Recommendation for good stock brokers, + trade tips please?

[Future_Banker_Insha Allah]

Salaam all,

 

I haven't traded in over a year, as I do it in summer. I will start again insha'allah in June or at latest July 

I mostly scalped or day traded back then never holding a stock for long (except once and it bought me a 50% profit margin sooo).  

However, I used Etoro, which wasn't bad per se wasn't amazing either 

anyone know any other good UK stock brokers that DON'T ideally need me to send them my passport cuz like bruh. 

and their min deposit isn't insanely high so less than 100 or even 50 quid or less would be preffered. 

+ Anyone got good trading tips?

I liked scalping cuz of the short term gains but twas very stressful

I have heard u shouldn't combine scalping/day with swing trading (keeping the stock for longer ) idk why was never given a reason?

surely this is counterintutive? I mean wouldn't it diversify risk more to do the opposite?? Im looking for more secure investments AT the same time tho will still be doing day trading too   

any tips advice indicators etc lemme know

not tryna make sum career lol just a few bucks on the side during summer. maybe like a couple hundered at MOST I'd be more than satisfied.

 

oh and btw ive only traded stocks before but wanna diversify portfolios now to reduce risk. Any tips? Im thinking maybe futures, etfs, or forex. Maybe gold and stuff but idk how or where to do that? Crypto tips  

 

ALSO I RLLY WANNA INVEST IN INDEX FUNDS BUT CANT FIND ANY GOOD ONES PLS RECOMMEND 

 

SALAAM

[Future_Banker_Insha Allah]

btw when i asked for tips for currency forex etfs futures indexes and cryptos i mean full on guide cuz ive NEVER traded in those b4

[Future_Banker_Insha Allah]

@Haji 2003

[Ashvazdanghe]

On 5/6/2024 at 7:22 PM, Future_Banker_Insha Allah said:

btw when i asked for tips for currency forex etfs futures indexes and cryptos i mean full on guide cuz ive NEVER traded in those b4

Salam trading in crypto is forbidden by all Shia Marjas 

Question: What is the ruling on Bitcoin (digital currency) transactions?

Response:

Ayatollah Sistani: You are not allowed to operate in Bitcoin and such transactions are forbidden.

https://setare.com/fa/news/17946/حکم-شرعی-خرید-و-فروش-بیت-کوین-چیست/

 

Response:

We have not received an answer from the Supreme Leader in this regard [1].
Source: Hedana site poll from Ayatollah Grand Ayatollah Khamenei's poll office.
[1]. Important note: Considering that the Supreme Leader has not issued a fatwa in this regard, this does not mean that there is nothing wrong with using this money, but his imitators should refer to another Marja in this matter, respecting al-Aalm al-Aalam. . It should be noted that according to His majesty, compliance with the country(Iran)'s official laws in this field is mandatory.

 

"Exclusive consultation of Hadana website from the office of Grand Ayatollah Makarem Shirazi"

Question: What is the ruling on Bitcoin (digital currency) transactions?

Answer: Due to the many uncertainties that Bitcoin has, There is problem to trade it.

Source: Hedana site's referendum from Grand Ayatollah Makarem Shirazi's referendum office.

https://hadana.ir/حکم-بیت-کوین-چیست/

 

According to Arzdigital and quoted by Abna news agency, following the publication of Ayatollah Mehdi Hadavi Tehrani's fatwa regarding the Sharia ruling of a digital currency (Bitcoin), researchers, economic activists and the general public have written and spoken about the published fatwa. And also the examples of halal digital currency requested more explanation from the office of His Highness. Therefore, in response to one of these inquiries, he gave the following explanations in this regard:

, the Sharia ruling of digital currency

Question:

Is the fatwa published by Ayatollah Hadavi Tehrani about Bitcoin? Apart from Bitcoin, there are many digital currencies, each of which has different properties; For example, the Monero currency completely hides the transaction parties, what is the purpose of these differences? What is the ruling on mining Bitcoin (or other currency) and selling it to non-Muslims? Although Bitcoin may not be suitable for bypassing sanctions in the future, but now I make my foreign purchases easily with it and it is responsive! Should I stop this positive process and wait for sanctions to be lifted?

Response:

Basme Ta'ali

1. The fatwa published under the title of Shari'a ruling of a digital currency (Bitcoin) is only dedicated to Bitcoin, and no comments have been published about other digital currencies in particular.

2. Any action to mine Bitcoin is forbidden. Therefore, if someone attempts to extract this type of digital currency, he has committed a haram act in terms of the mandatory ruling; But in terms of the status ruling, He has beca methe owner of the obtained bitcoins ; Of course, he should convert it into another currency or commodity as soon as possible, and this conversion should not be done by transferring Bitcoin to a Muslim in such a way that ultimately dominance of  Bitcoin will remain over the Islamic Ummah's assets, and it should not be transferred for free , to cause the loss of the currency and commodity equivalent of Bitcoin from the scope of the assets of the Islamic Ummah. Therefore, it should be transferred to a non-Muslim and another currency or goods should be received in return.

And if it is not possible to know the other party of the transaction, he must transfer it, and if the recipient is a Muslim, he has the same duty before it is transferred to a non-Muslim.

3. In general, if a digital currency has customary value and rational value and there is no problem like "rational possibility of significant loss" in it, it will have value and worthiness from the Shari'a point of view, and providing technical knowledge, investment and performing the mining process It is permissible to produce this type of digital currency as well as buy and sell it.

These two situations are:

A- No person or organization or government has any control over the system of that digital currency or any supervision over its transfers. (Of course, such an assumption seems far from reality.)

b- A person or organization or government has control and dominance  over it, but that person or organization or government is well-known and reliable, considering its credibility and prestige in the society ,and the world, the possibility of disrupting the system of this digital currency or destroying it is rationally ruled out.

but

if there is a possibility that that person or organization or government will disrupt or destroy this digital currency system. The mentioned digital currency is faced with the problem of "rational possibility of significant loss" and it has no value and worthiness from the Shari'a point of view, and its purchase and sale is forbidden and void. Also, due to the same problem, providing technical knowledge, investing and carrying out The mining process is not allowed to produce this type of digital currency.

https://arzdigital.com/hadavi-about-bitcoin-sharia/

[Ashvazdanghe]

related thread 

 

[Haji 2003]

On 5/6/2024 at 4:50 PM, Future_Banker_Insha Allah said:

shouldn't combine scalping/day with swing trading (keeping the stock for longer )

 

This is the reason provided by chatgpt. Seems to make sense, but I can't vouch for its accuracy.

 

Combining scalping or day trading with swing trading can be challenging for several reasons. These trading strategies have different goals, time horizons, and risk management principles, which can lead to conflicts when attempted simultaneously by the same individual. Here are some of the main reasons why someone might be advised not to combine these approaches:

1. **Different Time Frames and Focus**: 
   - **Scalping and day trading** involve making very quick trades that last from seconds to a few hours within a single trading day. The focus is on capturing small price movements with high leverage.
   - **Swing trading** involves holding positions for several days to several weeks to capture significant price swings.
   - The different time frames require different types of market analysis and focus, which can be hard to juggle simultaneously.

2. **Psychological Stress and Cognitive Overload**:
   - Scalping and day trading require constant attention to the markets, as they involve frequent, rapid decision-making under pressure.
   - Swing trading, while still demanding, allows for more analysis and slower decision-making.
   - Combining these methods can lead to mental fatigue and increased stress, reducing overall effectiveness in decision-making.

3. **Conflicting Strategies**:
   - Scalping and day trading often use technical indicators that are short-term in nature, such as one-minute to 15-minute charts.
   - Swing trading often relies on longer-term indicators, such as daily or weekly charts.
   - Using these strategies simultaneously can lead to conflicting signals that confuse the trader and lead to indecisive trading actions.

4. **Risk Management Difficulties**:
   - Scalping and day trading require very tight risk management, with tight stop-losses to avoid significant losses on small price changes.
   - Swing trading typically involves wider stop-losses and more considerable position sizing to accommodate larger, less frequent trades.
   - Managing these different risk profiles at the same time can complicate protecting your capital.

5. **Capital Allocation Issues**:
   - Both strategies require capital allocation, but in differing ways and amounts.
   - Scalping requires quick access to capital to make many small trades throughout the day.
   - Swing trading ties up capital for longer periods, which could limit the ability to make several trades a day in scalping.
   - This can lead to suboptimal capital utilization.

6. **Brokerage Constraints and Costs**:
   - Scalping can lead to high transaction costs due to the large number of trades, potentially eroding profits.
   - Swing trading might incur overnight fees or have different margin requirements.
   - Some brokers might not be well-suited to handle both high-frequency trading and longer-term trades effectively in one account.

7. **Time Commitment**:
   - Scalping and day trading are time-consuming and require a trader to be glued to their screens during market hours.
   - Swing trading requires less screen time, focusing more on periodic checks and adjustments.
   - Balancing both can lead to burnout and reduce the quality of life, as the trader might not have sufficient downtime.

8. **Performance Analysis Complexity**:
   - Combining different trading strategies can make it challenging to analyze performance effectively.
   - Differentiating which strategy is performing and which is not can become blurred, leading to poor strategic decisions.

**Conclusion:**

While both trading styles can be profitable, they require different skills, mindsets, and operational setups. Attempting to combine scalping/day trading with swing trading can lead to a lack of focus, increased risk, and potentially lower profitability due to conflicting demands on the trader's time, attention, and resources. Instead, traders are often advised to specialize in one strategy based on their personality, risk tolerance, and capital availability to optimize their chances of success.

[Future_Banker_Insha Allah]

14 hours ago, Ashvazdanghe said:

Salam trading in crypto is forbidden by all Shia Marjas 

Question: What is the ruling on Bitcoin (digital currency) transactions?

Response:

Ayatollah Sistani: You are not allowed to operate in Bitcoin and such transactions are forbidden.

https://setare.com/fa/news/17946/حکم-شرعی-خرید-و-فروش-بیت-کوین-چیست/

 

Response:

We have not received an answer from the Supreme Leader in this regard [1].
Source: Hedana site poll from Ayatollah Grand Ayatollah Khamenei's poll office.
[1]. Important note: Considering that the Supreme Leader has not issued a fatwa in this regard, this does not mean that there is nothing wrong with using this money, but his imitators should refer to another Marja in this matter, respecting al-Aalm al-Aalam. . It should be noted that according to His majesty, compliance with the country(Iran)'s official laws in this field is mandatory.

 

"Exclusive consultation of Hadana website from the office of Grand Ayatollah Makarem Shirazi"

Question: What is the ruling on Bitcoin (digital currency) transactions?

Answer: Due to the many uncertainties that Bitcoin has, There is problem to trade it.

Source: Hedana site's referendum from Grand Ayatollah Makarem Shirazi's referendum office.

https://hadana.ir/حکم-بیت-کوین-چیست/

 

According to Arzdigital and quoted by Abna news agency, following the publication of Ayatollah Mehdi Hadavi Tehrani's fatwa regarding the Sharia ruling of a digital currency (Bitcoin), researchers, economic activists and the general public have written and spoken about the published fatwa. And also the examples of halal digital currency requested more explanation from the office of His Highness. Therefore, in response to one of these inquiries, he gave the following explanations in this regard:

, the Sharia ruling of digital currency

Question:

Is the fatwa published by Ayatollah Hadavi Tehrani about Bitcoin? Apart from Bitcoin, there are many digital currencies, each of which has different properties; For example, the Monero currency completely hides the transaction parties, what is the purpose of these differences? What is the ruling on mining Bitcoin (or other currency) and selling it to non-Muslims? Although Bitcoin may not be suitable for bypassing sanctions in the future, but now I make my foreign purchases easily with it and it is responsive! Should I stop this positive process and wait for sanctions to be lifted?

Response:

Basme Ta'ali

1. The fatwa published under the title of Shari'a ruling of a digital currency (Bitcoin) is only dedicated to Bitcoin, and no comments have been published about other digital currencies in particular.

2. Any action to mine Bitcoin is forbidden. Therefore, if someone attempts to extract this type of digital currency, he has committed a haram act in terms of the mandatory ruling; But in terms of the status ruling, He has beca methe owner of the obtained bitcoins ; Of course, he should convert it into another currency or commodity as soon as possible, and this conversion should not be done by transferring Bitcoin to a Muslim in such a way that ultimately dominance of  Bitcoin will remain over the Islamic Ummah's assets, and it should not be transferred for free , to cause the loss of the currency and commodity equivalent of Bitcoin from the scope of the assets of the Islamic Ummah. Therefore, it should be transferred to a non-Muslim and another currency or goods should be received in return.

And if it is not possible to know the other party of the transaction, he must transfer it, and if the recipient is a Muslim, he has the same duty before it is transferred to a non-Muslim.

3. In general, if a digital currency has customary value and rational value and there is no problem like "rational possibility of significant loss" in it, it will have value and worthiness from the Shari'a point of view, and providing technical knowledge, investment and performing the mining process It is permissible to produce this type of digital currency as well as buy and sell it.

These two situations are:

A- No person or organization or government has any control over the system of that digital currency or any supervision over its transfers. (Of course, such an assumption seems far from reality.)

b- A person or organization or government has control and dominance  over it, but that person or organization or government is well-known and reliable, considering its credibility and prestige in the society ,and the world, the possibility of disrupting the system of this digital currency or destroying it is rationally ruled out.

but

if there is a possibility that that person or organization or government will disrupt or destroy this digital currency system. The mentioned digital currency is faced with the problem of "rational possibility of significant loss" and it has no value and worthiness from the Shari'a point of view, and its purchase and sale is forbidden and void. Also, due to the same problem, providing technical knowledge, investing and carrying out The mining process is not allowed to produce this type of digital currency.

https://arzdigital.com/hadavi-about-bitcoin-sharia/

hmmm? wasnt there a thread on this already which conflicts? 

 

why would bitcoin even be haram? its a currency like any other

 

 

[Future_Banker_Insha Allah]

13 hours ago, Haji 2003 said:

 

This is the reason provided by chatgpt. Seems to make sense, but I can't vouch for its accuracy.

 

Combining scalping or day trading with swing trading can be challenging for several reasons. These trading strategies have different goals, time horizons, and risk management principles, which can lead to conflicts when attempted simultaneously by the same individual. Here are some of the main reasons why someone might be advised not to combine these approaches:

1. **Different Time Frames and Focus**: 
   - **Scalping and day trading** involve making very quick trades that last from seconds to a few hours within a single trading day. The focus is on capturing small price movements with high leverage.
   - **Swing trading** involves holding positions for several days to several weeks to capture significant price swings.
   - The different time frames require different types of market analysis and focus, which can be hard to juggle simultaneously.

2. **Psychological Stress and Cognitive Overload**:
   - Scalping and day trading require constant attention to the markets, as they involve frequent, rapid decision-making under pressure.
   - Swing trading, while still demanding, allows for more analysis and slower decision-making.
   - Combining these methods can lead to mental fatigue and increased stress, reducing overall effectiveness in decision-making.

3. **Conflicting Strategies**:
   - Scalping and day trading often use technical indicators that are short-term in nature, such as one-minute to 15-minute charts.
   - Swing trading often relies on longer-term indicators, such as daily or weekly charts.
   - Using these strategies simultaneously can lead to conflicting signals that confuse the trader and lead to indecisive trading actions.

4. **Risk Management Difficulties**:
   - Scalping and day trading require very tight risk management, with tight stop-losses to avoid significant losses on small price changes.
   - Swing trading typically involves wider stop-losses and more considerable position sizing to accommodate larger, less frequent trades.
   - Managing these different risk profiles at the same time can complicate protecting your capital.

5. **Capital Allocation Issues**:
   - Both strategies require capital allocation, but in differing ways and amounts.
   - Scalping requires quick access to capital to make many small trades throughout the day.
   - Swing trading ties up capital for longer periods, which could limit the ability to make several trades a day in scalping.
   - This can lead to suboptimal capital utilization.

6. **Brokerage Constraints and Costs**:
   - Scalping can lead to high transaction costs due to the large number of trades, potentially eroding profits.
   - Swing trading might incur overnight fees or have different margin requirements.
   - Some brokers might not be well-suited to handle both high-frequency trading and longer-term trades effectively in one account.

7. **Time Commitment**:
   - Scalping and day trading are time-consuming and require a trader to be glued to their screens during market hours.
   - Swing trading requires less screen time, focusing more on periodic checks and adjustments.
   - Balancing both can lead to burnout and reduce the quality of life, as the trader might not have sufficient downtime.

8. **Performance Analysis Complexity**:
   - Combining different trading strategies can make it challenging to analyze performance effectively.
   - Differentiating which strategy is performing and which is not can become blurred, leading to poor strategic decisions.

**Conclusion:**

While both trading styles can be profitable, they require different skills, mindsets, and operational setups. Attempting to combine scalping/day trading with swing trading can lead to a lack of focus, increased risk, and potentially lower profitability due to conflicting demands on the trader's time, attention, and resources. Instead, traders are often advised to specialize in one strategy based on their personality, risk tolerance, and capital availability to optimize their chances of success.

also haji u agree crypto is haram hmm?

 

TO BE HONEST INSTEAD OF TRADING I MIGHT ALONGSIDE TRADING DO DROPSHIPPING AND AFFILIATE MARKETING LOL WAY EASIER BUT IDK HOW!!!

 

also @Haji 2003 can u recommend some good index funds AND DIVIDEND PAYING STOCKS TO HOLD

[hawdini]

1 hour ago, Future_Banker_Insha Allah said:

TO BE HONEST INSTEAD OF TRADING I MIGHT ALONGSIDE TRADING DO DROPSHIPPING AND AFFILIATE MARKETING LOL WAY EASIER BUT IDK HOW!!!

I feel like dropshipping is an oversaturated market!! BE MORE CREATIVE LIL BROSKI!! for example my lil brother is making these gaming devices with his 3d printer and selling it!!

1 hour ago, Future_Banker_Insha Allah said:

also @Haji 2003 can u recommend some good index funds AND DIVIDEND PAYING STOCKS TO HOLD

I wanna know too @Haji 2003!!! Any halal financial advisors on this forum????

[realizm]

@Future_Banker_Insha Allah

Selling stuff you do not even own ? Definitely avoid dropshipping brother.

[Haji 2003]

13 hours ago, Future_Banker_Insha Allah said:

also haji u agree crypto is haram hmm?

I don't really know on what basis to make a judgement to be honest. I know that it is a mode of payment, so working off first principles I can't see what's wrong with buying crypto for that reason. Historically people have used all sorts of things as currency including seashells.

When it comes to trading, I some foreign exchange buy US$ with the expectation that they will go up in value. So my approach would be that if forex trading is halal then crypto trading should be halal too.

 

[Haji 2003]

13 hours ago, Future_Banker_Insha Allah said:

can u recommend some good index funds AND DIVIDEND PAYING STOCKS TO HOLD

I don't really own any of these so can't comment. Remember that any investment you do make can depend on (amongst other factors):

1. your willingness to take risks
2. the amount of capital that you have
3. your investment horizon

[Future_Banker_Insha Allah]

On 5/10/2024 at 12:04 AM, realizm said:

@Future_Banker_Insha Allah

Selling stuff you do not even own ? Definitely avoid dropshipping brother.

its a good market if u know what ur doing

[Future_Banker_Insha Allah]

12 hours ago, Haji 2003 said:

I don't really know on what basis to make a judgement to be honest. I know that it is a mode of payment, so working off first principles I can't see what's wrong with buying crypto for that reason. Historically people have used all sorts of things as currency including seashells.

When it comes to trading, I some foreign exchange buy US$ with the expectation that they will go up in value. So my approach would be that if forex trading is halal then crypto trading should be halal too.

 

u mean currency trading like USD to GBP or GBP to EUD for profits? thats halal. if ur talking abt smth else then idk

ik my issue is a lot of index funds have like companies selling pork or alcohol and stuff in them. Tryna find a halal index fund thats available on a broker

[Future_Banker_Insha Allah]

On 5/9/2024 at 11:48 PM, hawdini said:

I feel like dropshipping is an oversaturated market!! BE MORE CREATIVE LIL BROSKI!! for example my lil brother is making these gaming devices with his 3d printer and selling it!!

I wanna know too @Haji 2003!!! Any halal financial advisors on this forum????

bro u think i got a 3D printer sis 

[Ashvazdanghe]

18 hours ago, Haji 2003 said:

I don't really know on what basis to make a judgement to be honest. I know that it is a mode of payment, so working off first principles I can't see what's wrong with buying crypto for that reason. Historically people have used all sorts of things as currency including seashells.

Salam Islam only allows dealing with real things even seashells which are real things but crypto is just playing with imaginary numbers that don't have any real value .

18 hours ago, Haji 2003 said:

When it comes to trading, I some foreign exchange buy US$ with the expectation that they will go up in value. So my approach would be that if forex trading is halal then crypto trading should be halal too.

According to Imam khamenei 

Forex will be   Halal only  if  when brokers have real presence in market which by preserving legal & sharia rules,which they are doing transaction (buying & selling) of currency by client's money (fund) , but there is two important notes 

1)Transactions must be real & selling & buying of currency , so therefore if transaction are based Fluctuation prediction of Currency price fluctuations so then it won't be legitimate.

2) leveraged trading , which is doing by taking credit from broker  , if it has nature of loan with interest so therefore it will be ussury & Haraam  

.

Quote

* According to some experts, there are two categories of Forex market brokers: the first category, where most of the broker claimants belong to this category, they have only created a virtual page on the Internet and do not have a real presence in the currency market, this group receives money from clients and They use it for their own purposes and plans and only allocate a web page for the customer, where the customer engages in seemingly foreign exchange transactions, so the transactions made are unreal and void and do not result in ownership of the income.

 

According to ayatollah Makarem Shirazi

Because forex doesn't has  Sharia conditions of trading so therefore it's not permissible . 

https://hadana.ir/حکم-شرعی-فاركس/

 

[ShiaChat Mod]

ShiaChat has a rule about Wealth generation systems or schemes: 

https://www.shiachat.com/forum/topic/12120-shiachatcom-rules-and-policy/?do=findComment&comment=3342528

[Haji 2003]

1 hour ago, Ashvazdanghe said:

Salam Islam only allows dealing with real things even seashells which are real things but crypto is just playing with imaginary numbers that don't have any real value .

I wonder what happens when currencies we use everyday move over to being digital?

Even at the moment I would say that only a tiny proportion of my transactions (less than 5%) involve notes and coins. The rest is all digital, I get paid digitally, all major expenses are digital etc.

[realizm]

On 5/11/2024 at 1:34 AM, Future_Banker_Insha Allah said:

its a good market if u know what ur doing

Customs seizing the goods, providers going bankrupt, poor customer service by chinese manufacturers. You are not even sure by 50% the goods will arrive. 

You bear the responsibility for a merchandise which you do not even own but on which you intend to make a large profit. A scam.

Better read on rules of trade in Islam. Dropshipping = putting a serious burden on yourself.

[Future_Banker_Insha Allah]

On 5/12/2024 at 2:28 PM, realizm said:

Customs seizing the goods, providers going bankrupt, poor customer service by chinese manufacturers. You are not even sure by 50% the goods will arrive. 

You bear the responsibility for a merchandise which you do not even own but on which you intend to make a large profit. A scam.

Better read on rules of trade in Islam. Dropshipping = putting a serious burden on yourself.

risk buddy risk,

risk = reward

no risk= well actually u can reward without risk but be real majority of us ain't getting that lucky dawg

u gotta pay to play and u gotta win to get payed

[Ashvazdanghe]

On 5/13/2024 at 5:12 PM, Future_Banker_Insha Allah said:

risk buddy risk,

risk = reward

no risk= well actually u can reward without risk but be real majority of us ain't getting that lucky dawg

u gotta pay to play and u gotta win to get payed

Salam this is totally westerner viewpoint which allows everything even cheating & breaking rules & fooling people & other forbidden evil  deeds for just gaining reward but on the other hand Islamic viewpoint specially Shia viewpoint reward is in blessing  of Rizq through following fair play & not violation of Sharia legal rules & helping other peoples & cooperation with people in all good deeds . 

[realizm]

On 5/13/2024 at 5:12 PM, Future_Banker_Insha Allah said:

risk buddy risk,

risk = reward

no risk= well actually u can reward without risk but be real majority of us ain't getting that lucky dawg

u gotta pay to play and u gotta win to get payed

Agreed with brother @Ashvazdanghe

Using that low end capitalist lingo makes me believe you have not understood the importance of equity in Islam.

Have you only read about principles of dropshipping ? It's basically selling and getting cash from goods you do not own and do not even know if they actually exist. 

No believer being aware of this would even step in such a fraudulent game. 

The burden of the 'risk' is not even on you, because if the goods were to be lost in transit - or being an actual scam - the loss would be on the buyer, while you still get paid from it. 

So please, refrain from invoking 'risk' as a player. I am sure you are better than this, and you do not want to be that kind of banker in the future, inshaAllah.

[Future_Banker_Insha Allah]

23 hours ago, realizm said:

Agreed with brother @Ashvazdanghe

Using that low end capitalist lingo makes me believe you have not understood the importance of equity in Islam.

Have you only read about principles of dropshipping ? It's basically selling and getting cash from goods you do not own and do not even know if they actually exist. 

No believer being aware of this would even step in such a fraudulent game. 

The burden of the 'risk' is not even on you, because if the goods were to be lost in transit - or being an actual scam - the loss would be on the buyer, while you still get paid from it. 

So please, refrain from invoking 'risk' as a player. I am sure you are better than this, and you do not want to be that kind of banker in the future, inshaAllah.

just refund em from ur own wallet,

[realizm]

13 hours ago, Future_Banker_Insha Allah said:

just refund em from ur own wallet,

When you get notice that goods have been shipped from manufacturer and he already got payment from you, will you do that ?

Just ask yourself why dropshipping has a bad name. Precisely because in trade, middlemen are the last ones who can afford a loss. A customer can admit being scammed and move on. A seller cannot give up his margin repeatedly because he put effort in an activity for which being at loss will be a personal and financial failure.

I have done ecommerce - at low scale - and believe me, even too customer-friendly return policies can make you mad sometimes. But rules are rules in trade, denying someone his or her right is extremely grave. Even for a $30 item.

[Future_Banker_Insha Allah]

11 hours ago, realizm said:

When you get notice that goods have been shipped from manufacturer and he already got payment from you, will you do that ?

Just ask yourself why dropshipping has a bad name. Precisely because in trade, middlemen are the last ones who can afford a loss. A customer can admit being scammed and move on. A seller cannot give up his margin repeatedly because he put effort in an activity for which being at loss will be a personal and financial failure.

I have done ecommerce - at low scale - and believe me, even too customer-friendly return policies can make you mad sometimes. But rules are rules in trade, denying someone his or her right is extremely grave. Even for a $30 item.

either don't deny their right. If u do. then stop ur side hustle. Cuz clearly u don't have the required risk tolerance or acceptance needed to fufill it. If u do go ahead and refund if u don't then the side hustle in question regardless of what it is isn't for you. simple as.

[realizm]

1 minute ago, Future_Banker_Insha Allah said:

either don't deny their right. If u do. then stop ur side hustle. Cuz clearly u don't have the required risk tolerance or acceptance needed to fufill it. If u do go ahead and refund if u don't then the side hustle in question regardless of what it is isn't for you. simple as.

Brother, put the bonafide hustler talk on hold, step down and think for a second. 

I am talking to you about a business model where you potentially have 100 orders for which you will pay the sourcing price - let's say $10 per item which makes $1,000.

Should the source be fraudulent or go bankrupt, and all customers start calling, you will get 100 refund requests for the retail price - let's say $30 which makes $3,000 - to refund 'from your wallet'.

So if you are willing to risk to pay $1,000 + 3,000$ = $4,000 then good for you but chances are most people will just cash in, pretexting the fault is on the provider, or other reasons (human is very inventive when it comes to finding excuses). 

And there you have the foundation of a scam, riba-based economy. 

[Future_Banker_Insha Allah]

4 minutes ago, realizm said:

Brother, put the bonafide hustler talk on hold, step down and think for a second. 

I am talking to you about a business model where you potentially have 100 orders for which you will pay the sourcing price - let's say $10 per item which makes $1,000.

Should the source be fraudulent or go bankrupt, and all customers start calling, you will get 100 refund requests for the retail price - let's say $30 which makes $3,000 - to refund 'from your wallet'.

So if you are willing to risk to pay $1,000 + 3,000$ = $4,000 then good for you but chances are most people will just cash in, pretexting the fault is on the provider, or other reasons (human is very inventive when it comes to finding excuses). 

And there you have the foundation of a scam, riba-based economy. 

thats the problem of the mukalif not any law, function, process, or anything else is all irrelevant

 

ill say what ive said

 

 

[realizm]

6 minutes ago, Future_Banker_Insha Allah said:

thats the problem of the mukalif not any law, function, process, or anything else is all irrelevant

 

ill say what ive said

 

 

Just curious, why Dropshipping particularly ?

Have you tried any side hustle so far ?

[Future_Banker_Insha Allah]

13 minutes ago, realizm said:

Just curious, why Dropshipping particularly ?

Have you tried any side hustle so far ?

yeh trading and selling old stuff of mine

 

thas it

trading was the more serious one for me. took it bare srsly, tbh lol 

 

tryna start again next month Insha Allah when summer vacation starts.