On-line trading.........useless
Discussion
I've had an on-line trading account that I haven't used for a while now, but logged on this morning and they very kindly took my money without question.
Looking forward to 8 o'clock when trading opens, I've already got my cursor poised on the 'buy' button counting down the seconds, press 'buy' and not allowed to buy as this company isn't trading yet. Try again, same, and again for 20 minutes.
Cut a frustrating story short, I ring the trading company only to be told that they didn't set up new companies until they were requested to do so. They don't have the staffing levels to check when new companies go public......... WTF do they do then????
So, the long and short of it is they've said sorry, but unfortunately sorry doesn't equate to the 6K they lost me.
Looking forward to 8 o'clock when trading opens, I've already got my cursor poised on the 'buy' button counting down the seconds, press 'buy' and not allowed to buy as this company isn't trading yet. Try again, same, and again for 20 minutes.
Cut a frustrating story short, I ring the trading company only to be told that they didn't set up new companies until they were requested to do so. They don't have the staffing levels to check when new companies go public......... WTF do they do then????
So, the long and short of it is they've said sorry, but unfortunately sorry doesn't equate to the 6K they lost me.
benwoodcock said:
Which online trading account? I'm guessing a small one. Which stock?
Anyone know muhc about iWeb. I'm with iii atm, pretty good although iWeb seem to be cheaper so looking to move at some point.
Not sure if I'm allowed to name and Shame the Vile Shambles securities company, but the stock was Flowtech, opened at £1.00 and went to 117 within 15 minutes.Anyone know muhc about iWeb. I'm with iii atm, pretty good although iWeb seem to be cheaper so looking to move at some point.
To be fair, you may have been attempting to buy in the auction (first 5-10mins depending on volume) which is problematic through an online broker.
Similarly, I doubt even the largest online operators in the country were automatically set up the first day of dealing of what is a small AIM company.
Bottom line is that if you want to trade a small, relatively obscure company on AIM, in the first few minutes of trade then really you're doing yourself a disservice by not having a broker on the end of the phone. Online is cheap for a reason.
Similarly, I doubt even the largest online operators in the country were automatically set up the first day of dealing of what is a small AIM company.
Bottom line is that if you want to trade a small, relatively obscure company on AIM, in the first few minutes of trade then really you're doing yourself a disservice by not having a broker on the end of the phone. Online is cheap for a reason.
Edited by DoubleSix on Wednesday 21st May 13:09
Zoon said:
DoubleSix said:
As aside how are you calculating a 6k loss in this instance?
Probably through the upward movement of the price based on the volume he intended to buy?Well one would need to account for liquidity in a stock like this. And also the fact that nobody traded at 100p as the OP states. First trades went through at 110p and less than a minute later were changing hands at 115p, with a grand total of 35,000 shares being sold at 117p in the 15 or so seconds they could have done so.....
It is extremely unlikely the OP would have got anywhere near his rather favourable scenario.
DoubleSix said:
Zoon said:
DoubleSix said:
As aside how are you calculating a 6k loss in this instance?
Probably through the upward movement of the price based on the volume he intended to buy?Well one would need to account for liquidity in a stock like this. And also the fact that nobody traded at 100p as the OP states. First trades went through at 110p and less than a minute later were changing hands at 115p, with a grand total of 35,000 shares being sold at 117p in the 15 or so seconds they could have done so.....
It is extremely unlikely the OP would have got anywhere near his rather favourable scenario.
I saw the £6k loss claim and thought "chinny reckon". Good rebuttal of it.
So in order to have missed out on £6k then he would have had to buy £100k worth of shares at 110p and sold them at the high of 116p.
Riiiight
blindswelledrat said:
DoubleSix said:
Zoon said:
DoubleSix said:
As aside how are you calculating a 6k loss in this instance?
Probably through the upward movement of the price based on the volume he intended to buy?Well one would need to account for liquidity in a stock like this. And also the fact that nobody traded at 100p as the OP states. First trades went through at 110p and less than a minute later were changing hands at 115p, with a grand total of 35,000 shares being sold at 117p in the 15 or so seconds they could have done so.....
It is extremely unlikely the OP would have got anywhere near his rather favourable scenario.
I saw the £6k loss claim and thought "chinny reckon". Good rebuttal of it.
So in order to have missed out on £6k then he would have had to buy £100k worth of shares at 110p and sold them at the high of 116p.
Riiiight
blindswelledrat said:
Shaoxter said:
Also a non-gain (paper) =/= loss
I recognise one or two words in that sentence but when arranged in that order, interspersed with various symbols it's pretty nonsensical I'm afraid.
Also it's not real money either, just coulda woulda shoulda done this or that.
SlackBladder said:
Opened at £1 then hit 117 within 15mins. Do the math 
as an insight I just bought what was a subsidiary company from Flowtech so I was well aware of the potential!
Seriously. as an insight I just bought what was a subsidiary company from Flowtech so I was well aware of the potential!Take this a learning exercise from people who do this for a living. 100p was the institutional fund raising price, dealing commenced at 110p.
The price very briefly spiked to 117p, your chances of executing at that price were incredibly slim - with a 100,000 shares, you can change that to zero chance!
Being aware of potential is one thing. Understanding the marketplace to capitalise on that is quite another.
Edited by DoubleSix on Wednesday 21st May 18:25
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