Please AVOID RELIANCE MONEY

hari09omkar · #21 16th December 2007, 10:00 AM

Quote:

Originally Posted by bobomonkey

You gotta make atleast 100 trades in delivery before you move to futures or shorting.

U mean to go short,one has to go long for 100 times?
Now if someone is ignorant of trading,he should first learn to trade and backtest his ideas before making a position.Ur suggestion of making 100 practice in the long side to go for the short side is strange and misguiding.

thirufund · #22 16th December 2007, 01:27 PM

Hi all,

I thank you all for giving those valuable information. I changed my mind to open an account from reliance money. just one day ahead to finish the process, fortunatly I got this valuable information to reconsider an account opening

Thanks

mail2kamaal · #23 16th December 2007, 03:02 PM

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

bobomonkey · #24 16th December 2007, 10:22 PM

Quote:

Originally Posted by hari09omkar

U mean to go short,one has to go long for 100 times?
Now if someone is ignorant of trading,he should first learn to trade and backtest his ideas before making a position.Ur suggestion of making 100 practice in the long side to go for the short side is strange and misguiding.

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

hari09omkar · #25 16th December 2007, 10:30 PM

Quote:

Originally Posted by bobomonkey

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 · #26 16th December 2007, 10:50 PM

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 · #27 17th December 2007, 01:05 AM

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 !!!!

Quote:

Originally Posted by gujaals

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 · #28 18th December 2007, 09:33 AM

Quote:

Originally Posted by kuriako

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 · #29 18th December 2007, 09:49 AM

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

bobomonkey · #30 18th December 2007, 04:09 PM

Quote:

Originally Posted by hari09omkar

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

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.