Another trade problem appears…
I’m trying to buy some shares of a gold ETF (GLD) on the stock market. I’m sure the “stock” button is pressed. After I enter the ticker symbol the system shows me the proper price for GLD in the bottm left of the trade window. Everything goes well until after I press the “submit” button. Then it seems to treat GLD as if it were on the Forex, multiplies the number of shares that I’m trying to buy by 10,000 and blocks the trade because of the millions it would cost.
I shall have to put more effort into being virtuous. Clearly God is punishing me for my evil ways.
-K
Kevin -
I’m looking at our server logs and I just plain don’t see any attempt at entering trades for GLD on your system “Direct Management.” Are you trying to do this on another system? Are you using the C2 Order Entry screen?
Regarding your questions about XAU, in the USA it is not currently legal to trade XAU gold as forex OTC, so we do not support it. We only support currency pairs.
If you want to trade gold, you can use a futures contract (www.collective2.com/symbols for symbols) or a gold ETF (which seems to be the idea you had in mind).
Matthew
"Clearly God is punishing me for my evil ways"
or he could have just done you a massive favor…
Matthew,
Re. the problem with orders for GLD, I just tried again at about 5:25am central time this morning (Sep 28). I entered an order for a quantity of 100 of GLD with the “stock” and “day” buttons highlighted. According to the trade window (I’m using the C2 web page to enter the order through Firefox) the delayed price was somewhere in the upper 160’s. I multiplied that by 100, added a bit to make sure I was a bit above what it would really cost if the order was filled at that moment, and entered the resulting price as a limit order. I pressed the “submit” button and after a few seconds a window telling me that the resulting limit price was above the market price and asking me if I wanted to submit it as entered popped up. I clicked on “continue”. Then a small gray window with an “OK” button in the lower right corner popped up above the trade window with an error message. Here’s a copy of the message:
Invalid Order
Problem with signal
Unable to BTO 100 GLD - Current account cash is $75,474.50; proposed trade requires cash of $803,750.00(code=pre)
The words “Invalid Order” were in red. I’ll probably try an order for PPLT later today when the market’s open. Perhaps this has something to do with it being a pre-market order. I’ve successfully entered orders for SLV and PALL before this, so I don’t think I’m doing anything too wrong.
Re. my problems with Forex metals orders, my bad. I hadn’t come across the Dodd-Frank law’s effect on Forex metal sales in the US. It never occurred to me that something so silly could be the cause. Remind me to write a nasty letter about this to whichever of our congressmen happen to be either this stupid or corrupt. Anybody know where I can get 535 envelopes cheap?
Just for curiosity then, are there any other commodities traded on Forex, even if C2 doesn’t include them? Seems to me I read about something like West-Texas crude being accessible under a ticker something like USOIL, but I’m beginning to wonder if I’m reading material about futures trading and thinking it’s about Forex. The web pages say that they’re talking about Forex but the way they’re written I think I may be misunderstanding something. Certainly it would be nice to be able to trade something like “OIL/USD” on Forex, but life’s seldom that kind.
thanks,
-K
Kevin -
The problem is that you are entering your limit order as
LIMIT 16075
when you really mean LIMIT 160.75
C2 says to itself: “When this trade executes, it will do so at the limit price, and so the ETF will be transacted at the price of 16075, and Keven wants to buy 100 shares. 100 shares x 16075 requires $1.6 million of capital, but Kevin’s system doesn’t have enough.” Thus the error message you see.
Problem will be solved if you enter your limit order using proper price format: Limit 160.75 (or whatever you actually desire your limit to be.)
True. Although you’d think he’d make it easier on himself and just email me tomorrow’s prices in advance. Then again this is in character. Certainly He seems to work very hard at protecting me from marrying the wrong woman by making sure that all of my relationships fail. It’d really be a lot easier from my perspective if He just sent me the name and address of the right one…
I’ll have to find a better way to show my devotion. Maybe start a hedge fund that tithes 10% of its profits directly to God. I’m thinking something like “LORD” or “JHWH”. Anyone know if God accepts payment in USD?
-K
Well, traditionally I believe one offers gold and shiny things… but you don’t seem to be allowed any of that… ;-))
