Re: UKNM: share trading sites

[Silas Denyer]

Hi "rouge"


I think that the problem here is that the sort of service you describe has,

as far as I'm aware, been illegal for some time, in the wake of the 1989(?)

stockmarket crash.


The problem is that having the "buy low" option tends to go hand-in-hand

with the "sell falling" option, i.e. hold my portfolio until the price dips

below a certain level, and then sell automatically. This was the cause of

the 1989 debacle: computers all around London were all programmed with "sell

falling" levels. As the whole market went down (due to other factors), the

computers one by one kicked in to sell, thus pushing the market down, thus

triggering further "sell falling" acts, etc.


The general feeling after �billions were wiped off the market was that

automatic dealing was a thoroughly bas idea and, as far as I know, was

outlawed forthwith.


Hope this helps


Silas


----- Original Message -----

From: <

aajgraytalk21 [dot] com

>

To: <

uk-netmarketingchinwag [dot] com

>

Sent: 18 September 2000 11:59

Subject: UKNM: share trading sites



> Hoping this question is not misplaced.  I recently signed up to

> www.sharepeople.com primarily because of the attractive intro interest

rate

> they were offering on funds held in their trading accounts.

>

> When I went to place my first trade, I realised that there are only two

buy

> options available: the first allowed shares to be purchased at 'best rate'

> i.e. the current ask price when the trade is placed.  The second allowed

me

> to set a price 'fill or kill' i.e. if there were no sellers at the price I

> set, the buy order is cancelled.

>

> Problem with both of these options is that I can't set a price below the

> current ask with the expectation that the market will track down towards

my

> price.  'Fill or kill' will cancel the order and I effectively need to

stay

> online and re-enter the order as the market tracks down.

>

> The upshot is that sharepeople.com does not actually support what the

> sharemarket is all about: buyers and sellers meeting at mutually

acceptable

> prices.

>

> Does anyone know of a UK/ US market share-trading site that will accept a

> buy price at below the ask and hold the order (for 7 days perhaps) until a

> trade takes place (or I cancel the order)?

>

> Cheers,

>

> rouge trader



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