Cancelling an executed order?

[laurie]

Can someone tell me can a sale be reversed once an order has been placed - say you made a mistake and you don't have sufficient funds or you added an extra zero on to the quanity. No it has not yet happened to me but as one gets older these things must surley happen

cheers laurie

 

[GreatPig]

Re: Cancelling an order?

Yes you can cancel orders, as long as they haven't been filled yet.

When trading with an online broker, I don't think it would let you overdraw your settlement account, and it also won't let you place orders outside the maximum price range from the current price.

GP

 

[cuttlefish]

Re: Cancelling an order?

you're biggest risk is getting the order size wrong - but as GP say's online software typically shouldn't let you order more than you can afford.

I suggest that you make a point of ALWAYS checking the total dollar amount when it shows you the order summary before hitting the go button - that way you at least limit the size of potential mistakes.

The tools will usually give you warnings as well if you're order is unusual.(e.g. "price a large distance from last traded price" if you mess up on price. "duplicate outstanding order" if you try to place the same order twice etc.).

 

[laurie]

Re: Cancelling an order?

GP
That's what I'm asking if the order has been placed and has gone through can you cancel during the 3 days after T!

cheers laurie

 

[visual]

Re: Cancelling an order?

if the order has gone through,but you dont have the money to settle no you cant cancel.

 

[rozella]

Re: Cancelling an order?

If the order has been executed, then it is too late to cancel or amend, as the contract date is "ownership" date. If you have made a mistake, you can always reverse the trade by repurchasing or selling.....you might miss on a few cents, but if it is important to reverse the trade, its the cleanest way.

 

[eddievanhalen]

Re: Cancelling an order?

Actually........brokers have been known (via the ASX now , as a broker cannot see the opposing broker on the day of the trade anymore) to put in a request to the ASX to contact the broker on the other side and request a cancellation. I've received a phone call a couple of times from my broker saying the broker on the other side of the trade has requested a cancellation because of user error.

My answer is usually "get nicked" as there is no obligation on my part unless the ASX steps in (see PS below) .

With the amount of stock that I manage I make the odd error from time to time and take it on the chin - I expect others to do the same. Now if it was the broker's error , that's a different story. However the person who should be compensating the client is their broker , not myself.

In your case Laurie I doubt you'd get too many people happy to reverse a trade just because you hit the wrong key. What I'd suggest is that you trade via a platform that has some filters in place. As an example my broker will not allow a trade to execute unless I have the funds available to cover. They also have filters in place to review any trades that are going to move the market more than 3% etc........before allowing them through. If something looks wrong they will contact me prior to placing the order. Works both ways though - every now and then they filter an order I DID want and the short delay costs me.

Cheers,

Ed


PS there was one very large stuff up by a broker on close of trade in recent weeks that sent a number of stocks up a large % . It was reversed by the ASX but it'd have to be something of similar significance (hundreds of thousands/millions of dollars) for the ASX to step in. I just feel sorry for the sellers in that case who were legitimately filled on their orders........and the poor buggers who bought some of those stocks the next day based on the price action.

 

[laurie]

Thanks guys for the info I will contact CommSec see if I can do some filters. Sometimes I get annoyed with CS as stock quantity on order page is displayed as e.g. 10000 [to me with glasses it look like 1000 at a quick glance] BUT on outstanding order page it's 10,000 and I can see that even without glases

cheers laurie

 

[eddievanhalen]

Hi laurie,
I'm not sure that Comsec will be able to add customised filters to your account but you can only ask. For this type of thing I'd tend to go through a broker that used a Webiress based platform and provides some half decent form of personal service. Comsec is just too big to give a stuff most times.

I was once a client of AOT who were taken over by Comsec and after 3 months of putting up with their cr@p I moved to Trader Dealer who use the same platform and are actually run by the original AOT people who couldn't tolerate Comslack either. For a discount broker I find Trader Dealer to be very good.

Cheers,

Ed

 

[cuttlefish]

Sometimes I get annoyed with CS as stock quantity on order page is displayed as e.g. 10000 [to me with glasses it look like 1000 at a quick glance] BUT on outstanding order page it's 10,000 and I can see that even without glases

cheers laurie

If you're using comsec pro-trader then on the confirmation screen (where you type in your password) it shows you the dollar value of the order (including brokerage) in $x,xxx format. If you've got anything wrong you can hit the back button from that screen instead of proceeding.

 

[laurie]

Thanks a lot guys you would not want to be p.i.s.s.e.d after a night at the pub in front of a screen doing a buy order :

cheers laurie