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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Granting permission for my broker to trade!

Granting permission for my broker to trade!

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wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Hello there

i need some thoughts on this.
Im granting permission to my stock broker to trade securities on behalf of me! And Im doing this on writing so that there is material proof!

If there anything I should include on the letter, thatr would make things clear and make sure its safe on me!


Opinions & Experts ideas are warmly welcomed !

Smile

sahan8896


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
No need to write a letter because this isn't a thing you should at least think of doing.

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@wallstreetguy wrote:Hello there

i need some thoughts on this.
Im granting permission to my stock broker to trade securities on behalf of me! And Im doing this on writing so that there is material proof!

If there anything I should include on the letter, thatr would make things clear and make sure its safe on me!


Opinions & Experts ideas are warmly welcomed !

Smile
if you are a wallstreet guy why give permission Shocked

i am not sure on this whether to give permission,it would be like delipihiyen kiri kanawa wage wedak....ayya Rolling Eyes

TAH bom

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@wallstreetguy wrote:Hello there

i need some thoughts on this.
Im granting permission to my stock broker to trade securities on behalf of me! And Im doing this on writing so that there is material proof!

If there anything I should include on the letter, thatr would make things clear and make sure its safe on me!


Opinions & Experts ideas are warmly welcomed !

Smile

Are you going to give target price to buy and sell or you want to give full responsibility to him to play with your capital + broker's margin?

In any case you risking yourself.

Better to to find a fund manager and invest the money with him.

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Well I have been in the market for some time now! i have been speculating the market! But now i dont have the time to sit on the computer and lock my self on the screen! As I have other things to manage as well!

I realised its better to let my broker do it behalf of me, since he is a proffessional and i can monitor it! I was planning to give full responsibility on playing with my cash!

Should I open a margin account!? Because it would be riskier and would give more leverage to him which could lead to high risks!
So i decided to play on cash account! I wouldnt consider opening a credit line on this one!


Glad to hear feed back! Please keep them coming!

wiki


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
pl give that money to me Very Happy

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@wallstreetguy wrote:Well I have been in the market for some time now! i have been speculating the market! But now i dont have the time to sit on the computer and lock my self on the screen! As I have other things to manage as well!

I realised its better to let my broker do it behalf of me, since he is a proffessional and i can monitor it! I was planning to give full responsibility on playing with my cash!

Should I open a margin account!? Because it would be riskier and would give more leverage to him which could lead to high risks!
So i decided to play on cash account! I wouldnt consider opening a credit line on this one!


Glad to hear feed back! Please keep them coming!

I think there are some experienced guys in this forum already managing their friends PF.

RIO

RIO
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Be sure to add the below sentences at the Bottom of the Letter, in Bold...

"By granting the authority to trade on behalf of me, I do here by exempt my couple of testicles from liability against any transactions done there of by the Broker"

If you miss this phase...for sure You will Lose your couple of Balls too....! Very Happy Very Happy Very Happy Very Happy

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@RIO wrote:Be sure to add the below sentences at the Bottom of the Letter, in Bold...

"By granting the authority to trade on behalf of me, I do here by exempt my couple of testicles from liability against any transactions done there of by the Broker"

If you miss this phase...for sure You will Lose your couple of Balls too....! Very Happy Very Happy Very Happy Very Happy

hahaha! Thanks bro! Something which I needed on the letter! Appreciate it Smile

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@wallstreetguy: I have just one piece of sincere advice for you - Don't!

I wouldn't like you to prove the saying, 'A fool and his money are soon parted.'

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

ha ha Broker might buy a new Corolla after two months..

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@RIO wrote:Be sure to add the below sentences at the Bottom of the Letter, in Bold...

"By granting the authority to trade on behalf of me, I do here by exempt my couple of testicles from liability against any transactions done there of by the Broker"

If you miss this phase...for sure You will Lose your couple of Balls too....! Very Happy Very Happy Very Happy Very Happy

Nail on the head Rio... How interesting our forum members...

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Thanks for everyones valuable input~!

Just to clarify!

Take a look at the big guys, organisations. Do you think its the key owner and specific persons in the organisation who does proprietor trading!? Maybe

Im pretty sure, behind all these big names, Nimal Perera, and the rest are the shining stars, but no the engine! They must be having a great team! Age has an affect on risk tolerance right! Older the guys, they still make money!

And obviously these guys have others things to right other than look at the screen from 9:30 to 2:30. Businessmen have activites of their business and they also have families right! So how can they spend time on such trading activity. Some even dont know how to use a computer! Out of technology! But still make money in the market! Its not joke! Obviously its under their guidance, else they would be ripped off! But still if you analyse it deeply, these guys pay their brokers for the keep their portofolios up!

If someone is good at something ,you dont do it for free right! Well there should be a reward for doing the work. Else they will end up getting demotivated and burning us!

Obviously if we were really good! then we should be on their seat right! I know there are brokers even without a license and little knowledge. Like trainees and probation period! Giving it to them will be a dumbest idea and should be allowed to burned!

But if the person has knowledge and experience, I feel they should be given a chance. Its like recruiting a new employee to the business!

I have been in this market for a long time, and I have got my fingers burnted as well as cake fed to me during the happy times! I know the sentiment towards to the brokers, and we all should take note of that!


But we cant do everything on our own right!

You might say, its better giving the money to fund managers! True! But there is no transparency of the activities and not available for withdrawal if neccasary!



Good to hear some voices regarding this! look forward for a good discussion!

kas

kas
Manager - Equity Analytics
Manager - Equity Analytics
I personally know some one who has done something like that,giving verbal consent to his broker to manage his PF. In the beginning things were going well my friend was earning profits thanks to his broker.

Most of the shares broker has bought from the top were on credit , Later on with the market downturn most of his PF had to be sold for a huge loss furthermore the broker firm has sent a letter of demand to my friend to recover the losses they incurred from the trades which was around Rs.3.5Mn. My friend said "No",but I advised him to complain this to SEC. ( I'm not telling my friend is 100% correct here). I could not follow the incident thereafter.

If possible, limit your buying power to a maximum amount per moth at least, otherwise this is detrimental, Professional brokers are rear species in Sri Lanka.

මේකත් හරියට අන්දරේට ගොනා වගේ ඉන්න කිව්වා වගේ වෙන්න පුළුවන් Very Happy


maalinda


Manager - Equity Analytics
Manager - Equity Analytics
DO NOT.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Unless you are willing to take losses if the broker decisions go south, and you trust your broker like your parents, Don't do it.

There are professional fund manager with some equity funds( if you have large amout of moiney), else relying on the broker think again what I said above.

Fresher


Moderator
Moderator
My personal experience,

With some exorbitant profits I made sometime back I decided to play around with some money. Opened a new account at a big broker hut and started small and told the guy play around. (New relationship)
At first (when the market was doing ok, he was booking small profits although he went out of limits and used a lot of credit. What he did was increased no. of trades and volume to ensure that the commission was there. Fine by me as long as there is reasonable profits. When he started buying some speculatives at high prices, I was concerned. He convinced that they would go up. Even at 50% loss of that stock he said it would go up. I then sold them myself and ended up with around 60% loss in my PF. Hadn't I intervened I would have lost a lot more. I didn't make a case as I was the one to blame here since I gave him the 'verbal authority'.

You got one thing wrong. Businessmen and HNWI don't get their advice from the 'advisers' you and I have. They probably have paid analysts to do their jobs. Majority of so called 'investment adviers' are not actually 'good at it'

Fresher


Moderator
Moderator
To add to the above, if you have had a long standing good relationship, you probably know what he is capable of. If you have mutual trust, then it is fine I guess.

K.Haputantri

K.Haputantri
Co-Admin
npp wrote:My personal experience,

With some exorbitant profits I made sometime back I decided to play around with some money. Opened a new account at a big broker hut and started small and told the guy play around. (New relationship)
At first (when the market was doing ok, he was booking small profits although he went out of limits and used a lot of credit. What he did was increased no. of trades and volume to ensure that the commission was there. Fine by me as long as there is reasonable profits. When he started buying some speculatives at high prices, I was concerned. He convinced that they would go up. Even at 50% loss of that stock he said it would go up. I then sold them myself and ended up with around 60% loss in my PF. Hadn't I intervened I would have lost a lot more. I didn't make a case as I was the one to blame here since I gave him the 'verbal authority'.

You got one thing wrong. Businessmen and HNWI don't get their advice from the 'advisers' you and I have. They probably have paid analysts to do their jobs. Majority of so called 'investment adviers' are not actually 'good at it'

Good advise. If you have no time to watch daily, buy only fundamentally strong counters and foget it. One fine day you can reap good harvest.

hettdas

hettdas
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@kas wrote:I personally know some one who has done something like that,giving verbal consent to his broker to manage his PF. In the beginning things were going well my friend was earning profits thanks to his broker.

Most of the shares broker has bought from the top were on credit , Later on with the market downturn most of his PF had to be sold for a huge loss furthermore the broker firm has sent a letter of demand to my friend to recover the losses they incurred from the trades which was around Rs.3.5Mn. My friend said "No",but I advised him to complain this to SEC. ( I'm not telling my friend is 100% correct here). I could not follow the incident thereafter.

If possible, limit your buying power to a maximum amount per moth at least, otherwise this is detrimental, Professional brokers are rear species in Sri Lanka.

මේකත් හරියට අන්දරේට ගොනා වගේ ඉන්න කිව්වා වගේ වෙන්න පුළුවන් Very Happy


One of my friend invested 8 lakhs in a broker firm and allowed broker to play with. After about one year he has nothing in his Portfolio. But he has minus credit balance of 6 Lakhs. You can imagine how good is this broker Very Happy . Every month he get an advice to pay interest for that minus credit balance.
Can he complain to SEC about this and get some concession?

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