Australian (ASX) Stock Market Forum

Brokerage/platforms terrible in Oz

Jump to new
yonnie said:
hello folks,

wonder if somebody could help me out.

I am a penny trader with IB and I would like to place set and forget orders.

So what I would like to do is in the following example:

buy 500,000 XYZ shares at 1.5 cents
attach a limit sell order to sell those shares at 1.7 cents
attach a limit sell order to sell those shares at 1.5 cents if a trade goes through at 1.4

I attached a bracket order, but the shares will be placed at 1.5 cents if the quotes are 1.4-1.5, even if no trades took place at 1.4 cents.

So I only want to sell at 1.5 cents if a trade takes place at 1.4 cents.

What kind of order can I attach to the buy order to achieve this?

I asked customer service, but they dont seem to know for sure.

Anybody can help me out?

thanks.:)
Click to expand...

Try stop loss order set price = 1.4c
 
yonnie said:
hello folks,

wonder if somebody could help me out.

I am a penny trader with IB and I would like to place set and forget orders.

So what I would like to do is in the following example:

buy 500,000 XYZ shares at 1.5 cents
attach a limit sell order to sell those shares at 1.7 cents
attach a limit sell order to sell those shares at 1.5 cents if a trade goes through at 1.4

I attached a bracket order, but the shares will be placed at 1.5 cents if the quotes are 1.4-1.5, even if no trades took place at 1.4 cents.

So I only want to sell at 1.5 cents if a trade takes place at 1.4 cents.

What kind of order can I attach to the buy order to achieve this?

I asked customer service, but they dont seem to know for sure.

Anybody can help me out?

thanks.:)
Click to expand...

Buy 500,000 XYZ at 1.5 LMT
Attached Bracket Order:
Sell LMT at 1.7
Sell Stop-Limit with Stop = 1.4, LMT = 1.5
Set the Stop-limit to trigger on LAST.

What this order will do is place a buy order at 1.5. If this is filled it will send in 2 selling orders which are linked so that if one is filled then the other is canceled. The "profit" taking order, will sell out the trade at 1.7. If the price trades at 1.4, then a limit order will be sent to sell at 1.5. Although bear in mind, that with this trade you do not have full protection, the stock could continue to fall without your limit order filling.

I would advise testing it in the paper trader account, just in case, I've misinterpreted what you are trying to achieve.
 
one thing to clear up.

Set the Stop-limit to trigger on LAST

Is that with every order I place and if so how do I do that,
because there is no window popping up for me to be able to do that.

OR

Is it a general order default on the TWS:
click on Configure
click on Order
chose Order defaults
Trigger method to: LAST

thank you:)

This order possible??????

have a sell order in for 2 million at 0.5 cents

however if the quotes drop to 0.3-0.4
AND
the volume to be sold at 0.4 cents goes up to 10 million

my sell order at 0.5 changes to a sell order for 2 million at 0.4 cents.

Possible???????
 
yonnie said:
one thing to clear up.

Set the Stop-limit to trigger on LAST

Is that with every order I place and if so how do I do that,
because there is no window popping up for me to be able to do that.

OR

Is it a general order default on the TWS:
click on Configure
click on Order
chose Order defaults
Trigger method to: LAST

thank you:)

This order possible??????

have a sell order in for 2 million at 0.5 cents

however if the quotes drop to 0.3-0.4
AND
the volume to be sold at 0.4 cents goes up to 10 million

my sell order at 0.5 changes to a sell order for 2 million at 0.4 cents.

Possible???????
Click to expand...


Take your pick:
1. Add Trigger Method to Order Columns so it appears on the Order Management screen;
2. Use Order ticker;
3. Use Order Wizard;
4. Set as default in Configure order defaults.

Regarding your second question - I presume "volume to be sold" you mean, if the Ask or Offer has over 10m in size? No, you can't do this in TWS. However, if you have some basic knowledge of Excel, you could easily set this up in excel and connect this via the API. You can use the sample spreadsheet that we give you when you download the API components.
 
bryan_palmer said:
Has anyone here used MQ Prime? Is it better than E Trade/Comsec?
Click to expand...

bryan,

If you go to Advanced search and type in Prime you will get a lot of threads on Macquarie Prime.
You can also search for Comsec and Etrade to have a look what people think of those brokers.

good luck:)
 
Steve,

I have a problem with my orders staying in the queue and contacted customer officer about it, but I dont seem to get a clear answer. This is not the first time it happened.

I am trading penny stocks and for me it is VERY important that my orders keep their place in the queue.

Now this morning with ARX:
sell order 1,683,400 shares @ 0.009
at the top of the queue and 159,367 sold so far and 1,524,033 shares left.
suddenly this morning the remainder of the sell order of
1,524,033 shares are at the tail end of the queue and there are 5.5 million shares to sell @ 0.009 before me.

I did not change anything and nothing happened with the company. Everything was normal in the queue apart from my order being now at the end
It seems to happen with partially filled orders.


Like I said, it happened before and one day its going to cost me big money.:(
 
another "funny" thing happened

TEE: sell order @ 0.01
stop limit order 0.008/0.009

sell order @ 0.01 is in the market and a trade went through @ 0.008 and the stop limit order was activated to sell @ 0.009.

the order @ 0.01 was supposed to be cancelled.

well that didnt happen.

on my screen I have 1 sell order active @ 0.01 (green colour) and 1 sell order active @ 0.009 (green colour).

I checked the orders in the market and now I got 1 sell order in the market @ 0.01
AND 1 sell order in the market @ 0.009.

when I cancelled the sell order @ 0.01, both sell orders disappeared.

I had to reenter my order @ 0.009 and goodbye to my place in the queue.

IB might have more than 40 different order types, but the technology is certainly not faultless:mad:
 
yonnie said:
...
IB might have more than 40 different order types, but the technology is certainly not faultless:mad:
Click to expand...
Absolutely my experience. Since my disasterous mouse click with IB's software, I have been executing complex option combo orders with ThinkorSwim brokers(TOS), successfully using their impressive range of conditional orders, etc with ease - and haven't needed to contact customer help once - so far.

With IB, it took me over an hour of messing around with their software and help manuals, not to mention time wasted with customer help who appeared helpful at the time but in hindsight didn't give clear instructions either - all this to simply exit a simple option strategy. Took me 5 mins in TOS to find out how to exit a complex option trade.

Admittedly, TOS is no use to Aussie traders, but when comparing US brokers, IMO, there are others out there who make one feel much safer and software that is more user friendly. It's also a bit sad when even IB's customer service don't know how to help.

One thing that worries me is that Timber Hill is a subsiduary of IB who also carry out market making activities here in Australia. I can only hope there is no conflict of interest here. I don't know if it was Timber Hill that profited from my trade which, IMO, should have been filtered by their software with at least an error message explaining the potential error followed by a "Do you really wish to proceed". Just my concerns - have mentioned it before but Steve hasn't commented on it so far.

Sorry for the rant, still shudder at the thought of IB...

Like I said, it happened before and one day its going to cost me big money.
Click to expand...
Take care, yonnie :) I came to the conclusion that it's not worth saving a bit in fees when the trade-off is risking a large loss. I could have stayed with IB and with the savings in fees eventually recovered my loss over time, but felt if it happened once, it could happen again so not worth the risk.
 
yonnie said:
Steve,

I have a problem with my orders staying in the queue and contacted customer officer about it, but I dont seem to get a clear answer. This is not the first time it happened.

I am trading penny stocks and for me it is VERY important that my orders keep their place in the queue.

Now this morning with ARX:
sell order 1,683,400 shares @ 0.009
at the top of the queue and 159,367 sold so far and 1,524,033 shares left.
suddenly this morning the remainder of the sell order of
1,524,033 shares are at the tail end of the queue and there are 5.5 million shares to sell @ 0.009 before me.

I did not change anything and nothing happened with the company. Everything was normal in the queue apart from my order being now at the end
It seems to happen with partially filled orders.


Like I said, it happened before and one day its going to cost me big money.:(
Click to expand...

yonnie,
Send a ticket with the details and put attn: Mary. She can pull up your account and your audit trails and we can look at what is happening. It sounds like your order is being cancelled and re-submitted so is losing it's place in the queue. I'm not clear from your description, whether this just happens overnight, or whether it's happening each time you get a partial, but we can check using the audit trails.
 
thanks Steve, yes it happens overnight and I thought myself that those partially filled sell orders seem to be resubmitted in the morning.......
 
sails said:
Take care, yonnie :) I came to the conclusion that it's not worth saving a bit in fees when the trade-off is risking a large loss. I could have stayed with IB and with the savings in fees eventually recovered my loss over time, but felt if it happened once, it could happen again so not worth the risk.
Click to expand...

sails,

you`re right in being wary of IB`s platform stability.

what happened before with TEE a few posts back, is now going on this morning with NWT.

had a buy order @ 0.005 with a profit sell order @ 0.006 and a sell stop/limit order @ 0.004/0.005.

buy order was filled - profit sell order in the market @ 0.006 - price went down to 0.004 and sell stop/limit also triggered and sell order @ 0.005.

at the moment 2 sell orders active in the market: 1 @ 0.004 and 1 @ 0.005.
dont want to cancel one of them as both will be cancelled after earlier experience and I will lose my place in the queue.

just hope that IB can sort out these problems, because sadly there is no comparitive Australian broker with this kind of technology yet.:confused:
 
Looks like that shortable column thing has gone down for the Australian market again.

I thought they had fixed that, so you could short anytime during the day...:confused:
 
oops, I got it wrong regarding the bracket orders in my posts TEE/NWT.

both profit taking order AND the stop/limit order are active in the market after they have been triggered.

it is only after one of those orders executes, that the other one will be cancelled.

In NWT both bracket orders have been triggered:
the profit taking order shows a green colour (meaning active in the market)
the stop/limit order shows a dark blue colour.

this last order should be active in the market as it has been triggered, but the guide says that such orders are in the system but not in the market until conditions have been met.

well those conditions have been met and wonder why its not in the market.

thanks
 

Similar threads

DrBourse
DrBourse TA Help for Beginners
14 15 16
Replies
319
Views
64K
farmerge
farmerge
S
Brokerage fees when swing/day trading in Australia
Replies
8
Views
9K
wfdTamar
W
Zaxon
Vanguard plans to tackle locals in super
Replies
9
Views
3K
divs4ever
divs4ever
R
The 7 Moats of Quality Companies
Replies
7
Views
6K
divs4ever
divs4ever
darkhorse70
The Beginner Trader's Manual Guide
Replies
9
Views
20K
commoyo
commoyo
Top