Default Order Type Leading to Erroneous Order Execution

General
1

@nithin

It has now happened twice in the last few months, so raising this.

While I was entering details in the pop-up order window for a “LIMIT” order, it suddenly shots off and gets executed as a “MARKET” order.

Yes - you can claim that I may have accidently clicked something to let that order go, but the issue is with the default setting where the radio button is set to “MARKET” by default. It has caused losses, and could have been avoided both the times if the default setting was set to “LIMIT” order instead of “MARKET” order.

Request you to Please change this immediately to “LIMIT” order in the default settings.

Also, when selecting the LIMIT order option, the LTP gets automatically populated in the price field. It again makes it nothing better than a MARKET order, if shot off accidently before desired price is changed by the user. Please remove this LTP value population for LIMIT order option, or move that value to display elsewhere.

Please don’t let users suffer losses due to Kite functionality.

Did any other fellow traders experience this?

1 Like
2

Default is limit only, it picks what ever is previously used in that session. If you change limit to market it stays that way till you change it back or relogin.

That is the right way we believe, for ex nifty fut has 5 digits, it would be tough to put those 5 digits again and is easy to change last 1 or 2 digits.

3

@siva
appreciate ur response. But let me know what am I missing here.

I NEVER place a MARKET order - it always is a LIMIT order (both for new and square off positions).

But whenever I get that pop-up order window, it is always set to MARKET order type.

Here is a sample a minute ago when I tried to “EXIT” an open position from the Positions page - its set to MARKET by default:
order

This despite being the last (and all earlier orders) being LIMIT orders.

What is missing here please?

4

Yeah, exit from positions is always market by default because traders want a faster exit from positions, if you want you can change it to limit, or place order from marketwatch.

5

Thanks!

So essentially, it means that the risk - of an order being mistakenly shot-off as a MARKET order while EXIT-ing a position - will continue to persist as it has occurred in recent past. :frowning_face:

It is obvious that ppl find it more convenient to EXIT from Positions page as it has all quantity, etc readymade, instead of filling in all details afresh while placing exit order from MarketWatch page.

If a user can be provided the option to configure these settings in his profile, it will take away the risk.

  • While placing order from MarketWatch (allow selection of default order type)
  • While EXIT order from Position/Holdings (allow selection of default order type)
6

Will consider this as feedback.

1 Like
8

Today morning again the same issue got repeated causing a big loss.

Whatever I was “saving” with so-called “discount” broker in frequent F&O trades, multifolds of it got wiped out in one split second courtesy of Zerodha!

And more importantly, a bot seems to be responding to support ticket as they don’t even read the complaint! Let’s see what SEBI has to say.

Its time to look for a more reliable broker!