Moving up, page-11

Hi, there are many type of orders that systems can accept. An iceberg only shows limited size and hides the balance. An example can be when entering an order (I doubt Commsec allows): Sell 1mln shares @ 0.21, show only 100k shares - so never show more than 100k of my order to market at any time.

With both ASX & Chi-x you can also place orders in the 'mids. That means you can place an order that doesn't show on screen at the mid price between the spread. An example would be the stock is bid 0.20 and offered 0.205. I can place an order to sell at 0.2025 - and it only gets done if someone places a bid in the mids at same price. With a better trading system you can see if it is Chi-x or ASX trading there and can place orders in either, whichever you feel gives a better chance of getting done.

It is far more complicated than most understand, but if only dealing small amounts it doesn't make a lot of difference to most.

I hope that helps.


Another way to trade is vwap - where the order is traded over the day or a set period to match the average price (based on volume). Or can place a percentage of volume order. So, buy 1mln shares today upto to 21c with a maximum participation rate of 20% of the volume. That type of order will not all be in the screen as it has to be worked by an algo