Intraday Contract automatically converted to Delivery?

Discussion in 'Investors Grievances' started by vasanth_ece, Oct 2, 2009.

  1. vasanth_ece

    vasanth_ece Member

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    Hi,

    On Oct 1,i bought HDIL Intraday (125 @ 327.30) putting a Stop Loss @324.30 thinking that my Max Loss is Rs.500.

    On 3'o clock,system automatically tried to cancel the Stop Loss Order and execute the price @ 3'o clock.This is the actual scenario.

    But what happened in my contract is System tried to cancel the Stop Loss @ 3 and from there it stuck.It seems that the Order not cancelled (dont get executed) and the System tries to cancel the order around 7 times getting the same message "Order Rejected.Cancellation already in Progress".

    Since the same error message occurs till 7 PM,the broker converts the Intraday to PTST (Buy today Sell Tommorow).

    My Question is:
    Why this is happening?Since you can trade 5 times the delivery for Intraday,how they'll charge for Delivery Brokerage instead of Intraday.

    As far as i know,the fault is not on my side.While System tries to cancel that Stop Loss order and get executed,it cant.

    Since i bought less quantity,i am able to settle the money.But now i have the big surprise question?What's the gurantee the System will execute the Intraday Order Successfully @ 3 PM at any price.

    Is this the problem with the broker terminal or NSE ?

    Please clarify.

    I really disappointed with this crap,if Intraday doesn;t get executed succesfully it'll be converted to PTST and delivery brokerage will be charged :annoyed:

    Reg
    Vasanth
     
  2. pkgmtnl

    pkgmtnl Well-Known Member

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    who is the broker and trading terminal?
     
  3. vasanth_ece

    vasanth_ece Member

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    Its IDBI Paisabuilder.in.Also it's Web-based.

    I put the Stop Loss:

    Trigger Price:323.30
    Limit Price:323.30

    Is this wrong or correct?At 3,System tries to cancel the order,but it can't

    Reg
    vasanth
     
    Last edited: Oct 2, 2009
  4. praveentb

    praveentb New Member

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    I guess you were trading on margin money . Almost all brokerages have inbuilt systems that square off your positions at 3.00 pm if you are trading with margin money[5 times or x times your actual trading capital that is deposited with the broker]

    Its a standard practice as far as I know.
     
  5. anuragmunjal

    anuragmunjal Well-Known Member

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    hi..
    this was the wrong way to put the stop.the limit price should have been lower than the trigger price.
     
  6. arvind123

    arvind123 Member

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    Ok take it easy & talk with customer care . I hope you will be the lucky one to get the solution :)
     
    Last edited: Oct 3, 2009

  7. vasanth_ece

    vasanth_ece Member

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    Thanks Anurag and Aravind,

    Now i know we need to rake this risk too as a part of Profit/Loss.I never faced the problems like this till now,thats why little surised.
     
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