n 12th Dec I had bought Nifty at 6297 and had put stop loss sell order a little later at 6284 limit and 6285 trigger.But immediately order got executed at 6295 .As market was falling my loss was limited to only 100 but how come order got executed at 6295.I checked order book which said order rate as 6285
Zerodha - Number One Discount Broker in India
- Thread starter Traderji
- Start date
Vasu,
The only way this SL order that you placed would have gotten executed is if by mistake you had placed the trigger price as 6295 or anything higher. So what would have happened is your trigger would be hit and a selling order of 6285 would be sent to the market. Since the market is at a higher price, it will get sold at 6295, but your order will show as placed at 6285.
Hopefully this clarifies, if you face this issue again, shoot an email to [email protected], with the snapshots, we will call and help you understand how this works.
Cheers,
The only way this SL order that you placed would have gotten executed is if by mistake you had placed the trigger price as 6295 or anything higher. So what would have happened is your trigger would be hit and a selling order of 6285 would be sent to the market. Since the market is at a higher price, it will get sold at 6295, but your order will show as placed at 6285.
Hopefully this clarifies, if you face this issue again, shoot an email to [email protected], with the snapshots, we will call and help you understand how this works.
Cheers,
Beware of Zerodha's system. You can lose money anytime with it.
And worse, they do Not care about it. Neither they recognize the fault of their faulty system, nor they compensate you for the loss. Not even respond to your emails, which in my case was sent to them twice, once with screenshots attached. I patiently waited for their response and behaved responsibly... But all went in vain - they are not interested in replying because they have No answer.
Therefore I have decided to put this on the record here in the interest of traders on how I had to suffer a loss because of Zerodha's faulty and unreliable system on Nov. 28th. It was my turn that day. Who knows tomorrow their faulty and unreliable system make you, or me again, its victim.
This is what had happened that day :
I had a margin of 7786 rupees on Nov. 28th. (see this screenshot of Cash Limit http://www.2imgs.com/28995872a1 ) I knew one lot of Nifty futures can be bought with this amount using CO. At that time, according to Zerodha's margin calculator here http://zerodha.com/margin-calculator/Futures/ , the exact amount required to buy one lot of Nifty futures using CO was 7732.
So when I placed a buy order (@6105) of Nifty futures (Note: this was my first trade of the day. Before this, I have Not done Any trade. So No question of using my transaction password) and checked my order book, I got spooked to see that the order book is showing three already completed orders which I had Not placed, and Not possible with that margin when it is already showing one open position (@6105)!! See this screenshot of my Order Book http://www.2imgs.com/9011d0fa29 to understand this clearly.
I immediately understood there is something wrong. These are either system generated erroneous/fake orders, or something else because:
A) My Nifty future buy cover order (buy @6105) was my First order of that day, which I did by using transaction password. No trade was done before, hence No question of using the transaction password... or placing the sell CO @6100.
B) And even assuming that the system generated Nifty futures sell order @6100 was done by me, then how is it possible that this order got squared off on my placing the buy order @6105? Is this how CO supposed to work? And if it was Not squared off (therefore it's showing open in the order book) then how with just 7786 margin three orders got executed there?!! Who did them? I only did one.
Firstly, surely Zerodha's RMS FAILED BIG TIME there. And even when it allowed that buy cover order, how the hell can it square off the first (system generated) sell cover order??!! COs can only be modified or exited. NO??
And even suppose I modified the trigger of the sell order (@6100) to square off it @6105. Then by your brokerage calculator I should have incurred a loss of 353 rupees. Right? This is indisputable. It is there for all to see. So what is the cash limit I should be left with after the completion of this first sell-buy (@6100 -@6105) cover order? 7333 rupees (7786 minus 353). Ok?
C) No no. Not so for the Zerodha's great unreliable system which placed another sell cover order on my behalf @6088!!! When I had (or should have) just 7333 rupees of cash left!!
See this screenshot of my Trade Book http://www.2imgs.com/5fee2f05d6 Since when Zerodha started allowing one lot of NF with 7300??
As I have mentioned in these posts here http://www.traderji.com/brokers-trading-platforms/89121-zerodha-part-3-a-147.html#post904338 , and you can also understand how panicky those moments would have been for me. I was not able to figure out which position to trust; to cut losses; to book profit etc. Admin window was showing messy figures. See this screenshot of Admin Positions window. I was in profit, I do not understand its math tho' http://www.2imgs.com/a011d0fa29 .
In the end, I suffered 800 rupees loss because of Zerodha's dangerously unreliable system.
And you know what? I got no help when all this was happening. When I contacted Z's customer care, some Vijay attended my call there, I told him I just have 7786 rupees margin and the Order Book is showing three completed orders when I have just entered my transaction password to do my first trade. He told me all those orders are placed by me, from my terminal and IP etc!! And that's that.
NB: Please go through all the screenshots (Order book, Trade Book, RMS cash credit, Contract note) attached carefully. You can see the order number and time etc.
In the contract note you would notice that the order number 2013112831379175 is shown as bought at 15:22, whereas the screenshot of the order is showing this exact order number as bought at 14:27 PM!! So the same order number was bought twice at two very different time!! http://2imgs.com/6fee2f05d6
Thanks for reading this long-winded post Do ask if you have any question for me. Do share if you have gone thru, or heard about, any similar experience.
Let us not suffer silently. Enough is Enough.
And worse, they do Not care about it. Neither they recognize the fault of their faulty system, nor they compensate you for the loss. Not even respond to your emails, which in my case was sent to them twice, once with screenshots attached. I patiently waited for their response and behaved responsibly... But all went in vain - they are not interested in replying because they have No answer.
Therefore I have decided to put this on the record here in the interest of traders on how I had to suffer a loss because of Zerodha's faulty and unreliable system on Nov. 28th. It was my turn that day. Who knows tomorrow their faulty and unreliable system make you, or me again, its victim.
This is what had happened that day :
I had a margin of 7786 rupees on Nov. 28th. (see this screenshot of Cash Limit http://www.2imgs.com/28995872a1 ) I knew one lot of Nifty futures can be bought with this amount using CO. At that time, according to Zerodha's margin calculator here http://zerodha.com/margin-calculator/Futures/ , the exact amount required to buy one lot of Nifty futures using CO was 7732.
So when I placed a buy order (@6105) of Nifty futures (Note: this was my first trade of the day. Before this, I have Not done Any trade. So No question of using my transaction password) and checked my order book, I got spooked to see that the order book is showing three already completed orders which I had Not placed, and Not possible with that margin when it is already showing one open position (@6105)!! See this screenshot of my Order Book http://www.2imgs.com/9011d0fa29 to understand this clearly.
I immediately understood there is something wrong. These are either system generated erroneous/fake orders, or something else because:
A) My Nifty future buy cover order (buy @6105) was my First order of that day, which I did by using transaction password. No trade was done before, hence No question of using the transaction password... or placing the sell CO @6100.
B) And even assuming that the system generated Nifty futures sell order @6100 was done by me, then how is it possible that this order got squared off on my placing the buy order @6105? Is this how CO supposed to work? And if it was Not squared off (therefore it's showing open in the order book) then how with just 7786 margin three orders got executed there?!! Who did them? I only did one.
Firstly, surely Zerodha's RMS FAILED BIG TIME there. And even when it allowed that buy cover order, how the hell can it square off the first (system generated) sell cover order??!! COs can only be modified or exited. NO??
And even suppose I modified the trigger of the sell order (@6100) to square off it @6105. Then by your brokerage calculator I should have incurred a loss of 353 rupees. Right? This is indisputable. It is there for all to see. So what is the cash limit I should be left with after the completion of this first sell-buy (@6100 -@6105) cover order? 7333 rupees (7786 minus 353). Ok?
C) No no. Not so for the Zerodha's great unreliable system which placed another sell cover order on my behalf @6088!!! When I had (or should have) just 7333 rupees of cash left!!
See this screenshot of my Trade Book http://www.2imgs.com/5fee2f05d6 Since when Zerodha started allowing one lot of NF with 7300?? As I have mentioned in these posts here http://www.traderji.com/brokers-trading-platforms/89121-zerodha-part-3-a-147.html#post904338 , and you can also understand how panicky those moments would have been for me. I was not able to figure out which position to trust; to cut losses; to book profit etc. Admin window was showing messy figures. See this screenshot of Admin Positions window. I was in profit, I do not understand its math tho' http://www.2imgs.com/a011d0fa29 .
In the end, I suffered 800 rupees loss because of Zerodha's dangerously unreliable system.
And you know what? I got no help when all this was happening. When I contacted Z's customer care, some Vijay attended my call there, I told him I just have 7786 rupees margin and the Order Book is showing three completed orders when I have just entered my transaction password to do my first trade. He told me all those orders are placed by me, from my terminal and IP etc!! And that's that.
NB: Please go through all the screenshots (Order book, Trade Book, RMS cash credit, Contract note) attached carefully. You can see the order number and time etc.
In the contract note you would notice that the order number 2013112831379175 is shown as bought at 15:22, whereas the screenshot of the order is showing this exact order number as bought at 14:27 PM!! So the same order number was bought twice at two very different time!!
http://2imgs.com/6fee2f05d6Thanks for reading this long-winded post
Do ask if you have any question for me. Do share if you have gone thru, or heard about, any similar experience.Let us not suffer silently. Enough is Enough.
The story begins from Oct'13. I am a newcomer in Zerodha as well as MCX. Just opened the new account to trade in MCX. I have also informed them that i am a novice in MCX. At first , they told me to deposit 5000/- each in equity and commodity account.I told them that it was not according to my agreement with you. But they persistantly pressurised me to deposit those amount .
To buy my faith, they even contacted me through one of their WOMAN sales representative to talk with me in my mother tongue and convinced me to deposit the amount. After that i have to deposit the amounts to start trade in MCX.
After starting trade i profited 1000/- . Then i bought another lot of copper in MCX. Hold it for nearly 3 days. One evening i saw my holding is making loss. Then i phoned them what to do ? Saw my scrip was making sharp loss than before i phoned them. Being panicked by this i sold that lot at a loss of Rs.-6000+/-.
Then i again bought another lot of copper in NRML. The next day again my scrip goes into loss. Again i phoned them. Again saw my scrip was making sharp loss than before i phoned them i.e. recurrence of the previous MYSTIC phenomenon. Again panicked by this i sold that lot at a loss of 4000+/-.
Then i withdrew all my money from my zerodha account.
Who will compensate my loss ? Are they human beings or merely robots ? or MONEY SUCKING DEMONS to impoverish the small investors like me ???....
Firstly, It is your mistake that you took positiosn without any prior knowledge. you will be called a fool, if you have placed the order by yourself, yet blame the broker for a loss.
OTOH, if zerodha has asked you persistently to deposit 5000 rupees and made you trade, it is a very bad practice from their side. They are decreasing their standards day by day anyway.. many a ppl are pissed off with them these days.
But, unless a broker takes a position in your account without your consent, you cannot blame him. you moved the money, you made the order, you took the loss and that means that it is only you who is to be blamed for your loss. Entering into market without any knowledge or some analyst's tips or support and blaming the broker for your loss is completely foolish. Hope you realize that in your initial stages of trading. Again, if zerodha has convinced you to deposit money in the account and told you to take those positions and left you mid-way without a clue, that is a bad practice on their part, but they still cant be blamed for your loss because end of the day, it is you who placed the orders and you who booked the loss.
Let this be an eye opener for you and the next time you get into market, prepare yourself for profits and losses, and most importantly, know what you are doing.
OTOH, if zerodha has asked you persistently to deposit 5000 rupees and made you trade, it is a very bad practice from their side. They are decreasing their standards day by day anyway.. many a ppl are pissed off with them these days.
But, unless a broker takes a position in your account without your consent, you cannot blame him. you moved the money, you made the order, you took the loss and that means that it is only you who is to be blamed for your loss. Entering into market without any knowledge or some analyst's tips or support and blaming the broker for your loss is completely foolish. Hope you realize that in your initial stages of trading. Again, if zerodha has convinced you to deposit money in the account and told you to take those positions and left you mid-way without a clue, that is a bad practice on their part, but they still cant be blamed for your loss because end of the day, it is you who placed the orders and you who booked the loss.
Let this be an eye opener for you and the next time you get into market, prepare yourself for profits and losses, and most importantly, know what you are doing.
Firstly, why they asked for money which is against the agreement with them ? If they informed me before my account opening i shall think twice about opening account with them.
Secondly what was the reason of the sharp fall i have observed after getting them phoned ? Is it possible to manipulate the TWS by the broker? I am not an OMNISCIENT , so not able to unearth the reason. Can you answer ?
Moreover, once i placed an order for seling 1 lot of Natural Gas @232 , after buying it @231.3 through my Android mobile's nest platform.Then i modified the order to sell it @231.8 .Again i modified it to sell @231.3.Then again i modified it to sell @232.Then i exited the TWS because the scrip was increasing sharply and i was confident about making profit. After 1 hour when i re-enter my mobile TWS,with utter surprise i saw that it sold @231.3 without making any profit, although then the scrip had touched@ 232.5 and increasing continously. I phoned them instantly,but they straight forwardly ignored any fault in their system and told that my last modified order was @231.3 although i am damn sure that my last modified order was @232.Thus i have to incur a loss of Rs.875. Have you any answer for this ?
Secondly what was the reason of the sharp fall i have observed after getting them phoned ? Is it possible to manipulate the TWS by the broker? I am not an OMNISCIENT , so not able to unearth the reason. Can you answer ?
Moreover, once i placed an order for seling 1 lot of Natural Gas @232 , after buying it @231.3 through my Android mobile's nest platform.Then i modified the order to sell it @231.8 .Again i modified it to sell @231.3.Then again i modified it to sell @232.Then i exited the TWS because the scrip was increasing sharply and i was confident about making profit. After 1 hour when i re-enter my mobile TWS,with utter surprise i saw that it sold @231.3 without making any profit, although then the scrip had touched@ 232.5 and increasing continously. I phoned them instantly,but they straight forwardly ignored any fault in their system and told that my last modified order was @231.3 although i am damn sure that my last modified order was @232.Thus i have to incur a loss of Rs.875. Have you any answer for this ?
Last edited:
asking money to deposit in YOUR trading account in not a crime. you got the money credited to your account right? zerodha did not credit it to their account.
Why they asked to deposit? would you just open account and remain dormant?
buddy you need money to start trading/investing.
Sharp fall in commodity - you ventured into commodity trading by your own choice. Nobody from Zerodha asked you to buy/sell anything. Commodity is a very big and liquid market. Zerodha or any other BIG broker cannot influence the price of any commodity/equity.
commodity market is very volatile, the movement is very sharp in a matter of seconds.
Understand the market and its working before you venture. And secondly, accepting your mistake is the next step towards growing up as trader. Else, there will always be someone to blame for your loss - software, broker, electricity, family, etc etc....
