Beware of RelianceMoney !

beginner_av · #21 8th January 2007, 01:48 PM

dear tnr123,

without any offence, do you really think that you can be a very good trader with a high positive expectancy with so much slippage without real time quotes...i do not know your definition of a trader, but in any form of trading, if you are using these kinds of platforms without keying in stop loss buy orders for order executions way in advance, you will miss quite big chunks of trades...e.g. hll moved by 5rs in 63 seconds...two days back gail moved from 267,80 to 272.10 in two and half minutes, by the time you put your orders, professionals may very well start booking profits...
trading is a business..and you need the right tools to succeed...CV , means CreditViolet...i know some members here hate his sarcastic remarks terming them as wisecracks,,,,but if you look deeper you can get his real point and he is a great source of information and direction on trading successfully.

and whoever started this thread...did the right thing...why would anybody who really does not want to know about reliance money visit the thread mentioned by you. This CRAP done by brokers should be brought to the notice of everyone here. What is your problem with that. There are thousands of customers in any company. just because 990 of them get good service and the other 10 get crap...doesn't make the company a messiah...u may shout your head off about how good they are...but the peple at the receiving end dont feel nice at all...and the companies can be forced to mend their ways only through platforms like this...so even if one person is aggreived, he should come out and post his grievances here. if anyone posted complaining about high brokerages of ICICIDirect, you would have happily joined him...then why this stance now? are u unbiased towards reliancemoney? we dont know. if u re, then remember, u may be at the receiving end one day too...so let these people express their problems...others will only become wiser.

tnr123 · #22 10th January 2007, 12:50 AM

Mr Beginner,

I do not have any problem but I have expressed my view. Nothing more than that. Trading in stock markets is a game and i know, not more than you, that live streaming quotes are essential for a trader. I have opted Reliancemoney for low brokerage. It is equally important for a trader to opt for low brokerage offering broker apart from live streaming quotes.

rajib333 · #23 15th January 2007, 01:56 PM

hi, i have faced a great problem today with reliance money.
i had an order on f&o but due to uneven situation i tried to cancel the order but the system rejected the cancellation of the order by saying that the system is down on f& o section, what does it mean ?
if a person have open position on future , he will go mad if such situation arises, i think reliance people should take
note on it and immediate necessary action on it, after all f&o is a dangerous game.
Rajib.

beginner_av · #24 16th January 2007, 03:34 PM

dear rajib,

u said it...f&o is a dangerous game...ya all brokers should have alternative channels...but u should have an alternate broker and take the reverse position in such cases.

kurian · #25 16th January 2007, 08:07 PM

haii
very good advice..
..alternative brokers and reverse position

kurian joseph

Quote:

Originally Posted by beginner_av

dear rajib,

u said it...f&o is a dangerous game...ya all brokers should have alternative channels...but u should have an alternate broker and take the reverse position in such cases.

beginner_av · #26 16th January 2007, 09:07 PM

all credit goes to CV..it was his guidance

all the best

rajib333 · #27 17th January 2007, 12:41 PM

i am in touch with 3 brokers.
Btw, three bad brokers = one good broker?

radkris · #28 17th January 2007, 07:22 PM

Every broker have their pros and cons. If u experience using every broker, u will really know what those are. We should be free to express our impartial views so that others wont fall in the trap. Hearing so much, I have called R.Money's Bombay office few times to find out their contact number in Kerala. All the time I was put on hold waiting for the customer executive, whom I never got. May be once they establish themselves, things may be better.

nareshji · #29 18th January 2007, 11:33 PM

thanks all of you

sam74 · #30 23rd January 2007, 12:08 AM

sudhir, look like reliance is changing their policy every week, old Rs 2500 and Rs 12 Pricing structure is more there,

--------------- New reliance Pricing structure ---------------
By the way "Virtual card of Rs-500 Validity of the card - 2 months"
does it mean we have to pay 500 every two months ???

A/c Opening Charges-Rs-750/-

Trading Card â€“ Equity, F& O & Commodities: Virtual card of Rs-500/-
Validity of the card - 2 months
Volume: 1cr Turnover (within which Rs.90lakhs for intraday & Rs.10lakhs for delivery)

Brokerage --- Re.0.01 per executed trade

Taxes as applicable in states (like Service Tax, Turnover Charges, Stamp Duty, Educational Cess & Securities Transaction Tax, and SEBI Charges.)

Assisted trade through Sub-broker / call and trade desk - Rs.12/- per executed trade.

Please feel free to revert in case of any further clarification.
Best regards,

Customer Support.

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