Stop/Loss On-line Broker

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charter1

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Post Number: 8
Registered: 09-2002

Rating: N/A
Votes: 0


Wednesday, October 02, 2002 - 12:15 pm:

Hi there
My Investment group is looking for an alternative on-line broker, specifically, one which allows Stop/Loss (low) figures to be entered, as well as Exit (high) Sell price. The only ones I have heard of are DataTech/ETrade combination and AOT.

Can anyone give info about these and provide details of any others which may be available and their costs?

Thank you.

seahound

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Post Number: 1
Registered: 12-2002

Rating: N/A
Votes: 0


Saturday, December 28, 2002 - 07:13 pm:

Charter 1,
I am not sure who you use at the moment, but www. aotonline.com.au are well worth reviewing. They accept stop-losses. You can review their site by accessing the site, clicking 'private clients' tab and then clicking 'view demo'. It is a great trading screen and set of facilities run by Iress which I understand most Australian brokers use.

I have been using them each day while paper trading since October this year. I intend to go live with them in Feb 03. Has any Incrediblecharts user had experience with them that they could share?

snifter

Member

Post Number: 100
Registered: 11-2002

Rating: N/A
Votes: 0


Tuesday, December 31, 2002 - 10:02 am:

Give CMC a call on 1300303888.
Not only do they allow you to set online stop loss orders, they allow you to trade the ASX 200 stocks and 600 US stocks long or short, on 10% deposit (Australian market) or 5% deposit (US market), and they don't charge brokerage.

Snifter

investinit

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Post Number: 1
Registered: 08-2003

Rating: N/A
Votes: 0


Wednesday, August 13, 2003 - 10:43 pm:

Can anyone give an update on this topic.

I've only started trading in the last few months. Currently using NAB Online only because I was a NAB customer and it is easy to use an existing bank account as a funding account (especially when the funds are line-of-credit). I took our a NAB margin loan pre-paid interest before 30 June as it suited by tax situation. NAB's good points also include ability to leave an order open until filled or cancelled. Bad points include no online view of margin account position (you'd think they were on different planets as the communication between the bank, online trading & margin lending is pretty poor).

Have signed up with ETrade due to a deal they were offering this week and the impending introduction of on-line stop losses. Etrade's links to margin lenders (ANZ & BT) appear good as you can see you position online and some of the other features seem okay, but you can't leave an order open overnight with either margin lender. Don't know if this is just for margin lending or for any trades & don't now how good the new stop losses will be until they're introduced either.

AOT seems to have reasonable features but I note that the % stop losses Colin Twiggs recommends are not available.

So who's best? What are the pro's & con's?

Any informed comments appreciated.

Investinit

mosaic1996

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Post Number: 139
Registered: 01-2003

Rating: N/A
Votes: 0


Thursday, August 14, 2003 - 07:53 am:

Hi Invest,

I use ETRADE (POWER). You can place a good-till-cancelled order with ETRADE (these have a life of 2 or 3 weeks before they are cancelled). I don't have a margin lending account but I would be really surprised if you can't leave an order open overnight. This would be a hugh negative point, and there should not be any insurmountable technical hurdles. I would ask ETRADE again - sometimes people don't understand the question!

I believe that AOL already has stop loss orders.

Cheers,
Mosaic

investinit

Member

Post Number: 3
Registered: 08-2003

Rating: N/A
Votes: 0


Friday, August 15, 2003 - 12:10 am:

Thanks Mosaic,

It's probably the margin lenders who have the restriction, not Etrade. I need to check further.

Investinit

ballyi

Member

Post Number: 2
Registered: 12-2002

Rating: N/A
Votes: 0


Monday, August 18, 2003 - 07:56 pm:

Hi all

I am also looking for a new online broker that has stop loss facilities; I currently use National bank and CMC.

I have found CUBE FINANCIAL GROUP who offer the following conditional orders
· Off market target buy and sell orders
· Conditional orders triggered on volume, buy and sell
· Conditional orders using stop losses, trailing stops and volume triggered trailing stops
· Straddle orders

Their website is http://cubefinancial.com.au/

Their brokerage rate is $45.45 + GST per trade, any trade over $30,000.00 brokerage is 0.30%.
They trade through E-trade and hold your conditional orders on their trading platform/ database until your criteria are met then the trade is entered into seats.
I would like to hear from any one who uses this group or has any comments on their system.

investinit

Member

Post Number: 5
Registered: 08-2003

Rating: N/A
Votes: 0


Wednesday, August 20, 2003 - 12:02 am:

ballyi,

Cube Financial have a real slick web site but don't give away any specific details. I assume you contacted them for their rates etc.

A quick web search for the company didn't find much other than their own media releases & web sites. One of their media releases says they licenced their conditional trading system to E-trade. They were a NZ based furniture company in 2001 (Damba Holdings or Damba Furniture) but have since bought and amalgamated a financial adviser Accountable Financial Services and MetaShare (who sold share trading software apparently based on Metastock for $ 12,000) to become Cube Financial. They promote their share trading package as the most advanced in the world, or words to that effect. It all sounds good but are they reliable? Anyone know?

mosaic1996

Member

Post Number: 151
Registered: 01-2003

Rating: N/A
Votes: 0


Wednesday, August 20, 2003 - 08:45 am:

ETRADE have stated that they plan to implement STOP/LOSS functionality soon. That was a few months ago. They were having problems with slowness of straight through order processing which may have delayed the stop/loss implementation. Sounds like it will be the same functionality as CUBE?

Cheers,
Mosaic

squiresk

Member

Post Number: 28
Registered: 03-2003

Rating: N/A
Votes: 0


Sunday, August 31, 2003 - 04:00 pm:

As far as I can see, Aotonline are the only brokers that offer a stop loss facility.

Can this be?

For such an important feature, why is it such a rarity.

For those with Aotonline, Is the $33 brokerage normal, or do you have to subscribe to their data services?

Thanks to all above for their links/advice, Kai

alsoran

Member

Post Number: 70
Registered: 02-2003

Rating:
Votes: 3


Sunday, August 31, 2003 - 10:10 pm:

mosaic: ETRADE have stated that they plan to implement STOP/LOSS functionality soon. That was a few months ago.

Alsoran:

I'll see your few months and raise you two years. They always have an excuse, but never the will to fix it.

squiresk: As far as I can see, Aotonline are the only brokers that offer a stop loss facility.
...
For such an important feature, why is it such a rarity.

Alsoran: Chalk and cheese!
Although both provide a badged webIRESS product, in my experience E*trade's system implementation, infrastructure and commitment to development are third-rate. AOT got it right, and keep it so.

Perhaps the ONLY advantage E*trade has over AOT is you can haggle E*Trade to less than a flat $20 a trade -- not a bad rate for a dynamic, streaming platform like webIress -- but for $13 more, AOT offer a stop order system, brokerage per contract note (see below) and have a better team supporting you.

Gee whiz... it's a tough decision.

cheers,
A.

· AOT charges brokerage in a different way to most brokers – how does this work?
source: www.aotonline.com.au/faq.asp?view=Brokerage+%26+Fees&submit=submit#q177
...
"Our brokerage rates differ from most brokers in that we charge a flat fee of $33* incl GST for every buy or sell contract note issued**. Most brokers charge a flat rate for each order placed or a percentage of traded value.
AOT's methodology has the benefit of allowing clients to spread purchases and sales and have them combined onto one contract note**. Active traders save a significant amount of brokerage as result of this methodology.
For a full description of AOT's fees and expenses please click here: http://www.aotonline.com.au/priv_fees.asp
*per $1m or part thereof.
** a contract note is issued for either a buy or a sell transaction, and may contain multiple transactions at up to 6 different price levels. A further 6 transactions are then combined on to a second contract note and so on."
...

wadda

Member

Post Number: 107
Registered: 10-2002

Rating:
Votes: 1


Sunday, August 31, 2003 - 10:28 pm:

Just about to switch to AOTOnline as I've recently been stung with a few stocks going straight through my planned Stop Loss in my absence.

AOT fee structure is explained in their website and is proportional to usage. Here's an extract:

Software & Data Fees

The Software and Data fee comprises two parts:

1. Software Fee - Fixed at $38.50 incl GST

2. Data Fee - This is an ASX Royalty charged by the ASX for viewing Live Price Data. The fee is charged at the rate of 2.53 cents incl GST per minute during hours 9:30am to 5:00pm weekdays. This fee is capped at $38.50 per month for live ASX prices, or $49.50 to view both live ASX and Options market prices.

No software or data fees are payable if a client elects not to log on to the Integral software during a calendar month.

To reward customer loyalty, AOT Online also provides certain fee concessions:

- No software fee is charged if 8 or more contract notes are generated for the month.

- No software or data fee is charged if 16 or more contract notes generated for the month.

In other words $33 brokerage per trade plus the above. Of course if you read it closely, you won't be charged for data fee outside the above hours or the software fee if eight or more trades in a calender month.

Anyway, in light that I can't see too many better options (perhaps CFDs) I'm going to give them a go.

Regards,

wadda

'This above all to thine own self be true'
Hamlet, Act II, Scene III

wadda

Member

Post Number: 108
Registered: 10-2002

Rating: N/A
Votes: 0


Sunday, August 31, 2003 - 10:30 pm:

Alsoran pressed his buzzer just before me!!!

Cheers,

wadda

'This above all to thine own self be true'
Hamlet, Act II, Scene III

hazluk

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