Selling Shares

[hamburgler]

I'm new to this so this might sound like a dumb question.

I bought 20,021 shares of Sphere resources a few days ago at $0.055/share. I saw that it went up to $0.06/share so I sold it this afternoon while it was at that price thinking a could make a couple bucks from it. I am looking at my statement now and it says:



So its saying that I really sold it for what I paid for it so Im basically out my fees for trading. What happened here? How can I know for sure what I sell the stock for? It even said sale price of $0.06 when I confirmed it through Royal Bank.

[TomcoPDR]

Did you instructed fill or kill... or did you place your order as market

[psi_klops]

Ya, like Tomco said...It looks like you placed a market order instead of a limit order at a specified price.
Unfortunately there is not much you can do at this point other than know for next time.

[BigShow]

You'll know now for next time, no big deal really. FYI Royal Bank has crazy fees

[guessboi]

Yup. newbie mistake.
Be careful with penny stocks because usually the volume is low. I see that RBC split your order into 2. That means you are charged with 2 transaction fees.

[ExtraSlow]

Selling penny stocks is very tough. Usually your order is enough that it won't get filled all at once, and the price may change in the meantime.

Setting a limit order is crucial for all low volume stocks.

So, you learned something, and it didn't cost you much. Most investing mistakes are much more expensive.

[hamburgler]

I think I placed the order as market. Now that I think about it I have bought other stocks in the past for a couple cent higher than current price. So what should I do here?

2 transaction fees??? NO WAY! Ill have to ask the bank about that. I know the fees are rank. $28.95. I have already switched over to questrade but so far I don't really like it.

So how do I set those limits? I have never heard of that before. I am super new. I just wanted to practice with a couple thousand dollars before I max out my TFSA contribution.

Thanks guys. Appreciate it.

[hamburgler]

One more thing, when I bought this stock they had it broken up 3 times. Does this mean I paid 3 transaction fees? Thats almost $90 dollars

[BigShow]

Originally posted by hamburgler
One more thing, when I bought this stock they had it broken up 3 times. Does this mean I paid 3 transaction fees? Thats almost $90 dollars

No, you will just pay for your buy order and your sell order.

[BigShow]

Originally posted by hamburgler
So how do I set those limits? I have never heard of that before. I am super new. .

Lots of resources on the net, spend some time to read up on the basics such as the limits. The limits are there to help you as it "gives the trader control over the price at which the trade is executed"

[guessboi]

I am with RBC. I am pretty sure each of these transactions are 28.95.

[ExtraSlow]

If they charge you two sets of transaction fees, you need a different broker.

I'm with Credential, and that would be one fee for me.

as for how limit orders work, you can look up the concept, but you'll have to familiarize yourself with your brokers website as well. should be in the FAQ section.


Basically, if I place a limit order to sell 100 shares of XYZ at $1.00. Those shares will sell only at $1.00 or higher. If the share price is falling as I place that order, and doesn't recover before the order expires, the order will not be filled.

Works similarly on the buying side too. Except the limit is the MAX price you will pay, not the min.

Get reading, and happy investing.

[06civic]

Iam with RBC..U will only get charged one transaction fee

[Euro838]

You will only get charged multiple transaction fees for the same order if it gets filled over multiple days.

With RBC, if your portfolio is over $100K, you will get charged a flat $9.95 regardless of size of order.

[ExtraSlow]

I think they lowered that to 50k now.

[Feruk]

I'd just like to point out that you bought 20,021 shares of a stock at $0.055. How do you possibly expect that to be filled by just one seller? Tip for future: NEVER buy stocks in anything but 100's or 1000's (penny stocks). What'd you really need the extra 21 shares for??

[Type_S1]

Originally posted by Feruk
I'd just like to point out that you bought 20,021 shares of a stock at $0.055. How do you possibly expect that to be filled by just one seller? Tip for future: NEVER buy stocks in anything but 100's or 1000's (penny stocks). What'd you really need the extra 21 shares for??

He probably calculated how many stocks all his money could get...put all your eggs in the same basket type thing.

[ringmaster]

To the OP: Try and hold off for more of a spread between what you bought for and the price you want to sell at. On paper that $0.005 over 20K shares adds up to a nice little profit until your transaction fees are factored in.

[hamburgler]

Thanks for the info guys. i only wanted to buy just over 1000 worth ofthis stock which is where the 20021 shares came from. ill look into limit when i get home

[rob the knob]

board lot poop is from old days

dont matter board lot or odd lot

it used to be difficult to trade other than shares end in 00

today you trade 413231 or 532 or 321 or 54356565 and it dont matter. computer can handle it. not odd lot.