Call & Trade Charge is introduced. They make Crores on such days due to auto square off charges. Be careful....Such tech glitch usually happens on a volatile day. Any day such loss could be enormous....

Still, there is time, shift with best broker, at least this is in our hand...
https://www.interactivebrokers.co.in/en/home.php
Yes, the leverage is less, min capital is 1 Lakh, but it also ensures that RMS is better there.
Smart RMS cut off the position with 80% capital in loss.

What about net worth requirement ?

 

[Prataap_2013]

Dow Futures red all morning now into green +23

 

[Smart_trade]

What about net worth requirement ?

Net worth requirement was min 25 Lakhs in liquid assets ( not counting house,land etc) 4-5 years ago...,dont know if there is any change now...

ST

 

[vikas2131]

Net worth requirement was min 25 Lakhs in liquid assets ( not counting house,land etc) 4-5 years ago...,dont know if there is any change now...

ST

All good St da ? hardly seeing you on forum these days .

 

[headstrong007]

What about net worth requirement ?

I am not sure about min net worth. Previously min cap was 5 lakh now it is only 1 lakh. So previous 25 lakh net-worth may be lesser now.
They also need customer so reducing the requirement. If u are an active trader throughout the year, show your ledger to them, the net-worth may not be a problem. All, they want to minimize the risk by understanding the trader's profile/background.

 

[Smart_trade]

All good St da ? hardly seeing you on forum these days .

Yes Vikas...all good....busy in many other things these days...so not posting actively on the forum...
Currently busy doing my accounts and tax workings....a most boring work of the year...

Smart_trade

 

[manoj2012]

if lets assume you lost 40000 doing bracket order with only 20000 in your account. Then will the broker expect you to pay the remaining 20000?

Its ideally not possible in a system with proper RMS.

Just saw on the facebook page of one trader -

 

[headstrong007]

Just saw on the facebook page of one trader -

This is very bad, some trader may face the huge penalty for SHORT DELIVERY.. for not buy back intraday short positions. This can only add up two-three fold miseries. Traders could end up paying up to 20% penalty in addition to the price in some less liquid scripts.
This is completely Zerodha fault of executing one leg order without the stop loss, traders can claim for compensation for SHORT DELIVERY also. IMO.