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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (1220)11/28/1997 3:25:00 PM
From: Harry Ehrlich   of 12617
 
This is an interesting comment from Watley. I was always aware that Nasdaq stops are internal to the broker's system and they must be the one's to flag the price and trigger.

But the interesting part is that many day traders, certainly the big traders, rely only on mental stops. Issuing a stop order would give away their position or strategy.

As a short term investor, it is certainly convenient to have a stop order system. But as a day trader, how necessary is it? After all, if you are in a position aren't you constantly watching the action? I see the mechanical stop order system as being more for the position trader or investor. But yes, it would be nice for the day trader to be able to go out for a jog or swim, knowing that he is somewhat protected by the stop.

Harry
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