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Acadian Mining Corporation ADAIF



GREY:ADAIF - Post by User

Bullboard Posts
Comment by Tradeit2on Jul 06, 2007 9:37am
392 Views
Post# 13045822

RE: I cannot sell my shares???

RE: I cannot sell my shares??? Here's a recommendation for Interactive Brokers. I used to use Schwab - their Active Traders program. The problem is that I have to use the American version of the stock - ADGLF in ADA's case. They were charging me 9.95 per trade plus the extra commission charge of .01 per share both on the bid and the ask sides. Most people don't realize this until they get their monthly statements or figure it out on their own - OUCH. Plus, I had to deal with the cantankerous conversion ratios to set limit prices that I thought were reasonable. Since these are penny stocks on the TSX and Venture it was costing me an extra $27 a trade on 5,000 shares or $55 on 10,000 shares including the $9.95 base commission with Schwab - ouch. And, that was IN and Out...certainly expensive. Even bigger problems was 1)having to call their International desk to updated prices on a real time basis versus a 15 or 20 minute delay. And 2), a bigger pain the rear was the time delay waiting to match up with buy/sells from American traders. It took eons for some trades to execute especially in a volatile market. Further, if the American markets were closed and the Canadian open - too bad, I couldn't trade. I've used IB for the past 6 months and really like it. While not the very cheapest, they have certainly saved me some money on the commissions. As an example 1,000 shares of ADA would cost $7.05 with IB vs. $19.95 with Schwab; 5,000 shares would be $32.25 (vs. $59.95 with Schwab); 10,000 shares would be $64.50 with IB vs. $119.95 with Schwab (ouch!@!) While still hefty commissions - I am saving almost 50% on my trades with IB. More importantly than that, though, with IB you can opt to pay extra for real time quotes and executions from the Foreign Exchanges. THIS IS WHERE YOU REAL SAVE THE MONEY especially in volatile markets. It cost me a mere $9.95 per month to have real time trading prices from the Canadian Exchanges. (The American Exchanges are free) which is "super-good" and allows to trade "super fast" on the real exchange (not having Schwab, etc. having to hand it off to their counterpart Canadian Broker to execute the trade). Also, I made a little money on the 4th of July because I could still trade my Canadian stocks. The only other downside I've found is that they don't offer checking like Schwab, though they do have Money Funds where you earn interest automatically on all your American cash. They do handle wire transfers in and out and issue checks so you can have your funds in a few days. Also, I don't think they pay interest on the Canadian Funds in your account, but I have made money on those too with the downfall of the US dollar. Also, it is very easy to convert your funds into the CAD $ by using that symbol CAD , chosing the Ideal/Forex Exhange, clicking on the ASK putting in the amount you want to buy, click Transmit and it converts (small commission on these trades, 0 to $1 or $2 per trade). The only time I needed Help was on this and with a quick call they walked me through it in a few minutes. I've been real happy with Interactive Brokers. They are a Connecticut brokerage firm that is getting really huge and has billions of dollars. Also, they have continual Webinars explaining all of their features and products. They seem to have a lot, though my times been limited. Though maybe intimidating at first their Traders Workstation (basically a quote page) is pretty easy to manuever. I was up and running quickly and easily with them, though they held my initial wire transfer funds for one day while they made sure they cleared. I have no interest in the company and don't work for them. Just trying to help a few traders like you save a little money, have a really fast way to make trades and be more efficient. If you want more info email me back and I'll try to help you out. So,forget about ADGLF and all it's problems... go with ADA! GO ADA, onward and upward! Good luck to you!
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