This seems to be the theme every sensex expiry. Zerodha glitches in the last hour of trading and sensex decides to make a massive move!
Last expiry, when zerodha bse-fno stopped working, i was in a profit of 2L and ended with a profit of 40k.
This expiry, i was in a profit of 85k and ended with a profit of 45k.
Both these losses could have been far worse. I panicked on 30/6/23 and lost big. I then calmed myself down and realised i could hedge with nifty options and this saved me from a potential loss of 3L.
This expiry i worked a little quicker and immediately bought nifty put options as sensex began to fall and zerodha glitched, could have been a loss of 7L but thankfully got away with just 40k loss.
I’m definitely done with bsefno for now, will not be trading it until zerodha provides a proper explanation for these glitches and how they plan to fix them.
update (13/7/23):
I’m staying far away from bsefno tomorrow.
My main edge in intraday trading comes from being able to stop out. Zerodha’s reply to this situation has mostly been… oops, we’re sorry for your loss. There hasn’t been any update on how they plan to handle another glitch.
The solution suggested was to trade small. Trading small will do nothing but build bad habits to take on bad trades because the size is small.
As far as i can see, there is no reason for me to trade bsefno until the platform gets more stable.
And the broker is also not liable to pay for any losses, seems to me highly risky trading in bse f&o for now, option trading is inherently very risky, a flash crash type of move i think will wipe out 70% of retail traders who trade intraday with massive leverage.
How is this possible for F&O orders to go through after 3:30pm market close. Didn’t you escalate this issue with Zerodha or filed a complaint with the exchanges ?
Zerodha is definitely liable for paying the losses as the orders have gone through after market close. @nithin Isn’t Zerodha liable if trades are fired after market close where a trader really has no involvement ?
from my past experiences, brokers are liable for nothing
I don’t really waste my time reporting broker issues any more. zerodha has issues and so does every other broker, no broker has ever claimed responsibility for their failure and are always ready to throw the sign up liability agreement at your face. It’s a real shame
Off course they will deny to cover for this, but they will change their stance once you will file a complaint with the Exchange or SEBI through SCORES Platform.
Finvasia also had this issue of ghost trades sometime back and they returned money to their clients.
If i’m not wrong (correct me if i am), they pretty much held all profits and losses hostage. They didn’t let profits be withdrawn and just reverted some trades. Not exactly returning any money or taking on any liability for screwing up big. They should have been penalised heavily in my opinion, so brokers think twice before being reckless with other peoples money.
@nithin Please see this tweet and many such horror stories . People lost huge due to todays glitch. Any one us could be next . Please suggest build some workaround to avoid such issues and these are reoccurring again and again now
Right, and we don’t know why the brokers/exchanges/SEBI don’t use the investor’s protection fund to compensate for clients losses in such cases. What is the use of such funds if they don’t ever intend to use that.
