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I keep getting calls from people all around India telling me that they have allowed someone else to trade in their account and are now losing money heavily. Do not let anyone else trade in your account. Keep your account username and password secured like you keep your bank account password secured. Let us see what damage it can do.
Out of greed/expectation/laziness/in faith or for whatever reason people let someone else (mostly brokers) trade in their account.
This is a a very bad practice and should never be done. Do not allow anyone whether your broker or friend or relative trade in your account on your behalf. You do not know what they have in mind and what they may do to your account.
I hope you have an idea of trading fraud. Trading fraud is shorting a low liquid stock in huge quantity in someone else account and when the stock falls buy in their own account. When the stock rebounds, they immediately sell for a profit.
Of course this is not possible in a small account but possible in a big account like 10 lakhs and above. For Intraday shorting 5x (five times) leverage is given. So a 10 lakh account can short a stock intraday for 50 lakhs. For a low volume stock this is a huge short and immediately the stock will fall, giving a great opportunity for a trading fraudster to make 5 times the money in his account in a single day.
Look at this PC Jewellers stock price on 2-Feb-2018. The stock opened at 460, went down all the way to around 220 and bounced back to around 400. All within minutes. Imagine if someone bought the stock with 5 times intraday leverage 10 lakhs at 220 and sold at 400. This would have resulted a profit of:
50,00,000/220 = 22727 stocks bought.
400-220 = 180*22727 = 40,90,860.00
That is a profit of Rs. 40,90,860.00 (40 lakhs 90 thousand 860) in a single day:
However the above is just an example. It may not have happened but I wanted to explain to you a fraud possibility. Who bears the loss of Rs. 40 lakhs 90 thousand 860? The person on whose account the stock was shorted.
May 6, 2010, Flash Crash was done by Navinder Singh Sarao, a trader who damaged stock markets in US sitting in his home. This was a United States trillion-dollar stock market crash done by not fraud as written above but spoofing algorithms. He made more than $40 million in profit from trading during the Flash Crash in a single day. Sarao was released on a £50,000 bail with a full extradition hearing scheduled for September with the US Department of Justice. No idea where he is now.
Spoofing is shorting millions of dollar of stocks and then cancelling immediately and then buying at the bottom. This is done in milliseconds by software. The world over now spoofing is banned. Now before placing an order a check is done. If you place a limit order for shorting stock, a check is done by system to see if the shorting is done within specified limits else the limit order is cancelled.
So do not let anyone trade on your behalf in your account.
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What you should do now1. If you have still not subscribed for my free 5 days course you can do by filling the form above. You will learn a lot about option trading.
2. If you are a new option trader, not much experienced and are making losses you can do my paid course. I recommend Nifty Conservative Option Course for beginners because it is easy to understand and easy to trade. Even a 18 year old young trader or a housewife can learn it and start trading from next day. It will help you to earn consistent monthly income without any software or speculation or stress or big risk. You will learn proper hedging strategies that works in any market condition.
3. If you are banknifty weekly options trader you can do my Bank Nifty Weekly Options & Futures Strategy Course. You will learn future and option hedging strategies that works in volatile market condition.
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Course fees: Click here to know the course fees.
Here is complete process of my course1. Once you pay I will send you the course materials for studying to your email.
2. You read and ask me questions via phone/whatsapp/email to clear doubts.
3. Then you start paper trading and still can ask me questions.
4. After about one month you can start trading.
5. Since doubts can come anytime the support will be there for one year.
Within one month you can start trading on your own. No need to depend on anyone once you are on your own.
If you have any question you can contact me.
You can read about me here and my trading mistakes here.
Dilip Shaw, Founder
INCOME DISCLAIMER: Any references in this site of income made by the traders are given to me by them either through Email or WhatsApp as a Thank You message. However every trade depends on the trader and his level of risk taking capability, knowledge and experience. Moreover stock market investments and trading are subject to market risks. Therefore there is no guarantee that everyone will achieve the same or similar results. My aim is to make you a better & disciplined trader with the stock trading and investing education and strategies you get from this website. Please note that I DO NOT give tips or advisory services by SMS, Email, or WhatsApp or any other form of social media. I strictly adhere to laws of my country. I only offer education on finance, investments on stock markets in the best possible way as much as I can through this website. Still, you must consult an authorized advisor or do thorough research before investing in any stock or derivative before trading any strategy given in this website. I am not responsible for any investment decision you take after reading any article given in this website. Knowledge is the only way to get success in stock markets. I try my best to give stock market investing and trading knowledge through the articles posted in this website. Thanks for visiting my website.