Placing a trade question

[thirstcrusher]

Hi all,
Still learning the ropes but i placed an order for $1000 worth of shares on Wed around 3.45pm and had it to expire for that day at a price a bit lower than what the current bid was. The trade did not go through and glad it didn't as i changed my mind and wanted to invest a lot more than $1000. The next day i seen that my order was executed and was crossed trade. So now if i want to buy more shares that means i will be out another $20 for the trade (through commsec). Am i missing something here? I mean i had it at the price i wanted to buy the shares for only good for the day? Did commsec neglect my instructions or am i missing something?

 

[burglar]

... am i missing something?

Crossed trade means that the seller was a client of commsec.
The broker is not your friend!


As you found out, same day expiry has its risks.
They are all yours and all avoidable.
You should allow more time for a trade.
Watch it closely.
The instant you feel uncomfortable, cancel the order.

If you want end of same day expiry, cancel it yourself, same day (but don't forget).

 

[burglar]

... Did commsec neglect my instructions ...

You may know that the trading day begins with an auction named "the pre-open".
The trading day ends with an auction so similar, it is also named "the pre-open"!

You can add orders or amend or cancel orders during this quarter of an hour.
If commsec found a seller during this time, they did not neglect your instruction.


You can learn the nuances of the pre-open and use them to your advantage.
Or you can avoid the risk (and learning time).

Up to you!

 

[thirstcrusher]

Crossed trade means that the seller was a client of commsec.
The broker is not your friend!


As you found out, same day expiry has its risks.
They are all yours and all avoidable.
You should allow more time for a trade.
Watch it closely.
The instant you feel uncomfortable, cancel the order.

If you want end of same day expiry, cancel it yourself, same day (but don't forget).

The thing i didn't check was the "good for day" check box when i placed the trade i thought it wasn't necessary as i had the expiry set for the same day. But funny thing is i ordered the shares at around 3:50pm but on the confirmation it says 3:59pm. Oh well no use crying about it. I just hope the shares dont take off and i didn't invest more..and if your curious i purchased MML which looks the goods..my opinion of course. Thanks for the information though Burglar

 

[burglar]

... i had the expiry set for the same day. ...

A seriously easy way to get caught with a partial fill.

commsec gets a brokerage, you get a handful of shares!
commsec +$19.95 vs thirstcrusher -$19.95