Fail to pay brokerage

[coolhead]

Eh edit, I calculated wrongly, if I can sell it at 0.035, I will take $9.5k loss, not $17k as I would have double caclulated the earlier $7k loss twice.


But $9k..... Thats what phv drivers get.........Each bid is a $500 stake for me

you are really speculating man.... what is your trading thesis to short xiaomi?

Posted from PCWX using Redmi K20 Pro

 

[reddevil0728]

Good luck. Yolo is yolo. But this is good luck

 

[Lycanboiboi]

Indeed, I am 29. But no wife no kids.

Nbz imagine today 50k limit go Xiaomi long, should be able to take 30k or so in one day.


And that means I have 5 years worth of DCP amount sia >.<

Okay lah, from your tone and replies i think you can afford to pay. Not as bad as i initially thought it was.

But seriously though, things can get out of hand real quick. I've personally seen how greed in the markets can destroy lives and families, so yeah just my two cents.

Want to purely gamble just stick to sg pools lah. At least your loss is capped.

 

[Sadisticnoob]

So you think you won a few k from a few lucky trades and you decided to all in and show hand , and now the market turned against you .

Contra trading is high risk and is fun last time till you start making loss .

Don’t pay , then Ocbc will send some ah Long to your house and chase for money . If never pay might go court and declare bankrupt.

You’re still young, if parents got money go borrow first , no point declaring bankruptcy as it will affect your credit rating

Posted from PCWX using iPhone12,8

 

[platee]

No issue la just let OCBC ocb you few days can alr

 

[3dfxplayer]

I have neither the means to pay for the contract (About $43k, coz I left about $7k limit unused) nor the contra loss (The initial $7k loss still can absorb by some earlier profits but I really cant sell the next 500,000 units at the 0.035 price)



Coz I saw the P/L list, where total buy was about $42600, total sell (Of 300k / total 800k units) is $8640. In order not to sustain further loss than this $7k, I need the price to be 0.053 (18 bids gain which means today closing of HKD 22.50 needs to drop until HKD 20.15 to have a chance excluding the bid-ask spread factor which is like 47 bids) which giving 1 or 2 more days is quite unrealisitc.

Assuming that I sold all remaining 500,000 units at 0.035, I am looking at sell value of 17500, hence $42600 - $8640 - $17500 = $16460


For which I cannot pay for an extra $17k contra loss as well

You sound like you don't know what you are doing, "not being to sell at a loss" means you didn't have a plan going into this, you were just buying these DLCs with the thinking you'd never lose, this is a recipe for disaster.

Btw you do know that these DLCs are "rebased" everyday like the 3x ETFs right? What this means is that you have suffered a loss even if you haven't sold those DLCs by the end of the day.

 

[Laofuzi67]

Indeed, I am 29. But no wife no kids.

Nbz imagine today 50k limit go Xiaomi long, should be able to take 30k or so in one day.


And that means I have 5 years worth of DCP amount sia >.<

Then why you never long?
Hindsight is always 20/20

 

[Avery5]

Brokerage debt is same as credit card debt, you will be in big trouble.

 

[ginza7]

Bro, the damage has been done, avoid doing silly things when the market opens again. This doubling down strategy has ruined many people. Even if you get it right this time, it does not mean its a viable strategy. Worse if it reinforces your thinking that you can always get out of a hole by doing this. Get out of this hole and have a trading plan in future and stick to it. Most importantly, automate your orders, don't stare at the screen all the time. That's when you are most vulnerable to 'magically' enter into positions at precisely the wrong point.

Good luck.

 

[chowck]

I'm very cautious trading DLC. After what I've heard they have this 'air-bag' mechanism which can totally wipe out your investment whether it's long or short. Just like SIA DLC for example. Todate, don't know how many DLC counters already got this mechanism activated. Anyone?

 

[livingcharsiew]

gamble with dlc is one thing
dlc can only go to $0
but now you gamble with money you don't even have

I'm very cautious trading DLC. After what I've heard they have this 'air-bag' mechanism which can totally wipe out your investment whether it's long or short. Just like SIA DLC for example. Todate, don't know how many DLC counters already got this mechanism activated. Anyone?

yzj and sia
not sure if got anymore

 

[coolhead]

what is dlc? Double Leveraged Counter?

Posted from PCWX using Redmi K20 Pro

 

[_dXter]

what is dlc? Double Leveraged Counter?

Posted from PCWX using Redmi K20 Pro

Daily Leverage Certificate. emphasis on daily

 

[pokkacoffee]

y hold overnight. dun understand..

 

[reddevil0728]

y hold overnight. dun understand..

don't think anybody can understand ts

 

[ussr_1991]

I'm very cautious trading DLC. After what I've heard they have this 'air-bag' mechanism which can totally wipe out your investment whether it's long or short. Just like SIA DLC for example. Todate, don't know how many DLC counters already got this mechanism activated. Anyone?

Actually apparently no counters have airbag activated.

Take Xiaomi for example, the furtherest swing was a +11.5% gain over the past 2 days and hence no airbag was activated


And yes DLC reset daily, and I have numerous experience where dollar averaging and sell it in the next day or 2 can turn a losing trade to a profit trade.

It is like if a counter is $10 and it dropped by 1% on the closing, then the next day will be based on $9.90


Perhaps one thing really bad about DLC short is that if it gain, say $10 become $11 with a 10% swing, the next day it will require drop to $9.90 (Drop by 10% of $11 which is $1.10) in order to breakeven excluding commission


Think I will just sell the remaining DLCs, and use the remaining limit to buy long Xiaomi to cover back

 

[twkacc]

Actually apparently no counters have airbag activated.

Take Xiaomi for example, the furtherest swing was a +11.5% gain over the past 2 days and hence no airbag was activated


And yes DLC reset daily, and I have numerous experience where dollar averaging and sell it in the next day or 2 can turn a losing trade to a profit trade.

It is like if a counter is $10 and it dropped by 1% on the closing, then the next day will be based on $9.90


Perhaps one thing really bad about DLC short is that if it gain, say $10 become $11 with a 10% swing, the next day it will require drop to $9.90 (Drop by 10% of $11 which is $1.10) in order to breakeven excluding commission


Think I will just sell the remaining DLCs, and use the remaining limit to buy long Xiaomi to cover back

bro, what u are doing is revenge trade.

what is the reason now to long xiaomi?
Think through first, think about its fundamental and technical 1st before entering the position.

and think through all the risk first before u long xiaomi. can u afford to pay if really suay suay ur xiaomi drop in price?

 

[reddevil0728]

bro, what u are doing is revenge trade.

what is the reason now to long xiaomi?
Think through first, think about its fundamental and technical 1st before entering the position.

and think through all the risk first before u long xiaomi. can u afford to pay if really suay suay ur xiaomi drop in price?

Why your bro like that?

 

[Entry Level PC]

TS self pwn.
Xiaomi continue to be moving up.
You lost how much liao?

 

[ussr_1991]

bro, what u are doing is revenge trade.

what is the reason now to long xiaomi?
Think through first, think about its fundamental and technical 1st before entering the position.

and think through all the risk first before u long xiaomi. can u afford to pay if really suay suay ur xiaomi drop in price?

Target price by those analyst is 30hkd, and these target from comparable tech stocks (JD, Netease) all reach target price quite quick.


I expect this week to have some drop but not 10% or drop it below 20 HKD and never recover for next year or 2