Comment on Cover Orders - For Higher Leverage

JGB commented on 25 Jun 2014, 12:11 AM

Hi Nithin,

My ID is Dj9593.

M a great fan of Cover Order. But what happened with me today really jolted my confidence. Today(24/06/2014) I placed Buy Cover Ordr for IDBI14JUNFUT & set my SL trgr price @ Rs105. My order got executed @ Rs106.40 at 9:21:30 am & accordingly pending SL was set @ Rs105.

My SL got executed at 9:58:10 am when in fact IDBI14JUNFUT Ask Price was @ Rs105.20.
Irony was that, after my entry IDBI14JUNFUT never came down to Rs105 throughout the rest of the market day & in fact it closed around @ Rs107.25.
IDBI14JUNFUT did came down to the level of Rs105.10 as a low after my entry but that too was at much later time, which was around 10:05:00am (after my SL got executed @ Rs105).

Moreover, the chart (I follow 5 mnts Candle) does not show my executed SL of Rs105, rather the lowest price for the rest of the remaining day is Rs105.10.

How could that happen?
As per my understanding, pending SL trigr price should exist at your system only & it gets placed with the exchange only when the market price reaches SL trigr level. How did then it got executed without the market price reaching SL trigr price level?

After that early morning first trade disaster I could not gather the guts to touch the market for the rest of the day, even though the market today has shown a very healthy sign right from the beginning. I have totally lost my confidence level. Now I really don’t feel safe as to should I be placing CO, BO & even SL Order.

Kindly look into the matter & help me understand it. If it is a bug problem or a system snag kindly do the necessary action.
(I have snapshots of Trade Book, Chart of the day & Massage Log if you need them for your reference. Just let me know to which mail ID should I be sending them to).

Thanx.

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