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Closing auction Simon

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stores
Super Contributor
Hi Simon...Please help me out to understand: 1. At what time can I participate in the closing auction? 2. To participate in it, must I set my buy/sell order at market price? I tried to get some KIO today at about 16h50 and my trade did not go through. Thanks
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12 REPLIES 12
SimonPB
Valued Contributor
it starts at 16H50 .. orders can be entered, limit or @market, but they are not matched .. then at 17H00 (give or take a few seconds) the system determines at what price the largest volume will go through and that is the closing .. so if you'r buying at say R580 and closing ends up R582 you don;t match .. but if it happens at say R578 you would buy at the R578 price ..
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Not applicable
Hi Simon, thanks for this info. I always wondered how the closing price works.
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Preston
Super Contributor
Have a look at Simon Website. I recall he did do an excellent presentation on closing auction.
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Not applicable
Thanks Preston, will have a look. I'm very eager to learn how to trade, as I'm only 23 but been doing this for the past 2 years. Any ideas how someone can get into a trading position? I've studied accounting and got my degree but not really interested in following the CA route although I am doing my post grad. Some help here would be greatly appreciate it :)
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stores
Super Contributor
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SimonPB
Valued Contributor
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md49
Contributor
Alberto - follow the CA Route. Do trading part time. Trading income is a nice to have and never guaranteed month on month. with a CA at least you will be guaranteed a job in a few years paying R45k+ per month.
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Not applicable
guarantees are the biggest fallacy in life...and those who dont risk never get rewarded. As far as taking a safe job, the best advise Ive ever been given was:
Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway - Warren Buffett
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Rams
Super Contributor
Buffets biggest investment was the education he got with Graham...he went to work to learn and was so thankful for being able to learn, he never did worry about the size of his salary...the money will come, just dont make it the primary focus of your trade and if you are 23, you have time, no real responsibilities and not much to worry about losing it? er okay..the last bit about the "money will come" was from Simon.
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Not applicable
Thanks guys for all the feedback and the link (Simon). I'm sure everyone goes through the same scenario at this age but one thing is for sure and that is that I won't stop trading and learning about this field really enjoy the markets and the thrill behind them.
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keng
Contributor
Loved this video Simon. Sweet and simple.
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surfer
Regular Contributor
watch out for the thrill part if trading done well it is actually quite boring and there should be no thrill
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