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  1. #1

    Default Commsec Conditional Trading

    Anybody had experience with commsec's conditional trading function.

    I just got the feature activated but read that they may charge a fee if you alter and existing conditional order. That's pretty bad if they do.

    You need to move with the market, we're not fortune teller's with crystal balls.

  2. #2

    Default Re: Commsec Conditional Trading

    Quote Originally Posted by Nero64 View Post
    Anybody had experience with commsec's conditional trading function.

    I just got the feature activated but read that they may charge a fee if you alter and existing conditional order. That's pretty bad if they do.

    You need to move with the market, we're not fortune teller's with crystal balls.
    hi nero64
    from my understanding there are two fee structures to choose from
    one is an upfront fee which is cheaper or the on execution fee which is a bit more but is only paid if the order is executed.
    am not sure about charges for altering orders may apply to upfront fee structure as each time you alter the order may incur a new charge . a call to their desk will answer your queries.

    or try to find all of their terms and conditions

    the terms and conditions states that they do reserve the right to charge a fee for a cancellation or variation but how strict they apply this i am not sure

    Gary
    Last edited by jackson8; 10th-April-2009 at 12:27 AM.

  3. #3

    Join Date
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    Default Re: Commsec Conditional Trading

    G'Day,

    I assume a conditional order is an order which gets triggered when the stock hits a predetermined price(i.e when the stock hits target profit level), if you have decided on the price why don't you just put in a sell order at that price in the normal fashion.

  4. #4

    Default Re: Commsec Conditional Trading

    Quote Originally Posted by cutz View Post
    G'Day,

    I assume a conditional order is an order which gets triggered when the stock hits a predetermined price(i.e when the stock hits target profit level), if you have decided on the price why don't you just put in a sell order at that price in the normal fashion.
    hi cutz
    as an example in the event of selling a naked call you could place a conditional order to buy the underlying if your sold strike is threatened
    handy if you cant be around all the time to watch the market

    the four triggers with commsec are

    falling sell (normal stop loss)

    rising buy (as mentioned above)

    falling buy (as you said just a normal order)

    rising sell (again just a normal order)

    or as the their web site puts it
    Note: Conditional trading tools use the following terminology:

    Stop Loss > Falling Sell
    Resistance Sell > Rising Sell
    Supporting Buy > Falling Buy
    Buy Gain > Rising Buy
    Last edited by jackson8; 10th-April-2009 at 12:49 AM.

  5. #5

    Default Re: Commsec Conditional Trading

    $15 per conditional order is a bit rich imo
    + $20 e/w for brokerage

    Turns out to be a very expensive trade

    Brad

  6. #6
    The Contrarian Averager So_Cynical's Avatar
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    Default Re: Commsec Conditional Trading

    Quote Originally Posted by beamstas View Post
    $15 per conditional order is a bit rich imo
    + $20 e/w for brokerage

    Turns out to be a very expensive trade

    Brad
    Cheap compared to Westpac

    ------------------------------

    While on the subject of comsec conditional orders....can i have a
    stop loss order and a conventional sell order in at the same time?

    Like XYZ opens at 1.50 and i have a conventional sell at 1.75 and
    a stop loss at 1.25
    Statistics: 139 Closed Trades since July 07, Winning Trades: 114, Losing Trades: 25, Expectancy/$1 Risked: $0.65

  7. #7

    Default Re: Commsec Conditional Trading

    Quote Originally Posted by So_Cynical View Post
    Cheap compared to Westpac

    ------------------------------

    While on the subject of comsec conditional orders....can i have a
    stop loss order and a conventional sell order in at the same time?

    Like XYZ opens at 1.50 and i have a conventional sell at 1.75 and
    a stop loss at 1.25
    as far as i can tell you cannot have both placed
    if a conventional sell order is placed then if you try to place a stop loss order it comes up as insuficient shares available so i presume that if you were to have two orders placed puts you at risk of having both triggered within the order time frame.
    so if one was triggered then the second would act as a short sell on the sp

    they would have to instigate a cancellation of one order if the other goes thru first which cannot be done .

  8. #8

    Default Re: Commsec Conditional Trading

    While on the subject of comsec conditional orders....can i have a
    stop loss order and a conventional sell order in at the same time?

    Like XYZ opens at 1.50 and i have a conventional sell at 1.75 and
    a stop loss at 1.25
    Yeah I don't think this is possible. The normal trading platform just doesn't allow it. You also cannot place a normal order then attach a conditional order to it. The conditional order must be placed up front.

    Yesterday 1-2 mins before the open I put a limit sell order in at break even inc brokerage, thinking that it would be like a CFD stop loss and only be hit on a pullback. I rang up the Commsec helpdesk and I came away with that impression. Anyway the market opened higher and it triggered straight away on open. I made a 4% proft but I was hopeing to keep the position open in case it went higher, and it did by another 2%.

    Then I got the conditional trading activated. Seems a bit archaic for today's markets which require flexibility and quick decision making; You have to first specify a trigger and then the limit which is the actual price you want to get out. The order won't be filled unless the trigger is hit first.

    I like Commsec but the only way I can see me getting out at a decent price is on market and even this is not guaranteed.

    If they had some sort of IF Done/OCO ordering system and you could change it as many times you want I would definitely pay the extra price.

  9. #9

    Default Re: Commsec Conditional Trading

    Quote Originally Posted by So_Cynical View Post
    Cheap compared to Westpac

    ------
    just to add to that

    commsec standard up front or on exucution conditional order fee will give you coverage of up to a trade value of $40000 after that a % basis kicks in

    may be worth taking this into account when looking for similiar comparisons with other brokers

  10. #10

    Default Re: Commsec Conditional Trading

    It is possible to have both a falling sell and a sell order in at the same time with comsec.

    To do this set the conditional order first and then once this is complete place your sell order at your price.

    This works because your falling sell is not triggered/placed until the trigger price is set so in effect you have not placed the order in the market.

    If your trigger price is activated and the sell completed your normal sell will be cancelled and this is stated when placing your sell order.

    Arms

  11. #11

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    Default Re: Commsec Conditional Trading

    Also, to answer the original question - I have amended falling sell conditional orders several times without any charge. I always choose the more expensive option that is only paid upon execution and amend my trigger price upwards in line with increases in share price - to the best of my knowledge I haven't been charged for any amendments.

  12. #12

    Default Re: Commsec Conditional Trading

    So If I want say a 7% trailing stop-loss with commsec how do I do this? Set the trigger at 6% and hope my trade goes thru by 7%?

    Then I need to adjust my order up each day we close at a higher high?

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