I believe that the whole system in share trading and particularly as it relates to Lynas needs to be the subject of a royal commission. I have sent the following letter to the attorney general, my local member and the Prime Ministers office.
"THE STOCK MARKET IS CORRUPTED. THERE NEEDS TO BE A ROYAL COMMISSION TO CHECK IT OUT.
From my observations and from the opinions of others I see that the present system of share trading is unfair to the average investor. The ASX rules and the operation rules set down for the average trader allows manipulation which in turn bleeds the funds deposited as investments in shares which most superannuation funds use to provide retirement income.
Eg: If I wish to make an investment my minimum order is for the value of $500. Yet there are brokers trading by buying as little as 1 share at a time.
This type of trading is used to manipulate a share price up or down. These same brokers lend on a margin basis for their clients to leverage their investments. In allowing these margin loans they usually require a “stop loss” sell order or a margin call level where they can sell a clients shares if they fall in value past a certain point.
It is obvious that share prices are manipulated down by operators that know where the stop loss selling will trigger. When this occurs it causes a further wave of selling that has the share price fall further again. At a certain point these operators start a buying run and encourage those that have sold at the bottom to buy back in at higher price. In the process they have skimmed off a profit margin themselves plus two brokerage charges.
The ASX profits from turnover and the increased turnover that follows skims off the investment funds. This trading is carried out by the leeches within the financial world who offer nothing to productivity within the community.
I attach a print out for one period of trading in Lynas shares as an example of the trading that is happening there. Lynas is a share that has been and still is, the subject of much manipulation. The share has been consistently subjected to heavy short selling and a degraded share price. While there are other factors that have led to a decline in the value of LYC shares it is a fact that it is those factors which are consistently used by the manipulators. My personal losses now are in the vicinity of $200,000 and the irony of this loss is the fact that I have paid capital gains tax of over $100,000 on other shares sold to make the investment in Lynas.
I see widespread abuse of this type of trading in many stocks. I believe that if this is allowed to continue it will eventually lead to the collapse of capitalism as it should work in a fair society.
I ask that this matter be investigated in detail.
Yours very sincerely,"
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Last
$6.86 |
Change
0.060(0.88%) |
Mkt cap ! $6.384B |
Open | High | Low | Value | Volume |
$6.85 | $6.89 | $6.82 | $2.804M | 408.9K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
24 | 3653 | $6.86 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$6.87 | 11490 | 45 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
17 | 5401 | 6.870 |
33 | 16880 | 6.860 |
16 | 19942 | 6.850 |
20 | 26389 | 6.840 |
13 | 37071 | 6.830 |
Price($) | Vol. | No. |
---|---|---|
6.880 | 13979 | 35 |
6.890 | 60842 | 23 |
6.900 | 105838 | 30 |
6.910 | 11478 | 12 |
6.920 | 9966 | 8 |
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