Zerodha....

[praddy510]

Hi zerodha,

I am going to open new trading (&demat) account with zerodha. I mailed them and for this context they send attaches files of application form and instructions.
First let me explain my case, I have regional bank account operated for last 4 yrs. But I fed'up with their services and going to open HDFC bank account. This will help me to have fast transactions from and in to the account

For time being, first i want to open zerodha account as soon as possible because for opening HDFC ,it will take atleast 10-15 days for getting all facilities (third party transactions) from them. so i think i will use my old local bank(ANDHRA bank) for opening trading account in zerodha.

From now my questions are:

i am giving proofs as
PAN card, PASSPORT, DRIVING LICENSE, 1 PHOTO and 2 cheques
1 cancelled cheque and another in name of zerodha... here comes my question

1: I am using starting amount of 5000 for opening account in zerodha ,so should i give two individual cheques like 600,4400 or i can give one cheque of total 5000???

2:you guys said for opening account 600 will be charged so 4400 will be in my trading account????

3: I also wanted to trade in derivatives...
As i am recently passed out student ,i didnt worked in any company and i dont have any payslips or ITR's or anything .my local bank wont give bank statement (even if they give it will take long time).so i can use self-declaration part in form for trading in derivatives????

please dont think i have very less investment, after opening HDFC account ,then only i will get 30000 from my mom for use of trading (desperately waiting to open account in HDFC) , so time being i also wanted to open ZERODHA account(really dont want to waste any time).

4: so can i link my freshly newly opened HDFC account with ZERODHA ,basically it makes transactions fast ,for that i am asking this .... can i link new account???

Sorry friends for having this prolonged introduction and enquiry for account( actually it looked very awkward for having this much long) but i cant help it.

I will courier my documents immediately after clarifying my doubts(I dont want anything missing which will make my account opening LATE)

SO please reply me fast..

 

[PGDIMES]

Availability of Bank statement is a hassle-free task. Just ask the bank officials. Better ask the accountant of the bank. Rest of your questions will be answered by Sachin/Zerodha.

 

[Zerodha]

Sachin/Seniors,

I have this question since long time, can you please spare sometime to reply.

What is the possibility of a single intraday order for Nifty Futures of 300 lots getting executed at given Limit Price and how long it might take?

What is the possibility of a single intraday order for Bank Nifty Futures of 300 lots getting executed at given Limit Price and how long it might take?

Really appreciate your reply.

Hi @young,

Liquidity on nifty futures during the first half hour and last half hour is really good... So execution happens really fast...

If you are placing an order during these times, you are pretty much guaranteed order execution... During the part of the day when the activity isn't very high, it can get tricky using limit orders... May take a while before it gets executed....
Bank nifty is not as liquid as nifty so order execution can be so much longer.....

My personal view: I have seen some of the best traders around the world.... No good trader every trades limit orders.... At a certain point there are only two things, either you are right or you are wrong....If you are convinced you are right, you buy it right away and if it is wrong, you sell it right away.... When you place limit orders, you are basically trying to call price points where you think you will be right, typically shows a confused state of a trader...The golden rule in the market is , don't do anything if you are confused.... So if you feel like placing a limit order, you rather not do anything at all....... I am talking this more in terms of day trading......

Cheers...

 

[Zerodha]

From now my questions are:

i am giving proofs as
PAN card, PASSPORT, DRIVING LICENSE, 1 PHOTO and 2 cheques
1 cancelled cheque and another in name of zerodha... here comes my question

1: I am using starting amount of 5000 for opening account in zerodha ,so should i give two individual cheques like 600,4400 or i can give one cheque of total 5000???

Your margin cheque and your account opening cheque can't be combined... Looks like you are opening only trading account and you are printing our forms, so give us 1 account opening cheque for Rs 200, 1 cancelled cheque and 1 margin cheque for Rs 5000. Margin cheque is not mandatory, you can do an NEFT from Andhra Bank as well....

2:you guys said for opening account 600 will be charged so 4400 will be in my trading account????

Account opening is 600 if you are opening demat+trading. If you print the forms, we waive of 100 so it will be Rs 500... As I mentioned, whatever you want to put as margin into your account, should be on a different cheque, we can't combine both....

3: I also wanted to trade in derivatives...
As i am recently passed out student ,i didnt worked in any company and i dont have any payslips or ITR's or anything .my local bank wont give bank statement (even if they give it will take long time).so i can use self-declaration part in form for trading in derivatives????

please dont think i have very less investment, after opening HDFC account ,then only i will get 30000 from my mom for use of trading (desperately waiting to open account in HDFC) , so time being i also wanted to open ZERODHA account(really dont want to waste any time).

4: so can i link my freshly newly opened HDFC account with ZERODHA ,basically it makes transactions fast ,for that i am asking this .... can i link new account???

Yes, open your hdfc account and send us a cancelled cheque and we will have it linked immediately....

Sorry friends for having this prolonged introduction and enquiry for account( actually it looked very awkward for having this much long) but i cant help it.

I will courier my documents immediately after clarifying my doubts(I dont want anything missing which will make my account opening LATE)

@praddy, if you intend to do f&o trading or intraday equity trading, only trading account is enough. If you print the forms we waive off 100 so it will be Rs 200 for account opening... If you are opening demat+trading, demat is required only for delivery equity trading(you can do positional f&o trading only with trading account), then acocunt opening is Rs 600 and 100 waived off if you are printing... For demat account there is an amc charge of Rs 400 per year and Rs 200 has to be paid upfront...

Leave me your number on [email protected], will call you back and explain you the same

 

[youngindian]

Hi @young,

Liquidity on nifty futures during the first half hour and last half hour is really good... So execution happens really fast...

If you are placing an order during these times, you are pretty much guaranteed order execution... During the part of the day when the activity isn't very high, it can get tricky using limit orders... May take a while before it gets executed....
Bank nifty is not as liquid as nifty so order execution can be so much longer.....

My personal view: I have seen some of the best traders around the world.... No good trader every trades limit orders.... At a certain point there are only two things, either you are right or you are wrong....If you are convinced you are right, you buy it right away and if it is wrong, you sell it right away.... When you place limit orders, you are basically trying to call price points where you think you will be right, typically shows a confused state of a trader...The golden rule in the market is , don't do anything if you are confused.... So if you feel like placing a limit order, you rather not do anything at all....... I am talking this more in terms of day trading......

Cheers...

Thanks Sachin. Very helpful answer.

Though i asked for 300 Lots, i am actually aiming for MAX 100 Lots in next few months, starting slowly.

Putting market order might be ok for Nifty future but for Bank Nifty it might not be good due to price variations.

Do you have a suggestion regarding Best number of lots in NF and BNF to get it executed at willing price (market order) anytime of the day.

yes, i am also looking for intraday standpoint.

This would be my last question on this topic

Thanks again.

 

[Zerodha]

Thanks Sachin. Very helpful answer.

Though i asked for 300 Lots, i am actually aiming for MAX 100 Lots in next few months, starting slowly.

Putting market order might be ok for Nifty future but for Bank Nifty it might not be good due to price variations.

Do you have a suggestion regarding Best number of lots in NF and BNF to get it executed at willing price (market order) anytime of the day.

yes, i am also looking for intraday standpoint.

This would be my last question on this topic

Thanks again.

if during the first half hour and last half hour, you can trade with 300 lots at a time, shouldn't be any issue..During the day, keep it under 100 lots per order... For Bank nifty, don't go about 100 lots at a time whatever point of the day... With bank nifty, I would suggest you not to exceed 20 to 40 lots at a time....

You can also use IOC with limit in the order window if you don't want to have an impact cost of market orders.... So assume nifty is at 4904, and you want to buy 300 lots, you can put a limit order of buy 300 lots at 4904 and choose the type of order as IOC(immediate or cancel)... Basically, whatever is available at 4904 will be filled and remaining will get cancelled... If you want guaranteed execution, you can keep the limit at a higher price as well....

 

[Zerodha]

Hi Fellow Traders!!! Time to start trading the US indices in India. The 2 most active future index contracts in the world will start trading on the NSE from 29th Aug onwards from 9am to 3.30pm. http://nseindia.com/content/press/prs_GI_launch.pdf for more....

Happy Trading....
http://www.nseindia.com/content/press/prs_GI_launch.pdf
nseindia.com

 

[rookitrader]

Hi Fellow Traders!!! Time to start trading the US indices in India. The 2 most active future index contracts in the world will start trading on the NSE from 29th Aug onwards from 9am to 3.30pm. http://nseindia.com/content/press/prs_GI_launch.pdf for more....

Happy Trading....
http://www.nseindia.com/content/press/prs_GI_launch.pdf
nseindia.com

Atlast!!!!!!!!!!!
Checked the contract specification and is for 250 quantity and the best part is tick size.It is maintained same as US emini ES at 0.25, so it will be Rs.62.5 tick size.Good news for all the price action traders and I hope Nifty futures also have atleast reasonable size of 1 point( ie Rs.50).At the current tick size of 0.05 (ie Rs. 0.25) it is too much of whipsaw

 

[.Pride.]

Hi Sachin,

is there any way to place IOC orders for SL orders?

because sometimes my SL orders get a partial fill and the remaining qty turns into a limit order...I would like that remaining qty to get cancelled automatically.

and I absolutely agree with your point about limit orders...they should be used for taking profit only...entering the market on limit orders is like trying to pick tops and bottoms...

 

[malunana]

I am not finding IOC option; where is it? or any settings to be changed?