Dare to quit job ? - Part II
The Disaster
Anyone remember commodity trading? Or u have come across anybody approaching you to invest in coffee/cocoa/cotton/pork belly etc which traded in US and the company is in Malaysia (register somewhere else - British virgin island for instance)? Beware this is a con job. Ok this is the story. If you are looking for job in April 99, the only available for fresh grads was as business executive dealing with commodity trading. This company normally trading commodity products at US Market namely; Boston. It's a 2 way market whereas u can buy first and sell afterwards if u think market is bullish or in a bearish market u can sell first and buy back when the price is low. Simple mechanism. So after going to a few interviews normally this kind of companies located at KL "Golden Triangle" - Central Plaza, Menara Keck Seng, Empire Tower and etc. I decided to join Maxiview Resources (M) Sdn Bhd. The first month they teach you how to read price fluctuation, determining the support line. When the support line break it's time to sell/buy until the price going to next support line and then u buy/sell back. Yes this is one of the methods but this is the only method they teach u! We have to call dealers' room to get a price and they'll quote u one price. Normally u won't get the best price and guess what they're using modems to connect to internet and orders are recorded manually! I was so stupid not to see this as leased line are easily available at that time and if your company are quoting price from US over the internet, it's a stupid action to be wired via 56K modem. They are a few of us and mostly are fresh grads. The first month they'll pay your allowance of RM 1200. The second month u has to close one account of minimum of RM 30K. Yeahhh !! I managed to close one account which is my closest auntie in Seremban. That time I started dreaming becoming rich. After a while all my buying/selling positions were locked inside. Means that all the buying I couldn’t sell it and higher price and all the selling I couldn't buy back at lower price. So no more margin to play !!!. To make the matters worse, they charged you USD 5-00 everyday for all your trading positions. Almost all of us were stucked. No one is making money. Then the company staff asks us to explain to the investor and ask them to top up to get out from that position. I was so convinced with them and at the same time wanted to save my auntie's money. So together with Joshua (Where are you Mr. DJ) we went to Seremban and explaining the situation to my auntie's and she topped out another 30K. My auntie's is not a rich people, she's just a homemaker who has some savings. So we went back to KL with 30K to save my trading positions. They're very happy to see all of us managed to get some additional margin to play and they play us back. (Andrew, Radhi - I hope you'll rot in hell). After 2 weeks with their consultation, we were conned. All of us lost the additional margin. Some is their future father's in law money, some with their parent's money, and some with "orang kampung's money". U just imagines how I'm supposed to tell my auntie's. I remembered on my way back to rental rooms behind Lot 10 , a crow landing on my head. It's a bad luck !!!! Very bad !!!. I'm speechless and the world seems lost its colors. I can only see things in black and white. Nothing I can do. So I went to Seremban, explaining the situation. She was so shocked. I can imagine the way she feels if I put myself into her shoes. Speechless that's the only words. Furthermore the additional RM 3oK is borrowed from her friend. I don’t know how to help and that was the last time we talk . We went to Bank Negara to make report but nothing they can do. They ask us why we believe the company taking deposits from people without any license. So this is a very good lessons and learning curve for us- a very painful one. To everybody out there just beware when u wants to make any investments. Do check the background of the company, license and with relevant authority. Don’t be greedy.To suhaimi, shatar, haz, abang nazri, Ina, kak Ina, cammy where are you guys ???
Anyone remember commodity trading? Or u have come across anybody approaching you to invest in coffee/cocoa/cotton/pork belly etc which traded in US and the company is in Malaysia (register somewhere else - British virgin island for instance)? Beware this is a con job. Ok this is the story. If you are looking for job in April 99, the only available for fresh grads was as business executive dealing with commodity trading. This company normally trading commodity products at US Market namely; Boston. It's a 2 way market whereas u can buy first and sell afterwards if u think market is bullish or in a bearish market u can sell first and buy back when the price is low. Simple mechanism. So after going to a few interviews normally this kind of companies located at KL "Golden Triangle" - Central Plaza, Menara Keck Seng, Empire Tower and etc. I decided to join Maxiview Resources (M) Sdn Bhd. The first month they teach you how to read price fluctuation, determining the support line. When the support line break it's time to sell/buy until the price going to next support line and then u buy/sell back. Yes this is one of the methods but this is the only method they teach u! We have to call dealers' room to get a price and they'll quote u one price. Normally u won't get the best price and guess what they're using modems to connect to internet and orders are recorded manually! I was so stupid not to see this as leased line are easily available at that time and if your company are quoting price from US over the internet, it's a stupid action to be wired via 56K modem. They are a few of us and mostly are fresh grads. The first month they'll pay your allowance of RM 1200. The second month u has to close one account of minimum of RM 30K. Yeahhh !! I managed to close one account which is my closest auntie in Seremban. That time I started dreaming becoming rich. After a while all my buying/selling positions were locked inside. Means that all the buying I couldn’t sell it and higher price and all the selling I couldn't buy back at lower price. So no more margin to play !!!. To make the matters worse, they charged you USD 5-00 everyday for all your trading positions. Almost all of us were stucked. No one is making money. Then the company staff asks us to explain to the investor and ask them to top up to get out from that position. I was so convinced with them and at the same time wanted to save my auntie's money. So together with Joshua (Where are you Mr. DJ) we went to Seremban and explaining the situation to my auntie's and she topped out another 30K. My auntie's is not a rich people, she's just a homemaker who has some savings. So we went back to KL with 30K to save my trading positions. They're very happy to see all of us managed to get some additional margin to play and they play us back. (Andrew, Radhi - I hope you'll rot in hell). After 2 weeks with their consultation, we were conned. All of us lost the additional margin. Some is their future father's in law money, some with their parent's money, and some with "orang kampung's money". U just imagines how I'm supposed to tell my auntie's. I remembered on my way back to rental rooms behind Lot 10 , a crow landing on my head. It's a bad luck !!!! Very bad !!!. I'm speechless and the world seems lost its colors. I can only see things in black and white. Nothing I can do. So I went to Seremban, explaining the situation. She was so shocked. I can imagine the way she feels if I put myself into her shoes. Speechless that's the only words. Furthermore the additional RM 3oK is borrowed from her friend. I don’t know how to help and that was the last time we talk . We went to Bank Negara to make report but nothing they can do. They ask us why we believe the company taking deposits from people without any license. So this is a very good lessons and learning curve for us- a very painful one. To everybody out there just beware when u wants to make any investments. Do check the background of the company, license and with relevant authority. Don’t be greedy.To suhaimi, shatar, haz, abang nazri, Ina, kak Ina, cammy where are you guys ???
posted by Zalee at 4:18 PM
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