Religare's Server faltered & conked off on 16th & 19th. In the process Short Positions were carried in ApthectT - 50 on 16th & 100 on 19th. On 20th instead of covering 150, they bought 135!!!. Despite this Covering purchase, Short Positions went to Auction. Luckily gained 4000.00 in Auction as Markets tumbled on 21st & 22nd. I had to square of excess purchase on 22nd & 23rd, resulting in a Loss of 6000.00. A Net Loss of 2000.00.
One can understand the Server giving Problems even though it reflects their inefficiency. Most Appalling thing is making Cover Purchases when the Short Position has already gone for Auction. It is nothing but sheer negligence or arrogance??.
I presume other Brokers are no better. The sad part is, we the Traders have no option but bear with these nincompoops.
My humble suggestion to Fellow Boarders is that, be prepared for Windfall Losses. Apart from our Trade Gains/Losses, Broker's sword is always hanging our heads.
Cheers
PAKatil
One can understand the Server giving Problems even though it reflects their inefficiency. Most Appalling thing is making Cover Purchases when the Short Position has already gone for Auction. It is nothing but sheer negligence or arrogance??.
I presume other Brokers are no better. The sad part is, we the Traders have no option but bear with these nincompoops.
My humble suggestion to Fellow Boarders is that, be prepared for Windfall Losses. Apart from our Trade Gains/Losses, Broker's sword is always hanging our heads.
Cheers
PAKatil