upstox stole my 20,000

[chaku101]

Thanks for participating here.

The issue of why it happened is well understood. I think the major issue the customer has is your response to it, and that no corrective action was taken till it was the time of auto-square off.

The email support even said that I might have a taken delivery or manually sold those extra stocks. I don't think they even looked into my order book or trade book or what had actually happened untill 3 days later.

 

[Newbie Day-Trader]

Hi chaku101,

Sad to hear that OCO order took over the winning opportunity in your trade. Let me narrate to you what happened here.

OCO gives you a flexibility of placing a SL and Target at the time of initiation. This helps traders to stay calm and focused of not monitoring the position way throughout.

But as this is an Algorithmic order, there are also few things needed to be kept in mind while you use this. The initial order that you placed for buy was at 135.15. The difference that was kept for SL and target was 1.30 and 0.25 (always advisable to keep 1% or more on both sides for OCO). Such a small difference is highly risky for OCO orders as 2nd and 3rd leg are created once the 1st leg is traded.

In your case the scrip was so much volatile that it created 2nd leg and quickly executed it before creating 3rd leg which further also got executed (rather than getting cancelled). This is why your position went short in no time and resulted in a loss.

We normally block such volatile scrips from trading CO/OCO but there was a requirement from many users as they wanted to trade PCJEWELLERS for making profit (being volatile), unfortunately it affected you. As far as your loss is concerned, let us see how we can figure out to as positive conclusion.

If you look at the screenshots on the first page, you'll see that the entry-order was filled at 09:51:28 a.m., SL was filled at 09:52:36, & TP order was filled at 09:53:06; so, there was 30-68 seconds' time between execution of different orders, so I don't know how you can offer an excuse saying, "Oh, it just happened too quickly" as if it all happened in 1 or 2 seconds. No! 30-68 seconds is more than enough time for automated systems to do their job, & it seems like your system failed to do it. And, if it takes more than 30 seconds for your OCA systems to their thing, then that's EXTREMELY scary. One of the reasons for using OCA is to protect oneself against such quick & sudden moves.

 

[mohan.sic]

Hi chaku101,



But as this is an Algorithmic order, there are also few things needed to be kept in mind while you use this. The initial order that you placed for buy was at 135.15. The difference that was kept for SL and target was 1.30 and 0.25 (always advisable to keep 1% or more on both sides for OCO). Such a small difference is highly risky for OCO orders as 2nd and 3rd leg are created once the 1st leg is traded.

In your case the scrip was so much volatile that it created 2nd leg and quickly executed it before creating 3rd leg which further also got executed (rather than getting cancelled). This is why your position went short in no time and resulted in a loss.

Buy order executed at 9:51:28 hrs.
stop loss trigerred at 9:52:36 hrs

Gap of 1 minute 6 seconds.
You are saying that second leg was created and quickly executed.
Does it take 1 minute for your system to create a counter order ?
And if u you say that second order was created immediately but executed after few seconds, my question is why only second order was created? This is bracket order..So both 2nd and 3rd order should be created at same time. So that when sl order was traded at 9:52:36 hrs, your algo has enough time of 30 sec to cancel the target order which got traded at 9:53:06 hrs.

Your narration stands invalid either way.

 

[timepass]

RKSV has said that they are onto it. Ok, give them time and space to do it, at least today.

If you look at the screenshots on the first page, you'll see that the entry-order was filled at 09:51:28 a.m., SL was filled at 09:52:36, & TP order was filled at 09:53:06; so, there was 30-68 seconds' time between execution of different orders, so I don't know how you can offer an excuse saying, "Oh, it just happened too quickly" as if it all happened in 1 or 2 seconds. No! 30-68 seconds is more than enough time for automated systems to do their job, & it seems like your system failed to do it. And, if it takes more than 30 seconds for your OCA systems to their thing, then that's EXTREMELY scary. One of the reasons for using OCA is to protect oneself against such quick & sudden moves.

Buy order executed at 9:51:28 hrs.
stop loss trigerred at 9:52:36 hrs

Gap of 1 minute 6 seconds.
You are saying that second leg was created and quickly executed.
Does it take 1 minute for your system to create a counter order ?
And if u you say that second order was created immediately but executed after few seconds, my question is why only second order was created? This is bracket order..So both 2nd and 3rd order should be created at same time. So that when sl order was traded at 9:52:36 hrs, your algo has enough time of 30 sec to cancel the target order which got traded at 9:53:06 hrs.

Your narration stands invalid either way.

 

[headstrong007]

If you look at the screenshots on the first page, you'll see that the entry-order was filled at 09:51:28 a.m., SL was filled at 09:52:36, & TP order was filled at 09:53:06; so, there was 30-68 seconds' time between execution of different orders, so I don't know how you can offer an excuse saying, "Oh, it just happened too quickly" as if it all happened in 1 or 2 seconds. No! 30-68 seconds is more than enough time for automated systems to do their job, & it seems like your system failed to do it. And, if it takes more than 30 seconds for your OCA systems to their thing, then that's EXTREMELY scary. One of the reasons for using OCA is to protect oneself against such quick & sudden moves.

All above points are valid.

I just want to add one most important thing:-

RKSV is trying to switch the main fault RMS failure to other things like, both stop and target hitting at the same time(although it was not same time from above example) using OCO in a volatile market. Such things happen but generating 400% loss in intraday trade is completely RMS failure. They can't claim extra 76,000.

Total loss 90,000+ on 23,000 capital; almost 400% loss of total capital only possible if RMS Completely Failed.
All orders executed within 10 AM, and loss was building up to 400% slowly in next 5 hours, but there was no RMS intervention! All positions were automatically squared off only around 3:25 PM with big loss. WAS RMS SLEEPING!?

RKSV must explain, why RMS failed to square off the position in next 5 hours when MTM was building up slowly. 400% loss of total capital which was building up in next 5 hours slowly was not a joke!
The strange part is here no one is monitoring the position and MTM losses.
Other brokers start force squaring off when capital is in 80% loss.

 

[chaku101]

RKSV has said that they are onto it. Ok, give them time and space to do it, at least today.

The upstox representative just called me and he said that they will send me a revised contract note and since my stop loss was hit first they will minus the stop loss and brokerage and all refund the remaining amount on to my upstox balance.
Thank you everyone for supporting me through this.

 

[LOVEENAJYOTHI]

The upstox representative just called me and he said that they will send me a revised contract note and since my stop loss was hit first they will minus the stop loss and brokerage and all refund the remaining amount on to my upstox balance.
Thank you everyone for supporting me through this.

Thats really comforting, and @timepass ' persistence bore fruit, must say.
And above all, the feeling that we, traders are NOT orphans is the heartening take away from this whole episode.
And this could be a blessing in disguise in that the Brokers wl b more responsible henceforth bcuz now they know we are a force and wont let fellow traders be victims of their faulty systems n gross negligence .

 

[timepass]

The upstox representative just called me and he said that they will send me a revised contract note and since my stop loss was hit first they will minus the stop loss and brokerage and all refund the remaining amount on to my upstox balance.
Thank you everyone for supporting me through this.

1) Calculate the exact amount as per their brokerage calculator. The stamp duty may or may not be included.
https://upstox.com/tools-and-calculators/brokerage-calculator/

2) Did you record this conversation ? Whenever calling a call centre, try to record the calls, informing of them of the same.

RKSV has been present on this forum for many years and generally has a good impression.

By the way, below each post are 3-4 buttons - Report, Like etc. As you participate more in this forum, I hope you will use them too. For now, please post your ledger or something when the refund has been made.

 

[chaku101]

1) Calculate the exact amount as per their brokerage calculator. The stamp duty may or may not be included.
https://upstox.com/tools-and-calculators/brokerage-calculator/

2) Did you record this conversation ? Whenever calling a call centre, try to record the calls, informing of them of the same.

RKSV has been present on this forum for many years and generally has a good impression.

By the way, below each post are 3-4 buttons - Report, Like etc. As you participate more in this forum, I hope you will use them too. For now, please post your ledger or something when the refund has been made.

I didn't record the conversation. The guy said I should get a follow up email tomorrow.

I see that my upstox fund has been updated.

 

[TraderRavi]

day traders ka haal behal kabhi technical problem, kabhi platform fail kabhi net fail kabhi broker fail aur upar se most of the time trade fail