Jump to content

Noob questions


Recommended Posts

Guest money

For a share trading account:

What happens if I bid higher than the asking price - eg I accidentally put in an extra zero?

I ticked the validate bid box, which I found in chart settings (it's a global setting, apparently) but I don't think it did anything. What is it supposed to do?

What is the "last traded" plotting option in charts? I would like to see a chart of actual trade price, but according to IG staff that's not what the last traded price is.

If I bid at a price step finer than that specified by the ASX, does IG round my bid off?

Where is the evidence that I actually own the shares I buy?

Will IG send me a yearly statement for tax accounting that I can hand to my accountant to sort out?

Why can't I buy bitcoin without a leveraged account? Can I set one up without actually borrowing any money or incurring fees?

If I buy bitcoin, will IG keep track of the technical details of ownership (those codes, or whatever you receive...)?

Link to comment

RIGHT! Lets get some of these questions answered... Replies indented and in red.

What happens if I bid higher than the asking price - eg I accidentally put in an extra zero?

There is a requirement to pass you the best available price at the time. All that would happen is if your full size wasn't filled in that particular limit price, you would move up to the next price in the trade book and try and fill there. 

I ticked the validate bid box, which I found in chart settings (it's a global setting, apparently) but I don't think it did anything. What is it supposed to do?

Please can you provide a screenshot so I can verify what you are referring to please? 

What is the "last traded" plotting option in charts? I would like to see a chart of actual trade price, but according to IG staff that's not what the last traded price is.

On a share dealing account this should be the last traded. On a CFD or spread account it should be the last bid offer move. If you have a share dealing account you can get the L2 Dealer and look at time and sales, which gives far greater colour to the 'last traded' volumes. 

If I bid at a price step finer than that specified by the ASX, does IG round my bid off?

You should be rejected and asked to bid appropriately. 

Where is the evidence that I actually own the shares I buy?

We will provide you with a deal confirmation and statement. 

Will IG send me a yearly statement for tax accounting that I can hand to my accountant to sort out?

Tax statements are provided. 

Why can't I buy bitcoin without a leveraged account? Can I set one up without actually borrowing any money or incurring fees?

We do not offer 1 for 1 bitcoin purchases. We only offer the leveraged options via a CFD or spread bet (UK only)

If I buy bitcoin, will IG keep track of the technical details of ownership (those codes, or whatever you receive...)?

We do not offer that option. You can only trade on the contractual link in price movement of the asset. You can not withdraw or own bitcoin via our contracts. 

Link to comment
Guest money

Thanks for the detailed response James.

See screenshot attached for validate trade thing.

"On a share dealing account this should be the last traded.

 

What does "last traded" mean?

"If you have a share dealing account you can get the L2 Dealer and look at time and sales, which gives far greater colour to the 'last traded' volumes. 

How do I get one of those?

"You should be rejected and asked to bid appropriately. 

Doesn't happen. The bid is accepted. For example, I have current bids pending at $1.306 and $1.106, but the ASX only allows bids in $0.005 increments for shares valued up to $2.

validate_trade.PNG

Link to comment
Guest money

If there are multiple bids at the same price, how does the ASX decide which to fill first?

I have an Australian share trading account. Can you please run me through the steps to do the equivalent of purchasing AU$5000 worth of bitcoin, and the fees/costs involved?

Link to comment
Quote
1 hour ago, money said:

If there are multiple bids at the same price, how does the ASX decide which to fill first?

I have an Australian share trading account. Can you please run me through the steps to do the equivalent of purchasing AU$5000 worth of bitcoin, and the fees/costs involved?

 

Hi @money

The system for filling orders is First In First Out so the earlier the order is place the earlier it is filled.

 

Bitcoin on IG is traded through a CFD so you are trading a leveraged derivatives product rather than actual bitcoin itself so the price is derived from the underlying market and the costs are the spread, funding and interest associated with CFDs, see more here;

 

https://www.ig.com/au/bitcoin-btc

 

  • Thanks 1
Link to comment
Guest money

Thanks. I'll check out the bitcoin link.

If the ASX closes daily at 4pm, and I re-enter a bid at 5pm for the next day, does it get lodged with the ASX at 5 pm, or when the exchange opens again the next day at 10am?

Link to comment

Hi there, IG will manage the order so it won't ever get placed on the exchange as an individual order. I'm assuming ASX is the same as the other indices IG brokers for so once placed the order will be executed once hit except for when the market is closed (between Friday 10 PM and Sunday 11 PM. UK time), unless you are using the special weekend facility.

Link to comment
Guest money

I am buying individual stocks on the Australian Stock Exchange (ASX) via a share trading account. It's open weekdays 10am to 4pm, Sydney time.

Link to comment

Validate trades before placing: this refers to the trade confirm - "are you sure you want to place this trade" screen which will appear before you place a deal. I.e. you fill in your deal ticket, place the trade, a screen shows your full order and size etc and says 'do you want to confirm'. 

Last traded: when a stock actually changes hands, i.e. a buy and sell go through. 

L2 Dealer: more info here https://www.ig.com/au/l2-trading-platform

'Out of tick' orders: Apologies about this as I need to slightly amend the previous statement. In the US it should reject the bid, however in Europe and other parts of the world it will automatically place the bid as a passive order. Either way there is no risk of you not being aware of the outcome. In regards to the passive bid the market would still need to trade through that price for it to trigger. 

In regards to the last question...

"if the ASX closes daily at 4pm, and I re-enter a bid at 5pm for the next day, does it get lodged with the ASX at 5 pm, or when the exchange opens again the next day at 10am?"

...I will ask @JasmineC to ask our Australian share dealing team during market hours as I am unaware. 

Link to comment
Guest money

The validate trades thing does not work. Note that I place a trade from the trading platform, not from a graph.

Why is the lowest "last traded" value for a day usually lower than the lowest "ask" price? Is the ask price only for unfilled sell orders? I had a chat with an IG staff member about why my bid was not filled one particular day, and he explained that although the lowest last traded price was equal to my bid price, I had to go by the lowest ask price, which was slightly higher.

Link to comment
Guest money

Is there a way for me to have several working orders (bids to buy shares) whose total value is greater than my available funds, on the assumption that not all of them are going to be filled, and they stop getting filled when the funds run out?

Also, is it possible to place a bid that will stay open for more than one day?

Link to comment

Hi @money,  a good way to test what is possible is to trail it on the demo platform to show how both the broker and the platform handle different circumstances and strategies. 

For different types of orders see this link;

https://www.ig.com/uk/ig-academy/orders-execution-and-leverage/how-are-orders-executed

There is an expiry on GTC (I think pandaface said the exchange limited them to 3 months) plus different instruments such as futures have their own expiry dates.

order1.thumb.PNG.dc2e2596163b291e72c19b2c88c4c86e.PNG

 

 

 

 

 

 


 

Link to comment

Unfortunately there is no way to have limit orders working for more than the value of the account balance. This applies to share dealing accounts, and leveraged accounts such as CFD and spread betting which will have margin tied up when setting an order. 

As caseynotes said, if you use the 'GTC' option they will be available for more than one day, but get removed from the exchange based on their own rules. 

 

Link to comment
Guest money

Thanks James. Getting back to the L2 dealer thing, it says to contact you guys about fees for data usage. If I use it to find detailed information on trades on the ASX, will I get charged data fees?

Link to comment

hi @money - you can see the webpage here which talks about fees and our 'derived pricing' option. https://www.ig.com/au/derived-prices

On the ASX 450 shares will be priced on our platforms using live MTF data (ChiX’s data feeds), the remaining 1700 shares will use a 20 minute delayed price from the ASX. As a client, if you try to trade a delayed share you will be presented with an option to get live ASX data for 10 ticks. Clients will also be able to see which markets are delayed by 20-minutes by the purple 20 icons.

Clients who trade DMA (CFD or Share Trading) will still be able to trade DMA using the new data feeds without paying for live prices. If you would like to see live streaming data for all shares then they can pay for live data however you won’t receive rebates.

I have included some screenshots which you may find useful. 

Delayed pricing 20 minute visual

1668195563_IGcommunitydelayeddata-derivedpricing.png.018fb360bacc86df62494fae5df0464a.png

Delayed pricing '10 ticks' chart

1030849688_IGcommunitydelayeddata-derivedpricing10tickchart.png.b31c6f831b8bffcf9009f4f9d9744428.png

Delayed pricing message

291146134_IGcommunitydelayeddata-derivedpricingdealticket.png.1ac8240c4dbf98712ac3e1f9be1c09bf.png

Link to comment
Guest money

I installed L2 dealer and tried clicking on the charts button, but it said that was not available for my account. I'm also still confused about what the fees might be for using it, including the fees for a CFD account, if that is what I need.

Link to comment
Guest money

A more general question: I would like to download some basic info on all stocks listed on the ASX. I have found a source that gives you the end of day share price for all stocks. I'd like something similar that also gives you dividends, franking, EPS, etc. Is there such a thing? It's easy enough to get for one stock at a time via google, but I'd prefer to be able to download everything at once.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,239
    • Total Posts
      90,835
    • Total Members
      41,340
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    KeithH61
    Joined 03/02/23 08:43
  • Posts

    • The Trader Desk Inc., Elliott Wave Technical Analysis The Trader Desk Inc., (TDD:NASDAQ): Daily Chart, 3 February 23, TDD Stock Market Analysis: Looking for an impulsive move off the lows as we are seeing a steepclimb that broke through the 200EMA and the volume based point of control TDD Elliott Wave Count: Wave {iii} of 1. TDD Technical Indicators:Above all averages. TDD Trading Strategy:Looking for wave {iv} to enter long. TradingLounge Analyst: Alessio Barretta Source : Tradinglounge.com get trial here!   The Trader Desk Inc., TDD:1-hour Chart, 3 February 23, The Trader Desk Inc., Elliott Wave Technical Analysis TDD Stock Market Analysis:We can count five waves off the lows in wave {i} as well as fivewaves into wave {iii}. We could be near the end of (v), 2.618% {iii} vs. {i} could be the nextresistance. TDD Elliott Wave count: Wave (v) of {iii}. TDD Technical Indicators: RSI in overbought territory as well as well above the averages. TDD Trading Strategy:Looking for wave {iv} before placing longs.
    • S&P 500, Nasdaq 100 and Dow rally ahead of US non-farm payrolls Outlook on S&P 500, Nasdaq 100 and Dow ahead of Friday’s US non-farm payrolls. Source: Bloomberg      Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 03 February 2023  S&P 500 rallies to critical technical resistance post Fed rate hike The S&P 500 accelerated to the upside and on Thursday rallied above its September and December highs at 4,139 to 4,155 - which represent key resistance – but then slid back and closed marginally above this area as Apple sales dropped by 5% in their largest quarterly decline since 2016. If the S&P 500 were to have another daily close above 4,155 this Friday and by definition then a weekly close, especially after the US non-farm payroll data, the August peak at 4,325 would be next in line. En route lies the late August high at 4,215. Minor support below 4,139 can be found between the early December and January highs at 4,101 to 4,094, below which the breached one-year downtrend line can now be seen at 4,037. While Tuesday’s low at 3,994 isn’t being slipped through, the 2023 uptrend remains intact. Source: ProRealTime Nasdaq 100 rallies despite gloomy outlook by US tech giants In case of the Nasdaq 100, a bottom has already been confirmed by Wednesday’s close above the November and December highs at 12,084 to 12,258, with the September peak at 12,902 nearly having been reached before disappointing results by tech giants such as Apple, Amazon and Alphabet drove the index lower. With all three companies offering a gloomy outlook in their quarterly results, a further retracement lower may be seen on Friday. Having said that, the technical bullish view will remain valid as long as investors continue to expect that the Federal Reserve’s (Fed) tightening cycle may be nearing its peak and while Tuesday’s low at 11,817 isn’t being slipped through or a clear technical bearish reversal signal is being given by the index. A rise above the 12,902 September high would put the August peak at 13,722 on the map. Source: ProRealTime Dow continues to be this year’s US underperformer Only the Dow Jones Industrial Average is underperforming and is finding it difficult to advance, having on Wednesday failed around its January high. The index continues to range trade within its 34,941 to 32,474 December extremes but does remain short-term bullish while this week’s low and the October-to-February uptrend line at 33,512 to 33,490 underpin on a daily chart closing basis. Having said that, a rise and daily chart close above the January and February highs at 34,346 to 34,348 needs to be seen, for the December peak at 34,941 to be back in the frame. Failure at this week’s low at 33,490 would have short-term negative implications. Source: ProRealTime
    • Early Morning Call: Nasdaq and S&P 500 enter bull market The Nasdaq and S&P 500 entered bull market yesterday as investors now consider rates to be close to peak levels.  Jeremy Naylor | Writer, London | Publication date: Friday 03 February 2023  Equity market overview APAC equity markets were mixed overnight. Hong Kong and China mainland indices were the underperformers, despite positive data. Caixin services PMI climbed back up in expansion territory, after four months below the 50 mark. The index rose to 52.9 in January, from 48 in December. European indices opened higher this Friday, remaining on their upward trend after the Bank of England (BoE) and European Central Bank (ECB) decided on interest rates. As expected, both central banks raised rates by 50 basis points yesterday. The BoE's main interest rate is now at 4% and the ECB's main refinancing rate stands at 3%. And as expected, messages from the respective governors were different. BoE governor, Andrew Bailey, said the tightening in pace since the end of 2021 is likely to have an increasing impact on the economy. This should help bring inflation to around 4% in 2023. Previously the BoE's economic projection showed inflation at around 5% this year. "Since the November monetary policy report we've seen the first signs that inflation has turned the corner," said Bailey in his comment following the decision, but added that "it's too soon to declare victory just yet, inflationary pressures are still there." As for the ECB, it explicitly signalled at least one hike of the same size at its next meeting in March. "... the Governing Council intends to raise interest rates by another 50 basis points at its next monetary policy meeting in March and it will then evaluate the subsequent path of its monetary policy," the ECB said. And Christine Lagarde insisted at the press conference: "We know that we have ground to cover, we know that we are not done". In the US, Nasdaq and S&P 500 entered bull market yesterday as investors now consider that rates may be close to peak levels. The US dollar recouped Wednesday's losses sending gold back down to the low $1,900. Yet, the dollar basket could still record a fourth straight weekly loss. It now all rests on January’s non-farm payrolls data. Economists anticipate 185,000 job creations, following 223,000 in December. The unemployment rate should rise one notch to 3.6%, and average hourly earnings 0.3% month-on-month (MoM) and 4.3% year-on-year (YoY). A bit later at 3pm, ISM services PMI for the month of January is expected to rise to 50.4, after 49.6 in December. Earnings Apple pared earlier gains last night after the company's fiscal first quarter (Q1) earnings. The group posted earnings of $1.88 per share, a 10.9% drop compared to the same quarter last year. Analysts had expected $1.94. Revenue fell by 5.5% to $117.15 billion, the first year-over-year sales decline since 2019. $121.88Bln was expected. In detail, iPhone and Mac revenue came in short of estimates, down 8.2% and 28.6% respectively. iPad revenue rose 29.7%, above forecasts. Apple CEO Tim Cook said three factors impacted the results: a strong dollar, production issues in China affecting the iPhone 14 Pro and iPhone 14 Pro Max, and the overall macroeconomic environment. Amazon shares were quite jittery in extended trading last night. The internet giant missed earnings estimates, posting earnings per share (EPS) of three cents, compared to 17 cents forecast by analysts. Revenue was better than expected: $149.2bn versus estimates of $145.8bn. Investors were taken aback by the group’s guidance. Amazon said its operating profit could fall to zero in the current quarter as savings from layoffs do not make up for the financial impact of consumers and cloud customers clamping down on spending. Amazon forecast it would earn between $0 and $4 billion in operating income this quarter, compared with the $4.04 billion that analysts were expecting. Additionally, the company believes sales growth in its long-lucrative cloud business will slow for the next few quarters. In Q4, Amazon Web Services sales reached $21.3bn, versus $21.76bn expected. Alphabet missed on both top and bottom lines for its Q4. Google's parent company posted earnings of $1.05 per share, on revenue of $76.05bn. Analysts anticipated EPS of $1.18 and $76.53bn in revenue. Alphabet suffered from a pullback in advertising revenue. Advertisers have cut their budgets as rising inflation and interest rates fuelled concern over consumer spending. The company said it would take a charge of between $1.9 billion and $2.3 billion, mostly in the first quarter of 2023, related to the layoffs of 12,000 employees it announced in January. Ford Motor reported lower than expected earnings. Ford posted earnings of 51 cents, compared to analysts' expectations of 62 cents. Revenue came broadly in line with expectations, at $41.8bn. Ford predicted a difficult year ahead, blaming chip shortages and other supply chain issues, production "instabilities" that raised costs, along with lower-than-expected volumes. In 2022, the company recorded an adjusted profit of $10.4bn, short of Ford's own forecast of $11.5bn. Ford expects 2023 adjusted pretax earnings of $9 billion to $11 billion.   This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
×
×
  • Create New...