Did anyone trade with IndBank online trading facility

[saivs]

Any idea what LIMIT PRICE (LP) is?? Some places mentioned LP in certain texts. Does it exist in Indbank trading facility/platform? I dont recall coming across it anytime.

Cheers.

 

[vibhunair]

SOmetimes when we place stop loss order and the price falls very quickly some thing like this may happen.

Buy 50 @ 200

Sell 50 SL order Triger 198 Price 197.8

Suppose this is our order and sl order. Now the price suddenly falls and falls 1o 198 your SL gets triggered but the fall is so fast that before your order gets completed it falls to 196. What will happen? Your order will not get executed. That is because you have given a limit of 197.8 The value in the price is your limit price ie if the price falls below your limit price it would not get executed.
The other type is to execute your order at market price the moment sl is trigered. I m not very sure as i have not used it and i always have a limitprice to my stop loss orders which is very close to my trigger. But i think in Indbank if we leave the price column blank in case of a SL order, it means sell at market price. But I m not sure.

 

[saivs]

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.

In the above scenario, I want to buy and sell immediately then can I place orders even before one of them gets executed or none of them get executed?

Firstly, say if I place a buy order CMP/LTP as 110 for the above as 50@112 with Price=112 and TrigPrice=111.75. Its not executed and lying in the system(Stop Loss Book) until triggered.

Secondly as soon as I place the above buy order with the above not executed yet. Can I place a sell order with these conditions:

1. with the assumption, price might go up than my buy order (BookProfit)
Sell 50@115 with Price=115; TrigPrice=115.5

2. with my assumption going wrong and prices spiral downwards than my buy order then in that situation (StopLoss)
Sell50@109 with Price=109; TrigPrice=109.25

So can I place the 3 orders as mentioned above even before any of the conditions are met or get hit.

Also I want to confirm once again that there are always going to be 2 orders (Book Profit, and StopLoss) placed for every Sell(Shorting) or Buy(normal) order. One is to Book Profit and the other to Stop Loss.

 

[saivs]

i always have a limitprice to my stop loss orders which is very close to my trigger.

So is this not on indbank trading platform?

Also I keep coming across this term when my acquaintances mention about Limit Price in their ICICI Trading platform.

Hey I just read this and wanted to share with you..

"In case of stop loss orders, a user has the flexibility of specifying a limit price along with the trigger price. This limit price can be selected as equal to the trigger price in the price field so as to leave it with the word ‘Price’. If the limit price is not specified, the trigger price is taken as the limit price for the order. Alternatively, a user can specify a limit price as ‘Market’ price."

I think its the same as what u said. Correct me if i'm wrong in my understanding of the above quote.

So I think it would be better to keep the Price and TP field equal to for SL Orders, instead of giving different figures. Would there be any difference in such an event (where both fields are having same price=115 and trigprice=115) as compared to price= 115 TP=115.5.

 

[vibhunair]

yeah its omewhat like this.
If you give the stop loss trigger and the limit price same, then the order will get executed at only that price. EG if your trigger is 10 and limit is 11, then your order will get executed anywhere between 10 and 11. If it crosses 11 it wont get executed. If you keep both same ie 10 the it will get executed at 10 only. Where as I think (am not sure as i ve not tried) if you leave price field blank it will get executed at the market price (What ever it is ) the moment the SL is triggered

 

[saivs]

What about Post No. 23??

 

[vibhunair]

What about Post No. 23??

1 &2 Yes you can place the orders provided you have sufficient margin.

YEs the stop loss order and the profit booking order are different. Once you place any buy or sell order you should keep a stop loss order (noone knows market correctly and trading without a stop loss order is like doing acrobatics without safety net) YOU WILL NEED ANOTHER ORDER TO BOOK PROFIT.

 

[saivs]

My margin amount is 4300, exposure 5 times = 21,500
for eg. CMP 557
1st Order, I placed a Shortsell 38@554; Trigger@554 (Shortsell with the assumption that it might fall from CMP)
2nd Order, After placing shortsell order, I placed buy38@552; [email protected] (book profit)
3rd Order, Now its not allowing me to place SL order?

Is it because my exposure limit is used up?
Is there any sequence for placing SL orders, like as soon as I short then first I need to place SL order then only Book Profit order?

 

[vibhunair]

Its because you have used up your exposure. wait for the first order to be executed and then put the third order. However since we are at it, i would suggest not to use up full amount of the margin. When we are new we should always try and use as little leverages as possible. As though these may give good profits they may also eat up all our capital. Read some threads on MM and risk management in the forum which explain importance of having right amount of exposure

 

[saivs]

When I booked profit, I should have exited. As I was exiting after Sq Off Net position, I inadvertently pressed sell at MktPrice twice and the order got executed. I shorted by mistake 17@559.

At that point of time I was in +ve but I was greedy and waited for some more time....with the hope that it may fall than what I shorted@559. Alas my greed was justly modified into a loss.

Moral I learnt is better to exit in +ve even if margin is less. Its always better than -ve. I just wanted to cover my brokerage so that I can breakeven. Thats all not to earn profit.
Anyways a lesson learnt.