Active TopicsActive Topics  Display List of Forum MembersMemberlist  CalendarCalendar  Search The ForumSearch  HelpHelp
  RegisterRegister  LoginLogin

Commodities - Gurus call it the best hedge in current times
 The Equity Desk Forum :Economy, Markets and commodities :Commodities - Gurus call it the best hedge in current times
Message Icon Topic: Commodities---Stop Loss!!! Post Reply Post New Topic
<< Prev Page  of 5
Author Message
PKB2000
Senior Member
Senior Member
Avatar

Joined: 11/Aug/2006
Location: India
Online Status: Offline
Posts: 1453
Quote PKB2000 Replybullet Posted: 17/Sep/2009 at 12:27pm

This is thread for commodity (I have not read anything so far on this thread) but I wish to share a little experience here.

On May 2009 because of some repeated request I opted for opening a commodity account with a broker with its branches here and there in India and the firm is headed by a lady with lots of balck hair on her head (as found her on TV18 at times)!  In anyway the account was opened in May 2009 with an investment amount of 75000. Full freedom was given to them and because of any lack of knowledge in commodity I gave them freedom to utilize the money but preferably I requested to play only in GOLD. I do not know why but I am very bullish on that yellow metal (may be because I do not have much of that metal). They promised me that they will give very high return because they get SOLID CALL from Delhi. Initially for 15 days they were in touch with me and informed that they are playing on gold as per my suggestion but profit is not high so they requested me to give them freedom and to trade as per their choice. It was very easy for them to get my consent because I thought that they will be sincere enough to protect my loss. In the month of June I called them and asked about the status. They informed that they are playing on CRUDE and they are short on it. I was worried a little but they assured me that there is a near 80% success in their DELHI CALL so I need not have to worry. They did not ring me almost a month thereafter and I expected things were going great (probably). On July beginning they contacted me again and requested some time to meet me. I asked the reason and they told nothing serious everything is fine but they want to meet me if I have some time for them. Anyway I was little busy with my CA and delayed our meeting by a week. But after two days the main contact person requested again for a meeting. I was curious then and asked the matter. He informed me that there is market loss of INR35000 from my INR75000 invested amount. So they want my suggestion. I told them to close the account immediately and to release the cheque whatever amount is still there. One assistant visited my home and took the signature of my wife on an application for closing the account and thereafter I found a deposit of INR40364 in the bank account of my wife from that commodity broking firm!

I am always doing that which I cannot do, in order that I may learn how to do it. ~Pablo Picasso
IP IP Logged
rapidriser
Senior Member
Senior Member
Avatar

Joined: 18/Nov/2007
Location: India
Online Status: Offline
Posts: 966
Quote rapidriser Replybullet Posted: 17/Sep/2009 at 8:30am
Originally posted by PKB2000

This is thread for commodity (I have not read anything so far on this thread) but I wish to share a little experience here.

On May 2009 because of some repeated request I opted for opening a commodity account with a broker with its branches here and there in India and the firm is headed by a lady with lots of balck hair on her head (as found her on TV18 at times)!  In anyway the account was opened in May 2009 with an investment amount of 75000. Full freedom was given to them and because of any lack of knowledge in commodity I gave them freedom to utilize the money but preferably I requested to play only in GOLD. I do not know why but I am very bullish on that yellow metal (may be because I do not have much of that metal). They promised me that they will give very high return because they get SOLID CALL from Delhi. Initially for 15 days they were in touch with me and informed that they are playing on gold as per my suggestion but profit is not high so they requested me to give them freedom and to trade as per their choice. It was very easy for them to get my consent because I thought that they will be sincere enough to protect my loss. In the month of June I called them and asked about the status. They informed that they are playing on CRUDE and they are short on it. I was worried a little but they assured me that there is a near 80% success in their DELHI CALL so I need not have to worry. They did not ring me almost a month thereafter and I expected things were going great (probably). On July beginning they contacted me again and requested some time to meet me. I asked the reason and they told nothing serious everything is fine but they want to meet me if I have some time for them. Anyway I was little busy with my CA and delayed our meeting by a week. But after two days the main contact person requested again for a meeting. I was curious then and asked the matter. He informed me that there is market loss of INR35000 from my INR75000 invested amount. So they want my suggestion. I told them to close the account immediately and to release the cheque whatever amount is still there. One assistant visited my home and took the signature of my wife on an application for closing the account and thereafter I found a deposit of INR40364 in the bank account of my wife from that commodity broking firm!

 
 
Having seen the operations of a few brokerages and PMSs at fairly close range, I can tell you that handing over your money to them is a sure recipe to disaster. Most of these are staffed by bright young MBAs who can not think beyond an Excel sheet.
 
 
When all else is lost, the future still remains. - Christian Nestell Bovée
IP IP Logged
kondalreddy
Newbie
Newbie
Avatar

Joined: 27/Nov/2011
Location: India
Online Status: Offline
Posts: 6
Quote kondalreddy Replybullet Posted: 28/Nov/2011 at 1:38pm

Hi,

I am looking for a stable and easy to use trading platform that can trade metals and also have the option of trading currencies (Forex trading)?

IP IP Logged
kondalreddy
Newbie
Newbie
Avatar

Joined: 27/Nov/2011
Location: India
Online Status: Offline
Posts: 6
Quote kondalreddy Replybullet Posted: 28/Nov/2011 at 6:16pm
Originally posted by rapidriser

Originally posted by PKB2000

This is thread for commodity (I have not read anything so far on this thread) but I wish to share a little experience here.

On May 2009 because of some repeated request I opted for opening a commodity account with a broker with its branches here and there in India and the firm is headed by a lady with lots of balck hair on her head (as found her on TV18 at times)!  In anyway the account was opened in May 2009 with an investment amount of 75000. Full freedom was given to them and because of any lack of knowledge in commodity I gave them freedom to utilize the money but preferably I requested to play only in GOLD. I do not know why but I am very bullish on that yellow metal (may be because I do not have much of that metal). They promised me that they will give very high return because they get SOLID CALL from Delhi. Initially for 15 days they were in touch with me and informed that they are playing on gold as per my suggestion but profit is not high so they requested me to give them freedom and to trade as per their choice. It was very easy for them to get my consent because I thought that they will be sincere enough to protect my loss. In the month of June I called them and asked about the status. They informed that they are playing on CRUDE and they are short on it. I was worried a little but they assured me that there is a near 80% success in their DELHI CALL so I need not have to worry. They did not ring me almost a month thereafter and I expected things were going great (probably). On July beginning they contacted me again and requested some time to meet me. I asked the reason and they told nothing serious everything is fine but they want to meet me if I have some time for them. Anyway I was little busy with my CA and delayed our meeting by a week. But after two days the main contact person requested again for a meeting. I was curious then and asked the matter. He informed me that there is market loss of INR35000 from my INR75000 invested amount. So they want my suggestion. I told them to close the account immediately and to release the cheque whatever amount is still there. One assistant visited my home and took the signature of my wife on an application for closing the account and thereafter I found a deposit of INR40364 in the bank account of my wife from that commodity broking firm!

 
 
Hey rapid riser,
 
I totally agree with you. They want to have a good time at our expense! I lost close to 20,000 rs with a securities trading firm located in hyderabad. This was last year. Since then I have decided that I will not hand over control of funds to anyone. Instead I will focus on trading myself. I am still coming to terms with regards to inversting in stocks, but making good progress with trading currencies.
 
 
Having seen the operations of a few brokerages and PMSs at fairly close range, I can tell you that handing over your money to them is a sure recipe to disaster. Most of these are staffed by bright young MBAs who can not think beyond an Excel sheet.
 
 
IP IP Logged
<< Prev Page  of 5
Post Reply Post New Topic
Printable version Printable version

Forum Jump
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum



This page was generated in 0.125 seconds.
Bookmark this Page

Join Theequitydesk.com Today!

It’s easy to Join and it’s free.

Here's why members would love to be a part of theequitydesk.com

  • Equity Desk focuses on why to buy shares and invest in share rather than what to buy.
  • Live discussion forum wherein members can discuss the current Indian share Market trend, BSE Sensex or the Nifty Index.
  • Have huge cache of information on Indian and World Share Market.
  • Analysis of Indian stock market, Global events, Investing insights, portfolio management strategies and thoughts,
  • Meet investors from round the globe check their investing strategies share experiences and learn for their experiences on stocks and shares, evaluate opinions on investing in India.

Register now while it’s free!

Already a member? Close this window and log in.

Join Us           Close