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Newbie to US stocks Using POEM.

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Old 06-06-2020, 10:01 AM   #1
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Newbie to US stocks Using POEM.

Hi Guys ,
Bought some US shares and according to POEMS made $700 USD on a trade .
When I received the cheque from POeMs it was in USD and after banking the cheque in, my program was only $450 Singapore Dollars.
How did I lose so much along the way? Exchange rates? Broker fees?
How can i minimise my lost? Should I try another platform?
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Old 06-06-2020, 10:24 AM   #2
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Hi Guys ,
Bought some US shares and according to POEMS made $700 USD on a trade .
When I received the cheque from POeMs it was in USD and after banking the cheque in, my program was only $450 Singapore Dollars.
How did I lose so much along the way? Exchange rates? Broker fees?
How can i minimise my lost? Should I try another platform?
U mean your sgd saving acct was only credited S$450 when u banked in a U$700 cheque? Sue the bank!

I didnt know poems will issue cheque.

Last edited by wutawa; 06-06-2020 at 10:27 AM..
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Old 06-06-2020, 10:26 AM   #3
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shouldn't you be asking your own bank how did 700 usd becomes 450 sgd?
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Old 06-06-2020, 10:36 AM   #4
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Ok sorry I messed up on the questions. New bird.

I paid x amount of Singapore dollars to poems for a certain stock .

After I sold the shares , itís was noted on the platform that I made $700 usd

I received a cheque back from poems in USD , but after calculations , itís only a profit of $400+ SGD.

Iím trying to figure where I went wrong and should in to another platform to reduce this commissions , broker fees, conversion charges etc.

Sorry if I wasnít clear earlier .
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Old 06-06-2020, 10:40 AM   #5
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Can you do a manual calculation ?
Your sell price minus your entry price ?

Also broker have a settlement report. You might have some other transaction lying around.
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Old 06-06-2020, 10:40 AM   #6
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Could it be you made SGD 700 and then after conversion to USD you get
$450? Sound more logical this way.



Hi Guys ,
Bought some US shares and according to POEMS made $700 USD on a trade .
When I received the cheque from POeMs it was in USD and after banking the cheque in, my program was only $450 Singapore Dollars.
How did I lose so much along the way? Exchange rates? Broker fees?
How can i minimise my lost? Should I try another platform?
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Old 06-06-2020, 12:19 PM   #7
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If you bought USD$100,000 value of stock and then sell the stock for USD$100,700, you have profited USD$700

But in reality, Assuming USD/SGD = 1.40 bid and 1.41 ask,

The broker will convert your SGD$141,000 to USD$100,000 when you bought the stock for USD$100,000

Then when you sell the stock for USD$100,700 for a profit of USD$700,
the broker convert the USD$100,700 to SGD140,980

In the end, you still lose money even though you sold the stock at higher price with a profit of USD$700. This is likely what happen to you. This is something that stock broker like to do to earn money from the FX spread...
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Old 06-06-2020, 12:22 PM   #8
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POEMS have e invoice to show. Check
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Old 06-06-2020, 12:32 PM   #9
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Could it be you made SGD 700 and then after conversion to USD you get
$450? Sound more logical this way.
No sir itís not the case.
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Old 06-06-2020, 12:34 PM   #10
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If you bought USD$100,000 value of stock and then sell the stock for USD$100,700, you have profited USD$700

But in reality, Assuming USD/SGD = 1.40 bid and 1.41 ask,

In this case, its better to store USD in the account and use it to settle the US stocks in USD than to settle each trade in SGD?

The broker will convert your SGD$141,000 to USD$100,000 when you bought the stock for USD$100,000

Then when you sell the stock for USD$100,700 for a profit of USD$700,
the broker convert the USD$100,700 to SGD140,980

In the end, you still lose money even though you sold the stock at higher price with a profit of USD$700. This is likely what happen to you. This is something that stock broker like to do to earn money from the FX spread...
In this case, it will be better to have USD in the account, and settle all US trades in USD rather than settling them in SGD?
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Old 06-06-2020, 12:35 PM   #11
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If you bought USD$100,000 value of stock and then sell the stock for USD$100,700, you have profited USD$700

But in reality, Assuming USD/SGD = 1.40 bid and 1.41 ask,

The broker will convert your SGD$141,000 to USD$100,000 when you bought the stock for USD$100,000

Then when you sell the stock for USD$100,700 for a profit of USD$700,
the broker convert the USD$100,700 to SGD140,980

In the end, you still lose money even though you sold the stock at higher price with a profit of USD$700. This is likely what happen to you. This is something that stock broker like to do to earn money from the FX spread...
Thank you . It seems a lot to have lost to conversion and Broker fees etc.
Is there some way I can reduce these fees.

Heartbreaking to see $700 USD profit turn out to be $400+ SGD after it goes thru all the cuts.

Is there a better broker than Poems for US trading ?
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Old 06-06-2020, 12:36 PM   #12
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Donít need to do any calculation.
Itís inside Poems settled position or e-statement.
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Old 06-06-2020, 12:36 PM   #13
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In this case, it will be better to have USD in the account, and settle all US trades in USD rather than settling them in SGD?
Yes sir looking into that this weekend . Thank you
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Old 06-06-2020, 12:38 PM   #14
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Donít need to do any calculation.
Itís inside Poems settled position or e-statement.
Have you tried other platforms ? Any comments ?

I tried IQ options but donít think that works well for US stock trading , more for crypto.
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Old 06-06-2020, 12:41 PM   #15
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POEMS have e invoice to show. Check
Thank you. Yes had a look. I think Iím screwed with exchange rate , high broker fees (I could be wrong ) or tax + Then bank lousy conversion rates and fees ...need to do some serious studying on how this works over the weekend .
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