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When  you realised it, you were shivering, panicking and you thought the whole world was going to be falling down... right?

It's understandable...  hehe...

 

hi ipunter, as you may know,  I am a novice.  I still can remember that I was so scared when I realised that I sold short.  I tried to call my broker but couldnt get him so I just quickly buy back from the market lor.....  Till now, I have not tried shorting....

 

hahaha... ipunter, remmeber my posting about greed in another topic? u just proven that greed can be the downfall for alot of people ;-)

thanks for all your input/advice :)

 

Ricky...
why you didn't wait for end of the day to buy back?
Maybe can get a better deal? ... hehe... )

 

hi bunbun, I had a similar experience ie sold more than my holdings. However, I was lucky as I immediately buy back to cover the shortage.  You can now only hope that the price fall on the day they buy back for you.  Most important is that at the end of it, you still make profit.  Best wishes !

 

thanks for all your advice.

have just spoken to my broker. usual time-line before sgx forced buy-in is 3 days. which means technically i have it till next wed before forced buy-in on thurs.

Whizzer: if called in on same day, usually what they do is buy in at that day's price (hopefully the same price as you short). No way to reverse situation.

i learnt another lesson thru' a mistake :p

 

On Internet Trading, my understanding is as follows

Long Position: :Buy first and pick up shares.

Buy then Sell at a higher Price for Profit. To Trade (i.e. to contra my long position)I am given Trade date + 3 days to pay and pick up the shares. If I do Not want to pick up, but to Trade,off (i.e. to Contra my Long Position before settlement) I have T + 3 + 1 day to sell off. Otherwise the next day is the Forced sale date by the Bsroker . i.e. T + 3 + 1 + Force sale.

Short Position - Sell first without havving any share. This is NOT allowed under normal circumstances.

This is allowed only if I make prior arrangement (facility i.e. Contra Trading) with my Broker Co (where I borrow and pay interest). Otherwise any short selling (before buying), I must buy back within the SAME day (If I BUY Back  at lower than earlier sale price = Profit, BUY Back at higher than earlier Short Sell price= Loss)., 

If no arrangement at the colse of the day and I am in a Short Position, (Selling without first owning the shares) , SGX takes control and buy back at a Price 2 pts above the closing price  (at my Profit or Loss to me  + a Penalty charge).

Be extra careful when being in a SHORT position. Best to check with your Broker first. (Unless you are sure of making higher percentage Profit; remember that the borrowing of shares from you broker will cost you ???% monthly interest!)

 

Hi bunbun, I use DBSVickers and i encounterd the same prob once, i was told that if i called up within the same day, they can do something about it.

you might want to try calling them up and see.

 

But tomorrow, I doubt that your broker can do a reversal for you .. but you can try calling them first  thing in the morning. Otherwise, if they can't do anything, then you will need to wait for the buy-in which will take place on the day after the due date (so that's in 3 day's time, not on the 9th Jan).



In the  meantime, you can watch the price and if it falls and falls during these 3 days, you should thank your favourite diety that he has guided your fingers... hehe...

 

sorry for the error...[ it will be a forced buy-in by SGX action].

 

ya la. damn. din't see where my damn fingers are placing and clicked confirm before i realised it.

coz over-sold at closing time, so no chance of buying back liao. which means tomorrow i have to wake up early just to see if i can buy back at lower price. now have to waste my time to wake up earlier to do that.

so does it mean that, since the mistake was done today, i have till 09 jan (tues) to pray that the price will drop (then i can profit from my mistake) or otherwise? if not, after 09 jan, then kayhian will buy back at market price?

 

bunbun... I assume you have inadvertently sold more lots than you have bought.... If so then the additional lots are considered short-selling lots. Normally if you just do any shortselling with a broker, you will need to tell your broker to buy back for you on the very same day you sold, no matter what price. But if you don't do anything... the additional lots will be force-sold by SGX action when it is past the due.date ie on T+4 (I think).

 

Hi all, if i had sold more than i bought, is it considered shorting? if yes, to make a profit, i would now have to buy back the counter at a lower price than i sold right?

I'm using kayhian. how much time do i have before the brokerage force-buy counter at market price? from what i know, the usual time-line i have is 4+3 for kayhian.

thanks.