Re: UKNM: share trading sites

[Dan Calladine]

Silas,

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You can do this - I know lots of people who do.


When you sell shares through a broker you sell them to a middleman, a Market

Maker, who then sells them on to someone else.


The financial website ADVFN.com has a section where you can see the market

makers' order books.  It shows that, for example, if the price of a share

falls to �6.20, someone wants to buy 1000 shares, and someone else wants to

sell 5000 shares.  This order book shows the amount people are willing to

buy or sell if certain price levels are hit.


Many share traders phone their buy and sell orders through to their brokers

at the start of the day, so that they do not have to watch the prices

themselves.  If the prices hit certain levels these orders go through, it

they don't they don't.


In answer to rouge's original question most of the established stockbrokers,

like Killik and Co, offer this service to clients, but banks and new players

don't.  As for online dealing houses - I don't know.  Try looking at the

site for DLJDirect, Schwab etc, and see what they say.  Or post an email to

a financial bulletin board like ADVFN or The Motley Fool (fool.co.uk)


Sell, sell...


Dan


> Date: Wed, 20 Sep 2000 22:07:01 +0100

>

From: "Silas Denyer" <silas [dot] denyerturns [dot] net>

> Subject: Re: UKNM: share trading sites

>

> 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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