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Most liked posts in thread: Commsec and ASX EOD trading questions

  1. Roller_1

    Roller_1

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    Hi JJZ

    1.
    I use IB not commsec, but using a buy limit order like you said above the previous close will allow you to get filled in the opening auction, where a MKT order will only get filled once price has traded. So a LMT order will probably be better if you are after a fill on the open. I use 10% to ensure i get filled and IB doesn't have any issues, that is for a sell though i use it for.

    2.
    It sounds strange that you can't place a stop in the market before you take the trade. If you want to trade EOD and you have to be available during market hours that sounds a bit counter intuitive. If commsec can't provide the facility you might need to change brokers? Plus Commsec comms will drag on your account if you are trading a fair bit ( I believe they are fairly high).
     
  2. Gringotts Bank

    Gringotts Bank

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    CMC has what you need.

    Be careful of placing your order to trigger at next open if trading anything outside the top 20ASX. Bots will see your order and make you pay through the neck by manipulating the auction.
     
  3. Roller_1

    Roller_1

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    I am not sure how JJZ is trading but even for short term EOD trader 3-5 days is this really an issue or just over complicating something that isn't that complicated - buying on the open? The old saying "don't be a dick for a tick". I could understand for a day trader maybe
     
  4. Gringotts Bank

    Gringotts Bank

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    Not that important if he is discretionary. Not important at all if he is a longer term holder.

    But if you add just a single tick to a short term system backtest, you'll see that it can turn something profitable into something unprofitable. To say nothing of multiple ticks 'stolen' in an auction. So it does matter for most people.
     
  5. Roller_1

    Roller_1

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    That's why you don't want a system with a expectancy % per trade that is too low hey, probably goes for discretionary and mechanical systems