Last nite, I set premarket orders for ZFX (Buy @ 1508), BHP (Buy @ 3008), OXR (Buy @ 284).

Lesson #1:
Stocks in the ASX gap up. BHP jumped from y'day's close of 3006 to open at 3055. ZFX gapped from 1505 to open 1548. OXR gapped to open @ 288. Hence, you miss out on the major moves in the market - unless you are already in the market. BHP traded in a 3047-3061 range, ZFX in a 1519 to 1549 range.

Lesson #2:
A Buy Stop is different from a Buy Limit order. And the IGM system doesn't always give you that choice. I set my Buy orders as 'Buy Stop'- as a result, I got in at the first pricepoint of the morning. Which was certainly not what I wanted. I needed to have set a Buy Limit order - which does not execute my order unless my specified price is reached.

As a result, I've finished negative for the day in ZFX and barely ahead in BHP - and they're both virtually at my exit prices.

Lesson #3:
I need to get into (or out of) the market on the previous trading day. That's the only way I don't get burnt by the gap moves. Also explains why I did well on WPL today. I got in near the close yday.

So,I've written to IGM to put me on a Standard Account, from a Limited Risk Account - it hasn't worked for me, and I've just ended up paying lots of brokerage. They wrote back to say that I need to have $20K in the bank before I can move. Which, of course, I don't have.