Zerodha....

[shekharinvest]

Dude,

... they could let you hold on to your shorts(positions a little longer albeit at the cost of some other long term "investor" of theirs

In that case you are referring him to a crook :annoyed:

By the way SKSMICRO has hit upper circuit, if it continues I doubt if Zerodha could sqaureoff at 3:10.

You be ready to take a big hit to your account, if it keeps moving up like this only, and penalty too from NSE.

SHEKHAR

 

[Zerodha]

i have short sell sks microfinance through intra day
what will happen now .
what will be the loss i have to bear?
when will it be settled?
say i buy it back on tommorw will it be settled?
will i loose all the money ?
and had to pay extra?
reply soon zerodha

@ los and newbie

when you short stocks without holding the stocks in your account, you run the risk of auction...

In the stock markets, if you sell stock you are expected to deliver the share on T+2 days. So if you sell something on monday, your shares will be delivered to the guy on the buy side on wednesday... When doing intraday, you sell and buy it back hence there is nothing to deliver on wed...

Today SKS is on upper circuit, you have sold it , but if it stays on circuit till 3.30, you will not be able to buy it back... If you can't buy it back, you will have to deliver the shares on wednesday... You will have nothing to deliver, so you will be taken to the auction market on thursday, on thursday shares would be bought at auction price and delivered to the guy.... At auction, you run a huge price risk especially on stocks like sks.. It could be 10 to 15% away from the market price...

Even if you buy the stocks tomorrow, you will get those stocks only thursday(T+2), you will have nothing to deliver on wedneseday...

The only way to avoid auction is, if you have friends or family who have sks in their demat, ask them to transfer to your account... You can deliver this and avoid auction.. This you have to do by tomorrow afternoon....

@newbie, this is the same process for all the brokers... When you short shares and don't/can't deliver the shares, you face a humongous auction risk...

Cheers...

 

[newbie12345]

@ los and newbie

The only way to avoid auction is, if you have friends or family who have sks in their demat, ask them to transfer to your account... You can deliver this and avoid auction.. This you have to do by tomorrow afternoon....

@newbie, this is the same process for all the brokers... When you short shares and don't/can't deliver the shares, you face a humongous auction risk...

Cheers...

Hi Sachin, I was referring to the first para of the quote I am posting from your previous post. I know brokerages have transferred shares of their clients who are really,really "long" in the literal sense... to other high rollers and traders. I know a couple of guys who have been doing this for a fairly long time.
Shorting certain stocks and striking a deal with the brokerage firm. Of course, the margin required is fairly large and these guys easily have a few crores lying as margin alone. Any more details and I will get flogged for sure.
Apologies for getting the Auction details wrong in my previous post. I stand corrected.
True, the risk of loss is absolutely there... but then, these guys had been way ahead of the curve when the markets started correcting in 2007/08. Believe me, they aren't amateurs though they may be in their late 20's.... and they short stocks to the tune of a good 5000-10000 and more in number. Most of them have tremendous exposure to the financial markets and know what they're doing....
The same of course, doesn't apply to newbies like me who buy high and sell low, and sell low and buy high though not always ... sigh.. this is turning into quite a bitter learning lesson...

 

[priyanvada]

Hi Zerodha,

When you will expand yourself in commodities?!

regards,
priyanvada

 

[SavantGarde]

First thing to do immediately...considering there is only 40 minutes left.... is to put a buy order at Upper Circuit....

If it doesn't get executed.... ask Zerodha to try and buy it back in post closing session....

If unable to execute the either of the above.... then the auction process as explained by Zerodha is what will happen...

Happy & Safer Trading

SG

i have short sell sks microfinance through intra day
what will happen now .
what will be the loss i have to bear?
when will it be settled?
say i buy it back on tommorw will it be settled?
will i loose all the money ?
and had to pay extra?
reply soon zerodha

 

[newbie12345]

@ los and newbie

@newbie, this is the same process for all the brokers... When you short shares and don't/can't deliver the shares, you face a humongous auction risk...

Cheers...

Added later - Sachin, the suggestion was not to rob you of a client... was just giving an example of how certain brokerages function, unlike your outfit which has started on a positive note and a "clean" business model. Counter trades and slippages were fairly common among brokerage houses..... and people knew how to operate below the radar. Err,SEBI who?
I hate to drop numbers but I was generating brokerage of around 60-70k in my first month of trading ... which is paltry for most seasoned traders on this board but it mattered a lot to me. So, when I heard of RKGlobal, it didn't take me long to switch over to them but I found DIET ODIN extremely annoying when compared to NEST. Besides, frequent disconnections, delayed quotes made trading a little risky.
Among all the brokerages - ICICI Direct was my first and I was more interested in making 3 grand a month so that it would take care of the beer bills and I had joined the herd just because everyone at the work place was busy "investing". All trades were web trades and I'd never seen a trading terminal.
I've day traded only in the last 8-9 months... and trade tiger was the first trading terminal I used followed by IIFL... and NEST which I found bloated but really awesome for scalping.
Having dealt with more brokers than any average newbie would within the first year of his trading career, I would rate Zerodha very highly when it comes to problem resolution and taking good care of their customers needs, be it connectivity issues or other problems. The idea is to get in touch with them asap instead of calling them names on a forum. I haven't been able to trade a great deal lately because of several issues and a lot of travel, and the few odd trades have been over the phone. Perhaps I was extremely lucky to get through to their trading desk at my very first attempt. The last few pages have had some unsavory posts by people who probably don't even trade with Zerodha.
I guess I don't have to sing hosannas of Zerodha here... because there are probably many like me who have benefited or should I say, profited immensely thanks to their brokerage structure. A trader who buys about 40-80 lots in one trade would know what pay per trade effectively translates to. More so, when the trade goes against the trader. The exit price + high brokerage hurts more.
Zerodha for sure has certainly won the trust of a lot of traders....and I did recommend them to a few friends and acquaintances who probably still trade with Zerodha in the FnO segment...

 

[Zerodha]

Added later - Sachin, the suggestion was not to rob you of a client... was just giving an example of how certain brokerages function, unlike your outfit which has started on a positive note and a "clean" business model. Counter trades and slippages were fairly common among brokerage houses..... and people knew how to operate below the radar. Err,SEBI who?
I hate to drop numbers but I was generating brokerage of around 60-70k in my first month of trading ... which is paltry for most seasoned traders on this board but it mattered a lot to me. So, when I heard of RKGlobal, it didn't take me long to switch over to them but I found DIET ODIN extremely annoying when compared to NEST. Besides, frequent disconnections, delayed quotes made trading a little risky.
Among all the brokerages - ICICI Direct was my first and I was more interested in making 3 grand a month so that it would take care of the beer bills and I had joined the herd just because everyone at the work place was busy "investing". All trades were web trades and I'd never seen a trading terminal.
I've day traded only in the last 8-9 months... and trade tiger was the first trading terminal I used followed by IIFL... and NEST which I found bloated but really awesome for scalping.
Having dealt with more brokers than any average newbie would within the first year of his trading career, I would rate Zerodha very highly when it comes to problem resolution and taking good care of their customers needs, be it connectivity issues or other problems. The idea is to get in touch with them asap instead of calling them names on a forum. I haven't been able to trade a great deal lately because of several issues and a lot of travel, and the few odd trades have been over the phone. Perhaps I was extremely lucky to get through to their trading desk at my very first attempt. The last few pages have had some unsavory posts by people who probably don't even trade with Zerodha.
I guess I don't have to sing hosannas of Zerodha here... because there are probably many like me who have benefited or should I say, profited immensely thanks to their brokerage structure. A trader who buys about 40-80 lots in one trade would know what pay per trade effectively translates to. More so, when the trade goes against the trader. The exit price + high brokerage hurts more.
Zerodha for sure has certainly won the trust of a lot of traders....and I did recommend them to a few friends and acquaintances who probably still trade with Zerodha in the FnO segment...

Keep running into boys who are ready to jump my ass on this forum, I thought you were one of them... .... Everyone keeps talking only about our low cost, but what people don't realize is the clean environment we offer... We don't push anyone into wrong trades, keep stocks bought by clients in a pool account and run merry, etc etc...

I think you need to change your profile from newbie to oldbe ....

 

[newbie12345]

Keep running into boys who are ready to jump my ass on this forum, I thought you were one of them... .... Everyone keeps talking only about our low cost, but what people don't realize is the clean environment we offer... We don't push anyone into wrong trades, keep stocks bought by clients in a pool account and run merry, etc etc...

I think you need to change your profile from newbie to oldbe ....

Low cost is immaterial if the broker short changes you every now and then. Especially RM's who ask permission to trade from your account and happily buy with your money and offload the brokerages stake. I have experienced it myself and so have many of my friends. I won't name the brokers in question here but it has happened with two of them. What really pissed me off was the sense of entitlement they displayed over MY money and I decided enough was enough. What made it worse was the RM and his manager messed up the account of a very close friend of mine I had introduced, which made things very ugly, and to put it rather mildly, the parting with them wasn't pleasant at all.
Besides, this happened at their head office, not some offshoot of theirs, which made it all the more appalling. I have seen RM's suggest to their clients just the opposite of the "experts" these brokerages hire to suggest "hot-picks" to the naive watcher glued to his TV . If the "expert" suggests buy, the RM will advise you to sell or just say that he will manage your account for a short time and give you returns of "x" amount. Now, the likes of me never really had the time nor patience to escalate it with the higher level when we had a day job and were moonlighting as some Buffet wannabe. Whats worse, the Managers weren't very forthcoming either. The fault is entirely ours though.

Whats appealing about Zerodha besides the low brokerage is the transparency and I've clearly not come across any conflict of interest on their part where they "advise" a customer to trade in a certain scrip. From whatever I have experienced in the short time span as a trader, most brokers cannot keep a track of what their employees are up to, and its always easy for "smart alecs" to pull the wool over the eyes of unsuspecting clients.

Most success stories have a humble beginning before cockiness gets the better of them. So wishing you and team Zerodha Godspeed and Success.

Oh... I've met you and Bharat... but I can't recollect displaying any hostile or aggressive behavior for you to go on the defensive

 

[Zerodha]

Low cost is immaterial if the broker short changes you every now and then. Especially RM's who ask permission to trade from your account and happily buy with your money and offload the brokerages stake. I have experienced it myself and so have many of my friends. I won't name the brokers in question here but it has happened with two of them. What really pissed me off was the sense of entitlement they displayed over MY money and I decided enough was enough. What made it worse was the RM and his manager messed up the account of a very close friend of mine I had introduced, which made things very ugly, and to put it rather mildly, the parting with them wasn't pleasant at all.
Besides, this happened at their head office, not some offshoot of theirs, which made it all the more appalling. I have seen RM's suggest to their clients just the opposite of the "experts" these brokerages hire to suggest "hot-picks" to the naive watcher glued to his TV . If the "expert" suggests buy, the RM will advise you to sell or just say that he will manage your account for a short time and give you returns of "x" amount. Now, the likes of me never really had the time nor patience to escalate it with the higher level when we had a day job and were moonlighting as some Buffet wannabe. Whats worse, the Managers weren't very forthcoming either. The fault is entirely ours though.

Whats appealing about Zerodha besides the low brokerage is the transparency and I've clearly not come across any conflict of interest on their part where they "advise" a customer to trade in a certain scrip. From whatever I have experienced in the short time span as a trader, most brokers cannot keep a track of what their employees are up to, and its always easy for "smart alecs" to pull the wool over the eyes of unsuspecting clients.

Most success stories have a humble beginning before cockiness gets the better of them. So wishing you and team Zerodha Godspeed and Success.

Oh... I've met you and Bharat... but I can't recollect displaying any hostile or aggressive behavior for you to go on the defensive

If you are the same smart looking boy that I am thinking about.... You should drop by to the office....Had told bharat & hanan to get in touch with you for something new that we are trying to do....

 

[lasty66]

Hi Zerodha,
any updates on ur charting patform?