Upstox - RKSV - Trade in Rs 20 Max

[Creep]

So, I am back to haunt you guys.... A close friend of mine still trades with you guys, I guess you will hear from NSE/SEBI on this..

He did save some brokerage, but I guess the other day when markets came down he lost 10 times more money because you don't let people place market orders, market was coming down and he kept placing limit orders to exit.. You know how it works in Panic, he is down almost 2lks because of you guys..

First you make it attractive for traders and then don't give market orders...

Not allowing market orders, isn't it illegal or something?? can a broker do something like this?? Anyone who can give input??

Anything that can be done to recover this money from the broker??

 

[sumosanammain]

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[nac]

At least in future, do this if your broker doesn't allow market orders.

Sell @ lower price than the price you see in the bid to cover you long trade when market is moving fast.
Buy @ higher price than the price you see in the ask to cover you short trade when market is moving fast.

 

[Smart_trade]

So, I am back to haunt you guys.... A close friend of mine still trades with you guys, I guess you will hear from NSE/SEBI on this..

He did save some brokerage, but I guess the other day when markets came down he lost 10 times more money because you don't let people place market orders, market was coming down and he kept placing limit orders to exit.. You know how it works in Panic, he is down almost 2lks because of you guys..

First you make it attractive for traders and then don't give market orders...

Not allowing market orders, isn't it illegal or something?? can a broker do something like this?? Anyone who can give input??

Anything that can be done to recover this money from the broker??

Put a limit order with large protection, it becomes as good or as bad as market order.

But market orders should be provided with proper protection of say 1 % or so but may be the software does not take protection on market orders.

Smart_trade

 

[RKSV]

WHAT!!!!!!!!!!!!!!!!!!!! NO MARKET ORDERS???????????????????

Wind up RKSV, you have no right to spoil the lives of traders.

Hey guys,

It's not illegal to block market orders. It's more risky for us and the clients in many scenarios. We sent a notice to all customers a while ago and it is listed in our FAQ. Many of our customers are fine with it and it's helped them too.

It's because of the way of our platform handles market orders (or lack thereof) from a risk perspective. We are working on rectifying it in the coming months with the platform.

BTW, this topic has been discussed in the past replies on this thread. These are always tricky topics since it benefits some and hurts other.

 

[sumosanammain]

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[Smart_trade]

ST, entering prices when mkts are moving fast defeats the purpose of putting in a market order to exit in a hurry.

I would prefer to stay away till they rectify this so called problem that is not an issue with almost all the brokers I have an account with. And believe me, they are quite a few

Yes Sumo, but market orders at times execute orders at totally crazy rates. Few years back my friend got a market buy order for 200 Digital shares executed at price which was Rs 200 less than the screen price....he got a jackpot as he was covering his shorts but someone on the other side got a big loss if he was liquidating his loosing long position.And within seconds the price came back where it was...

I never put market orders...it is too risky...

But everyone's call I guess..

Smart_trade

 

[sumosanammain]

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[Smart_trade]

But you, Sir, are a master trader, and we arent

My offer for Hot idlis and coffee still stands

Thanks for those kind words and the hot idlies and coffee offer which I take most happily.....time and venue we will decide later.

ST

 

[sumosanammain]

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