My First Stock Trade (Take II)
June 25th, 2007 |
After I wrote last time, I decided to sell my shares of IVV (a simple S&P500 Index fund). I logged into my Zecco account and was horrified at what I saw.
According to Zecco I still had $500 cash in the account. What? Cash? Apparently I never owned my hot stock: IVV. I contacted their customer support and here’s what they said:
Thank you for contacting Zecco Trading. Our records indicate that your buy limit order was expired and therefore, it was cancelled. Please note that when you place a buy limit order (good for the day), if it is not filled or cancelled during the market hours, it will be expired when the market is closed
Hope this has been helpful. Should you have any further questions or concerns, please feel free to contact us again.
Thank you for your interest in Zecco Trading.
Sincerely,
An T.
So what’s the lesson: “Don’t place your order 5 minutes before the market closes I suppose”.
But there’s another lesson here. One that’s not so obvious:
“Make your stock trading mistakes with $300.00 and not $30,000”. I’m a little upset that I didn’t get a killer deal when the market crashed last week, but I’d be really upset if I was investing $30,000 and I didn’t get the great buy.
Had I bought and sold these stocks when I wanted to I’d be up about 2% in two days time (read my last post). With $300 you’re looking at about a $6 gain. But with $30,000 you’d have a $600 gain. Oh yes. If I missed out on $600, I’d be plenty upset. Perhaps for days.
But, that’s what I like about Zecco. You can learn how to buy and sell stocks without paying any commission fees and you can carry a low balance. That works out great for all of us in the Million Dollar Savings Club.
Hopefully the market will crash again soon. Then I’ll pick up my IVV stock and write about it here. The old saying is true: Patience is a virtue.
Until next time, keep on saving!
