Another question i would appreciate some help on .
I have been using Commsec as a broker for a few years now ,I’m happy with the platform and the sense of security it provides BUT my frustration is at the point were i ready to move brokers .
The point of contention are Conditional Orders and the constraints placed around them .
For example Terry wants to sell all of MND at the open of the following day . If the price limit on a conditional Order is outside the open price or gaps down the order does not trigger or only part of the stock sells, as was the case !
Are there any brokers out there that you could place an out of hours sell on a stock and know all of it will be sold at market value the following day ?
a cheaper brokerage would be a bonus .
Moving to retirement, i would like to feel confident in transactions with a broker .
Opinions and your best broker most welcome .
I use SelfWealth broker - own HIN, flat fee of 9.50 for trades of any amount - so I think that’s good value. Unfortunately they don’t allow market orders to be placed when the market is closed so that’s a downside. If I need to place an order prior to market opening I just add a buffer and check later if it’s triggered. Regards
Terry, If you want to get the market price the next morning when the market opens, you can put a limit order for the least/most you are willing to sell/buy for, or if you just want the opening market price (what a normal market order would give you) then just put a limit order for a ridiculous price high or low as the case may be, and you will be filled at the opening price of that stock in the match off that occurs at the opening between 10.00 and 10.12 am each morning…
In using Commsec falling sell, in my experience the platform does not allow a very wide spread between the trigger price and the limit price ? Unless your about to teach me something,
I haven’t used Commsec for a very long time. If they only allow a limit buy/sell spread within a range then you would probably get filled if you were at the extreme ends of that range. You can see the limits before the market opens in the market depth. You should also be able to see the indicative opening price before the open. I don’t see much upside using Commsec with the plethora of choice one now has at much lower fees.
Looking into SelfWealth now
May I ask your preferred broker is ?
For ASX I use Selfwealth
For US I use Schwab
For AUD/USD Hedge I use Saxo
Thanks for your input Phil
If you go for Selfwealth, you should ask Annabella for her referral code and you will both get 5 free trades.
I use Schwab for US and Saxo for Oz, both are easy with no issues. Just place order to sell (or buy) and it is filled on the open. Schwab $0 commission (sometimes a 10c ‘exchange fee’) and Saxo not much either.
I’ve used CommSec since establishing our SMSF many years ago. I find the issue of the cost of brokerage irrelevant now, as with SPA3 Investor for ASX if the stock if you’re in is a good upward trend.
Brokerage is an issue with SPA3 for ASX.
Rather than put in a conditional order, Falling SELL signal; I put in a Rising BUY. I wasn’t in MND, however I’ve had a look and assume you are talking about the last exit signal and the close was 10.65 on trigger day, but reached a HIGH of 10.59; just short the next day if you’re prepared to take a bit of slippage! It wouldn’t have been a trade in My Rules, as on the Weekly; Double Top and Lower Highs, Lower Lows and that is part of my Trading Plan with evaluating potential SPA 3 Investor BUYS, as I think, as of now we are looking at 42 stocks under SWS rules and suggestion is for 8-10.
I’ve had to exit MIN and WBC recently and both were closed on Rising BUYS.
I trade Covered Call Options sometimes and did Gary’s initial Level 4 course in Melbourne in 2001, so an advantage of CommSec is I can provide some Shares for Options Cover and then trade Options, not with SelfWealth (SW) and the revamped/revised SWS product Income is coming soon!
Had a look at Saxo and there is not much difference in brokerage in trading shares above 50K.
Established SW accounts for my wife and I in conjunction with the arrival of COVID, after our dividends were cut substantially last year, Primarily, as she’s not working and she can can get franking credits to supplement our Income.
Use SW for my satellite trading.
Sorry; meant a Trailing SELL.
I will investigate the trailing sell instead of falling sell
To understand how this would work better for me
Thanks for your input
Interesting point on your weekly rule use , has this rule given you better probability of gains ?
Are you using stop losses if so, what trigger do you use ?
In regards to a SPA3 Investor BUY I always look at the Weekly, as well as the Relative Strength Comparison (RSC) to its Sector and Market (XAO). This comes from years of using SPA3 from its infancy when you scanned Daily and had to personally identify the signals, as being WEEKLY Confirmed or On Notice BUYS or SELLS and take action accordingly
Sharefinder, and then Quantum Methodologies, as they were known at the time introduced a new functionality “SPA 3 Turbo” (great name) using the new RSC filter and I’ve used it for my SPA3 and now Investor BUYS ever since.
I just take the Alert SELL signal to Exit.