daytrades march 1 afternoon, page-95

I was out for a lot of the day helping a family member needing Xrays and medical attention so missed the lockout lol.

Anyway I will share another sob story with you. On Monday I put a buy order in for EGO. I watched my order move up the queue and right at the moment my order was what I thought filled the ASX system crashed. Just in case it had not been executed I put in a cancel as given the ASX crash I though who knows what sentiment will be like when the system is back up.

I then got on the phone to my online broker to establish whether my buy had been executed before the ASX crash. They checked and came back and advised me that my transaction had not gone through. I then said are you absolutely certain and if that is the case can they tell me if my cancel order had been acted on. They said they would phone me back later as they would do some checking. True to their word about a couple of hours later I was called back and the broker confirmed that the buy had not gone through and that my cancel order was executed. I was happy with that and got on with my day.

On Monday evening I was doing some research for next days trading and in the process checked my on-line account. Shock horror my portfolio showed I was the owner of a holding in EGO shares. I checked the detail of the transaction and it clearly showed the time and date they were bought contrary to the advice to me that the buy had not gone through and secondly that my cancel had been executed.

I thought what do I do. Too late in the day to contact the broker.I mused if I am lumbered with the stock I will check the price on open and if viable I will unload it. I also decided I would phone early in the morning to find out why I had been misinformed. On Tuesday morning while on the phone to my broker who put me on hold to check the situation I went into the Iress system and noted that the SP was significantly higher than my buy price so I thought that once the broker came back and confirmed the stock had been bought I would sell it for a very nice profit on the open. The broker came back and said the stock had definitely been bought and could not explain why I had received the advice that I did the previous day. Anyway it was important for me to get my sell order in to take advantage of the high opening price.

I went into my trading account to check the number of shares I held and guess what?? The shares were no longer there. I checked the detail of the transactions and it showed that the shares had been bought on Monday but following that, somehow, the transaction was cancelled. This prevented me from placing a sell order on the open because the stock didnt show up in my holdings whereas it had been there the previous night. Anyway a bit of panic set in as the market had opened and the stock had opened strongly but was beginning to lose steam. I thought, what are these people doing to me? It looks like they actually have cancelled my buy and I dont hold the stock.

Anyway, as long as my original transaction was cancelled as it now appeared to be I was happy even though had that not been the case I could have made a big profit selling on the open. So you probably all think oh well bit of bad luck but at least my original intentions were finally carried out. Sorry but the story goes on.

In the meantime the broker comes back on the phone and guess what?? said the EGO shares were definitly bought and the buy stands. I could feel heart palpitations coming on at this stage because by this time with one eye on my Iress screen I could see that the wheels were falling off EGO and a sell at that point would mean a loss. I began to stammer back at the broker how can that be. You have removed the stock from my portfolio and I couldnt sell it when I could make money. Response-you cant sell it online because it doesnt appear in your portfolio and we dont know why it doesnt but we can do a sell from our end if you want. I respond but but I will lose a fistful of dollars for no fault of my own and for receiving a lot of wrong advice. Response- wait and I will see what we can do for you. In the meantime the stock price dropped further lol(cry).

Broker comes back and magnamously tells me that they will do me the FAVOUR of selling the stock immediately(at a big loss to me)and they wont charge me brokerage(brokerage lol. A drop in the ocean compared to the loss). I certainly was not happy with that but EGO was still going south so I said not happy Jan but sell the stock before the loss gets bigger then I want to talk to someone about compensation for this. Broker keys a transaction in and says the stock sold at market and I will check if anything can be done. Broker comes back and says a senior person would phone me back afternoon to discuss what can be done. Guess what? No-one called back.

So Wednesday I will be back on the phone and find out what they intend. Should the response be that I have to wear it in spite of the circumstances and in spite of the fact that I have print-outs that confirm their mistakes what do others suggest I should do? Thank you.