I was recently using a trailing sell on Commsec for an ETF which tracks the ASX 200 index movement. I was surprised to learn that Commsec trailing sell doesn't track the true market (eg the market depth) but rather only looks at physical trades executed AND those trades are restricted to only ASX - TM not Chia-X or any other platform. In my case, the trail commenced and the depth (the market on the ASX) moved north about 1%. There were a few chia-X trades in this area but no ASX trades. The market depth then fell in very slow controlled 1c steps. It fell below my stop for an at market order but since no ASX -TM occurred, no at market order was released until another ASX-TM occurred around 2hrs later even further below which cost me some serious dollars. Reading through the PDS, there is nothing about conditional orders only tracking executed trades and not the true market. Though there are plenty of disclaimers that if the system fails, commsec is not liable for any loss. So a warning to others if using conditional orders.
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- Commsec Conditional Orders do not track market depth
I was recently using a trailing sell on Commsec for an ETF which...
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