Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Octavian

Why Do Some People Not Place Stops?

Recommended Posts

I keep reading of scenarios where someone has lost say $8000 on a trade gone bad or they ve got too greedy and i m puzzled as to why they just didnt use a simple stop to lock in profits?

 

Also why do people use mental stops rather than ones set with a broker ?

 

Stops seem to be the best defence a trader has at protecting their principal, nothing to lose yet plenty to gain

Share this post


Link to post
Share on other sites
I keep reading of scenarios where someone has lost say $8000 on a trade gone bad or they ve got too greedy and i m puzzled as to why they just didnt use a simple stop to lock in profits?

 

Also why do people use mental stops rather than ones set with a broker ?

 

Stops seem to be the best defence a trader has at protecting their principal, nothing to lose yet plenty to gain

 

Don't worry too much about why some traders take losses beyond their trading plan as the result of not using a stop of any kind.

 

In fact, you should encourage it more because these traders are your competition and you want them to be on the other side of your trades. :rofl:

Share this post


Link to post
Share on other sites

Greed and taking huge risks are proven ways to destroy your account...Some people know this fact and act accordingly (use stops or other ways to manage risk), some people just ignore it and learn the hard way...

 

People don't use stops because they are afraid of stop hunting? hmm maybe...

 

But there are times that even stops can't protect you...I had a friend whose account currency was eur (he believed u.s. economy will collapse soon), then he thought chf was a better choice to park his cash since the eurozone had many problems. A few weeks later SNB set chf exchange rate floor at 1.20...

Share this post


Link to post
Share on other sites
I keep reading of scenarios where someone has lost say $8000 on a trade gone bad or they ve got too greedy and i m puzzled as to why they just didnt use a simple stop to lock in profits?

 

Also why do people use mental stops rather than ones set with a broker ?

 

Stops seem to be the best defence a trader has at protecting their principal, nothing to lose yet plenty to gain

 

While stops are particularly useful and highly recommended, and there have been a few occasions where I not used them and regretted that decision, however you seem to be talking more about a trailing stop - "to lock in profits" ---- very different to an initial stop - which is highly, highly recommended.

However as food for thought, there have been plenty of times whereby having a trailing stop can cause you not to stick to your original plan as you get taken out at a small profit and miss the larger one.

If your plan is to build positions the aim is to get as many on as possible - and not get taken out by trailing stops hence the reason why sometimes they might not be used.

Additionally some traders like to just give an opportunity more room than a predetermined ATR stop (as an example) preferring other setups to occur.

(I used to have some examples showing this and it completely changes the profitability of certain systems - using the same entries, but a trailing stop or not - I will try and dig them up if I have time - I think they are on an old computer though as I recently moved countries)

 

If you can use mental stops thats fine - many people cant pull the trigger and keep hoping when it turns they will get out hence the need for auto stops. However mental stops are fine, if you stick to them, they are often used when you might have a get me out worse case stop, but you allow a stop a little more room as the price action might seem a little choppy but at the same time you dont want to miss a trade IF you happen to get the timing right and your view of potential chop is incorrect

and yes often mental stops will protect you better than an automatic stop, especially when using limit stops that might not get executed.

As per everything - there are many ways to skin a cat and it depends on matching the best entries with the exits and then matching you with the system and you view of how the market works and how you can best make money from it..

 

(As an aside so as not to distract too much......

I think there is a big difference between auto trading and levels of discretionary trading that gets missed a lot here. To often advice is given that applies to either -

- fully automated trading - which can be back tested and modeled and shown exactly where this occur - here you can work out which exits/entires ideally fit best together

- historical analysis of trades - either auto traded or discretionary traded using some fairly rigid rules

- discretionary trading using loose rules - next to impossible to test, and can only be analysed using the above methods as a best guess.Usually unable to be taught, or analysed and only really gained through experience.

 

IMHO Its this middle one that offers the most grey areas when it comes to seemingly offering answers on forums such as this - and hence readers need to determine where the poster may be coming from.)

Share this post


Link to post
Share on other sites
Greed and taking huge risks are proven ways to destroy your account...Some people know this fact and act accordingly (use stops or other ways to manage risk), some people just ignore it and learn the hard way...

 

People don't use stops because they are afraid of stop hunting? hmm maybe...

 

But there are times that even stops can't protect you...I had a friend whose account currency was eur (he believed u.s. economy will collapse soon), then he thought chf was a better choice to park his cash since the eurozone had many problems. A few weeks later SNB set chf exchange rate floor at 1.20...

 

Greed and taking huge risks are also the way that most extremely wealthy people got that way. Everyone thinks thier risk taking is calculated. It is brilliance if it works and an act of greed if it doesn't.

Share this post


Link to post
Share on other sites
I keep reading of scenarios where someone has lost say $8000 on a trade gone bad or they ve got too greedy and i m puzzled as to why they just didnt use a simple stop to lock in profits?

 

Also why do people use mental stops rather than ones set with a broker ?

 

Stops seem to be the best defence a trader has at protecting their principal, nothing to lose yet plenty to gain

 

Hi Octavian,

 

It is used to be common for larger traders to use mental stops because they didn't want a stop order in the market. If a stop order was known to the floor then locals might run it.

 

Nowadays, such large traders are likely to employ sophisticated algorithmic methods enabling them to hold a stop with little chance of detection (iceberg orders etc). They are also able to 'spread' risk very rapidly using a highly correlated market.

 

Another reason why traders don't use stop losses is because they do not have a fixed exit in mind from the time that they enter a position. I trade in this way, using a dynamic stop loss derived from an indicator that adapts to market conditions. This does not mean that I will allow a position to move indefintely against me and wipe out my account, but that my system decides on an appropriate time and place to exit the market.

 

Volatility based stops derived from Standard Deviation and Average True Range are quite common; these are a good example of a dynamic stop that can also be placed in the market as a hard stop and then updated as price changes develop. Often, such a stop will only be moved in favour of the trade, so that it becomes a trailing stop.

 

I'm afraid that the 'nothing to lose yet plenty to gain' principle doesn't quite apply. The performance of every strategy that I have ever seen has been negatively impacted upon by the inclusion of stops losses. So it becomes more a case of a personal decision about how you control risk, and the stop-loss that you use should be developed accordingly.

 

I hope that answer is helpful in your trading.

Share this post


Link to post
Share on other sites
Greed and taking huge risks are also the way that most extremely wealthy people got that way.

You are absolutely right.

 

Everyone thinks thier risk taking is calculated. It is brilliance if it works and an act of greed if it doesn't.

Thinking does not guarantee anything ;)

Share this post


Link to post
Share on other sites

What "seems" to be true often isn't the case.. I've tested dozens of systems and most systems that use price stops perform worse. In fact, taking needless stop losses is the fastest way to ruin an account.

 

Many professionals do not use stops or at least tight stops. They control risk using other methods. Let me say MOST professionals don't use hard stops.

 

This is part of the benefit in learning to read the order flow is that a skilled trader in futures market can see the order flow starting to change and use a limit order to get out at a better price (or exit outright) then using a stop. Of course, there are those times when the market doesn't retrace and one has to take a larger loss.

 

Again and we're talking futures here.. in stocks market can gap and take out stops. Among skilled traders.. most of these huge losses are the result of a move that occurs so fast/unexpected that taking a stop loss no longer makes sense or one is psychologically unable to respond. And that is why I use catastrophic stops.

 

These mental "hiccups" can happen to the best. Now.. as you seem to suggest, when a trade goes in favor and works out great can make one more reluctant one from taking a loss because they don't incorporate the new information. This can happen too.

 

I keep reading of scenarios where someone has lost say $8000 on a trade gone bad or they ve got too greedy and i m puzzled as to why they just didnt use a simple stop to lock in profits?

 

Also why do people use mental stops rather than ones set with a broker ?

 

Stops seem to be the best defence a trader has at protecting their principal, nothing to lose yet plenty to gain

Share this post


Link to post
Share on other sites

Some traders use a max loss limit set up with their broker instead of a stop order. This way they limit their risk to a percentage or a portion of their capital and not worry about having to maintain a stop during a trade and to prevent being wiped out during a unforeseen failure (data feed, computer, power failure, internet).

Share this post


Link to post
Share on other sites
I keep reading of scenarios where someone has lost say $8000 on a trade gone bad or they ve got too greedy and i m puzzled as to why they just didnt use a simple stop to lock in profits?

 

Also why do people use mental stops rather than ones set with a broker ?

 

Stops seem to be the best defence a trader has at protecting their principal, nothing to lose yet plenty to gain

 

People are hesitant of taking stop losses as they think if they if they will take a stop loss they will realize their losses and floating losses are not the actual losses and this is not because of their greed but the emotional attachment with the markets and thinking of the markets will always move their own way ;-)

Share this post


Link to post
Share on other sites
Some traders use a max loss limit set up with their broker instead of a stop order. This way they limit their risk to a percentage or a portion of their capital and not worry about having to maintain a stop during a trade and to prevent being wiped out during a unforeseen failure (data feed, computer, power failure, internet).

 

This is a good tip for those trading futures.

 

Note that if you're in the uk and using financial spreadbetting, you will struggle to get a spreadbetting firm to accept an instruction to do this. Yes, they'll give you margin calls, but they'll often let your account run into negative equity if they think that you can afford to pay up. Many do, of course, offer guaranteed stops for a premium, which will do the same thing, or even allow perfect hedging, allowing you to be simultaneously both long and short a market.

Share this post


Link to post
Share on other sites
setting stop levels is as important as picking entry and exit points for the beginners...the tool supposed to prevent you from big losses, may stop you from having profitable trades...

 

I have traded in Hangseng Index with Selling Stop . Don't have an idea about other products but strategy to trade with selling stop always pay me.

 

Selling Stop is not a bad idea but Beginners never understand selling stop. The best order to trade with is If Done order but there are only few brokers which offer If Done Orders and it is best match for the beginners.

Share this post


Link to post
Share on other sites

I believe that my current experience in trading doesn't allow me to ignore S/L.

 

I've seen quite a lot of examples when people put orders without any stops and the next thing happening was upward/downward spike that eated all of the money.

 

Maybe sometimes I'll get into locks or other advanced techniques but for now s/l is the best way to limit my risk.

Share this post


Link to post
Share on other sites

I don't use traditional stop losses, though i had to reply, since i came on to ask a question regarding a trading problem i was having, and may have found the answer, then found this thread

 

At the very least, the value of maintaining a stoploss is to keep you -in- trades that you may want to be in for a longer term, but in the shorter term are going against you. As in, your system gets you in, and just as you do, the price consolidates. Without a developed stop loss method.. it would be too easy to exit these trades incorrectly, at least in my experience

 

I have been reading a few articles recently about how stop losses can be bad though... in the end, i think subjectively, leaving a trade alone like that, to actually rely on mechanical stop losses, is a bad idea in general. These are financial markets after all. Natural disasters happen, unexpected economic data comes out etc..:cool:

Share this post


Link to post
Share on other sites
... ...I have been reading a few articles recently about how stop losses can be bad though... in the end, i think subjectively, leaving a trade alone like that, to actually rely on mechanical stop losses, is a bad idea in general. These are financial markets after all. Natural disasters happen, unexpected economic data comes out etc..:cool:

 

If you follow the shenanigans of the high frequency trading firms you can see that stop losses can be very bad for you if you trade US stocks. Getting more and more common to see whipsaws due to rogue/stupid algos that take out stops and rebound to pre-whipsaw prices.

 

You can see lots of examples on premarketinfo.com where they follow (and hate) these guys.

Share this post


Link to post
Share on other sites

You can use in-house stops or a equity-based stop loss (or take profit) that is monitored in-house by a script/expert advisor/etc. By keeping you stops off the exchange or off the broker server (forex), there is less risk of manipulation. The only real risk is that your platform/datafeed fails, in which you would have to call in to exit your position(s).

Share this post


Link to post
Share on other sites
I keep reading of scenarios where someone has lost say $8000 on a trade gone bad or they ve got too greedy and i m puzzled as to why they just didnt use a simple stop to lock in profits?

 

Also why do people use mental stops rather than ones set with a broker ?

 

Stops seem to be the best defence a trader has at protecting their principal, nothing to lose yet plenty to gain

 

There is a difference between the types of stops used to exit a market. And there are some basic reasons to not use stops. Now that does not mean you don't have some idea of where to get out. In fact the the biggest mistake traders make is to not define were they are going to get out or where to get out if they are wrong BEFORE they get in. I dont use the straight 2 point market order at an arbitrary price like others. If it goes against I look to see what the market is doing at the edge of my area. If its not looking promising (and by this time it should be clear) I press the close button. I have a cell phone just in case my net goes down.

 

Cut to the chase: Those guys that lost 8k on 1 trade either are trading with an account that is equal to you losing 8 bucks (no biggie) or they would of lost that anyway because you can always move your stop with a few clicks or tell the broker to cancel replace.

Share this post


Link to post
Share on other sites

Many traders do not place stop oders but they already have plan their stop loss exit point/price. They prefer to execute their stop loss manually. When market reaches the stop loss order price it becomes a market order; in many cases the prices executed are not better prices but are the worst prices.

Share this post


Link to post
Share on other sites
Many traders do not place stop oders but they already have plan their stop loss exit point/price. They prefer to execute their stop loss manually. When market reaches the stop loss order price it becomes a market order; in many cases the prices executed are not better prices but are the worst prices.

 

It could be like that, Or may be they want to cheat the broker and get the profit more huge..

For me, I always use stop loss, because its important and make more safe my account.

I've done lite this in Liteforex broker for 5 years..

Share this post


Link to post
Share on other sites
Trading without a stop loss is like driving without stopping at traffic lights. It may go faster, but you tremendously increase your chance of getting killed. :doh:

 

Yeah quite accurate analogy. I always place stops in my trading, it's even done automatically by special software I found on FF.

Share this post


Link to post
Share on other sites
Trading without a stop loss is like driving without stopping at traffic lights. It may go faster, but you tremendously increase your chance of getting killed. :doh:

 

Minimal losses is the key. If you are putting size on from the start, then a good stop is important. If you are starting really small. then the stop isn't that big a deal if the amount risk isn't a risk to your existence as a trader.

Share this post


Link to post
Share on other sites

I guess there has to be every kind of traders in this world, the ones riskier and the ones safer. It all depends on their trading style and the goals they are willing to reach in Forex.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • My guess is that the COT numbers are based on Tuesday figures. So a weekly chart wouldn't distinguish between the different numbers on Monday and Tuesday.
    • 4 months in and Marketsmith has done really NOTHING for me......still waiting for that stock that will make the year worth it and pay for the $1500 dollar price tag......the paper has become virtually useless......especially since I used it for Political mostly political reference with Issues and Insights.......the rest of the paper is mostly geared to Stock advisers.....not the regular guy........way to boring saying nothing but how to treat guys like me.........this could be my last year.
    • Date : 22nd July 2019. MACRO EVENTS & NEWS OF 22nd June 2019.No deal Brexit risks will continue to unsettle markets next week as the two candidates hardened their rhetoric in end stages of the party elections. The ECB however will stand out as the event of the week,with Brexit uncertainty an important part of the overall outlook. Have a look at the most important events of the coming days in our usual weekly publication. Tuesday – 23 July 2019   The announcement of the next Prime Minister of the UK – Event of the week – Original Brexit campaigner Boris Johnson remains the front runner in the race and is widely expected to be confirmed as the new Prime Minister next Tuesday. Housing Data (USD, GMT 14:00) – A steady rate is anticipated for existing home sales in June at the firm 5.340 mln pace seen in May. The median sales price is estimated to ease to $275,000, for a y/y gain of 0.4%, down from 4.8% in May. In Q1, we saw an average sales pace of 5.207 mln. In Q2, a better 5.297 mln pace is expected. Wednesday – 24 July 2019   Services and Manufacturing PMI (EUR, GMT 07:30) – Preliminary Composite PMIs for Eurozone and Germany are expected to fall in July, to 51.8 and 52.5 respectively, while the Manufacturing PMIs are forecasted at 48.0 and 45.4 respectively. Services and Manufacturing PMI (USD, GMT 13:45) – Preliminary Manufacturing and Services PMIs are expected to decline in July, to 50.4 from 50.6 and 51.0 from 51.5 respectively. Thursday – 25 July 2019   German IFO (EUR, GMT 08:00) – German IFO business confidence is expected to slip to 96.7, after it held steady the past 2 months around the 97 barrier. Event of the week – Interest rate Decision and Conference (EUR, GMT 11:45) –The ECB is meeting on July 25, – shortly after the confirmation of the new PM in London and ahead of the Fed, which is widely expected to cut rates again at the end of the month. On balance, markets see more merit in keeping official rates unchanged next week, while moving to an official easing bias and promising that rates will be at “current or lower” levels well into next year. ECB Monetary Policy Statement (EUR, GMT 12:30) -The July meeting will clearly be a “live” one with doves and hawks battling it out over when to deliver the now widely expected easing measures. It is expected that the majority will see more merit in keeping policy settings unchanged, but change the guidance to introduce a clear easing bias. Durable Goods (USD, GMT 12:30) – Durable goods orders are expected to rise 1.0% in June, after a -1.3% figure in May. Transportation orders should rise 2.7%. Boeing orders rose to only 9 from just zero in May, with weakness due to the hit from problems with the Boeing 737 Max that prompted buyers to delay new purchase commitments. Vehicle assemblies should ease to 11.1 mln from an 11.3 mln pace in May. Durable shipments are expected to rise 0.5%, and inventories should rise 0.6%. The I/S ratio is expected to hold steady at 1.67 since April. Friday – 26 July 2019   Gross Domestic Product (USD, GMT 12:30) – Gross Domestic Product is expected to grow 1.8% in Q2, with a sturdy 2.4% growth rate for final sales thanks to solid growth rates of 3.9% for personal consumption and 4.3% for government purchases, alongside a big $27 bln unwind of the Q1 inventory pop. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • WHEN A CHECK/DRAFT IS PAID INTO YOUR ACCOUNT They say it’s a rule from CBN. When a check/draft is paid into your account, especially from someone using another bank, you will receive a credit alert.   The credit alert will be there as an SMS alert, email alert and if you even login to your Internet banking area, you see it there. The name of the sender is not included.   THE STATUS OF YOUR CREDIT The reality is that, the credit will never be added to your available balance. The book balance would be different from the available balance and you won’t be able to use it until after 48 hours. This would give your bank the time to confirm the cheek/draft. If it is genuine, the money would be added to your available balance. If it’s fake, the money would be removed from your account.   Sadly, most members of the public are not aware of this fact. Once many people see credit alerts from their banks, they believe it’s real money and they fall into traps. And scammers know that most people don’t know.   HOW BANKS AID AND ABET SCAMMERS Some banks will send credits alert to you, as soon as a check is deposited into your account. This is wrong, and it’s the loophole that the scammers capitalize on. Why should banks send credits alerts for checks that have not been cleared (checks that have not been confirmed)?   It currency takes up to 48 hours to confirm a check or draft and banks should not send alerts to their customers until that is done. So, if the checks are later proven to be forged/spurious, the money would then be removed from your account. Many customers are not aware of this.   Sane employees of sane banks, know that it saves a lot of things, when a check/bank draft is confirmed before alerting customers. If the one who pays, or the payee is really in a hurry, then they should look for other ways to transfer money. Yes, there are other and better ways to transfer money… And insisting on draft/check should raise suspicion.   A bank that alerts customers without confirming a check is really adding and abetting scammers.   SCAMMERS ARE DIFFICULT TO CATCH Yes, scammers are difficult to catch. Be suspicious of anyone who changes their numbers too often. Once they dupe someone and the person is threatening them, they remove the SIM and that person can never reach them again.   A scammer can pay one-year house rent and spend only a few months  - only to change accommodations. Changing offices is not a big deal to them. They try their best to erase all traces to them and they do their best not to come in your way again, forever.   They’re good at forging documents and using fake addresses and fake things. Until you’re convinced that you’ve been duped, they’ll be giving you guarantee that all is well, and no problem and anything going wrong would be corrected.   Meanwhile, while they’re fooling you that there’s no problem, they’re packing away from their locations.   I can tell you that some (and most of these scammers) are married with children. Some of them are elderly people. Some of them are really gentlemen in society and they still dupe people.   They know about the loopholes in Nigerian laws and they know that if you can even catch one of them, you can never catch the rest of them.   WHAT NIGERIAN BANKS AND CBN CAN DO CBN should instruct Nigerian banks that they should stop giving alerts to customers until the bank drafts and checks paid into their accounts, are confirmed to be valid. If a customer or those who may think they’re in a hurry, then they should use an electronic method or direct cash deposit to pay.   Yes, if they think they cannot wait for 48 hours or you can’t wait for 48 hours, for the bank draft to be cleared, then they should use another means of payment.   In this digital/electronics payment age, when banking technology has advanced so much, how can someone insist on using a bank draft or check to pay people?   Bank officials that don’t alert customers or put “locked” credits in their accounts until the checks have been cleared, are saving lots of lives. Bank officials that send credits alerts, when checks/drafts have not been cleared, are really not doing the right thing.   When banks start to refuse to credit or alert any customers (based on drafts or checks brought in their names), until the checks and the drafts are cleared and confirmed to be genuine, then scammers who forge checks and drafts will go out of the business. That’s the only way.   WHAT SCAMMERS DO AND HOW THEY BEHAVE When people want to scam you, they usually pose as honest, dependable and trustworthy people. They do everything in their capacity to prove to you that you’re safe when doing business with them.   They’ll always tell you that they’ve been duped in the past, and they don’t want to be duped again. They’ll be asking you to confirm that you’re honest and safe to do things with.   They pretend to be very religious.   They pose like lawyers, accountants, bishops, imams, etc. They claim to be holding very high positions in society. They claim to have international experience and connections. They “prove” to be close friends with those who’re working at Chevron, Head of Bureau the Change or a senior nurse at LUTH. etc.   They put on corporate dresses and use cars to deceive people.   They pretend to be who they’re not. They assume titles of the positions you respect. They spend a lot of energy, days and resources (which could have been channeled into other productive things) trying to dupe you.   The best way they get you is through someone you know very well. They may be a family member, a church member, a neighbor, a friend, a customer, etc. Someone you think you can trust. They will come to you through that person, as the one who introduces them to you. You won’t know that the person has a money sharing deal with the scammers.   The premise is: The person you know, who introduces others to you, usually for business or contracts or projects, is presumed by you, as someone who will not deliberately betray you, because you’ve been dealing together for some time.   Some of them may call you through the phone number of the person you know, who introduces you to them.   Sometimes, they insist on using drafts or checks only, to pay you, for a flimsy reason. No matter how, they won’t give up on you until they succeed in duping you.   You won’t know what people are capable of doing, until you find yourself at their mercy.   The best thing is not to fall into their traps in the first place.     HOW THE PUBLIC CAN PREVENT THIS SCAM One of the most effective ways to stop these scoundrels from their usual business and from destroying people’s life, is to create awareness and educate the public on how to guard themselves against these people.   1.         No matter what they say… No matter what they claim to be… No matter where they come from… No matter how they try to convince you… NEVER NEVER accept bank draft or check payment from anybody or any company or organization. Never allow such a thing to be used to pay money into your account.   2.         If no-one can do business with you unless they use a check or a bank draft, please forget about that business, no matter how “safe,” attractive or lucrative it may be.   3.         If they cannot pay by cash or electronic money transfer, then they should forget about doing business with you. Or they can use the draft to pay one of their own people, and then the person can pay you with cash or electronic transfer.   4.         Prevention is better than cure. It’s better to be safe than to be sorry. It’s better not to make money or not to do business, than to do what you will regret for the rest of your life.   5.         If you must accept a bank draft or a check, please disregard any alerts that come to you in any form. Wait for at least, 72 business hours, and then, contact your account officer to confirm if the money from that check has been cleared and added to your available balance. You must ensure that you are able to use that money before you deliver anything to those who used the checks/drafts to pay.   Beware of anyone making it seem to be in a hurry to do business with you. If they’re really in a hurry, then they must use another means other than a bank draft or check to pay you. Never release anything or send anything until you’re able to confirm that you’re completely safe.   Please save people from penury and financial ruin. Save them from pains and losses. Share this information on websites, social media, WhatsApp, Skype, Telegram and Facebook groups.   Forward it to your exchangers and their customers and all those who deal in goods and services in return for payment. You don’t know whether the next person you’ll save is your loved one. Save someone today with this information.   Thanks for reading….
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.