Selling shares when they hit a price?

bowlhead99

Well, nobody has suggested using telephone-only brokers; all the functionality suggested was applicable to online brokers (simply place a stop or limit order, or opt to receive an email notification rather than actually execute a trade when your target price is reached, etc.), and the only broker recommendation was one famous for their cheap online execution-only service (x-o.co.uk).

So frankly it seemed a bit strange that you would say you were surprised people still used "brokers" - given nobody had particularly suggested telephone brokers or archaic advisory brokers, and were presumably all talking about xo online brokers which is the cheapest way to do it. It could just be inferred you you didn't realise that the "trade with an app" service you use is a type of brokerage. Which it must be if it doesn't give you direct market access.

Hope that makes sense.

grey_gym_sock

bowlhead99 wrote: »

a type of brokerage. Which it must be if it doesn't give you direct market access.

so what do you call a service which does give you DMA?

lvader

bowlhead99 wrote: »

Well, nobody has suggested using telephone-only brokers; all the functionality suggested was applicable to online brokers (simply place a stop or limit order, or opt to receive an email notification rather than actually execute a trade when your target price is reached, etc.), and the only broker recommendation was one famous for their cheap online execution-only service (x-o.co.uk).

So frankly it seemed a bit strange that you would say you were surprised people still used "brokers" - given nobody had particularly suggested telephone brokers or archaic advisory brokers, and were presumably all talking about xo online brokers which is the cheapest way to do it. It could just be inferred you you didn't realise that the "trade with an app" service you use is a type of brokerage. Which it must be if it doesn't give you direct market access.

Hope that makes sense.

My response was about the OP, not any other post or sugestion.

bowlhead99

grey_gym_sock wrote: »

so what do you call a service which does give you DMA?

Well, if you're putting the order directly onto the "level 2" order book, and taking your own responsibility for placing and accepting orders, you are not really using the traditional services of a "brokerage" to broker your trade. Like buying your insurance or mortgage direct rather than using a mortgage broker or insurance broker or agent.

By submitting your orders direct to the market, you're basically using the infrastructure of an investment bank, custodian or broker-dealer but without having them play middle-man to broker your transaction for you. You might still be able to use a nominee service from them or from someone else to preserve anonymity.

To be honest I don't really know what you would call a service "which does give you DMA". I would just call it a DMA dealing service. I'm not aware of any well recommended ones that have smartphone app dealing; I've only seen ones that work on hardwired networked PCs and used by people who want more screen real-estate to look at orderbooks, streaming prices and charts and news simultaneously before pressing the "go" button.