Telstra - CMC no longer allow shorting

[sam21poddy]

Well that does it ! I am closing my account with CMC - Telstra has resumed trading and CMC isn't allowing short trading for Telstra. I have put up with a lot of their one-sided rules but this is just blatantly not allowing trades to go through which are obviously disadvantageous to themselves. I'll pull out the current Shares magazine and look at the comparative tables for other CFD companies.

 

[tarnor]

Re: Telstra share price falling

Having not go into cfd's yet I was just eyeing off the falling MD of TLS with longing....

Thanks for narrowing my decisions somewhat! do cmc not protect themselves by entering the market?

 

[sam21poddy]

Possibly - but I'm cynical enough to think that management make arbitrary rules to favour themselves. I've been trading CFDs since they began and each year I make an overall loss however I make a good profit in my margin trading account. CMC don't allow you to participate in the opening market and I have seen my trades with CMC sit there time and time again and not go through where in the real market my trades do go through. It's taken me 3 years to actually work out how it all works and unfortunately I've had to lose money to get this education but now it's time to call it quits. I do quite OK with my margin trading account so I think I'll leave it at that.

 

[happytrader]

Thats probably a good 'clue' old Telstra is headed for no mans land! Just wait until it hits tonights news. Wouldn't be surprised if mum and dad investors run out of hope and patience. Just one hit too many for them.

Merely an assumption and opinion nothing else.

Cheers
Happytrader

 

[Kauri]

TLS on weeklies :behead: ...

 

[Lachlan6]

Definently a shame, cause there may be a bit of money to be made on telstra soon. Definently the last stock i would want in my portfolio at the moment, especially if the $3.90 support is breached. who knows how far they could fall if this happens. scary times ahead.

 

[It's Snake Pliskin]

Well that does it ! I am closing my account with CMC - Telstra has resumed trading and CMC isn't allowing short trading for Telstra. I have put up with a lot of their one-sided rules but this is just blatantly not allowing trades to go through which are obviously disadvantageous to themselves. I'll pull out the current Shares magazine and look at the comparative tables for other CFD companies.

Macquarie or Etrade would be far better with their direct pricing and the security of a bank account holding your money.

 

[mit]

I'm signing the forms for Maquarie CFDs right now. Even though the commission is double I think that you would save it with all of the shenanigans from CMC. I have been very profitable with CMC but the software and their behaviour is too frustrating.

Even the execution of orders is arbitary. Some limit/stop orders will take hours to fill (especially if it goes to your advantage) or don't get filled because they believe there wasn't enough volume.

They are having massive problems with their software at the moment and my position is constantly incorrect. I sold two positions today and when I logged on the positions are back.

Last week I was charged commission for 10 positions I didn't make. Sites can get slow or go down but I think there is NO excuse for software that makes the kind of mistakes that CMC MarketMaker makes.

MIT

 

[RichKid]

Well that does it ! I am closing my account with CMC - Telstra has resumed trading and CMC isn't allowing short trading for Telstra. I have put up with a lot of their one-sided rules but this is just blatantly not allowing trades to go through which are obviously disadvantageous to themselves. I'll pull out the current Shares magazine and look at the comparative tables for other CFD companies.

Try Marketech (ASF tipping comp sponsor and Macquarie but I'd be cautious without an guaranteed stop loss facility and separate accounts to protect your cash).
Shame CMC clients can't profit form TLS on the way down- this market needs more competition.

 

[WaySolid]

Actually I'm thinking it's probably a good a time as any to be buying. Or very close to it. Shouldn't be too long before it's a fully private company and a company as crap as Telstra naturally has a lot of upside to be gained from competent management applied to it.

When all the sellers have sold there are only buyers left in the market.

 

[wayneL]

Actually I'm thinking it's probably a good a time as any to be buying. Or very close to it. Shouldn't be too long before it's a fully private company and a company as crap as Telstra naturally has a lot of upside to be gained from competent management applied to it.

When all the sellers have sold there are only buyers left in the market.

...and potential sellers

 

[It's Snake Pliskin]

...and potential sellers

...and aspiring short sellers.

 

[TheAnalyst]

Has anyone stopped and thought about what the Telstra share price valuation should be with the 30% EBIT downgrade and what does that actually mean to the net profit which will reflect its P/E ratio?

What is telstra really worth now with the guaranteed 28 cents dividend and withiout this dividend?

Would like to hear of a good analysis?

 

[markrmau]

ROFL. One of the biggest short squeezes in memory. A lot of commsecers will be very happy this morning.

 

[intellimoney]

I thought about shorting today, funny that so did every other trader in Australia.

Wait and see sign on this one. There are americans now in charge of Telstra, explains why they want to put as much distance between them and the government. With a low share price they hold the government over a barrel. Its always good to have leverage in business especially a big stick to wave at Howard i.e. Cut the business some concessions and change the even playing field or we will cut the share price so low the government would be accused of dumping junk stock.

How many directors happily come out and announce the share price will fall and diviends will never go up, in your face shareholders :swear: