richard5za wrote:Dear RDRUNR,
If I could add to Higgie's points:
First of all you are watching prices, often in real time, on your computer screen. So you know the prices of all assets; equities, metals, debt instruments, etc
Secondly, all my trading outside of North America is done electronically, unless I want to talk to a broker to ask his opinion. I enter the buys or sells, including stop loss prices after purchase, everything, into my computer and 'click'.
Its only in North America that my broker wants voice confirmation of all buy and sell orders; so I telephone him which is a pleasure because he is just the nicest fellow and great to chat to; presumably there is some (legal?) reason for voice confirmation of orders in American?
As you state, when I called the metals dealers, I had the real time prices in front of me. Once the dealer knew I was selling (I made multiple sales) they started shaving a nickel off the price quote. This is understandable actually. I would first ask for their quote. I would hesitate and say, did you say X? Next I would ask how far under spot they were on the particular item I wanted to sell. One time, spot dropped 15 cents during the course of the conversation and then I said, OK, I'll lock in at X, which they agreed to do. It all evened out and I think the game is well understood on both sides.
I'm in North America and can place electronic trades on my platform. But I think you're right because the account agreements may not be enforceable outside of certain countries. I don't know this for a fact but it makes sense.