Please AVOID RELIANCE MONEY

[kuriako]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

most people (95 out of 100 investors) don't know what futures or leverage trading is. The concept of mark to market loses and maintanence of minimum margin etc could be quite confusing to an average trader. What most people see is that futures give you exponential returns in very short time. It is suicidal to trade leverage with such limited knowledge. When you lose those 100 points , you also have to add margin.

Shorting is even more tragic. The whole reverse thing (you make profit if the stock/market goes down) is not easy to understand for an average (95 out of 100) person. By trading in the long atleast you are doing what is natural (buy low sell high).

Maximum loses made by retail investors is from their futures exposure, I am yet to meet anyone who has made a significant loss from delivery based trading.

That 95 are called GAMBLERS
And balance 5 are called Traders

Better word than investor will be "people"

Just a plain truth from a newbie taught by some masters!

Come to Cochin...Just go to financial tower...
And to the tea shop there! Will tell you and direct you to numerous persons!

He has a log book named "Pattu book".
Just the defaulter list will give you an idea of people who lost even their "draupathis" in gambling!!!

 

[kuriako]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

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

Please put a 3 month old baby into water! Make him swim!
Please put a lunatic or mentally retarded into pool and make him swim!
Please put a blind man to pool and make him swim!!!

A person who have never seen anyone swimming or who haven't got the "logic" can never swim!(Not buoyancy, flotation, center of gravity.... But simple logic!)

It could be a teacher/ mentor who can help you to learn the logic quick!!!

Learning and practicing is two different things!!!

Learning is far different form practicing!
Actually when you get into pool for the first time you are practicing what you have "involuntarily" learned by observations!

Sorry for that philosophy!

But it is a truth that I observed!

"Anyone who has never made a mistake has never tried anything new." - Albert Einstein

Here we are inventing nothing! We are just discovering things!!!
Mistakes are good...But are costly!
Try make them cheap and if possible avoid them. But learn how they could have affected you!

 

[drknarayan]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

Is Reliance Money Ok for long term investing? Means buy today and sell after 1 or 2 years.

 

[deepakji]

Re: Please AVOID RELIANCE MONEY- #1 CHEATERS

Hi Guys !
I stopped trading on Reliance....Its a nightmare....& to think that Mr ADA Wants to venture into software.....(No wonder) ...he wants an expert to set the software of reliance money right......

 

[crk]

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!

I think what you have missed is "Reliance Money have procedure to square off your open position by 2.50pm or so during normal market hours and same can be checked on their website." The square off should have happened by their system automatically... I wonder how it didn't..

 

[bijo]

Hello,I would lke to know how to put astop loss order in the Reliance money. In my web page it is not activated.

 

[biyasc]

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.

!!!!

the same thing happened with me in SHAREKHAN. so where we will go if everyone starts to become a chor.

 

[Sand11]

I too agree that we should avoid the CHEAT RMoney. Following are my grieviances:

I have bought around 2000 shares of ISPAT through Reliance Money on Wednesday and s old it on Thursday using their ATST [Aquire today and sell tomorrow] option. They said that there was a buyer shortage and seller shortage on the shares. Now, they have debited amount for seller shortage from my account, but, did not credit money for my Buyer shortage shares. When contacted, they are not telling me at what rate they have charged me buyer shortage and seller shortage shares.

Also, there is a clear difference of 85000 Rs in my ledger and they are not ready to pay me. Moreover, they deposit Money and shares in my account, remove it, trade on their own will without my consent. How do I resolve this.

3. why am I just given only 2 % addition during buyer shortage and not 20%. According to SEBI rule, if shares are not given then money has to be credited at rate of 20%. Who can help me?

 

[tokensmile74]

Dear all,

I have a account with reliance money for more than 2 years. It is one of the worst company which giving demat services.

I share my experience, listen last week i shortsell RNRL 400 shares at price 66.90 at 12.00 am but they never executed that order even after 2PM. Afterwards The RNRL went into the price of 63 Rs. I lost Rs 1200 Rs bcoz of worst service of reliance money

They have lot of technical problems in executing orders in correct price. Please avoid reliance money.

Thanks

 

[Smart_trade]

Rel Money is absolutely hopeless.I dont think these guys are interested in Brokerage business.They want to open new a/c to boast about their client base.They will probably sell the stakes to foreign brokerage house.Their trading platform is horrible.Log-in is difficult,rates do not get upodated continuously.If you dont trade for 2 min they log you out.They dont inform the client in case of option excercise.Their Investor service is a joke. Spoiling Dhirubhai's name .