Zerodha - Number One Discount Broker in India

[Esse]

Dear Esse,



Many laughing at this incidence, but believe me if one dont stand against such acts then brokers take them granted.



Let everyone laugh. When they will get entangled in an issue they will experience it first hand. But rightly said abt the reporting part. Here is where the forums like traderji play their role. At least it has given me a platform to state my problem. Otherwise no one else would know. Fine people will have different opinions but at least it is placed in public domain. I have not asked anyone to take sides with me. Pl state your mind. Let me also know what I should do when situation like this arises in future. It is comparatively easy to do a post mortem but at that time difficult not to panic. If someone has to punch in 3 lots of nifty at the same price then he will not punch 3 orders (without time lag) and pay brokerage 3 times over
Thanks Anil for your inputs. I will also implement the safeguards that some people have suggested for future transactions.

Regards

 

[Esse]

Though a client should not keep on punching orders if the first one is not going through but even if he would have stopped at one order then also he would have faced loss , 1/3rd of what he faced actually because of 3 orders.

The ordeal which he went through is very unfortunate. The manner in which his problem was being handled doesn't really looks comfortable from a client's perspective.

Immediately a warning should have been flashed by the broker in the terminal that certain technical difficulty is being faced and clients should either refrain from punching orders or should get more vigilant.

Hi Leonid,

I fully agree. the onus of 1 order is on me. Then who will take the onus of the other two?

 

[ram2010]

This is a pretty horrible bug that has repeatedly occurred. Please push Omnesys to fix this. Why should a Temporary loss of connectivity in Client or Broker cause order/trade book to not update without manual intervention. On reconnection, we should get the latest data.

Atleast add a button to the order screen itself to force refresh of all order data from NSE. You can't expect everyone to know where to dig up a not-so-clear reconcile.

I hope pi does not have such issues. Nest is horrible.

Iam using nest trader with 2 other brokers.

For the past 6 months almost 0 issues.order goes through within micro seconds. It reconnects instantly when there is a disconnection in either nest or with my broadband.

i donot know whether nest behaves differently with different brokers.

members may disagree- The fact is ' nest is class'.

 

[ram2010]

Hi,
I have an issue. I have an account with you. Today I placed a buy order of 1 lot at 7695. But it did not reflect on the lower part of the screen or the order book. So I placed another one and since there was no response I punched in a third. All at the same price. Then I called up support and the call was not responded to. So I called up a sales guy who also failed to connect me to support but wanted me to reinstall the software. When I eventually logged in all three had got executed. I immediately called up for help but the support guys were not available. So the sales girl said she would get me in touch with support in some time. When she eventually called she asked me to mail to support. and also asked me to square up the order since the losses would only mount.
The mail to support first was responded to by a ticket no. and eventually a mail which said that the technicality existed for some time and losses cannot be reverted back. Also the losses were referred to as "notional". I wonder if someone pays up 9k for a technical glitch and the person concerned tries to pass the buck (as expected) what should we understand of the broker and his business ethics.
I wonder what you would have to say to this.

Regards

The safest way applicable for all brokers-
keep 10000 in your trading account if the margin required is 8000 rs. keep the rest in your bank account.

It saves you from over-trade from your end.

It saves you from excess trades by brokers for brokerage.

It saves you if broker shuts down.

Using nest pay-in facility- you can transfer any amount needed while trading within 1 minute.

(My pay-in takes only 40 seconds from sbi to nest trader- with another broker)

1-minute won't cost you much.

 

[ryan4ucar]

The safest way applicable for all brokers-
keep 10000 in your trading account if the margin required is 8000 rs. keep the rest in your bank account.

It saves you from over-trade from your end.

It saves you from excess trades by brokers for brokerage.

It saves you if broker shuts down.

Using nest pay-in facility- you can transfer any amount needed while trading within 1 minute.

(My pay-in takes only 40 seconds from sbi to nest trader- with another broker)

1-minute won't cost you much.

I had a gambler friend who did the same thought it was the safest way to gamble worked for a while but one day in moments of madness he lost his entire 10 years worth savings.

If one is too weak find professional traders who will trade for you and go find something you love to do.

 

[arcus]

Yes, per Nifty futures lot it is enough to keep Rs 45,000 with the broker. The rest (Rs 85,000) you should keep safely in the bank.

That ensures a reasonable 3:1 leverage and safety for you.

I personally keep Rs 25,000 per lakh of trading capital with the broker as I mostly trade Nifty options.

 

[Esse]

Yes, per Nifty futures lot it is enough to keep Rs 45,000 with the broker. The rest (Rs 85,000) you should keep safely in the bank.

That ensures a reasonable 3:1 leverage and safety for you.

I personally keep Rs 25,000 per lakh of trading capital with the broker as I mostly trade Nifty options.

The order type was mis. It was meant to be squared off the same day. I put the Sl after order execution otherwise that would have also been in place.

Regards

 

[Esse]

HI All,
The latest zerodha reply

It is not their fault and not my fault and I pay for it. :clapping:
Regards

 

[ram2010]

The order type was mis. It was meant to be squared off the same day. I put the Sl after order execution otherwise that would have also been in place.

Regards

If you went for cover order, it would have exited cost to cost,

without any hassles,

provided you modified the default stoploss just below your entry price.

Go for cover order, and don't forget to modify the default stoploss while pressing the submit button.

No need to panic, if your pc and brokers terminal both goes down, once you placed cover order.

 

[Esse]

If you went for cover order, it would have exited cost to cost,

without any hassles,

provided you modified the default stoploss just below your entry price.

Go for cover order, and don't forget to modify the default stoploss while pressing the submit button.

No need to panic, if your pc and brokers terminal both goes down, once you placed cover order.

Hi,

Thanks. Point noted. Will try to implement in future trades. If possible pl PM me about cover order, I am not conversant with it.

Regards