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For the contra players....

A bit of greed is good, but too much greed will kill.

I always told my broker what to do, and she also know, don't teach the old  bird how to play bird..

 

Yes. Thats the point and problem. The hse dealer said he is kind to request his manager to call me b4 hand and inform me to buy back immediately. If I don't do so, his manager will execute the force buy at immediate px too. I overheard his manager's voice was besides him until I filled the trade. KE is damn unreasonably kia si firm. Blumont, Asiasons, and Liongold was suspended within mins of each other. If Innopac was to suspend, would hv done it together liao. I short sell at 10:15am, kena forced buy by them at 10:35am. I only know of force selling. This is first time I heard of force buying. I shld really file complaint to compensate me right?

zedteo      ( Date: 04-Oct-2013 23:43) Posted: Bro.. Wat i meant was if u did not buy back when they asked u to, what will happen? They freeze yr acct? Or they buy for u? I believe they also cannot do anything coz they cannot act on your behalf Jacques      ( Date: 04-Oct-2013 22:40) Posted: If no suspended, then incurred cdp buy in penalty lor. If suspended, juz now they told me day one penalty is 1k, follow by 5k each day frm day 2 to day 6. Then frm day 7 is 10k each day until suspension is lifted to cover back ur position

 

I know must cover before end of day. But bro was forced to buy when it have not hit target price. I was wondering if i refuse to buy when banker force and choose to wait out in the day, what will the banker do..?

h0ly0wl      ( Date: 04-Oct-2013 23:48) Posted: You will be shooting yourself in the foot if you chose not to buy back, you will be fined by SGX and die painly.  zedteo      ( Date: 04-Oct-2013 23:43) Posted: Bro.. Wat i meant was if u did not buy back when they asked u to, what will happen? They freeze yr acct? Or they buy for u? I believe they also cannot do anything coz they cannot act on your behal

 

Yo bro, check your private message

Jacques      ( Date: 04-Oct-2013 22:36) Posted: Ok. I'll go sleepless and draft a compliant email later midnight to seek compensation for that trade. They trying to scare me and bluff me again by saying it's illegal. Somemore i alwys paid my holdings and losses on time. Peter_Pan      ( Date: 04-Oct-2013 22:16) Posted: naked short-selling is not illegal...piang

 

You will be shooting yourself in the foot if you chose not to buy back, you will be fined by SGX and die painly. 

zedteo      ( Date: 04-Oct-2013 23:43) Posted: Bro.. Wat i meant was if u did not buy back when they asked u to, what will happen? They freeze yr acct? Or they buy for u? I believe they also cannot do anything coz they cannot act on your behalf Jacques      ( Date: 04-Oct-2013 22:40) Posted: If no suspended, then incurred cdp buy in penalty lor. If suspended, juz now they told me day one penalty is 1k, follow by 5k each day frm day 2 to day 6. Then frm day 7 is 10k each day until suspension is lifted to cover back ur position

 

Bro.. Wat i meant was if u did not buy back when they asked u to, what will happen? They freeze yr acct? Or they buy for u? I believe they also cannot do anything coz they cannot act on your behalf

Jacques      ( Date: 04-Oct-2013 22:40) Posted: If no suspended, then incurred cdp buy in penalty lor. If suspended, juz now they told me day one penalty is 1k, follow by 5k each day frm day 2 to day 6. Then frm day 7 is 10k each day until suspension is lifted to cover back ur position. zedteo      ( Date: 04-Oct-2013 22:15) Posted: Just wondering if u dis not buy back what will they do to u? Btw i m w ke as wel

 

what could he haf bought that losses can accumulate until so much and how many lots ? very sorry for this person..hope he walks away for good from stocks .... contra can kill.... i have seen people sell huse to pay contra losses.....

Sofarsogood?      ( Date: 04-Oct-2013 11:56) Posted: Bro Librajet, I am unfortunately. I have not cut yesterday as hoping that US Government will reopen and market will rebound. My losses just grow by 20 to 30k. It is really very very bad. God is not giving me a chance to close all my contra position with lesser losses.. librajet      ( Date: 04-Oct-2013 10:48) Posted: Bro Sofarsogood, hope u r not hit today, cheers.

 

I am out of trading too. Din lost as much as some of the bros and sis here but enough for me to say sayonara to trading...

Contra trading kills. Please only buy and INVEST if you can PAY up and HOLD.

Otherwise, Get rich quick trading will only get you quick into hell.

Take care all and good luck 

 

If no suspended, then incurred cdp buy in penalty lor. If suspended, juz now they told me day one penalty is 1k, follow by 5k each day frm day 2 to day 6. Then frm day 7 is 10k each day until suspension is lifted to cover back ur position.

zedteo      ( Date: 04-Oct-2013 22:15) Posted: Just wondering if u dis not buy back what will they do to u? Btw i m w ke as well Jacques      ( Date: 04-Oct-2013 22:04) Posted: 7k is not alot but not less too...can cover some of my losses leh :( Really unreasonable. The manager can tell me naked short w/o scrips is illegal. Why illegal? I argued that no matter wat i will need to buy back by 5pm mah...even if kena suspensed, u hv done your part by telling me the risk and I will juz hv to bear the heavy penalties. They are juz kia si and forcing me to buy back at immediate px

 

Ok. I'll go sleepless and draft a compliant email later midnight to seek compensation for that trade. They trying to scare me and bluff me again by saying it's illegal. Somemore i alwys paid my holdings and losses on time.

Peter_Pan      ( Date: 04-Oct-2013 22:16) Posted: naked short-selling is not illegal...piangz Jacques      ( Date: 04-Oct-2013 22:04) Posted: 7k is not alot but not less too...can cover some of my losses leh :( Really unreasonable. The manager can tell me naked short w/o scrips is illegal. Why illegal? I argued that no matter wat i will need to buy back by 5pm mah...even if kena suspensed, u hv done your part by telling me the risk and I will juz hv to bear the heavy penalties. They are juz kia si and forcing me to buy back at immediate px

 

naked short-selling is not illegal...piangz

Jacques      ( Date: 04-Oct-2013 22:04) Posted: 7k is not alot but not less too...can cover some of my losses leh :( Really unreasonable. The manager can tell me naked short w/o scrips is illegal. Why illegal? I argued that no matter wat i will need to buy back by 5pm mah...even if kena suspensed, u hv done your part by telling me the risk and I will juz hv to bear the heavy penalties. They are juz kia si and forcing me to buy back at immediate px. Peter_Pan      ( Date: 04-Oct-2013 21:53) Posted: u r very determined to bring justice to them...peifu peifu

 

Just wondering if u dis not buy back what will they do to u? Btw i m w ke as well

Jacques      ( Date: 04-Oct-2013 22:04) Posted: 7k is not alot but not less too...can cover some of my losses leh :( Really unreasonable. The manager can tell me naked short w/o scrips is illegal. Why illegal? I argued that no matter wat i will need to buy back by 5pm mah...even if kena suspensed, u hv done your part by telling me the risk and I will juz hv to bear the heavy penalties. They are juz kia si and forcing me to buy back at immediate px. Peter_Pan      ( Date: 04-Oct-2013 21:53) Posted: u r very determined to bring justice to them...peifu peifu

 

7k is not alot but not less too...can cover some of my losses leh :( Really unreasonable. The manager can tell me naked short w/o scrips is illegal. Why illegal? I argued that no matter wat i will need to buy back by 5pm mah...even if kena suspensed, u hv done your part by telling me the risk and I will juz hv to bear the heavy penalties. They are juz kia si and forcing me to buy back at immediate px.

Peter_Pan      ( Date: 04-Oct-2013 21:53) Posted: u r very determined to bring justice to them...peifu peifu

 

u r very determined to bring justice to them...peifu peifu

 

Juz found this... can actually complain in person or email. I will call them on Mon to enquire. http://www.fidrec.com.sg/website/fileclaim.html

 

Is the Financial Industry Disputes Resolution Centre Ltd (FIDReC) more appropriate? I see MAS website says only FIDRec can order financial institution for compensation. Let them investigate so they will vomit out my losses for that trade.

magikonglye      ( Date: 04-Oct-2013 20:27) Posted: Can complain to MAS, all brokers HP voice call can be traced from what I heard. That's all I can say. Base on unethical method to kick u off your positions. To be honest they meant well, but the way they convey the message to you is not correct, throwing u into moment of panic and thus into making irrational decision. Jacques      ( Date: 04-Oct-2013 18:29) Posted: I will close the a/c. Wont give anymore commission business for them. I also no money to play liao

 

Which MAS dept can complain? Do you hv their email? All the conversations are done using fixed line. Although they called my hp but i always reject and called back their office number using fixed line. Can really be trace?

 

Can complain to MAS, all brokers HP voice call can be traced from what I heard. That's all I can say. Base on unethical method to kick u off your positions. To be honest they meant well, but the way they convey the message to you is not correct, throwing u into moment of panic and thus into making irrational decision.

Jacques      ( Date: 04-Oct-2013 18:29) Posted: I will close the a/c. Wont give anymore commission business for them. I also no money to play liao. oldflyingfox      ( Date: 04-Oct-2013 17:23) Posted: Time to switch to another broker

 

Bro sofarsogood, I believe you will stand up and clear all the debt eventually. Bro it may sounds stupid but tough time don't last, tough man do.

zedteo      ( Date: 04-Oct-2013 19:13) Posted: Bro, glad that you have thought through. You will definitely walk out of this if you are firm. Sofarsogood?      ( Date: 04-Oct-2013 14:56) Posted: Dear all, thank you very much for all your advice. I have just cut all my contra position. Although I should have cut yesterday than today. I seriously can't afford to take anymore exposure. I don't want to leave it open over the weekend. Yes - my goal now is repay all my debts and stand up again. I know it is going to be very very extremely tough and sour. My wife used very very nasty words to me, nonetheless, she help me to pick up some of my contra position too to reduce my loss. My mom cried and told me not to do anything silly. If I did, she will do the same. All of my family members decided to keep this apart from my father as afraid that he will get heart attack if he knows this. It is really very very bad. I promised my family members I fell down, cried, but I will stand up again.  All the best everyone. Take care and God bless.

 

Bro Sofarsogood, Really feel sorry abt ur plight. Pls stay strong! Must move on well and Dun look back...debts can eventually be cleared one day. I've also decided to close my trading a/c and never to trade again. Feel that we are just like puppets being manipulated by BBs in this game.