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FatherOF2
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Still filling the blank space.
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FatherOF2
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@FATHEROF2,
HOW You DEY? ANY THOUGHTS FOR D WEEK? NA SIDDON LOOK PERSON DEY O!
I think you sent this on the 27th. Many companies pay their staff salaries before the month actually ends. I think that's what will be going on this week. Some will be searching for where to put that salary anytime this week and next week. The new month is starting at the tail end of the week. On the otherhand, looking at yesterday's transactions, e be like exception dey for 100k rule. i saw many sub 100k making price changes.It seems dem don throway rule after two days of implementation. Market was looking dull and lethargic. |
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FatherOF2
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ololufemi,
How have you been. Hope market no chop one of your leg?.
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FatherOF2
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Father of 2,
Please, I want your candid opinion/advice.
Before I start, I must state it here that Pumping has warned me about CASHCRAFT but I didn't listen; that is now history.
This is my story, please I beg you, take your time and read it:
I took 3m loan from a bank by presenting some share certificates (not yet verified) and a list of stocks in my cscs account mostly banks' stocks(not consented by my stockbroker). The bank manager accepted them on personal recognition and for the fact that the sum value of the stock is over 200% of what they are giving me as against 130% their offer letter asked for . Although, he informed me that the collaterals must be perfected before their year-end.
Some time last month when Dangote SR announced their intention to give 1 to 5 bonus share and 50k dividend, I instructed my stock broker(Cashcraft) to sell my 20k units of UBA and buy 20k of DSR and add to 22k I have already in order to maximise my bonus and sell off immediately after the closure date. Unfortunately, my account officer in CashCraft erroneously put for sale 50k of UBA(which I didn't have up-to) and 50k of DSR as against 20k I instructed him. The next day, when my order was not purchased and my UBA was not sold, he called me and tried to explain that the mistake was why the transactions were not carried out . I accepted it in good faith and him to amend and rebook.
Before then, I had sold some of my insurance stocks and asked Cascraft to buy Trancorp with the money realised. They sold my insurance but could not buy Transcorp then. When the price went up too high, I asked them cancel the order.
As at the week before, and that of Easter, nothing was done then i travelled. There in the village I didn't have access to the internet so i couldn't monitor my account. When I returned from my Easter break and accessed my account with CasCraft, I discovered that My account was seriously on huge debit. Behold CashCraft bought 50k of DSR for me at NGN47.5 on credit and debited my account without my consent. Secondly, they bought Transcorp at NGN4.4 after I had cancelled the order leaving my account with over 3m debt and NGN20,000+ interest within few days. When I confronted my account officer, he argued that I didn't cancel the Transcorp order(a lie from the pit of hell). I accepted it because there was no written evidence to prove my case. As for the DSR, he has no cover for that and then offer to sell it off at NGN38+ after the marked down. But then i considered the fact that if he goes ahead to sell the DSR, I would lose over NGN400k, I asked him not to sell believing that the price will appreciate so that I will reduce the loss, hence the waiting game commenced.
Last week my Banker drew my attention to their end-of-year therefore the perfection of the collateral becomes imperative/imminent. He wanted me to sign a document for the placing on lien my stock(banks') with my stockbroker. I asked him to hold on knowing fully well that CashCraft would like to recover their 'imposed loan' and all their interests first before looking at the request of the bank. Which means that they will sell NOW and believe me, with the current bearish reality in NSE, I will be badly hit(losing over a million, charges, interest and time not included) if that happens. On the other hand, If I posit obstinately and refused to sell, I would have committed amorality suicide for betraying the trust of my banker friend.
The above is my story: a man in a dilemma; between the devil and the Deep Blue Sea.
NOW, WHAT DO I DO?
I want you to advise me as you would do to a friend and also as a professional in the field. God bless you.
Woow, this may be a little late. Don't know much about this Cashcraft people,but i think someone who has had a relationship with them (pumping) has already given you a suggestion.My only problem with that is just the lack of evidence to prove that you indeed tried to cancel the DSR order.He could also deny this.But follow it up. In trying to get Cashcraft to reverse this order, since it seems the whole thing was done by word of mouth from both sides(you and account officer),i think you can as well deny to your account officer that you never issued any buy order for DSR. If he says you did, let him prove it. If you're sure your account officer will have no evidence to prove that you instructed him to ever try to buy any DSR (whether 20k oh or 50k) i think you can get a lawyer to execute. Very sorry about this predicament of yours. I guess the bank should be either Diamond or FCMB. It very important to maintain a good relationship with your banker friend. This is just a bad timing for you, but i think you should have sold off to settle with the bank. I'll advice you be strong over this issue, like they say " WHAT WILL NOT KILL YOU WILL ONLY MAKE YOU STRONGER". It underscores why you need to maintain the friendship with your bank because when you're stronger, you may still need them. On another note also. INTERNET OR NO INTERNET. Try and get registered with CSCS tradealert. At least there must be GSM in the village. I know one of the services offered by CSCS thru its tradealert is to inform/alert investors of unauthorised transactions so they can quickly reverse the orders once they are alerted.You can start immediately on this, you can't be sure a thing like this will not repeat itself. |
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u2fyfy (m)
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@jonijoscom, sori about your experience o bro.  Its not all bad though because so many people will learn from your misfortune. someone i used to know had similar experience with his brokers, not cash craft. I think yu got generally good advice, and comments. the one aout trade CSCS alerts is the best yet. So SEUN how does one get these CSCS trades alerts, please  |
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agaba123 (m)
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Hi friends
The bears in the market are very ravaging. My portfolio is really bleeding.
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debenzd (f)
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I think you sent this on the 27th.
Many companies pay their staff salaries before the month actually ends. I think that's what will be going on this week.
Some will be searching for where to put that salary anytime this week and next week. The new month is starting at the tail end of the week.
On the otherhand, looking at yesterday's transactions, e be like exception dey for 100k rule. i saw many sub 100k making price changes.It seems them don throway rule after two days of implementation. Market was looking dull and lethargic.
It is great to see you back online. make u no let work keep you away too much from d thread. The 100K rule is funny. I can't seem to get anyone broker to explain how it works. On broker told me that they will still make their cash and infact more with this new rule although he said one should keep away from fundamentaless stocks. The lethargic mood of the market is an understatement. But to think that some peole still dey make serious cash, How u see eterna? Their result no good although they give a bonus. Never hopped on that train though. |
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debenzd (f)
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So SEUN how does one get these CSCS trades alerts, please Try to get in tough with your broker so he can give the information required i.e. Broker code, Investor code and Clearing house number. You can then log in to CSCS and register online for the trade alert. Alternatively someone said you could call directly and give them d info and it will be activated. 8923627-8 8179742 08023067089 |
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debenzd (f)
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Hi friends
The bears in the market are very ravaging. My portfolio is really bleeding.
Na d same with everybody o! |
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FatherOF2
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It is great to see you back online. make u no let work keep you away too much from d thread.
The 100K rule is funny. I can't seem to get anyone broker to explain how it works. On broker told me that they will still make their cash and infact more with this new rule although he said one should keep away from fundamentaless stocks.
The lethargic mood of the market is an understatement. But to think that some peole still dey make serious cash,
How u see eterna? Their result no good although they give a bonus. Never hopped on that train though.
Hahhahahahha, Eterna is a funny one. I never expected bonus on Eterna,but i know say loss will come. I'm as guilty as the brokers for the touch and Go i did on Eterna twice this year.Lets see how it goes from tomorrow though. Can't touch Eterna at its current level. Fidelity looks better for me, its on recovery. Just hope they don't suck out all the juice before Q3. |
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FatherOF2
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It is great to see you back online. make u no let work keep you away too much from d thread.
The 100K rule is funny. I can't seem to get anyone broker to explain how it works. On broker told me that they will still make their cash and infact more with this new rule although he said one should keep away from fundamentaless stocks.
The lethargic mood of the market is an understatement. But to think that some peole still dey make serious cash,
How u see eterna? Their result no good although they give a bonus. Never hopped on that train though.
When there is a will, there is a way. SEC will make another rule to counter the loophole around this current rule. |
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FatherOF2
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I don't mind going to bed with LASACO tomorrow if i can bid it at N3.73 or N3.78. That would be a comfortable spot to sleep.
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debenzd (f)
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Hahhahahahha, Eterna is a funny one. I never expected bonus on Eterna,but i know say loss will come. I'm as guilty as the brokers for the touch and Go i did on Eterna twice this year.Lets see how it goes from tomorrow though. Can't touch Eterna at its current level.
Fidelity looks better for me, its on recovery. Just hope they don't suck out all the juice before Q3.
Fidelity fit no go pass 11 o! With d candle when e do so. But let's see what tomorrow will bring. |
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nkc (m)
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@fo2 hope yur laptop is still in shape afta d last time it had a problem dis gtb is coming close to a good entry price again, should one pick much more or sit still  |
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FatherOF2
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@fo2 hope yur laptop is still in shape after d last time it had a problem this gtb is coming close to a good entry price again, should one pick much more or sit still Thanks for that. My laptop is much better. Too much beta inside now.I'm very carefull not to download any rubbish online.That's how the virus got in the first time and i have Norton doing the protection now. Yes GTB is in a very safe reentry point again. |
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FatherOF2
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Fidelity fit no go pass 11 o! With d candle when e do so. But let's see what tomorrow will bring.
Remember 0-3 months. I don't do candles. |
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debenzd (f)
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Remember 0-3 months. I don't do candles.
You got me there sha! Na we dey always hurry to sell after 1 week. We still have a lot to learn on this CICO thing! I hope the 9 months result creats a bullish effect. It will be very good for d stock. I kept it for 6 months after which I sold off some portion of it. By the way though, why don't you do candles? |
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BHG
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Remember 0-3 months. I don't do candles.
I just wanted to quickly commend FatherOF2 on his constant loyalty to this forum.I've been viewing this forum for a few months now and have learn' so much from it.I realised only recently why activity has slowed down on it. Even though i don't agree with what Seun did,i do beleive a lot in loyalty.And loyalty is not known until it's tested.the lesson i have learn't the most so far though is to ensure that if you are in a venture that can be replicated by another person,you have to constantly be at the cutting edge. Seun,i beleive in your vision and i know that you made mistakes,but i can see you shine again.I want you to realise that i do not blame ANY of the guys that moved on to another site (because we are all human beings),but i know you can dream again!. People (i inclusive) can take your coat of many colours,but your dream can't be taken. Seun,FatherOF2 et all,keep the fire burning and i hope this month of May shall be profitable to us all. |
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FatherOF2
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I just wanted to quickly commend FatherOF2 on his constant loyalty to this forum.I've been viewing this forum for a few months now and have learn' so much from it.I realised only recently why activity has slowed down on it.
Even though i don't agree with what Seun did,i do beleive a lot in loyalty.And loyalty is not known until it's tested.the lesson i have learn't the most so far though is to ensure that if you are in a venture that can be replicated by another person,you have to constantly be at the cutting edge.
Seun,i beleive in your vision and i know that you made mistakes,but i can see you shine again.I want you to realise that i do not blame ANY of the guys that moved on to another site (because we are all human beings),but i know you can dream again!.
People (i inclusive) can take your coat of many colours,but your dream can't be taken.
Seun,FatherOF2 et all,keep the fire burning and i hope this month of May shall be profitable to us all.
BIG Amen to that line. |
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abujabooks (f)
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@Father of 2,
How are you sir? I want to say thank you. I have learnt a lot from you. Greetings to your family.
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babyzze (f)
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please what you guys think of manivest asset management.
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FatherOF2
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You got me there sha! Na we dey always hurry to sell after 1 week. We still have a lot to learn on this CICO thing! I hope the 9 months result creats a bullish effect. It will be very good for d stock. I kept it for 6 months after which I sold off some portion of it. By the way though, why don't you do candles? If you remember well. I was made a challenge to it sometime ago. Its good alright. But its skews your perspective in looking at the real direction of where a stock is heading. When a profittaker attacks today, candle will tell you by close of the day, and many will react next day. But that may not be the true picture. Its like embarking on a journey.You may have a blown tyre or something,but you'll still change it and make your way to your destination. For me overtime, i have averaged short term to between 0-3months(sometimes a little more or less), within this time, a good stock must act. That is short term. But the wan wen traffic light go dey change from red to green to yellow daily, that na ULTRA ULTRA SHORT TERM. I think i prefer to sleep well on a daily basis.At best if you want to have a view of stock, give it like 2weeks to understand its behaviour particularly if you were well positioned from the start. |
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FatherOF2
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@Father of 2,
How are you sir? I want to say thank you. I have learnt a lot from you. Greetings to your family.
And Greetings to your family too. |
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debenzd (f)
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@Fatherof2, I see your point. Ultimately you have built a strategy that best suits you. I hope I can eventually get to a stage where I fully evolve one I am comfortable with.
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husu (m)
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@father of two,i hope these bears reach ure side too?
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RoughCut (m)
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Hmmmm, thankGOD its 1st of May (Mayday). Some freetime at last.
Wait does it mean we're just entering page 748 since 25th. Kai, disaster.
Bad thing no trading today. I wanted that stubborn skye bank to fall today and tommorrow.
He be like say Papa God don answer your prayers its now trading at less than the PO price |
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FatherOF2
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@father of two,i hope these bears reach ure side too?
E no get who e no reach, e even reach my broker. E reach me in the sense that some bank when i buy before at cheap prices e be like virus change the price back to the former price. But the good thing is this. Earlier in the year, we did a lot of profit extraction which i preached about.I wasted no time in taking out my profits in Jan and February.I didn't want to hear tori later. But i just put more legs back into three banks again. Too juicy a price to miss. |
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JAZES (m)
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FatherOF2
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He be like say Papa God don answer your prayers its now trading at less than the PO price
Hey Roughcut my brother. How is you. God is doing the right thing with SkyeBank(apologies to those who own it already). I know say e go fall despite that fantastic result wen dem do. Lets see if it will find resistance around N15 on Monday. I can pick. But after the next rise, i won't stay long oh. Year end still far small. |
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debenzd (f)
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Hey Roughcut my brother. How is you. God is doing the right thing with SkyeBank(apologies to those who own it already).
I know say e go fall despite that fantastic result when them do. Lets see if it will find resistance around N15 on Monday. I can pick.
But after the next rise, i won't stay long oh. Year end still far small.
I agree to this o!. Me I dey wait am. PO units go soon enter. Dat go be another tori. |
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FatherOF2
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I agree to this o!. Me I dey wait am. PO units go soon enter. Dat go be another tori.
Hahahahah.Nobody wan hear tori again. |
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debenzd (f)
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--------------------------------------------------------------------------------
@NN,
I just go off the phone with another broker.
He said absolutely that the "TRADED VOLUME" must be 100,000 units and it does not matter if the stock was on bid for 2million units.
He said there may have been hitches like we saw with Joh holt on the first day but the statement above is what the rule implies.
So na hello highly capped stocks for moi.
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