WebIRESS Platform

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smallfry

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Post Number: 1
Registered: 06-2006

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Tuesday, June 13, 2006 - 01:57 pm:

I currently trade through comsec as a result of being an AOT client when commsec bought them out. The trading platform is WebIRESS, which is also used by a number of other brokers. I've often been a bit suss re their contingent orders facility. Every now and then something would happen which wasn't quite what I intended. I always blamed myself for this, assuming I had simply placed the order wrongly. UNTIL TODAY!

My position: I have a stoploss order on DEG - ie to sell DEG at less than or equal to 14c.
DEG is currently 14c and has been for an hour and six trades.
There are bids to cover my sell order at 14c.
The contingent order is still listed - showing it will trigger at 14c - but it hasn't triggered.

I called commsec and asked what was going on. At first they tried to tell me that my contingent order would only trigger at less than 14c. This is not true - a contingent order can only be placed for "less than or equal to" a particular price. When I pointed this out the commsec guy acknowledged that the software wasn't working properly, and said that this sort of thing happens occaisionaly!

In other words you can't trust your stoplosses to automatically trigger with WebIRESS.

Has anyone else had a similar experience with WebIRESS? Are there any other online platforms with similar features to WebIRESS that are more reliable?

This worries me greatly,

SmallFry.