A plunge in Indian Stock market

sspms2002

Well-Known Member
#1
Hi Traders,

I am a newbee and will be trading NSE Equities.
I have IB account opened.

I would like to get in touch with active day trader to get stock ideas , also want to get in touch with Traders using IB Platform to gauge more understanding to it.

sspms2002
 

throwawayacc123

Well-Known Member
#2
Hi Traders,

I am a newbee and will be trading NSE Equities.
I have IB account opened.

I would like to get in touch with active day trader to get stock ideas , also want to get in touch with Traders using IB Platform to gauge more understanding to it.

sspms2002
Looks like you have decided to make your broker more money than yourself.

Why in the world would open a a/c with IB.

btw , are you from india ?
 

sspms2002

Well-Known Member
#3
Hi there...

Yes i am from India.
I basically chose IB because of its platform and the option it provides for day trading.

Like Chart Trading , Depth Trading etc.
Though I am new , but i think these features are good to day trade/scalp.

May be experienced folks would differ or i may change my mind as i use the platform.

sspms2002
 

throwawayacc123

Well-Known Member
#4
Hi there...

Yes i am from India.
I basically chose IB because of its platform and the option it provides for day trading.

Like Chart Trading , Depth Trading etc.
Though I am new , but i think these features are good to day trade/scalp.

May be experienced folks would differ or i may change my mind as i use the platform.

sspms2002
Alright good luck paying huge brokerages.

Also they might shut down anytime since they are breaking the laws here. Once RBI comes down hard on them , they will vanish in a day.
 

sspms2002

Well-Known Member
#5
Ohh..Are they breaking any laws?

I was not aware of anything like that. I had heard only positives abt them..
I am curious now..
 

throwawayacc123

Well-Known Member
#6
Ohh..Are they breaking any laws?

I was not aware of anything like that. I had heard only positives abt them..
I am curious now..
Yes , they are breaking the law by allowing indians to open a margin a/c to trade overseas. This is clearly illegal as per RBI. Same rules as FOREX.

So i called their office and asked them about how can a indian open a margin a/c with you. They said its your responsibility to check the laws and trade. I told them are you aware of the FEMA act. They kept repeating the same thing. Very shady practice. They are not honest and transparent.

They cannot allow a indian to open a margin a/c to trade overseas.They know this and yet they continue to ignore the law of the land because that's how things are in India. This "Chalta hai" attitude. Very irresponsible broker.

RBI has recently asked banks to close all cards/accounts which have violated the FEMA rules. Even if you do a wire transfer to them and banks come to know they are broker. your a/c will be closed and there will be no way to get your money back and on top of that you have to pay fines.

Its only a matter of time before they get shut down.
 

sspms2002

Well-Known Member
#7
Thanks for the update. I also googled it a bit and found out all abt FEMA rules..
Really Margin account overseas is not allowed and account could be seized if Broker gets closed.

I am just cautious now.

Anyways i did my trades today.
ICICIBANK & INFY.

Small Positions: Rs 505 after commission.

I experienced vast range of emotions..as these are volatile stocks and moved my P&L from green to red in a moment...and vice versa..

I think unless we have a good entry Price , its very difficult to day trade...we may get eaten by whipsaws... I cannot wait for good prices and i need to get into action..i guess that will hurt me bad...


I will keep posting my results.
 

sspms2002

Well-Known Member
#8
Another little plunge in the stock market today..

I traded for very small durations..kind of scalping..I am trying to define/refine a strategy for myself..

I Traded ICICIBANK , BHEL , LUPIN

Total P&L : Green 533 after commission.

I think i should have hold on to BHEL , which did break away and could have given me handsome profit. But i am learning , so as soon as i saw profit i booked it.

The good thing about BHEL though was that i had a good price so i panicked a little less when it was whipsawing before breakout.
 

sspms2002

Well-Known Member
#9
Hi..i spent very less time today on Trading.

Stocks Traded: HDFC

P&L : Green 237 after commission.

I also looked at HCLTECH , it was giving good moves, 5-6 points moves both ways, I usually watch Prints...and deepbook , and was theoretically getting good entry points..but had not had courage to step in the trades...

really it needs experience and skills to trade in fast moving stocks..

sspms2002
 

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