rights issue

[tiny]

Hi
I am a novice to sb and need a little help please. I have an open position in RSA and their rights issue traded today. Anyway my problem is the sb firm closed out my position in the middle of the night, without my knowledge and are planning to re-open it this morning. Does this mean I pay two spreads and is this common practice. Can anyone enlighten me!

 

[dsmodi]

hmmm - wot did the SB company say?

 

[tiny]

They were not that clear and after speaking to them 3 times I thought I would ask them not to re-open the bet. But apparently I can't do that I have to wait til they get their act together and execute the bet then I have to square out the position. I also asked if this would happen every time a rights occured and they said it depended on the company. So does this mean that because I would have made a gain they pulled it?

 

[Trader333]

The number of reported problems and complaints about SB companies appears to be very high in comparison to the more conventional brokers such as IB. I wonder if this is just my imagination and if not why this is the case ?


Paul

 

[tiny]

Can I do small bets with IB? I am trying to learn from my mistakes with small risk.

 

[Trader333]

What are you wanting to trade ?


Paul

 

[tiny]

At the minute I am doing £1 a penny quarterly bets on uk shares. But I am treating the experience as though it could be more. I would recommend this to anyone starting out. Its been invaluable to find out about on small amounts about rolling bets and stop orders that don't roll over. Today has been another learning experience to be remembered.

 

[Trader333]

It is worth checking out IB for doing this. I havent checked it myself as I trade Nasdaq stocks but I would have thought it would be a good option.


Paul

 

[tiny]

thanks I'll check it out.