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broker madness
mukoya
#1 Posted : Wednesday, December 07, 2011 3:52:14 PM
Rank: Member


Joined: 2/3/2007
Posts: 43
guys is it just me ama my broker is pullin a quick one on me. I WENT TO BUY KPLA SHARES AT 16.60 he told me i could only get sum at 17ksh en yet the market price at that time was 16.55!
Thiong'o
#2 Posted : Wednesday, December 07, 2011 4:16:29 PM
Rank: Member


Joined: 10/14/2011
Posts: 661
You need to trust your broker to execute your deals.
He’s not mad.
Ask him and he will tell you the reason.
chemos
#3 Posted : Wednesday, December 07, 2011 4:32:29 PM
Rank: Elder


Joined: 11/28/2006
Posts: 1,799
mukoya wrote:
guys is it just me ama my broker is pullin a quick one on me. I WENT TO BUY KPLA SHARES AT 16.60 he told me i could only get sum at 17ksh en yet the market price at that time was 16.55!



maybe he was chargin you 40 cents per share to correct the share name.smile smile
holycow
#4 Posted : Wednesday, December 07, 2011 4:40:44 PM
Rank: Veteran


Joined: 11/11/2006
Posts: 972
Location: Home
Try online services, you get to watch the market real time and execute your orders to the nearest 5 cents.

When trading online, the commission is approximately 1.845%.
jerry
#5 Posted : Wednesday, December 07, 2011 4:46:16 PM
Rank: Elder


Joined: 9/29/2006
Posts: 2,570
holycow wrote:
Try online services, you get to watch the market real time and execute your orders to the nearest 5 cents.

When trading online, the commission is approximately 1.845%.

'holy' advice indeed. Who/which is the most reliable broker in online trading?
The opposite of courage is not cowardice, it's conformity.
Gordon Gekko
#6 Posted : Wednesday, December 07, 2011 4:56:47 PM
Rank: Elder


Joined: 5/27/2008
Posts: 3,760
mukoya wrote:
guys is it just me ama my broker is pullin a quick one on me. I WENT TO BUY KPLA SHARES AT 16.60 he told me i could only get sum at 17ksh en yet the market price at that time was 16.55!


The market price then was 16.55, and there were probably 200,000 orders, meaning your order for 1,000 shares would be the fulfilled after the first 200,000 are met using the FIFO concept.

Your broker can however short-circuit the 200,000 by putting in an order for 16.60. That is why he was asking for you to give him room to get up to 17 in order to close a sale for you.

And again, probably the offers at the time were at 17, even though the last traded price was 16.55.
QW25081985
#7 Posted : Wednesday, December 07, 2011 4:57:55 PM
Rank: User


Joined: 8/29/2011
Posts: 1,045
Location: Mtaani
jerry wrote:
holycow wrote:
Try online services, you get to watch the market real time and execute your orders to the nearest 5 cents.

When trading online, the commission is approximately 1.845%.

'holy' advice indeed. Who/which is the most reliable broker in online trading?



currently NONE. it used to be sib then cfc now its nobody ...
we are very far from embracing technology in stock trading
sparkly
#8 Posted : Wednesday, December 07, 2011 10:47:21 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
mukoya wrote:
guys is it just me ama my broker is pullin a quick one on me. I WENT TO BUY KPLA SHARES AT 16.60 he told me i could only get sum at 17ksh en yet the market price at that time was 16.55!

The market price is an average. Hence yoi can buy below market price for a dipping stock and can't buy at market price for a fast rising stock.
Life is short. Live passionately.
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