Forum Archive Index - October 1999

[Chris Marshall <Chris.Marshall@directories.co.nz>]

This will only happen on this your first trade, Grant.
Soon you'll have your Computershare number & FIN and can use those on all
future sell orders of NZ shares.

Papertrading till successful before real-trading is excellent practice - few
of us have the self-discipline to do that.  Just beware you trade stock with
high liquidity (ie. volume of at least $10,000 worth of shares on 90% of
days) and you trade at least $2000 worth of shres per trade to keep
brokerage costs reasonable.  I believe the cheapest brokerage may be the
flat $29.95 through Access - best value on larger trades (eg. $5000+ worth).

Chris

> -----Original Message-----
> From: grantRobertson() [SMTP:grantmr@xtra.co.nz]
> Sent: Thursday, 7 October 1999 10:16
> To:   sharechat@sharechat.co.nz
> Subject:      [sharechat] damn! need advice please
> 
> 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
> 
> 
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