i had placed bracket order buy quantity of 3000 for pc jeweler on 4/5/2018
@ 9.30 am I didn't do anything manually after my order was placed.
And all my order was executed and completed before 12 pm but position book was stil showing pcjweler trade and mtm in negative balance.
and it was showing that i sold 5300 around quantities. First i placed 3000 buy quantity only so how can i sell 5300 quantity ? and second in bracket order i can not manually buy or sell any quantity while the order is placed.
And even if my stop loss was partially triggered, I should gain profit not lose bcause pcjweler went upto 40% on friday, it didn't come down.
and even if it was mistake that i placed a sell order, i didn't have an option to square off the position because it said " there is no open order"
and at the end of the day it was showing me loss of -76000
how can i lose more than what i have in my fund ?? i only had 20000 rupees.
I called customer care and email team several times but nobody is solving my problem. They say that I need to add 76000 rs in order to start trading.
Please help me where I can complaint against it and get my money back or else I would have to quit trading
If they can wipe out my 20000 capital today then can wipe out 2000000 tomorrow, so there is point in trading
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.