re: getting STOP ORDER functionality from MBT/RTIII
Has anyone looked into doing standing stop orders, using MBT's software (RTIII), or by calling them in? I'd sure like to have that capability... for positions in listed stocks, as well as NASDAQ stocks. I sometimes like to leave positions on while attending to other things, and would like to have that safeguard.
I use a 'RIM' real-time pager to keep track of swing-trade positions when leaving them on and away from the tube, but could benefit much more from just having emulated NASDAQ stops (like Charles Schwab offers), and standard NYSE stops, to protect positions, implement automated break-even stops, and to do trailers without doing it all manually (with alarms). New capabilities in RTIII to implement emulated stops right on my workstation, like CyberTrader has, would be wonderful! Sometime I'd like to talk with the RTIII developers to see if/when they plan to do that. [Emulated stops are implemented (automatically) by the brokerage, or on your workstation; once a stock trades at your STOP price level, the order is executed as a market order, or equivalent. There are tricky liability issues when the brokerage carries them for you, so not too many brokers offer them. The NASDAQ itself, unlike the NYSE, has no intrinsic mechanism for stop orders, although they're considering going to a "central limit file" system, which would fix that... but don't hold your breath, they're too busy chasing down "public enemy #1", the daytraders]
I will probably have to eventually setup a second account with a web brokerage for these swing-trade positions... but thought I'd check to see if anyone on this thread has looked into this.
-Steve |
