Stop Loss spread

[Gunslinger]

Hi all,
I just setup a stop loss (aka Falling Sell in Westpac lingo) to trigger at <= 4.19 but the at limit price (which I'd prefer to set at 4.00) could only be set at 4.15.
In a fast moving market this would could be fallen through pretty quickly leaving me with a quickly diminishing value parcel.

Is it common to have such a small margin of error available?

Cheers,
JB

 

[SmellyTerror]

On most platforms Stop orders default to Market. Having a limit less that 1% from the trigger seems pretty dopey to me, given that it could well gap right through both of them on the open. Give 'em a call? Maybe there's some setting you need to change.

(I'm with IB - pretty much anything can be used as a trigger, and pretty much any order you can think of can be triggered.

On the other hand, I raised a ticket with them more than a week ago and it hasn't even been read yet, so there are ups and downs to anyone).

 

[awg]

Hi Gunslinger

When I inquired Comsec some years ago about how and why stop-loss or other trigger spreads maximums are calculated,

I was advised basically, that an automatic equation is applied and that is dictated by the ASX.

He was not aware of the exact parameters of the equation.

The gent I spoke to had to go away and find out, so for all I know he put the phone down for 5min, and then just made it up of the top-of-his-head:

 

[Gunslinger]

Thanks ST and awg,
I rang them up and was advised the same as Commsec said. They cannot enter the price too many increments away from the trigger?
The person I spoke to seemed to know what he was talking about but stated that it was different from share to share and they "wouldn't chase the market down" (hence no option for selling at market).

Depending on how my trading goes this might very well preclude me from using them in the future but I'll have to see.

Cheers,

JB

 

[SmellyTerror]

I might be wrong, but I think it's an issue with WebIRESS (the platform I know Comsec uses, and maybe Westpac too). I remember having that issue way back in the dim days of my youth...

Anyway, might be worth hunting around for a broker that doesn't use it.