I am becoming a frequent trader here, I mean up to 6 limit order trades a day. One thing that is starting to annoy me is having to convert the pence on most share information sources, to pounds every time I use free trade. It is wasted time and mental energy.
I will give you an example that annoyed me today.
-I want to buy BT at 95.79p on a limit order , based on most apps in the world using pence as my information source. I have to do an extra calculation to divide 95.79p by 100, to get 0.9579.
-I have to think about how many decimal places to key in the app. I go with 0.957
-The app will not allow me to key in 0.957 for a trade, I can only do 2 decimal places.
-I then have to do another calculation to work out the difference between 0.95 and 0.957. Its actually quite a bit, around 0.7%.
-I then have to do another calculation to work out the difference between 0.96 and 0.957. Its around 0.3% so I go with it.
Seriously, that’s a lot of wasted calculations and mental effort, when on most apps, I could have just keyed in 95.79 pence.
I really wish there was an option in the app to use pence.