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To: Sans Souci who wrote (322)	8/26/1999 4:51:00 PM
From: SJS	Read Replies (1) of 989

Sans, There is probably some details you've missed in your analysis. Here's the way it was explained to me.... Stop-loss order turn into market orders on the way down. Let's say the stock closes today at 30 and your stop loss is for 29. If it gap opens down tomorrow morning to 27, you'd be executed at 27. Stop limit orders turn into limit orders. If you take the same example, you wouldn't be executed at 27, but would be holding a sell order at 29 (unexecuted). Both fairly well protect against a "stairstep down", and are good if you can't watch a stock. For the case of "stock gap opens lowers and probably continues to go lower, so I want to be out....", you'd best use a Stop loss, NOT a stop limit. I guess it depends on where it is placed. Comments? Steve

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