Did anyone trade with IndBank online trading facility

[saivs]

Goodmorning.

The buy order is the stop loss order. It is your protection incase the price goes up after you sell. In such a scenario as the price rises the stop loss is trigerred and your order will get executed if the price reaches 460. Not before that.

So in the buy order entry; PRICE = 460 will become StopLoss price/amount (14*50=700), with SL Triggering same time because I gave SL Price and Trigger Price as 460. Am I correct in my interpretation?

Suppose you sell 50 at 446 and place sl order at 460 with trigger at 460, the order is not activated as long as the price does not reach 460.

What in this case? ShortSell 50@446; for 50 Buy Order Entry; Price=460 and TrigPrice=454. So in this case SL will execute @460 with the price triggering at 454 and minimize loss to 460 ie 700. Am I right in my understanding?

So that means that I need to place 2 buy orders?? One to minimize loss (SL) and other to buy at normal price(CMP) to compensate or buyback or fill the deficit 50? Is this correct? If i'm only placing one SL order then when does the buy order get executed because i'm not mentioning anywhere to buy at a specific price? and all that i'm talking is SL.

Apart from the above, how can I place a Buy Trigger Price for normal buying order. Say for example if its CMP/LTP is 110 then I want to trigger buying only if it reaches 112. Simply Place a Buy Order at that Price and wait for it to hit the level?

 

[vibhunair]

Goodmorning.

What in this case? ShortSell 50@446; for 50 Buy Order Entry; Price=460 and TrigPrice=454. So in this case SL will execute @460 with the price triggering at 454 and minimize loss to 460 ie 700. Am I right in my understanding?

So that means that I need to place 2 buy orders?? One to minimize loss (SL) and other to buy at normal price(CMP) to compensate or buyback or fill the deficit 50? Is this correct? If i'm only placing one SL order then when does the buy order get executed because i'm not mentioning anywhere to buy at a specific price? and all that i'm talking is SL.

See when we place an order it comes up on the exchange as a bid or ask.
For example the CMP is 440 you want to buy at 439.8 you place the order. The orders will be displayed in serial no. The lowest bid first. Suppose there is no one who is willing to buy above 439.8 yours will be the highest bid. Similarly who ever wants to sell will place order and they are called asks. Suppose the lowest ask is 440.1. Now if somebody comes and gets ready to sell at 439.8 your order will get executed and if somebody comes and gets ready to buy at 440.1 the other guys order gets executed. You can see the best bids and asks in market depth for any script.

Similarly when you place a stop loss order it will get triggered when the price reaches at the trigger price. So if you place the trigger at 454 the order comes up on the exchange as buy 50 @ 460 the moment the price reaches trigger value given by you. Now you imagine what will happen when the current price is 454 and you ve placed an order to buy at 460. Your order would be executed at the lowest available ask. it may be 454.1 or 454.2 or 454.3 whatever. So you should place your trigger where you want to keep your stop loss. And the price should be the maximum you are ready to buy it for. hope its clear.. if not pls feel free to ask

 

[saivs]

I just realised that i'm not expressing my doubts clearly, probably because i'm overwhelmed with my knowledge. Pun intended.

Let me rephrase my doubt about SL. I shortsell 50@446, two scenarios arise I presume:
1. if I want to book profit then I need to place a buy order for 50@438, this is typical when the price further rolls down than my shortsell price.
2. and a second buy order to curtail my loss with SL 460. if the price increases than shortsell price.

Is my understanding correct?

Apart from the above, how can I place a Buy Trigger Price for normal buying order. Say for example if its CMP/LTP is 110 then I want to trigger buying only if it reaches 112. Simply Place a Buy Order at that Price and wait for it to hit the level?

 

[vibhunair]

If u want to buy something above 112 when the cmp is 110 then you will have to place a sl order. A normal order will imediately show up as buy xx @112. When the ltp is 110. It is just like in an auction. Or eg in a market something is being sold for 20 and u want to buy it for 23 everyone wil be ready to sell it for 23. So u dont want the order to come up on the exchange before price hits 112. So u have to keep SL order with trigger at 112. So that the order comes up when 112 is reached not before that.

On the other hand if the price is 110 and you want to buy at 108. U dont have to keep a sl order. Normal order is enough. Caues when u place the order xyz@108, it will come up on the exchange but will execute only when somebody is prepared to sell at such a low price. Which is possible only if the price reaches that point. Hope you got it..

 

[vibhunair]

Let me rephrase my doubt about SL. I shortsell 50@446, then if I want to book profit then I need to place a buy order for 50@438, and a second buy order with SL as clarified by you above. Is this correct?

Bingo about that. CMP is 446 and you sorted at that price. Now you want to book profit at 438 You place a normal order buy at 438. This will get executed only if somebody is ready to buy that low which will come only once the price falls to 438. But for stop loss you want to keep a stop loss order with the trigger which has to be your stop loss. The moment price reaches your Sl it gets initiated and will execute as and when possible

 

[vibhunair]

Let me rephrase my doubt about SL. I shortsell 50@446, two scenarios arise I presume:
1. if I want to book profit then I need to place a buy order for 50@438, this is typical when the price further rolls down than my shortsell price.
2. and a second buy order to curtail my loss with SL 460. if the price increases than shortsell price.

As soon as one order gets executed remember to cancel other one.

 

[saivs]

All the while I was under the impression that a Single Buy Order is supposed to suffice both issues in a single order entry. Hence all this confusion.

Kudos to you for bearing with me and my silly doubts. I'm happy at the end of it, silly it may sound though.

Thanks once again.

 

[saivs]

All the while I was under the impression that a Single Buy Order is supposed to suffice both issues in a single order entry. Hence all this confusion.

Kudos to you for bearing with me and my silly doubts. I'm happy at the end of it, silly it may sound though.

Thanks once again.

As soon as one order gets executed remember to cancel other one.

Will Keep In Mind.

 

[vibhunair]

Hehehe I was also under the same impression initially even traded sometimes thinking it must be some problem with indbank. But once happened to come across the instructions of indiainfoline where it was explained properly. Thats when I realised we need two orders

 

[saivs]

Glad you told me that I need to place 2 buy orders....owise as usual a spate of losses..

today I got a call on kwality buy @110 SL 106, exit at 115. Y'day also I made some losses for the past 3 days becos of SL. So 'm watching quietly....

The problems arising bcos of my latency in reacting and placing the orders......not used to do swiftly....hence all this confusion.