Hi All,
NOW is giving a few issues for the last few days, we are trying to figure out why the problem is not happening to everyone... This said we are on the NOW team to find the problem that is happening with a few of our clients...
What I'd also ask for all of you who are taking the effort to post this on forum is to also shoot a mail to
[email protected] .... I get the point that some of you guys are trying to let us know about the problem, but this can also be done by sending us an email or by calling us( you all know how prompt we are at answering any query put forward on the email)....
As far as the margin issues are considered, we were forced to bring this rule on because of a lot of indisciplined traders... When you take a positions which has a leverage of more than 30 times on futures, we expect the client like a mature adult to square off the position before 3.10pm...Intraday positions on equity is still squared off only at 3.10 pm...
When we give such a high leverage on futures or on options writing, we expect the clients to square off the positions on their own before 3.10pm... But typically what has been happening is a lot of indisciplined traders who are making losses on futures positions firstly don't square off before 3.10pm and keep placing new orders even after 3.10pm even when they know their is not sufficient margins to hold the existing positions also...
What we are trying to say now is, between 3 to 3.10pm you can't take fresh intraday positions on futures, and this time people who are over leveraged on futures should ideally use the time to reduce the leverage to what their cash can hold.. We will still square off positions only from 3.10 pm....
Software problems are inherent to every trading platform that is available in the market, the few issues that were faced by some of the clients has been only for the last couple of days, we will have this fixed at the earliest for those who are having them.... As far as the margin positions on futures, use the time slot between 3 to 3.10pm to reduce your futures positions rather than adding on to.... Futures as a product is already leveraged, ideally you should not be using leverage on an already leveraged product...
Some of the most basic mistakes made by traders are firstly not knowing where the stops are and more importantly not knowing what their trading size should be...Knowing trading size is more important than knowing what the stop should be...If the size is something that is putting you in a spot between 3 to 3.30 then you are overtrading....
Don't forget to send your mails to
[email protected] ....
Cheers....
