Online broker - Auto Stop Loss - Aussie Stock Forums

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  1. #1

    Default Online broker - Auto Stop Loss

    I use a conditonal stop loss (westpac) to manage risk. However, it doesn't chase a exit if the price drops through the stop.

    Does others like comsec provide this functionality?


  2. #2

    Default Re: Online broker - Auto Stop Loss

    No, after the trigger price , Commsec enters the stop loss price as a sell, if it is too high then your sell order just sits there above the action
    Pollution is the real threat, Co2 is just a convenient distraction

  3. #3

    Default Re: Online broker - Auto Stop Loss

    There's a broker called Datatech Financial Services, trading as DFS Equities, which offers a service to overcome this problem.

    To use DFS you just trade with Etrade in the normal manner. You have full access to Etrade and can place orders with them directly and pay the relevant brokerage etc.

    But you can also place stop loss, start gain or broker assisted orders with DFS. This is done on an electronic form once you log in to their site. When your order is triggered, the computers at DFS alert a real human broker who then executes the order on your Etrade account. You can instruct DFS how you would like them to handle your trades, for example sell immediately at any price, wait until near the market close, wait to see if it bounces etc. You can also just do a straight buy/sell with them where you might want to instruct the broker to, for example, wait until 30 minutes after the open and buy only if the price has moved up etc. Whatever you want really.

    I haven't traded with them for a few months (been concentrating on forex) but it was $60.50 per trade executed last time I used them. You only pay if the trade is actually executed so you can issue as many orders as you like without paying too much. You pay normal Etrade brokerage for trades executed directly with Etrade.

    They will also sort out any problems with your Etrade account etc for you. Just one call to speak to a real person and they fix any hassles. Only real downside I can see is that being a human broker doing the actual trades, they probably wouldn't be able to keep up in an outright crash. But then your orders quite likely wouldn't get filled with automated systems anyway if it gaps down.

    Cheaper than a traditional full service broker but more expensive than fully online. But of course if you do most of your trades direct with Etrade then it shouldn't really cost much more to use DFS as well. They also provide advice on investments though I've never used that service apart from some "how to" enquiries so don't know how useful their advice would be.


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