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Strategies & Market Trends : Sharck Soup
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To: Sharck who wrote (19166)4/28/2001 12:10:46 PM
From: Paul A  Read Replies (2) of 37746
 
Shark- I just caught a sentence in your last post that brought back some memories.. Do you remember Lizzard King? He used to always say that one of the contributing factors to failing at what we do is when people cant decide wether they are traders or investors.. I guess in other words, no game plan before jumping in and then it becomes a decision making process filled with emotion/greed etc etc..

dunno..just always stuck in my mind..

Ameritrade had a 15 minute delay on market orders yesterday.. I position trade most of the time so execution reports are not a big deal any more for me.. but yesterday I did a day trade on GOTO.. Real simple.. wanted to short it at 15.7 and put a stop at 16.31.. and the report took 15 minutes to come back.. I was livid.. because in that 15 minutes, I couldnt cancel the order since it was a market order, and the stock could have run to 17 easily with this volatility and the loss would have been well beyond what I was willing to accept.. Is there any arguement to be made if that scenario played out? Surely if the broker knows there is an unusual delay that can seriously cost the client monies- wouldnt you think they are accountable to bust a trade?

all ended well.. but nothing is worse then that.. Keep hitting refresh on one screen, and watching each trade go by and praying.. helpless..
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