upstox stole my 20,000

[chaku101]

Cool, now you can escalate this issue. Mail them informing that you intend taking it up with higher authorities.

Then you can write to scores.gov.in

Keep us updated about it.

upstox representative called me and told me the technicalities behind why i suffered such huge loss. As stated by him, Due to huge volatility in pc jeweler, both my stop loss and target were triggered together ??? ( which is complete opposite of what OCO means ) that's why i had that extra 3000 quantity in sell position. But I still should get an option to manually square it off in order book which wasn't there, leading me to such huge loss. He said they will get back with me in 24 hours for final solution of what will happen with my fund.

I am a beginner in stock market. And i have survived in stock market for 5 months without any huge losses and this is very demotivating to see that I might lose 20,000 capital when it's not even my fault. I didn't come in to stock market hoping I will get rich in one night. I have been using strict stop loss since day 1 and I am very serious about making a career in stock market. People might have lost lakhs and crores in stock market but I belong from a middle class family and 20,000 is a big capital for me. So i hope they help me or I would have to quit stock market. Tbh I have faced more technical glitches and issues than any wins or losses since I started trading.

 

[chaku101]

I also think this is what happened. SL order was hit first, but target order was not cancelled, which resulted in shorting of extra quantity.

Its scary to solely depend on technology. A simple bug in trading platform can create havoc.

upstox representiative told me my stop loss and target were both triggered due to huge volatilty in pc jeweler. This creating this extra 2300 sell order ( but I didn't have enough margin to trade 6000 quantities, so the order should have cancelled themselves) which i wasn't able to square off manually to prevent any further losses. I understand this is not a fault from upstox either but I hope they find me a solution.

 

[timepass]

upstox representiative told me my stop loss and target were both triggered due to huge volatilty in pc jeweler. This creating this extra 2300 sell order ( but I didn't have enough margin to trade 6000 quantities, so the order should have cancelled themselves) which i wasn't able to square off manually to prevent any further losses. I understand this is not a fault from upstox either but I hope they find me a solution.

So what did you do ?? Do the charts/data confirm the truth of their claims ?

Anyway, if one didn't cancel the other, it's not really your fault. There shouldn't even be a question of you doing it manually. How come the order not cancelling isn't upstox's problem ?? How come inaction throughout the day isn't the broker's problem ?? Follow it up. They have to clarify the issues satisfactorily.

Of course, if you are satisfied with the explanations, then we can close this thread.

 

[chaku101]

So what did you do ?? Do the charts/data confirm the truth of their claims ?

Anyway, if one didn't cancel the other, it's not really your fault. There shouldn't even be a question of you doing it manually. How come the order not cancelling isn't upstox's problem ?? How come inaction throughout the day isn't the broker's problem ?? Follow it up. They have to clarify the issues satisfactorily.

Of course, if you are satisfied with the explanations, then we can close this thread.

I was watching the chart very closely, first my order was triggered then stock went little down, if this is when my sl had hit my order should have been close right there then stock went up again and my target hit and never came down. I just went throught the chart again and this is what has happened -

This is a one minute chart and my buy order triggered @ 135.2 and i had stop loss of 1.3 so according to chart my stop loss is hit @ 133.8 so my order should have closed right there. But the upstox person claimed that due to the volatility of so little gap between the orders both sl and target were triggered. But if we look at the chart there seems 1-2 minute difference in when both sl and target were triggered. I am okay with the explanation that due to huge volatility both my sl and target were triggered at the same time. But i still need answers on this -
1. I was not able to manually square off the excess order.
2. I lost more than what i have in my fund.
3. If they stock is extremely volatile they should already ban it from trading preventing cases like mine. I am not going to keep 10% sl for .3% target.
4. I called the support team on the same day but I didn't get any help and the position was stil there til end of the day leading me to a loss of -90000

So yeah you are right It's not my mistake at all and I should get my money back and I will hold on to my case.

 

[timepass]

So, what are you going to do next ??

It's good that you have defined that you should get your money back.

By now we all have understood that the SL was hit at 9:52:36 and the target order was not cancelled, and got executed 22 seconds later. There should be no need of any manual intervention.

You have a record of your calls/emails ??

That their customer support failed through the session, that their RMS was useless throughout the session... all these are the things that point to lapses on their part and you should be provided fair compensation. Everyone here would agree with you on that.

They have spoken to you, fine. But has anyone explained it through email ?? Nothing in writing would be my guess.

So, my advice would be to keep it up, pursue it nicely and persistently, escalate it as much as possible. Let your further communication with them be through email, mentioning the person you spoke with and the content of the explanation. Also mention exactly what you want from them. If they deny it, let the denial be in writing.

Do it ASAP. Nearly a week since this happened.

All the best.

 

[imfine]

upstox representiative told me my stop loss and target were both triggered due to huge volatilty in pc jeweler. This creating this extra 2300 sell order ( but I didn't have enough margin to trade 6000 quantities, so the order should have cancelled themselves) which i wasn't able to square off manually to prevent any further losses. I understand this is not a fault from upstox either but I hope they find me a solution.

From ur reply it seems u r not sure how the mkt, BO, CO, SL TGT works. What volatility has to do with SL and TGT and how both SL TGT can be hit in one tick? Its clearly technical fault from their side. Secondly their RMS has also failed to restrict ur second entry due to lack of funds.

I myself trade only on BO and on said date i planned to trade pcjweller which i cant take entry.

I just following this thread to see what solution they offer to you.

 

[timepass]

From ur reply it seems u r not sure how the mkt, BO, CO, SL TGT works. What volatility has to do with SL and TGT and how both SL TGT can be hit in one tick? Its clearly technical fault from their side. Secondly their RMS has also failed to restrict ur second entry due to lack of funds.

I myself trade only on BO and on said date i planned to trade pcjweller which i cant take entry.

I just following this thread to see what solution they offer to you.

You know, guys, there may be a clause in the agreement which you sign, that clause protects the broker against any software/technology failure.

Ok, fine. But nothing protects them against the failure of the RMS and customer support services.

 

[chaku101]

So, what are you going to do next ??

It's good that you have defined that you should get your money back.

By now we all have understood that the SL was hit at 9:52:36 and the target order was not cancelled, and got executed 22 seconds later. There should be no need of any manual intervention.

You have a record of your calls/emails ??

That their customer support failed through the session, that their RMS was useless throughout the session... all these are the things that point to lapses on their part and you should be provided fair compensation. Everyone here would agree with you on that.

They have spoken to you, fine. But has anyone explained it through email ?? Nothing in writing would be my guess.

So, my advice would be to keep it up, pursue it nicely and persistently, escalate it as much as possible. Let your further communication with them be through email, mentioning the person you spoke with and the content of the explanation. Also mention exactly what you want from them. If they deny it, let the denial be in writing.

Do it ASAP. Nearly a week since this happened.

All the best.

I have a record of emails. I wrote the support team on same day. And made calls too. They trasnferred my call to different department and ultimately disconnecting the call. Support @ email said that i have taken delivery position blah blah didn't even try to look into problem i was facing and told me to wait till I get contract notes and in the meantime I had already mtm of -90000 at the end of the day.

NO they didn't try to explain or solve through my email. I got a call just today evening.
Thanks for your help. I will write them in an email.

 

[chaku101]

From ur reply it seems u r not sure how the mkt, BO, CO, SL TGT works. What volatility has to do with SL and TGT and how both SL TGT can be hit in one tick? Its clearly technical fault from their side. Secondly their RMS has also failed to restrict ur second entry due to lack of funds.

I myself trade only on BO and on said date i planned to trade pcjweller which i cant take entry.

I just following this thread to see what solution they offer to you.

I am a beginner so I don't know how things exactly work. The reasonings of guy from upstox sounded fair to me but after reading your points here, it's clear that it's a total fault from their side, so i should have my money refunded.

 

[timepass]

I have a record of emails. I wrote the support team on same day. And made calls too. They trasnferred my call to different department and ultimately disconnecting the call. Support @ email said that i have taken delivery position blah blah didn't even try to look into problem i was facing and told me to wait till I get contract notes and in the meantime I had already mtm of -90000 at the end of the day.

NO they didn't try to explain or solve through my email. I got a call just today evening.
Thanks for your help. I will write them in an email.

I am a beginner so I don't know how things exactly work. The reasonings of guy from upstox sounded fair to me but after reading your points here, it's clear that it's a total fault from their side, so i should have my money refunded.

Write to them now, so that they read it the first thing in the morning.

If you don't receive satisfactory communication by noon, escalate it.

There was a similar problem with another broker on March 13, and 90% of my account was wiped out. I filed a complaint the same day by noon. The matter was resolved on March 23.

Go through it.

http://www.traderji.com/community/threads/zerodha-part-3.89121/page-1624#post-1274708

Software issues happen, what we need is proper resolution of the issue.