Good Till Date Selling
Ambank eTrade provides online trading system. There is an option where you intended to perform selling your stocks known as Good Till Date. Basically it will put your orders into the trading system queue and match any buyers. At first, someone inexperience like me, thought it will be very good as the system automatically do the matching job, where if only the whole selling order units is meet that it will sell.
However, in dismay, the system is not smart for traders like us, but good to the security firm. Why so? The system will match whatever number of units it can find and sell it, but not view your orders as a whole. For example, if you have 100 lot on hand place a selling order of 100 lot from now till end of the month, on the first day if the system found some buyers with 10 lot request it will sell for you, second day, if the system found 20 lot match, it will sell again for you.
Being inexperience, I thought that is very good. Until few days later I receive the receipt of transaction that you will be charge for the minimum RM28 PER TRANSACTION. Which means, we trader will at the lost. RM28 is the minimum transaction charges when we use the Ambank Online Trading while RM40 if we uses the remiser services. Hence, beware of the Good Till Date option!! Do not like me, simply giving ang pow to those security firm for doing nothing.
Luckily this scenario was rectified after two transactions over two days. Lost of RM56 for nothing.
