Recently got myself a 5paisa.com share trading account. Although I am not a frequent intra day trader I figured an account like 5paisa with a 0.03% brokerage on intraday trading might come in handy.
With an investment of INR 5000 i made INR 284 at the end of trading session yesterday of which 5paisa charged me Rs.101 as brokerage.
Today with the same investment i was hovering at around Rs.450 in profit and 180 shares of HCL tech sold at 321.40 that i was hoping to buy back at 321.10. Boom - net connection crashes. As hard as i might try the5paisa account wouldn't help me connect. Left with no other options I called the friendly broker at 5paisa and told him about my situation , he got my username and password and pin(which on second thoughts was perhaps a bad idea) and tried to square off for the day but as luck would have he couldnt succeed too.
With 5 min left on the clock for market close my browser managed to connect to 5paisa account and i had just abt time to click one button - 'square off'. At hcl tech trading at 322 i had to buy back at a loss. With brokerage running close to 450 for the day and me registering a few rupees in loss. At first sights not a great way to start trading this new year. Not only because of the loss, but also cos of the panic, the frantic phone calls, the adrenalin rush, the pumping of fists , shouting etc.
But on retrospection it was my avarice that did me in. So there was something there to learn. Also there were 2 other important lessons to learn
i) never trade online in the last 30 min of market
ii) 5paisa is not 5paisa there are way too many hidden charges.
Now that i have so much gyan and some idea on how to day trade using 5paisa account i guess it was totally worth it. After all taking both days of trading together i still end up with Rs.40 in profit. :)
cheers,
--Badri--
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