Commsec Conditional Trading

Nero64 · 9 April 2009

Anybody had experience with commsec's conditional trading function.

I just got the feature activated but read that they may charge a fee if you alter and existing conditional order. That's pretty bad if they do.

You need to move with the market, we're not fortune teller's with crystal balls.

jackson8 · 10 April 2009

Nero64 said:
Anybody had experience with commsec's conditional trading function.

I just got the feature activated but read that they may charge a fee if you alter and existing conditional order. That's pretty bad if they do.

You need to move with the market, we're not fortune teller's with crystal balls.

hi nero64
from my understanding there are two fee structures to choose from
one is an upfront fee which is cheaper or the on execution fee which is a bit more but is only paid if the order is executed.
am not sure about charges for altering orders may apply to upfront fee structure as each time you alter the order may incur a new charge . a call to their desk will answer your queries.

or try to find all of their terms and conditions

the terms and conditions states that they do reserve the right to charge a fee for a cancellation or variation but how strict they apply this i am not sure

Gary

cutz · 10 April 2009

G'Day,

I assume a conditional order is an order which gets triggered when the stock hits a predetermined price(i.e when the stock hits target profit level), if you have decided on the price why don't you just put in a sell order at that price in the normal fashion.

jackson8 · 10 April 2009

cutz said:
G'Day,

I assume a conditional order is an order which gets triggered when the stock hits a predetermined price(i.e when the stock hits target profit level), if you have decided on the price why don't you just put in a sell order at that price in the normal fashion.

hi cutz
as an example in the event of selling a naked call you could place a conditional order to buy the underlying if your sold strike is threatened
handy if you cant be around all the time to watch the market

the four triggers with commsec are

falling sell (normal stop loss)

rising buy (as mentioned above)

falling buy (as you said just a normal order)

rising sell (again just a normal order)

or as the their web site puts it
Note: Conditional trading tools use the following terminology:

Stop Loss > Falling Sell
Resistance Sell > Rising Sell
Supporting Buy > Falling Buy
Buy Gain > Rising Buy

beamstas · 10 April 2009

$15 per conditional order is a bit rich imo
+ $20 e/w for brokerage

Turns out to be a very expensive trade

Brad

So_Cynical · 10 April 2009

beamstas said:
$15 per conditional order is a bit rich imo
+ $20 e/w for brokerage

Turns out to be a very expensive trade

Brad

Cheap compared to Westpac

------------------------------

While on the subject of comsec conditional orders....can i have a
stop loss order and a conventional sell order in at the same time?

Like XYZ opens at 1.50 and i have a conventional sell at 1.75 and
a stop loss at 1.25

jackson8 · 10 April 2009

So_Cynical said:
Cheap compared to Westpac

------------------------------

While on the subject of comsec conditional orders....can i have a
stop loss order and a conventional sell order in at the same time?

Like XYZ opens at 1.50 and i have a conventional sell at 1.75 and
a stop loss at 1.25

as far as i can tell you cannot have both placed
if a conventional sell order is placed then if you try to place a stop loss order it comes up as insuficient shares available so i presume that if you were to have two orders placed puts you at risk of having both triggered within the order time frame.
so if one was triggered then the second would act as a short sell on the sp

they would have to instigate a cancellation of one order if the other goes thru first which cannot be done .

Nero64 · 10 April 2009

While on the subject of comsec conditional orders....can i have a
stop loss order and a conventional sell order in at the same time?

Like XYZ opens at 1.50 and i have a conventional sell at 1.75 and
a stop loss at 1.25

Yeah I don't think this is possible. The normal trading platform just doesn't allow it. You also cannot place a normal order then attach a conditional order to it. The conditional order must be placed up front.

Yesterday 1-2 mins before the open I put a limit sell order in at break even inc brokerage, thinking that it would be like a CFD stop loss and only be hit on a pullback. I rang up the Commsec helpdesk and I came away with that impression. Anyway the market opened higher and it triggered straight away on open. I made a 4% proft but I was hopeing to keep the position open in case it went higher, and it did by another 2%.

Then I got the conditional trading activated. Seems a bit archaic for today's markets which require flexibility and quick decision making; You have to first specify a trigger and then the limit which is the actual price you want to get out. The order won't be filled unless the trigger is hit first.

I like Commsec but the only way I can see me getting out at a decent price is on market and even this is not guaranteed.

If they had some sort of IF Done/OCO ordering system and you could change it as many times you want I would definitely pay the extra price.

jackson8 · 15 April 2009

So_Cynical said:
Cheap compared to Westpac

------

just to add to that

commsec standard up front or on exucution conditional order fee will give you coverage of up to a trade value of $40000 after that a % basis kicks in

may be worth taking this into account when looking for similiar comparisons with other brokers

arms · 16 April 2009

It is possible to have both a falling sell and a sell order in at the same time with comsec.

To do this set the conditional order first and then once this is complete place your sell order at your price.

This works because your falling sell is not triggered/placed until the trigger price is set so in effect you have not placed the order in the market.

If your trigger price is activated and the sell completed your normal sell will be cancelled and this is stated when placing your sell order.

Arms

DocK · 19 April 2009

Also, to answer the original question - I have amended falling sell conditional orders several times without any charge. I always choose the more expensive option that is only paid upon execution and amend my trigger price upwards in line with increases in share price - to the best of my knowledge I haven't been charged for any amendments.

poverty · 14 January 2011

So If I want say a 7% trailing stop-loss with commsec how do I do this? Set the trigger at 6% and hope my trade goes thru by 7%?

Then I need to adjust my order up each day we close at a higher high?

Commsec Conditional Trading

Nero64

jackson8

cutz

jackson8

beamstas

So_Cynical

The Contrarian Averager

jackson8

Nero64

jackson8

arms

DocK

poverty

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