Equities and Share Trading 'How To' Guide/FAQ
 

General FAQ's

What types of securities can I trade?
What types of orders do you accept?

Online Trading FAQ's

How do I place orders to buy and sell?
What happens after I have placed an order?
Can I place orders at any time?
Is there a charge for entering an order?
What is Straight Through Processing?
What is Market or Limit order?
Can I cancel, Amend or Review my orders?
Is there a minimum size order?
How long do my orders last?
How am I notified of Trade executions?
I get a "failed" message in my Order Status window - What do I do?
How does the webIRESS Trading Platform differ from other internet systems?
How do I place orders outside trading hours?
How will I know if my Order has been purged?
Who will replace my orders that have been purged from ITS (the ASX trading platform)?
When will my orders be purged from ITS?
Can I place contingent orders via Minc online?
How do I place a "stop loss" (or contingent) order?
How do I place a "start gain" order?
What happens to my stop loss order if the market gaps?
What do I need to do to trade warrants?
Do you take orders over the phone?
How many watch lists can I have?

What types of securities can I trade?

You may trade in all ASX listed equities which are CHESS registered. If you wish to trade warrants you will need to fill out the Warrant Agreement Form. Trading in options is available if you have completed the Berndale Derivatives Client Agreement Form.
 

What types of orders do you accept?

We will accept Buy orders for any volume of stock in which the total dollar value of the trade plus brokerage cost does not exceed your net cash balance. Your initial purchase of a stock must have a minimum value of $500. This is ASX business rule requirement. To find your net cash position, select the "Orders" menu and click on the "Order Status" command. Your net cash position will appear in the cash position window. Placing a sell order is only allowed for stocks that you currently own.
 

How do I place orders to buy and sell?

There are many ways to place a buy or sell order in the trading platform. The three popular ways are:
1.   Orders Menu > "Create Buy order" or "Create Sell Order" > type in the stock code
2.   Quote Window > right click on the security code > choose "Create Buy" or "Create Sell"
3.   Detail Window > type the stock code that you want to trade in, press Enter > right click on this window > choose "Create Buy" or "Create Sell" 
 

What happens after I have placed an order?

Your order is automatically sent to the market. You can view the progress of your orders in the Order Status command. Order Status gives you the ability to see the day’s transactions in each of your trading accounts. The details of each order you have placed will update as it progresses through the market phases.
 

Can I place orders at any time?

Yes, although orders will only enter the market during trading hours. Simplistically, these hours are from 10am to approx 4:10pm Eastern Standard Time on ASX business days.
 

Is there a charge for entering an order?

No. You will only be charged if and when a part of your order is traded.
 

What is Straight Through Processing?

Straight Through Processing is the automatic placement of orders directly into the stock market without any further manual intervention. STP provides IMMEDIATE PLACEMENT of Buy and Sell orders into the market, provided the orders meet certain criteria. Clients need to be aware that STP facilitates immediate trading, so you should place your orders with utmost care. Some slight delays may occur where an STP filter is breached thus requiring an operator to further review the order before determining whether to release it to the market. All rejected orders will be given a rejection message by the operator.
 

What is Market or Limit order?

You can place either market or limit orders. A market order means the order is executed at the best opposing market price if a sufficient quantity is available to complete your order. If there is a balance, the remaining units will be treated as a limit order at the same price. Market orders can only be placed during normal market trading hours. Limit orders allow you to set a maximum purchase price on a Buy order or minimum sale price on a Sell order.
 

Can I Cancel, Amend or Review my orders?

You can cancel, amend and review your orders online, provided the instruction is processed before your order is executed in the market.
 

Is there a minimum size order?

The minimum Buy for an initial holding is $500 excluding brokerage. This is an ASX business rule requirement. Any subsequent purchases in that stock do not have this restriction. There is no minimum size for a sell order.
 

How long do my orders last?

Unless you have placed a day-only order, or an order of specified shorter duration, your order will remain in ITS for nine weeks after being placed into the market. Note also that orders can be purged by the ASX before the order is executed, as outlined below.
 

How am I notified of Trade executions?

To open Traded Orders and view trades:
1.   Click the Orders menu located on the menu bar at the top of the home page
2.   Click the arrow to the right of the Traded Orders item
3.   Click the frame that the Traded Orders function is displayed in.
Note: This function displays best in a horizontal frame
4.   Click the account drop-down arrow and select the account
5.   Click request 
 

I get a "failed" message in my Order Status window - What do I do?

When you receive an order status "failed" message, this means that your order did not reach the market. This could be due to the order price being too far from the current market. For example, the most common mistake would be to specify the stock price in dollar units instead of in cents, i.e. $1.00 instead of 100 cents, or where a security has been suspended, etc.
 

How does the webIRESS Trading Platform differ from other internet systems?

The webIRESS Trading Platform, designed by Iress Market Technology is a truly dynamic, browser-based package that allows the user to receive live up to date equity and derivative prices. The trading platform further allows the user to have access to extensive security and dividend information as well as company announcements. Users can view their portfolios in real time, with gains or losses updated in real time.
 

How do I place orders outside trading hours?

It is possible to place orders outside trading hours. If you place an order after market close, your order will automatically be placed in a queue to be entered into the market during the pre-open period of the next business day. You may place contingent orders at any time. They may only trigger during market hours.
 

How will I know if my Order has been purged?

You can view your order status from the trading account screen.
 

Who will replace my orders that have been purged from ITS (the ASX trading platform)?

You are responsible for replacing all orders which have been purged from ITS. An order that is cancelled or purged by ASX will not be reinstated by us. We are not obliged to notify you of any orders which are purged, although we will make all reasonable endeavours to do so.
 

When will my orders be purged from ITS?

Your orders will be purged from ITS when:

• the order expires;
• the order has been entered as a day-only order;
• the order price moves too far away from the last traded price;
• the security has been suspended;
• the security has been delisted;
• the security has been reconstructed;
• the security has had its basis of quotation changed to an "Ex" basis, e.g. ex-dividend; ex-entitlement; ex capital return, etc. 

Can I place contingent orders via Minc online?

Yes, Minc does have a Stop Loss / Contingent Order Service and there is no additional charge for this service.}
 

How do I place a "stop loss" (or contingent) order?

Select "Contingent Orders" from your "Orders" menu. In the new pop-up window, click the "+Add" button. A new order window will appear in which you may place your trigger price and stop limit price. For more information please visit the webIRESS Contingent Orders help page.
 

How do I place a "start gain" order?

Similar to a stop loss order, select "Contingent Orders" from your "Orders" menu. In the new pop-up window, click the "+Add" button. From the New Order window you can place your trigger.
 

What happens to my stop loss order if the market gaps?

If the market price of the security gaps below your stop price, then the contingent order will trigger and will then create a sell order at your specified limit price in the market. For example, if you created a stop loss order to sell 1000 XYZ @ 500 when XYZ reached a last price less than or equal to 550, and the prevailing price gaps from 570 down to 530. A sell order will enter at 500, meaning that it will trade at a price not lower than 500.
 

What do I need to do to trade warrants?

You must complete the appropriate section of our account documentation advising that you have read the Explanatory Booklet for Warrants, and understand the risks associated with trading warrants.
 

Do you take orders over the phone?

Minc Trading does take phone orders, but these will incur a phone trading brokerage rate of $50 or 0.50% +GST, whichever is greater. Please ring 1300 610 024 to place a trade.
 

How many watch lists can I have?

The trading platform can save 20 watch lists by default, and each can contain hundreds of stocks. You can also save unlimited watch lists to your own computer which can be loaded back into the platform later.