Forum Archive Index - October 1999

["grantRobertson()" <grantmr@xtra.co.nz>]

Hi there,

I'm new to this group and trading on the markets as a whole.

I've been running a portfolio for around two years and have achieved just
over 70% return. Unfortunately these gains are virtual as I didn't have real
money to invest... just tracking, learning, watching and waiting for the day
I do have cash to trade with.

I'm of the new school, riding the trends and selling for a gain - usually
with a 3 - 4 day holding period. No, I'm not buying to hold. Not a daytrader
as such, but on the same bent.

That's the scenario. Monday I bought my first shares on the NZSE. Real
Money, real risk, real gains.

Today I wish to sell. I go to my online broker, Access, and start to fill
out the SELL order. I find two fields that must be completed before the
order goes through:

FREAKING SHAREHOLDER NUMBER AND FREAKING FIN.

They aren't on my contract note. I can't find them on the website, or
company info. This is new. I call access and ask where I can find them. They
told me this:

The (independent) share registry processes the shareholder number and FIN
once a week and mail out the relevant details..............

That means that I *automatically* have a five day holding period on my
stocks and have ABSOLUTELY NO CONTROL over the profit and loss during this
time...

I have a large problem with this.
Someone please tell me it's a joke. Please.

How is a person meant to take advantage of trade movements? What happens if
there is a crash? What if I REALLY need that money, ASAP?

Someone, please tell me there's a way around this. It doesn't seem right. Or
modern. The only things I can think of that are updated weekly are club
newsletters and neighbourhood newspapers. Capital information, that.

Any advice on this matter would be greatly appreciated.
I'm off to check my freaking mailbox.
Damn.

Grant Robertson


--------------------------------------------------------------------------
To remove yourself from this list, email sharechat-request@sharechat.co.nz
with "unsubscribe" in the body of the message, or use the unsubscription
form at http://www.sharechat.co.nz/forum.html.