Direct Broking Stuff Ups

[Baa_Baa]

It is an online system and action should be immediate without any manual input required.

Unfortunately it’s not though, just like ASB, it is an online order placement system, not much different from a fax or phone except brokerage is less, but the trades are all placed manually on-market. You are not transacting on market or with the market maker. Still, 10-15 minutes is ridiculous and unacceptable. Bobby’s problems would be largely solved by shifting to ASB Securities, albeit still just a order placement online, at least he could put a trigger on ASX trades!

[RTM]

I needed to get a form signed and some shares bought on the unlisted exchange today.
They actioned that really quickly and efficiently. I was pleasantly surprised by the speed of their response.
Credit where credit is due.

[BobbyMorocco]

Its hard to say, depending on how busy things are, but I personally don't think 10-15 minutes would be too unreasonable.
It doesn't seem fair to me for you to blame them for being 10% down. If you didn't want them you should have sold immediately and taken the hit. Any loss greater than that is the result of your decision to hold.

Hey peat of course I realise that once the transaction had gone through it then became my responsibility to decide what to do from that moment on. In that moment I decided to hold and I accept the consequences from that decision. It should be noted though that the stock was down 10% only minutes after my order was filled, so it's highly unlikely I would have been able to avoid any damage on this one. As I said it was volatile and when I saw the wave of sellers flood the market I tried to act as quickly as possible to get out of the way but DB wasn't up to speed on this one and I got smashed! Is it not reasonable for me to be feeling slightly aggrieved over the fact that I've taken the hit for something that could have been avoided if DB had acted a little more quickly?

The issue I have is with the time it took for them to act on my instructions. This is why I asked the question on here to see what other people deemed to be reasonable because I thought that it was possibly my expectations that needed adjusting. My expectations are such that I believe they took too long to act on my instructions. Sometimes they act within a minute and I deem that to be reasonable and other times they take 5-15 minutes and I deem that to be unreasonable. I see that there is a range of opinions on this but as silverblizzard mentioned when prices move so quickly the difference between them acting in a couple of minutes and them acting in 5+ minutes can be huge!

Perhaps I just have to consider myself a little unlucky that things didn't happen quickly enough this time around.

I'm guessing from people's comments that ASB Securities is thought to be faster?

[BobbyMorocco]

Also in today's trading I managed to pick up one share worth 5c when I put in an order close to the closing auction. Always good to find a Contract Note stating that you've just paid $29 in brokerage for one share worth 5c. That's only 580x more than what the shareholding is worth. Seems reasonable to me.

I'm guessing that was the doing of some bot that decided it was a good day to mess with me?

[NZSilver]

Is there a cheaper broker than directbroking, gets high if over 15k transaction

[peat]

I needed to get a form signed and some shares bought on the unlisted exchange today.
They actioned that really quickly and efficiently. I was pleasantly surprised by the speed of their response.
Credit where credit is due.

PAZ ?
...flavour of the month.

[bottomfeeder]

Also in today's trading I managed to pick up one share worth 5c when I put in an order close to the closing auction. Always good to find a Contract Note stating that you've just paid $29 in brokerage for one share worth 5c. That's only 580x more than what the shareholding is worth. Seems reasonable to me.

I'm guessing that was the doing of some bot that decided it was a good day to mess with me?

I hate that odd lot trading, something needs to be done as a policy by the exchanges. Odd lot brokerage should be free, until a major part of the order is filled.