ICICIDirect - Dos and Donts

#1
Hello Friends,

I have Demate account in ICICIDirect and doing trading for a couple of years (But not too much orders).

1) How can i do short selling in ICICIDirect website?
ie., one can sell the stocks even dont have the stock in portfolio, after i buy to compensate.

2) How can i set ONE TIME STOP LOSS for my holdings.
Eg:- I have Apollo Tyres 500 shares. When the price goes below (today or tomorrow or next week) to rs.51, i want to sell all to avoid more losses. (Say ...Current price is 61).

3) Is ICICI allow leverage? I can buy only how much money i have in my account - if it is more than one rupee ICICIDirect not allow me to place buy order.

Please help me to clarify these and request you who are having doubt related to ICICIDirect, please post your questions here.

Thanks in advance.

Alagar
 
#2
1) Short selling is possible in ICICI. However you have to close the short positions before 1530 hrs the same day. Short selling is available in margin segment and not in cash segment.

2) While squaring off your position you can set your stop loss order. It is available with all brokers. I am not sure about gauranteed stop loss. It is used to be discussed a lot when I was in forex trading.

3) Yes. two type of leverage. Margin and Margin Plus. You have to be careful if you are leverage, as you will get margin calls if you run out of cash and position may get closed (I think)

Good luck

Shepherd
 
#3
Thanks Shepherd for your quick response.

Just to clarify more:
Q) 2) How can i set ONE TIME STOP LOSS for my holdings.
Eg:- I have Apollo Tyres 500 shares. When the price goes below (today or tomorrow or next week) to rs.51, i want to sell all to avoid more losses. (Say ...Current price is 61).

Ans) 2) While squaring off your position you can set your stop loss order. It is available with all brokers. I am not sure about gauranteed stop loss. It is used to be discussed a lot when I was in forex trading.


Here, please consider it is not day trading. I buy today at rs.55 and it goes up daily... if i am not watching for one week, in that week if it goes down to rs.51 it should sell automatically based on my x days earlier order.

I hope i explained clearly.
 
#4
Once securities have are allocated in your account, you can go to "Cash sell" and select the stock code and you can set limit price and a stop loss. If you are interested in only stop loss, youl could set a theoritical limit and the required stop loss.
 

kiranjakka

Well-Known Member
#6
Thanks Shepherd for your quick response.

Just to clarify more:
Q) 2) How can i set ONE TIME STOP LOSS for my holdings.
Eg:- I have Apollo Tyres 500 shares. When the price goes below (today or tomorrow or next week) to rs.51, i want to sell all to avoid more losses. (Say ...Current price is 61).

Ans) 2) While squaring off your position you can set your stop loss order. It is available with all brokers. I am not sure about gauranteed stop loss. It is used to be discussed a lot when I was in forex trading.


Here, please consider it is not day trading. I buy today at rs.55 and it goes up daily... if i am not watching for one week, in that week if it goes down to rs.51 it should sell automatically based on my x days earlier order.

I hope i explained clearly.
better not to trade with icici with their brokerages they are too high,try to invest in securities in icici and trade with some of the low brokerage companies like rkglobal or zerodha etc
 
#7
Once securities have are allocated in your account, you can go to "Cash sell" and select the stock code and you can set limit price and a stop loss. If you are interested in only stop loss, youl could set a theoritical limit and the required stop loss.
Sorry ...Still confusion... This is the real scenario:

@ Bought price (1000 Shares - 3 months back) - Rs.30
@ My mindset STOP LOSS - Rs.20
@ Current Price - Rs.21

Now, in "Cash Sell" what are the values i have to give, if it reaches the stoploss 20 to sell all my stock:

Qty - 1000
Limit Price - ??? (I cant give 20 - then immediately it will be sold)
Stop Loss Triggered Price - ?????

Could you please explain this real case.

Thanks in advance
 

ranj_2k

Active Member
#9
Sorry ...Still confusion... This is the real scenario:

@ Bought price (1000 Shares - 3 months back) - Rs.30
@ My mindset STOP LOSS - Rs.20
@ Current Price - Rs.21

Now, in "Cash Sell" what are the values i have to give, if it reaches the stoploss 20 to sell all my stock:

Qty - 1000
Limit Price - ??? (I cant give 20 - then immediately it will be sold)
Stop Loss Triggered Price - ?????

Could you please explain this real case.

Thanks in advance
Since you are already the stock since last 3 months. Simply put the Limit order of Rs.21 or any desired limit price. Mostly Stop Loss order are for Intraday trading. I am having a/c with them since 5 years but could not understand that funda. Even heard that SL triggered some times without reaching that level.
 

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