Please AVOID RELIANCE MONEY

[mail2kamaal]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

Get account with HDFC. They r the best. Atleast ur money is in safe hands. Doing trading with them for more than 5 years without a single problem

 

[hari09omkar]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

what i said is quite obvious, newbies should play the delivery game well enough before they enter leverage.

But why should they short after 100 longs? What leverage got to do with shorting?

 

[anjanr]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

relaince is not good for short term traders especially daytraders. its good for positional trade, where you want probably the site to be operational for 1/2 hour and you are not desperate to do trades at 10 or 3pm.
Anjan

 

[hidilip1975]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

I agree with You .I had started trading in Relaince money and on the first day itself hen i tried to cancel a buy order for NIFTY 5000 Put option for 200 nos,the system did not respond saying :THE ORder doese not Exit "

When i called up Customer care and requested them after giving them password and the code they also found out that that the particular order could not be modified nor cancelled.

The CSE assured me that the order would have been cancelled by the system.

Imagine my surprise in the evening after trading was completed i got amil whwerein it was shown that the order was executed !!!!.

I complained to their customer service saying that the order was never even showing on the screen and if it had shown on screen ,them my attempts at cancellation would have been shown as :rejected order already traded "" which was waht the screen shws in such cases .

Because of it i had to suffer losses as the market rose the next day and i had to sell it off the next day.

Also their software is such that double order taking for a single order is common .

I always immediately go to the order book and invariably find that the order has been duplicated and i have to cancel one order !!!

Do other people also face the same problem and if so how can the broker be held responsible for the same as they should not get away with such bad service .

By the way my mail to the above was answered after a week !!! and it totally skirted the matter saying that my order for 200 nos has been bought !!!!

Dear All,

I'm a newbie and started trading since feb'07. With an initial capital of 1 Lakh rupees, I wanted to make decent profit. Unfortunately, I ended up making 60K loss so far. I lost 20K in intraday and the other 40K was taken away by RelianceMoney (my brokerage house). I did intraday on ifci with 50K as margin money and did short sale of IFCI shares for 2.5L, but the reliance system did not cover my position during that day. Next day morning the sale amount was credited to my a/c. Since i dint know what to do, i tried calling up the reliancemoney helpdesk and the line was busy. in the meantime the price was fluctuating and so I bought the shares with the 2.5lacs trying to sqaure-off the position myself (unware of the diff. cycles). As a result of this transaction, in the coming days ofr the short sale stuff, auction was held as i did not posses my shares and then later money was debited from my a/c. also by this time i had to pay for the shares that i bought to cover-up the position, so the shares got credited but my a/c was now with NEGATIVE balance. This time i called them up and the representative assured me that it is no problem as long as i have the shares in my a/c, i need not worry and that i can sell the shares anytime i want. but to my dismay, one fine day when i looged into my reliancemoney a/c, i was shocked, because the ifci shares exist no longer in my demat a/c and from the transaction history i found that they got sold. when i asked this time, they said that i had egative balance and so their backoffice had ordered them to sell the shares and that too without informing me!!!
I fought for 2 hours, but only to lose this battle. the representative handed over the call to the so call more resposible guy (named Mr.Sudhakar) and then things got only worse. i was denied a single penny for which I do not think I was in anyway responsible.

So beware of getting lured by low brokerage and false promises. better pay few rupees more and get better service for what you pay. after all its our money.

All the best.

 

[bombaytrader]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

Your confidence level is too high because of your non education about financial markets!
Just an example of "Jump into ocean to get eaten by sharks!"

My humble advice though you are senior to me in financial market experience!

Read books on swimming, Watch somebody swim or else watch video, podcast, webcast or anything ....,Study swimming,first swim in bucket,Then swim in bathtub, then swim in pool with life jacket, proceed to sea with no sharks, proceed to ocean with no sharks, remove the life jacket, practice more with life jacket floating near by, practice parctice and more practice...

Then....Only then trade with leverage of 4X

Please dont blame Reliance money! You yourself has made the mistake of not following a trade till it is closed! You could have placed dial and trade! Call to nearest RM office, call the person who opened account for you or in worst case rush to RM office to close your trade before market close!

But dear friend, you learned a valuable lesson! A priceless lesson!
Consider it as a tuition fee given to market for teaching you that lesson!


Happy trading!
Lucky trading!

Ask anyone who can swim and he'll tell you that swimming can't be learnt by reading a book or watching other people. Its only when you actually jump into the pool that you will struggle first and then learn to swim you can get a little help from someone but only after you actually jump in. Those, who think they'll first read and then watch others will never end up swimming. The same goes with trading in the markets, unless you trade and make the mistakes you'll never learn. No matter how much you read or watch the only way to learn is to get in there and try it out yourself. You will make mistakes and everyone does make mistakes but the trick is to keep your mistakes small at least in the beginning so that even after you fall you can get up and run again. "Anyone who has never made a mistake has never tried anything new." - Albert Einstein

 

[polsonsahoo]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

Pls find that shall anyone trade in R Money ?????????

 

[hari09omkar]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

I am yet to meet anyone who has made a significant loss from delivery based trading.

Please take a tour around ur town and read some research reports.

http://www.marketoracle.co.uk/Article533.html

And that is the reason u suggested to go long 100 times before shorting!
Heard about money management? And to do futures trading,one doesn't necessarily leverage his account.

 

[TINU]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

Hi to All,

TINU

 

[hari09omkar]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

I only read the first para and its about about a options trader with 25 years of experiance. How does that relate to the average retail investor?
.

There u r ! U read only the first para and concluded that this article has nothing to do with ur arguement! With this kind of intellect u r right in the front bench of losers' community,who also jump in conclusion and don't want to learn and don't want to accept their mistakes.
Dear,u should have read the whole article.It is not about Danny...he is cited as an example just.U missed the great quote of Soros there:

To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride. Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes... George Soros

U didn't face a single trader who lost in delivery trade! Don't worry at all.Watch the mirror,soon u will find out(if continued with these stupid ideas).

Dear,majority r losers in financial markets,be it futures or cash.The reason is leverage or shorting or.....? No.The reason is they don't understand risk management.Like u.Now please go through this article on money management.... fully......not the first line to conclude.

http://www.investopedia.com/articles/optioninvestor/07/money_management_futures.asp

 

[hari09omkar]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

.. are you saying that newbies should jump it shorting and leverage without any experience of trading deliveries?
Is every one born an expert money/risk manager?
Dealing in deliveries involve lesser money/risk management skills....

To do trading,everyone needs to manage risk.And by all the three above sentences of urs,and this great declaration:

I am yet to meet anyone who has made a significant loss from delivery based trading.

.......u proved why people lose.That is precisely bcz of lack of knowledge.Have u heard of options? People can take a short position there without risking an exponential amount.Do u know that? And still why most traders lose there? Both in call and put options? Do u know the meaning of call and put options? Have u heard of Hull? Demark? Do u know,in options,there is an indicator called put-call ratio,which is interpreted inversely? Means....if puts r taken mostly by public,implying they r bearish of markets,then the masters decide that the market is bullish.Why? Bcz most people r wrong by statistics.