Ever tried to sell a stock?? Read this!!

[lglwzrd]

well, i wanted to sell 2 of my stocks that were in the red and buy better stocks with the sales proceeds. so, i placed a sell order last night-and just received this e-mail from our friend, mr i:

Dear XXXXXXXX:


Your request has been received and will be submitted to the ISX noting that in accordance with the current internal process and procedure of the ISX it takes a minimum period of 40 days just to register and upload shares in the ISX system. This registration and upload must first be completed before the sell order can go through and as mentioned this is an internal ISX policy out of our control further noting that our brokerage office and several others have submitted complaints to the ISX regarding this matter in the hope of a positive change to best serve our clients and investors.

Thanks for the referral and you fine associate can count on receiving the very best from our bank and staff.

Enjoy the day and best regards,

Mr I
Deputy Managing Director
Senior Executive
International Affairs.


now, this raises more questions than answers.....i guess we have been buying original issued shares. so, when mine are available to sell, do they wait in line until the available inventory is used up??

it is ponderous!!!!!
im just shocked-incredibly shocked!! and fyi, warka is my proxy.....

[geowhiz]

I figured this proxy program would bite us in the eventually.

[lglwzrd]

i dont know if it would be any different if you held them in your good name!!!!

[lglwzrd]

a lot can happen in 40 days. if those negative stocks turn positive, can i recall the sell order??

[RoyalBeluga]

I'm not going to sell any stocks unless I really need to

[geowhiz]

a lot can happen in 40 days. if those negative stocks turn positive, can i recall the sell order??

If this is really the case Ill be calling Mr I on the phone. Regardless of the which direction the stocks are going a 40 day delay for a sell order is ridiculous.

[mike032588]

If this is really the case Ill be calling Mr I on the phone. Regardless of the which direction the stocks are going a 40 day delay for a sell order is ridiculous.

Yes that is rediculous we need to get in contact with him to further go over this.. Geo you want to do it? If not i will do my best to get a hold of him....

[iamrealdreamer]

things take time, it will get better!

[lglwzrd]

i wonder with all of the stocks going electronic could be part of the delay?? has anybody here ever sold any stocks?? i think lance did-and bailed out completely.

[geowhiz]

Yes that is rediculous we need to get in contact with him to further go over this.. Geo you want to do it? If not i will do my best to get a hold of him....

Ill call Warka around 4 AM MST tonight which is 2 PM Iraq time (no big deal Im up anyway because of my job). This is potentially scary stuff and I just want to clear it up if the delay is because of an ISX issue or a Proxy issue. (Plus I want to know why my 3 yr CD hasnt hit my account yet).

[Thaiville]

You know i thought that this type of issue could also come up with Warka Accounts if a big RV hits.

A control measure to keep flows of money in and out of WARKA or Iraq without easy access to wire funds elsewhere.

We will see.

[lglwzrd]

You know i thought that this type of issue could also come up with Warka Accounts if a big RV hits.

A control measure to keep flows of money in and out of WARKA or Iraq without easy access to wire funds elsewhere.

We will see.

you are limited to $10,000.00 wire or e transfers from your dollar acct per day-unless you can provide documentation-ie stock purchase (usa) of a real estate purchase-then you can transfer more...so it will take 100 days per million dollars......iraqi banking law-not warka

[latefordinar]

This[ is what tripped me up with the 5 day window to buy paid up shares of Karbala Hotel.

I could not sell any shares of my lesser performing stocks within a reasonable window of time to purchase paid-up shares. The safest surest way to take advantage of paid-up shares is to keep 1-2 million IQD in your account for purchases.

I am sticking with my original investment plus dividends to bolster my IQD account.
with my picks I'm doing reasonably well with free shares and was able to execute a few sell orders before this new rule came into play.

This has cost me the opportunity to buy paid-up shares on several occasions, But my original investment was about 7 million dinar and is now worth nearly 12 million dinar (current total shares 5 million)
(42%) gain...I'm not willing to add 1,000,000 IQD every 3 months or so solely for the purpose of purchasing paid-up shares... there is obviously an opportunity cost at play here But, I consider my current Hold position a safe haven (heaven).... though I would like to buy more ahead of the curve... overall I'm satisfied with my picks and don't mind holding dar- Salem bank North bank and several others for the long term.

I don't care for the "sell" window but I'm still on track with my original goals, though it would be nice to balance my portfolio by selling at the peaks and buying at the valleys, I'm content with the Hold position for the short term.

[GottaDash]

Hmmm. My stocks are in my own name.

Anyone sell stocks in their own name? Is it faster?

Heck, I'll probably just try it with a dud I bought. See what happens.

What good is it going to do you all to call Mr. I? He says in the email that Warka and other brokers have put in complaints with the ISX. It's out of his and Warka's control. It's an ISX problem. Seems like you just want to complain to him - which I'm sure he already gets plenty of.

Anyway, I hope it works out for you all.

[War Eagle]

I had the same idea-to sell some lessor performing stocks,and replace them with some better ones-ABSOLUTELY,POSITIVELY DID NOT WORK OUT-I can NOT get ANY stocks sold-UNBELIEVABLE!!!!!!!!!!!!!!!!!!!!!!

[geowhiz]

Hmmm. My stocks are in my own name.

Anyone sell stocks in their own name? Is it faster?

Heck, I'll probably just try it with a dud I bought. See what happens.

What good is it going to do you all to call Mr. I? He says in the email that Warka and other brokers have put in complaints with the ISX. It's out of his and Warka's control. It's an ISX problem. Seems like you just want to complain to him - which I'm sure he already gets plenty of.

Anyway, I hope it works out for you all.

My call about this issue is of secondary importance to me. My main beef has to do with about 10 grand in a 3 year CD that should have expired last month and hasn't been credited to my account. Yes, Ill call to complain. Warka is a bank, I am a client, and this is the 21st century.

[Crow]

I had the same idea-to sell some lessor performing stocks,and replace them with some better ones-ABSOLUTELY,POSITIVELY DID NOT WORK OUT-I can NOT get ANY stocks sold-UNBELIEVABLE!!!!!!!!!!!!!!!!!!!!!!

This to be expected, people should realize when entering investment situations like this it is a different world. The ISX is going through a transition period, a lot of bugs to be worked out in both the ISX systems and bank/brokerage systems. THIS IS INVESTING IN A PRE-EMERGING MARKET AND IS IN NO WAY COMPARABLE TO MARKETS IN U.S
The major players are waiting until the ISX is up and running with the bugs pretty much worked out ( though a few have started peliminary explorational trading) because this is not easy and is risky....but that being said with risk comes reward.... so guys/gals welcome to my world!

[trusty]

My call about this issue is of secondary importance to me. My main beef has to do with about 10 grand in a 3 year CD that should have expired last month and hasn't been credited to my account. Yes, Ill call to complain. Warka is a bank, I am a client, and this is the 21st century.

Maybe it was automatically renewed for another term?

I know in U.S. if you don't withdraw the funds within 10 days it goes back into another CD.

Trusty

[lglwzrd]

well, this blows away oldskiiers theory of day traders in the isx.......

[lglwzrd]

in fact, if there is a 40 day lag time, how can a stock loose value??? if it cant be sold.......its just PONDEROUS!!!!!!!!!!