Rajesh Gill

[combotrader]

Rajesh Gill, ‘7 to 7’ day trader, awarded £20m for City fraud - Times Online

Has anyone heard of this guy ? That great chimera - a home based milionaire trader. Never worked in a bank or hedge fund. His methods ? Apparently taking hundreds of trades on via CFD. Seems most of his money came during the dot com boom.

I would love to know what his methods were. He grew 7k to 7 million !! By scalping ! From home !!
Yes I know it can be done blah blah zzzzzzz 😴

But honestly - who is he kidding ? He shafted MF global for 20MM , that made my day :clap::clap: but apart from that - he might be the one in a million who did it, but I suspect theres something else in his successs.

 

[combotrader]

So I guess no one has heard of this guy.

Profitable traders like to remain quiet - but this one obviously got lot of public attention.
It would be good if anyone had any info on him or his methods to share with us all.
Ta
CT

 

[chilltrader]

His method sounds very simple.... put in a million with your broker and forget about it.

When its all gone, sue broker and get 5 million back 🙂))

I mean how on earth can he not know for that huge period of time that his account is taking heavy losses?!!! Was he on dope or something?!

No thanks... dont want to know anything about his "trading methods".

 

[combotrader]

His method sounds very simple.... put in a million with your broker and forget about it.

When its all gone, sue broker and get 5 million back 🙂))

I mean how on earth can he not know for that huge period of time that his account is taking heavy losses?!!! Was he on dope or something?!

No just lied to by his SOB broker who called him a dykhed behind his back and sent the account reports to the Isle of Man where he had his companuy domiciled. The guy traded over the phone every day. His account reports were also false.

If you think he left his money with the broker and forgot about it - then can you explain why he took over 100 trades a day ?
Maybe you should find out more about the case before you volunteer your expert opinion.

 

[NetTecture]

His account reports were false?

That is actually the item I was missing so far. You have a link to that?

That is totally outright criminal. Gosh - extremely hard to believe that some scum can go that far at a broker, but.... obviously it happened.

I knew so far the broker lied to him, but that he also faked account statements... that was the missing item. I really would like a source for that 😉

 

[ukdaytrader]

His method sounds very simple.... put in a million with your broker and forget about it.

When its all gone, sue broker and get 5 million back 🙂))

I mean how on earth can he not know for that huge period of time that his account is taking heavy losses?!!! Was he on dope or something?!

No thanks... dont want to know anything about his "trading methods".

Its actually quite easy to not know you are losing money - if you dont have a full electronic system that you can place reliance on.

On the rare occasions that I called up I was given incorrect information about the profit I made and it was only when I told the woman on the other end I did not believe her, she gave me a different number - and even then it was wrong ( I gave up and decided to check it on line when I got back to a computer). There are probably low IQ people on the other end of the phone so better to play it safe and go for a full electronic system at least that way you can see what is going on.

But even then, does anyone ever check the information properly ? I for one don't.

 

[combotrader]

His account reports were false?

That is actually the item I was missing so far. You have a link to that?

That is totally outright criminal. Gosh - extremely hard to believe that some scum can go that far at a broker, but.... obviously it happened.

I knew so far the broker lied to him, but that he also faked account statements... that was the missing item. I really would like a source for that 😉

No sorry I am not a 100% about the false accounts. I do know that the accounts were sent to the isle of man address which he did not check routinely. He relied on upgrades by phone most days.

But anyway - the purpose of the thread is to see how a highly profitable home trader who on his own built a fortune. I accept that it was the dotcom boom that made his fortune - and most prob will never happen for him again. True, he also must have used a phenomenal amount of leverage.
But how far were his stops ?
And, as a scalper, is it really feasible to take that many trades on an account that small, and not to rake up huge commish ( as a retail trader) ?
More imprtantly, would small losses not be catastrophic give the above scenario ?

 

[porph]

I thought the basics were that he phoned in orders which would have been profitable but they were put on incorrectly or not at all.

 

[Vilas]

No sorry I am not a 100% about the false accounts. I do know that the accounts were sent to the isle of man address which he did not check routinely. He relied on upgrades by phone most days.

I myself do not check my accounts every day - rely on the Stat they send on Internet - don't go thru' posted statements - too late and "indecipherable accounting-jargon". But anyway - the purpose of the thread is to see how a highly profitable home trader who on his own built a fortune. I accept that it was the dotcom boom that made his fortune - and most prob will never happen for him again. True, he also must have used a phenomenal amount of leverage.
But how far were his stops ?
And, as a scalper, is it really feasible to take that many trades on an account that small, and not to rake up huge commish ( as a retail trader) ?
More imprtantly, would small losses not be catastrophic give the above scenario ?

I would say, putting in 100 trades a day needs to have the head screwed right ! Did I read the court verdict in newspapers. Did anyone follow the proceedings ? If yes, let us know a little how it went - should be of interest to traders ?