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Intraday Contract automatically converted to Delivery?

Discuss Intraday Contract automatically converted to Delivery? at the Investors Grieviences within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi, On Oct 1,i bought HDIL Intraday (125 @ 327.30) putting a Stop Loss @324.30 ...


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  #1  
Old 2nd October 2009, 05:00 AM
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Default Intraday Contract automatically converted to Delivery?

Hi,

On Oct 1,i bought HDIL Intraday (125 @ 327.30) putting a Stop Loss @324.30 thinking that my Max Loss is Rs.500.

On 3'o clock,system automatically tried to cancel the Stop Loss Order and execute the price @ 3'o clock.This is the actual scenario.

But what happened in my contract is System tried to cancel the Stop Loss @ 3 and from there it stuck.It seems that the Order not cancelled (dont get executed) and the System tries to cancel the order around 7 times getting the same message "Order Rejected.Cancellation already in Progress".

Since the same error message occurs till 7 PM,the broker converts the Intraday to PTST (Buy today Sell Tommorow).

My Question is:
Why this is happening?Since you can trade 5 times the delivery for Intraday,how they'll charge for Delivery Brokerage instead of Intraday.

As far as i know,the fault is not on my side.While System tries to cancel that Stop Loss order and get executed,it cant.

Since i bought less quantity,i am able to settle the money.But now i have the big surprise question?What's the gurantee the System will execute the Intraday Order Successfully @ 3 PM at any price.

Is this the problem with the broker terminal or NSE ?

Please clarify.

I really disappointed with this crap,if Intraday doesn;t get executed succesfully it'll be converted to PTST and delivery brokerage will be charged

Reg
Vasanth



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  #2  
Old 2nd October 2009, 08:38 AM
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Default Re: Intraday Contract automatically converted to Delivery?

who is the broker and trading terminal?
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Old 2nd October 2009, 08:46 AM
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Default Re: Intraday Contract automatically converted to Delivery?

Its IDBI Paisabuilder.in.Also it's Web-based.

I put the Stop Loss:

Trigger Price:323.30
Limit Price:323.30

Is this wrong or correct?At 3,System tries to cancel the order,but it can't

Reg
vasanth

Last edited by vasanth_ece; 2nd October 2009 at 09:29 AM.
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Old 2nd October 2009, 07:05 PM
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Default Re: Intraday Contract automatically converted to Delivery?

Quote:
Originally Posted by vasanth_ece View Post
Its IDBI Paisabuilder.in.Also it's Web-based.

I put the Stop Loss:

Trigger Price:323.30
Limit Price:323.30

Is this wrong or correct?At 3,System tries to cancel the order,but it can't

Reg
vasanth
I guess you were trading on margin money . Almost all brokerages have inbuilt systems that square off your positions at 3.00 pm if you are trading with margin money[5 times or x times your actual trading capital that is deposited with the broker]

Its a standard practice as far as I know.
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Old 2nd October 2009, 07:12 PM
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Default Re: Intraday Contract automatically converted to Delivery?

hi..
this was the wrong way to put the stop.the limit price should have been lower than the trigger price.
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Old 2nd October 2009, 08:09 PM
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Default Re: Intraday Contract automatically converted to Delivery?

Ok take it easy & talk with customer care . I hope you will be the lucky one to get the solution

Last edited by arvind123; 3rd October 2009 at 02:10 PM.
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  #7  
Old 2nd October 2009, 09:51 PM
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Default Re: Intraday Contract automatically converted to Delivery?

Thanks Anurag and Aravind,

Now i know we need to rake this risk too as a part of Profit/Loss.I never faced the problems like this till now,thats why little surised.


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