Comment on On conspiracy theories about Zerodha
commented on
06 Sep 2019, 11:36 AM
Dear Nitin,
Your explanation is worse than the situation, and comes across as a justification of what happened and how you are better than others etc rather than making things better. You talking about stop loss is like an insult to an injury to traders who lost money because you know what, people wanted to put profit / loss orders at market open but the orders DID NOT GO THROUGH, and THAT is the only thing you should have spoken about, rather than pontificating about how good you are and how we traders lose because of stop loss.
Now let’s talk facts.
I am talking about Monday, 26th Aug, beginning of expiry week.
The markets are opening with a massive gap up due to relief announcements and this would fetch lot of money to OTM option buyers, which would be retail traders, which are mostly your clients. There are big fish who may not want this to happen. The market does open big, and the big fish start selling baskets on index stocks and OTM option prices, which opened at double the previous close, drop within minutes to breakeven, then to loss. Meanwhile, the retailers who would happily have made profits are struggling to get out of their positions and are stuck with a loss. Hey I was looking for a good till cancel stop loss order only, that too right after i entered a position, how about that?
Clearly, some big fish benefitted on large scale from such glitches in your system. Routinely, writers will make money by eating premiums, and on one day when a retailer has something to look forward to, your platform takes away the profits. The trouble is, they know where your failure points are. How would someone be able to put in a massive penny stock order on expiry day and clog up the system? It is also worrisome that someone knows your systems better than you do. It is also worrisome to see your constant tune of client contact information leakage that you didn’t do it, when people are giving you ample evidences.
You were good and we loved you for it. There also comes a time for all big guys to get arrogant because they were good at one time. Yes, you charge only 20 rs per order and are now lording it over the retail traders while boasting of 500 cr topline in the same breath to the world, can’t you see where your topline is connected to the small guys paying you only 20 rs?
There are a lot of well wishers as i see in the thread above, and i am one of them. I am not a naysayer, and only telling you to listen to the pain of people who suffered for real. Rest is up to you. Hope that we see positive results of this ugly incident. Cheers.