Access .. DENIED!This is more of a question I’d pose to you other Irregulars who, like me, enjoy and appreciate Myrons commentaries and suggestions for investment. Here’s the question:
Have any of you tried to buy one on Myrons picks that trades on a foreign exchange and been denied access to that platform? Last week this happened to me when I went to enter an order for one of his Mongolian stock picks. When I entered the symbol to first find a quote I got an immediate message that (I paraphrase here) ”You do not have access to foreign exchanges.”
Have any of you encountered difficulities like this with your provider? I use Fidelity and have never had any issue whatsoever when buying US Exchange or Canadian issues. But this one trades on some foreign exchange – not real sure what it is – and I’m shut out.
Any suggestions / ideas on what I can do? I’ll be calling Fidelity customer service on Tuesday AM to find out if there is just some sort of approval I need or perhaps an account upgrade from the level I currently employ.
And maybe, Myron, you are reading this and can offer some advice. Obviously you buy and sell some of these issues for your own account, so you’d know how if anyone does.
Little help, anyone .. little help, little help?
Have a GREAT Labor Day!
Ths Blind Squirrel
Jim Skelton
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Fidelity has the ability to purchase Canadian stocks but, though I have a large account there, I utilize Interactive Brokers for my foreign exchange trading as their currency exchange rates are much better than Fidelity’s. I primarily trade Canadian and Japanese stocks via IB. Their trading fees are a bit higher if one is purchasing large quantities, .5 cents per share which is their ‘flat rate.’ They also have a ‘cost plus’ rate system but that requires much higher volumes than I trade.
Thank you, Phillip – I’ll look into Interactive Brokers. I did discover that Fidelity can and will execute these trades and open the system for me if I simply call the International Trading Desk, have them read to me the complicance gibberish, and agree to it. I didn’t get into pricing with them yet since I haven’t done the complianc thing – but I will. A nickle is quite a hit in a thinly traded $.50 stock! And frankly, I hadn’t even considered the exchange rates yet. Will mos def examine that!
Thanks again – Gumshoe on!
Jim Skelton
The Blind Squirrel