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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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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


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


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?

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
If he gave permission for the broker to trade and agreed to profits/losses eitherway then I see no case here.

@hettdas wrote:
@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?

Sasanka De Silva

Sasanka De Silva
Manager - Equity Analytics
Manager - Equity Analytics
Do not ever think of that. Shocked
I will join WiKi, in case if you have too much to go waste. Very Happy
@wiki wrote:pl give that money to me Very Happy

Sasanka De Silva

Sasanka De Silva
Manager - Equity Analytics
Manager - Equity Analytics
On a much serious note now, if you want to invest in the CSE and have not much time to monitor the daily activities, then I suggest you to buy some of the shares stated below than discourage your entrance.
1 - JINS,
2 - RICH,
3 - Glas,
4 - NTB,
5 - HOPL,
6 - ODEL,
7 - UBC.
They are sure to give you a good return as well as not much risk involved and the levels are not too high either.
Good Luck and Happy Investing. Very Happy
@Sasanka De Silva wrote:Do not ever think of that. Shocked
I will join WiKi, in case if you have too much to go waste. Very Happy
@wiki wrote:pl give that money to me Very Happy



Last edited by Sasanka De Silva on Wed Jan 09, 2013 10:23 am; edited 1 time in total (Reason for editing : spelling corrections)

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Do not trust brokers.

I assigned one manger of top class broker company in Colombo leaving with him Rs. 1.5m before leaving the country sometime back.

He provided me wrong information of long term returns & when I was back to country all money is gone. Further the lawyers of the broker sent me a letter of suing me, not paying the borrowing & its interest.

That is what happened to my hard earned money. Be careful. In this country plenty of crooks & goons not apprehended into law.



Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

SO you lost 1.5 mil completely and then have to pay for credit/interest?

What happened did you have to pay?



@worthiness wrote:Do not trust brokers.

I assigned one manger of top class broker company in Colombo leaving with him Rs. 1.5m before leaving the country sometime back.

He provided me wrong information of long term returns & when I was back to country all money is gone. Further the lawyers of the broker sent me a letter of suing me, not paying the borrowing & its interest.

That is what happened to my hard earned money. Be careful. In this country plenty of crooks & goons not apprehended into law.



Deva


Senior Manager - Equity Analytics
Senior Manager - 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 use my spare time while attending to office work.
If you can plan your trading and have your targets, you don't need to be connected full time. Hope you don't engage in day trading.
GTC and GTD order placing facilities helps a lot.

SL.Market

SL.Market
Vice President - Equity Analytics
Vice President - Equity Analytics
Believe Great Buddha's Saying

“Work out your own salvation. Do not depend on others.”


It is still valid to me

Good Luck




Last edited by SL.Market on Wed Jan 09, 2013 4:02 pm; edited 1 time in total

Expert

Expert
Manager - Equity Analytics
Manager - Equity Analytics
If you and your broker are a team and if you have control over his job, like those big guys do (consider the relationship between the funding person and the decision maker), MAY BE you should. Otherwise, never ever think of this type of thing.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
I ignored the letter from lawyers. So far nothing happened.

This personal information is given as warning to others to evaluate the situation very carefully before entrusting brokers.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
npp wrote: 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.

Agree with npp’s comment. Even though the majority of advisors are only good for time passing, there are some seriously talent guys out there.

wallstreetguy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Thans you all for the input! i will consider this and make my move!

Who would you recommend as good fund managers/ unit trusts?

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