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Short but not enough time to buy back

Mee pok more yummy !!

iPunter      ( Date: 19-Nov-2010 11:10) Posted: Free and delicious yummy-yummy tips, huh?       You are so lucky to get it...           hehehe...

 

Free and delicious yummy-yummy tips, huh?

      You are so lucky to get it...

          hehehe... 

 

ipunter this is the best advice so far!!! Im heeding this advice

iPunter      ( Date: 19-Nov-2010 10:20) Posted: Re: Mrox73.. [ Ipunter,   Can you kind enough to guide me which of your posting is about such shorting? I really love to understand.]  No need to search, lah.     I have already repeated that here for your convenience.        Just trade well on the long side until you are expert in it.            Then you can start playing the shorting game, but not before that.

 

Yup...  me too...

      I did all the wrong things too when I started...

         but then, I didn't have any mentor...

             hehehe... 

 

Ok la...everyone must pay tuition fee what.. like playing mahjong also....

 

But if you choose to ignore my advice,

    then all the best to you.

       I can't do much more than suggest.

           hehehe.. 

 

Hi All,

Thanks for all your advice.

I managed to request the broker to open a borrowing acc.

Need to rush those paper work now..sigh

 

You have the most lousy remisier.... he should know your every trade and should remind you on your possition....

 

Re: Mrox73.

    To elaborate, I will add this...

        If you cannot even make money by playing long,

            then you should not even think of shorting at all. 

 

Re: Mrox73.. [ Ipunter,   Can you kind enough to guide me which of your posting is about such shorting? I really love to understand.]

 No need to search, lah.

    I have already repeated that here for your convenience.

       Just trade well on the long side until you are expert in it.

           Then you can start playing the shorting game, but not before that. 

 

My understanding is that if you naked short a counter, you must

cover within the same day.No such thing as T+3 for naked shorting.

Pl. comment.

 

Thanks To Baberic & Ipunter,

Obviously that broker is not a good serviceman.

So does that mean that when people mentioning shorting, they sure have a borrowing acct?

 

Ipunter,

Can you kind enough to guide me which of your posting is about such shorting?

I really love to understand.

 

 

Treat your broker a good drink and he can settle the problem.

 

If your broker is a good serviceman, he could help you out by opening a borrowing acct and borrow the shares on the second day of the short,  Then you save the $1000.  But not all brokers can bother to do it for you.  So you must be prepared to pay.

Mrox73      ( Date: 19-Nov-2010 09:32) Posted: Hi all, I am a newbie for shares trading. Based on the forum, I saw peeple talking about shorting. My understanding of shorting is sell first, and buy back with T+3. So I short and sold some shares yesterday, thinking I will buy back the shares within the next 3 days. However, the broker called me today and told me even if i buy back today, it will be too late to recover. He said that the Exchange will buy back on behalf of me on the 3rd day. However, if the Exchange is not able to buy back, there will be penalty of $1000. Is there anyway to avoid paying this $1000? Is my understanding of shorting was wrong? Pls help to advise me.

 

First of all, I am sure you have missed or ignored one of my earlier posts.

    In the post, I cautioned newbies that shorting is

        to be avoided until one can long successfully.

            And I went on to explain what that means.

                Longing successfully means to buy and sell at the right time.

                    Until and after you have mastered this first step,

                          you must avoid shorting at all cost,

                             otherwise you can lose a lot of money.

 

Hi all,

I am a newbie for shares trading.

Based on the forum, I saw peeple talking about shorting.

My understanding of shorting is sell first, and buy back with T+3.

So I short and sold some shares yesterday, thinking I will buy back the shares within the next 3 days.

However, the broker called me today and told me even if i buy back today, it will be too late to recover.

He said that the Exchange will buy back on behalf of me on the 3rd day. However, if the Exchange is not able to buy back, there will be penalty of $1000.

Is there anyway to avoid paying this $1000? Is my understanding of shorting was wrong?

Pls help to advise me.