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Strategies & Market Trends : Selling Puts: Have Cash Will Travel
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To: David Lind who wrote (765)12/23/1999 2:50:00 PM
From: KFE  Read Replies (2) of 1235
 
David,

Have you used broker stops with any success?

I almost never use them on options and rarely use them for stocks unless I know that I will not be able to monitor a vulnerable position. When I worked for the NASD and later at a firm which was the largest market maker in the country I often saw instances where market makers would collude and ask another market maker at the best bid to pull his/her bid temporarily so that the stop order could be executed and then bring the bid back up.

Stop orders on options have the additional problem of not opening at the same time as the stock and not being able to trade during opening rotation. This message that I posted on the spread thread might be of interest in regards to your question.

Message 11546322

If you can find a firm that will take a contingent order that when the underlying hits a certain point your buy to close order will be executed you will be much better off.

Regards,

Ken
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