Zerodha irresposible reply

M

mythu_2000

New Member
#1
#1
HI

I have been trading with zerodha for a year . yesterday i have MRF 125 short position and today morning i used the square off button to close it.

once done it did not show as squared off. so ihave done again . but it created

a purchase position and made me a loss of 50000.

Please tell me how can a squared position can do a purchase ? when i wrote to zerodha

they say net mistake and cannot take resposibilty to pay me back ?

please advise how to complain and get my money

regards

PS> THEY ALWAYS REPLY ARRAGANTLY

RGDS

RAMAN
 
R

rh6996

Well-Known Member
#2
#2
mythu_2000 said:
HI

I have been trading with zerodha for a year . yesterday i have MRF 125 short position and today morning i used the square off button to close it.

once done it did not show as squared off. so ihave done again . but it created

a purchase position and made me a loss of 50000.

Please tell me how can a squared position can do a purchase ? when i wrote to zerodha

they say net mistake and cannot take resposibilty to pay me back ?

please advise how to complain and get my money

regards

PS> THEY ALWAYS REPLY ARRAGANTLY

RGDS

RAMAN
Click to expand...
To get better response, post this message with more details in Zerodha Thread!
Trust you are talking abt a position in MRF Futures ! Do mentione more details to get detailed reply!
 
timepass

timepass

Moderator
#3
#3
mythu_2000 said:
HI

I have been trading with zerodha for a year . yesterday i have MRF 125 short position and today morning i used the square off button to close it.

once done it did not show as squared off. so ihave done again . but it created

a purchase position and made me a loss of 50000.

Please tell me how can a squared position can do a purchase ? when i wrote to zerodha

they say net mistake and cannot take resposibilty to pay me back ?

please advise how to complain and get my money

regards

PS> THEY ALWAYS REPLY ARRAGANTLY

RGDS

RAMAN
Click to expand...
Also, for future, if you are not very sure of the order being executed, check it in "Admin positions" before placing the next order.
 
Happy_Singh

Happy_Singh

Happy
#4
#4
mythu_2000 said:
yesterday i have MRF 125 short position and today morning i used the square off button to close it.
Click to expand...
Seems he has used the square off (and not F1 / Buy) . . . and doing it twice created fresh longs . . . (ideally this should not happen)

Interesting scenario, thanks for posting, and alerting others to this possibility.


As for compensation from zerodha . . .

Logically if by pressing "the square off button" ZT created new position then the trading software did screw up,
but, don't think Zerodha (or for that matter any other broker) will admit any liability, or compensate the trader.


Cheers

Happy :)
 
LivetoTrade

LivetoTrade

Well-Known Member
#5
#5
All these issues get covered under Risks of Internet trading, no broker will compensate.

Quite a few issues like this are on Zerodha thread already.
 
L

lemondew

Well-Known Member
#6
#6
It happened with me too. when the net gets slow or get disconnected/reconnected after you place order but before it gets executed. The trade book does not get reflected. When reconnected you should first reconcile. Its there in preferences>General. Otherwise tradebook wont get reflected but it will take orders :(. Its safe to log out and log in in this case. The best way to check if reconcile is done is to check your balance/margin. If nothing is displayed in balance then relogin and reconcile. Check your trade book then only place orders.
 
Last edited:
L

lemondew

Well-Known Member
#7
#7
regarding money I didnt get it too but luckily didnt loose much :p. I think this has something to do with nest trader and would happen with nay broker who provide nest. Ididnt do it through square off though
 
Raghuveer

Raghuveer

Well-Known Member
#8
#8
mythu_2000 said:
HI

I have been trading with zerodha for a year . yesterday i have MRF 125 short position and today morning i used the square off button to close it.

once done it did not show as squared off. so ihave done again . but it created

a purchase position and made me a loss of 50000.

Please tell me how can a squared position can do a purchase ? when i wrote to zerodha

they say net mistake and cannot take resposibilty to pay me back ?

please advise how to complain and get my money

regards

PS> THEY ALWAYS REPLY ARRAGANTLY

RGDS

RAMAN
Click to expand...
To understand the situation clearly, consider providing details like version of software used or was it web based/mobile etc.
Square-off button is there in more than one place. If you can post the specific steps (windows/screens etc) that led to this situation step by step, others can understand better.

Doing all this may or may not get you anything but will alert others of such a situation. This awareness will help save trouble for others.

As suggested by someone else post this in Zerodha thread.
 
S

Strategist

Banned
#9
#9
This is an old problem with Nest. I too have lost money because orders don't show, so I stopped trading with zerodha. Now I am with my old broker and Odin.

The last time I traded with Nest, I placed an order...........
Order filled............
Placed a bigger order.....
Net connection went off.........
Is the new order filled or not?.......
Nest refuses to shut down...........
Finally closed it with Task manager..........
In market hours nobody will pick the phone at Zerodha except call and trade........

Internet comes back so I start up Nest.........
Market sinking........
Market watch empty...........
Order book empty..........
Reconcile doesn't work..........
Filled the marketwatch again........
My stock is far below the buy price but do I have a position?.......
Finally took a chance and called up Z call and trade and told him I wanted to square off the position.....
He squared it off.....
Loss of 7000.......

Even with the Internet failure I could have got out with a small loss if Nest had worked properly. The major part of the loss was because of the Nest problems.
Who will compensate me?
Better to pay brokerage of 75 per lot instead of thousands because of useless software.
When their new software comes out I will consider trading through them.
 
classifiedindian

classifiedindian

Active Member
#10
#10
Strategist said:
This is an old problem with Nest. I too have lost money because orders don't show, so I stopped trading with zerodha. Now I am with my old broker and Odin.

The last time I traded with Nest, I placed an order...........
Order filled............
Placed a bigger order.....
Net connection went off.........
Is the new order filled or not?.......
Nest refuses to shut down...........
Finally closed it with Task manager..........
In market hours nobody will pick the phone at Zerodha except call and trade........

Internet comes back so I start up Nest.........
Market sinking........
Market watch empty...........
Order book empty..........
Reconcile doesn't work..........
Filled the marketwatch again........
My stock is far below the buy price but do I have a position?.......
Finally took a chance and called up Z call and trade and told him I wanted to square off the position.....
He squared it off.....
Loss of 7000.......

Even with the Internet failure I could have got out with a small loss if Nest had worked properly. The major part of the loss was because of the Nest problems.
Who will compensate me?
Better to pay brokerage of 75 per lot instead of thousands because of useless software.
When their new software comes out I will consider trading through them.
Click to expand...
This is a very interesting response. How many times have you faced such issues zerodha where nest seems to be the problem? Have you ever faced such issues with your other broker where you might blame the software?
 
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