Registered User
Joined: 2/17/2010
Posts: 22
|
Hi all!
I joined today this forum and it seems pretty cool.
I am an amateur investor.I don't know much but i recently bought a few books to get some ideas.
Books i am currently reading:Trading for a Living by Alexander Elder,Options futures and derivatives
by Hull,and Technical Analysis for Future Markets by Murphy.
I got 100 shares of Citi on Saturday when the stock was approximately at $18.
I placed a market order and they charged my account for $1,922...
Was the big difference in price that i bought the stocks and the actual price due to a commision?
If i had placed a limit order instead should i still had to pay $1,922 for buing the stocks?
I am sorry for all these stupid questions but i don't have previous experience.
Any recommendations for new books would be great.
Thank you all and have a nice day,
~Kostas
|
|
Registered User
Joined: 10/7/2004
Posts: 2,181
|
If you have an online broker (I'm assuming you do); you should be able to see a report of the transaction; see at what price the order got filled. It should also show the commission. You should be able to go to something like a global settings page and restrict the percentage variation from the point at which you placed your order.
|
|
Registered User
Joined: 2/19/2008
Posts: 193
|
Welcome Kostas, You might want to use limit or stop limit orders in the future. I would avoid using market orders. I only use them to sell. Are you paper trading? It is invaluable especially in the early stages. You can avoid a lot of losses.
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
Hey toby,
thank you for your reply.
I am using TDAmeritrade as my online broker.
I checked the transaction and I realized that the order got filled when the price per stock was at 18.19
Buying 100 shares of Citi for a total of $1819 they actually got me $1922 which is $103.
The past two days the stock has been up and this difference of $103 has been decreased to $49 but
i still have a net loss of $54(even if the market went up).
I haven't still found the page that i could restrict the percentage variation but i will take a closer look later
on.Probably it will be important when I will decide to sell those 100 shares in the future...since I don't
want that high commision fee again.
Thank you again for your reply,
~Kostas
|
|
Registered User
Joined: 2/21/2007
Posts: 797
|
Is your broker charging you per trade or by # of shares purchased? If just starting, and buying small lots, check into a broker that charges by # of shares instead of per trade.
Read "Trading in the Zone" by Mark Douglas. Then you'll be able to save a bunch of money on buying useless books and save a bunch of time by not reading those useless books. Get Mr. Worden's books, Street Smart chart reading vol 1 and 2. Easy and cheap. Check out the patternsite dot com. Bulkowski's free web site.
Forget about trying to find some super duper indicator that's going to make you tons. Another waste of time.
Maybe Tobydad has previously posted about conditional orders vs. market orders. if so Diceman will be able to bring up the thread. Or maybe Tobydad could give a short lesson about the two.
If you're a computer guru, David John Hall may be able to direct you to some web sites that may offer different types of testing. Not sure about that.
Don't pay any attention to APSLL's posts because he's a Patriots fan
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
Hey sail,
i just saw your message.I know it was pretty stupid i actually placed a market order to but but oh well.
I won't repeat the same mistake in the future(I hope so).I am doing online trading with TDAmeritrade.
Thank you for your reply.
~Kostas
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
Hey john,
I don't know how TDAmeritrade is charging its clients.I am so stupid because i obviously had to
check that before i make my first trade but oh well.At least I hope I will learn from those mistakes.
I was actually assuming that all the online brokers are charging per number of shares.
I will read the books you are suggesting me.
I find the books i got till this point valuable and not useless but maybe I am wrong.
This forum is great.I was believing that I won't get any replies because of my ignorance about this
field but you are all so helpful to me.Many thanks!
~Kostas
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
Hey all,
I tried to find previous topics on this forum related to market and limit orders.
I searched but I couldn't find anything.
Can anyone send me a link of previous discussions related to those?
Thanks a lot.
|
|
Registered User
Joined: 2/21/2007
Posts: 797
|
INVESTOPEDIA DOT COM
|
|
Registered User
Joined: 2/21/2007
Posts: 797
|
Kos: just noticed that you are not a TC member,,, you may want to check out their free trial period.
|
|
Registered User
Joined: 2/19/2008
Posts: 193
|
Kostas, Ameritrade charges per trade. I believe it's $9.99. Tobydad places conditional orders so that someone cannot see your order and then go straight for it only to have the price go right back down. Look on Ameritrade at advanced orders, select, conditional orders on ameritrade order sheet.
Buy stop limit orders help protect you in several ways. You put in two prices, one for when the order will be triggered and one for the most you are willing to pay. By putting in my buy at .01 over the high of the day I am only getting into stocks that are rising in price. Sometimes I put the price higher, say 1% over if I want to make sure the stock is rising or if the market is moving so fast that I think I might miss the trade. Price is the most you want to pay and Act price is the price that the order will be triggered at.
Tomorrow I may buy STEC. The order would look like, Buy xshares at Price 14.16 (or the most you are willing to pay) Act Price 14.16 (.01 over HOD (high of day). with a conditional order which for me is usually a stop market order to place a stop. I enter the order good for the day only.
My track offers a simulated practice account for 5.00 a month, I really recommend practicing out of the market. You can loose a lot of money fast. Trade wisely. Careful at this juncture we may have another leg down soon.
|
|
Registered User
Joined: 2/21/2007
Posts: 797
|
"we may have another leg down" toyota
|
|
Registered User
Joined: 1/1/2005
Posts: 2,645
|
QUOTE (kostaskon1989) I got 100 shares of Citi on Saturday when the stock was approximately at $18.
I placed a market order and they charged my account for $1,922...
Kostas,
Please tell us what "Citi" is? I have found Citigroup, Inc. ( C ), Citi Trends, Inc. (CTRN), and Canterbury Consulting Group, Inc. (CITI or CITI.OB), but none are around $18.00 per share.
If your order was executed on a Saturday, it was in an after-hours market. In this case, you are lucky your market order did not get executed for something like $50.00 per share. Personally, I will not use a market order even for SPY during regular hours. Most would probably suggest you not use a market order in the after-hours market.
Thanks,
Jim Murphy
|
|
Registered User
Joined: 12/2/2004
Posts: 1,775
|
Something is fishy about this thread, if you get my drift. The odor is strong.
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
john,thank you very much for the website you sent me.It is really really helpful.
TC member?I don't know for what TC stands for :(
Sail,you are right.AMeritrade charges $9.99 per trade.
Stop limit orders are much safer than market orders as i can realize from your
description(at least in terms of buying).
What's your plan when it's time to sell?Do you use stop limit orders also?
bustermu,it is Citigroup Inc where the price per stock is currentlt at $18.73.
That's because the market went up the past few days.When i bought the stock it was
at $18.19(unless i am wrong).
I think it was a friday night when i bought the shares using a market order which is an after-hours market.I placed the time-in-force to be day with no special instructions and smart routing.
There was a box on the website under the order i was trying to make which was saying:
"Make this a conditional order?" Unfortunately,i didn't click on it.
But according to them conditional orders let you combine two or three individual orders that
will,if filled,either cancel or trigger additional orders.
Since i had just one single order I am not really sure if i could make my order a conditional one.
Eventually,could someone let me know the regural hours that the market is working?
I might be eventually to figure that out by myself also.
And bustermu I don't really understand the reason for getting charged $50 per trade for an after-hours
market order.What's the difference? since my order did get filled on Monday.
|
|
Registered User
Joined: 1/28/2005
Posts: 6,049
|
Why would you buy anything when you dont even know when the market is open?
Think about it.
You dont know when the market is open.
You dont know how trades are placed.
You dont know how much your commisons are.
I think you should sell you stock and do a lot of reading/learning before you proceed.
Assuming you are real. This typically doesnt end well.
Thanks
diceman
|
|
Administration
Joined: 9/30/2004
Posts: 9,187
|
I think the confusion is that Citigroup (symbol: C) hasn't been at the $18 level since October 2008.
|
|
Registered User
Joined: 1/12/2009
Posts: 235
|
Better stick to coloring books dude.
|
|
Registered User
Joined: 2/21/2007
Posts: 797
|
Kos: TC = telechart
You keep doing trades like that, and you are going to make someone richer, and you alot poorer.
Instead of giving your money to strangers, send me some, at least we communicate thru TC.
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
I knew my compete ignorance about the market but I still wanted to play this amount
of money(no matter if this ended well or bad).I will try to give the main reason with an akward example:
It's like just reading about the bad things that alcohol can have into your health.
But most of the people still wanna try and drink to see how it looks like.
|
|
Registered User
Joined: 3/21/2006
Posts: 4,308
|
Kostas, If you want to see what alcohol can do to a person, just take a look at our boy Johnlc over here.....Bla Ha ha... Just kidding John. That was for your anti Patriots jokes.......
|
|
Registered User
Joined: 10/7/2004
Posts: 2,181
|
QUOTE (kostaskon1989) Hi all!
I joined today this forum and it seems pretty cool.
I am an amateur investor.I don't know much but i recently bought a few books to get some ideas.
Books i am currently reading:Trading for a Living by Alexander Elder,Options futures and derivatives
by Hull,and Technical Analysis for Future Markets by Murphy.
I got 100 shares of Citi on Saturday when the stock was approximately at $18.
I placed a market order and they charged my account for $1,922...
Was the big difference in price that i bought the stocks and the actual price due to a commision?
If i had placed a limit order instead should i still had to pay $1,922 for buing the stocks?
I am sorry for all these stupid questions but i don't have previous experience.
Any recommendations for new books would be great.
Thank you all and have a nice day,
~Kostas I'm sorry but, none of this makes the slightest bit of sense. Ticker symbol C for Citigroup closed today at 3.43 and, no, it did not gap down some $15. You got charged $50 for this 100 share trade? I pay $1.00 for 100 shares. What in the world is going on with this thread?
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
Hey Tobydad,
I am really sorry for the confusion.You are right that the symbol C for Citigroup close at $3.43 today.
But apparently there is another symbol named C-U(that's the one i invested in) which also claims
to be for Citigroup Inc and it's price closed at $18.68 today.
Which online broker do you use?
The minimum amount for trade i can find online among the biggest online brokers is $8.99 by Schwab(if I am not mistaken)
Anyways,I am sorry if i caused confusion.
Peace
|
|
Administration
Joined: 9/30/2004
Posts: 9,187
|
C-U is
Citigroup Capital XV 6.50% Enhanced Trust Preferred
Securities (Enhanced TRUPS)
(Public, NYSE:C-U)
|
|
Registered User
Joined: 10/7/2004
Posts: 2,181
|
kos, ok, makes a lot more sense. thanks. I use Interactive Brokers.
|
|
Registered User
Joined: 2/21/2007
Posts: 797
|
See KOS. I told you not to pay any attention to APSLL.. I only drink when I'm on TC's discussion site.
Anyway , I thought APS was posting charts from TD Ameritrade. I can't believe he's paying their high trading costs. Unless he's just making minimum trades just to get their research. I'll probably go back to Gold membership when my Platinum expires,
I got Platinum to backtest all of APSLL's methods so I could send the results to Big Block. 
|
|
Registered User
Joined: 10/7/2004
Posts: 2,181
|
John, you're bad. No, you're evil.
|
|
Registered User
Joined: 3/21/2006
Posts: 4,308
|
He is bad TD, I always thought that he was a bit squirelly. A posterboy for AA -
|
|
Registered User
Joined: 2/21/2007
Posts: 797
|
NOW THAT'S FUNNY
CAN'T BEAT THAT
|
|
Registered User
Joined: 7/1/2008
Posts: 889
|
QUOTE (kostaskon1989)
Eventually,could someone let me know the regural hours that the market is working?
I might be eventually to figure that out by myself also.
And bustermu I don't really understand the reason for getting charged $50 per trade for an after-hours
market order.What's the difference? since my order did get filled on Monday.
you obviously have a computer with internet, can you not run a google search on "market hours" or something? geez, if you can't research something that simple on your own, you should seriously forget about investing.
|
|
Registered User
Joined: 2/21/2007
Posts: 797
|
Hey Ben, he's willing to donate his money to all of us. Helps make up for all of the big O's executive decisions.
|
|
Registered User
Joined: 1/28/2005
Posts: 6,049
|
The market closes?
When?
So you can fnd the Worden site but cant find market hours?
On CNBC they tell you when the market opens and closes.
Find CNBC and your there.
(dont look on the week end)
Thanks
diceman
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
:-)
The truth is that I just had gotten back from school and I was tired and bored to take a look online :P
I promise not asking silly questions in the future.
|
|
Registered User
Joined: 1/28/2005
Posts: 6,049
|
Did you ever notice we trade whats called "stock".
However sometimes when you buy something in a store they
say they dont have it in "stock".
Sometimes when a kid does well. They say he comes from good "stock".
(does that mean the kids folks worked on wallstreet?)
Sometimes they call soup "stock".
Im confused?
How can we trade where a kid comes from?
How can we trade soup. ( CPB ?)
How can we trade where a store keeps stuff?
Thanks
diceman
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
I got your point diceman and I think your example is pretty cool actually.
I obviously need to know when the market is open before i trade but once i chose the market
order to trade i definitely knew that the order will eventually be filled once the market opens.
However,I was unaware of additional charges in case you place your order during out-of-market hours.
Thank you,
~Kostas
|
|
Registered User
Joined: 10/7/2004
Posts: 2,181
|
kos; it's important for you to understand that we are not snobs here. We want to help one another and anyone new that comes to the forum. We've had some folks, well, just one really, that seem to have some sad interest in creating trouble. Occasionally there is a masquerade that goes on prior to the real fireworks. Some of your comments, being that they were not making a lot of sense, may have gotten some of us a bit on edge. Feel free to keep asking and keep learning. Now, having said that, be aware that if you are not more careful, the markets are going to consume you like a wiff of smoke.
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
Thank you for your advice,tobydad.I will keep your words in mind.
|
|
Registered User
Joined: 11/22/2006
Posts: 100
|
Hey kostas,
Forget about reading the books you have for now and look into the Dummies Series of books.
Investing For Dummies, Stock Market For Dummies.
You should be able to find these or something simular at the local library. You might want to ask your parents for guidance on what you are trying to do. Call your broker for an explaination of the commissions and fees charged on your transaction. You will find out that it has more to do with what you bought and not when you bought it.
william
|
|
Registered User
Joined: 2/17/2010
Posts: 22
|
Hey William4567,
I will try to get those books you're suggesting me to take a look since I am a beginner.
Unfortunately,both of my parents are dead.I live with my grandparents.My grandfather will
possibly be able to give me some help.I will try to contact with TDAmeritrade once i get the chance to
explain me how their commisions work exactly.Thank you for your message,
~Kostas
|
|
Registered User
Joined: 10/7/2004
Posts: 2,181
|
kostas; I'm so sorry to hear about your parents. Of course, it's wonderful that you have your grandparents still alive and able to give you a home. Please be sure to check in here for advice before making your next trades. There are several people here that can walk you through a process that will really help you get a solid foundation. If you are young, then it's a perfect time to be learning how to do this the right way right from the outset.
|
|
|
Guest-1 |