I remember that one:
ragingbull.lycos.com
Just shows you the teacher instincts in me. Always trying to help others even if it is lessons from my own mistakes, but isnt that the best kind? Remember too back in 99, daytrading was pretty much in its infancy.
I never had any role models, it was all learn as you go...
JGC,
Thanks for the heads up. Understand the patronage the brokers pay to their MM.s.
Back to my procedures, and this may or may not help for anyone else listening. I agree, a stop/loss isn't perfect. In fact for the reason you stated, ie. ...it then becomes a market order... I no longer use them, (atleast not very often). In fact a stop limit order would be more useful, but have given up on those too.
On a security with good volume and volatility, I will chain myself to the desk no matter what, and follow it real time.
Just want to clarify one thing: As you mention in your reply, with respect to stop orders, when the stock hits your (my) price, it becomes a mkt order. I do not believe this is what happened. For example, following the trades on one particular day with XLSW. Bought in at 18.50, S/L at 17.25. Trades during AM were tight btn 18.00 18.50, then one trade down at 17.25, after which the stock rose to end the day at 19.75. According to what I understand, my price was the trigger and the fill, How can that be? No other trades got executed at that price or lower. That's what I need clarification on. By the word "clout" I am suggesting the obvious, that the MM saw my order sitting there, and gooped me. If this had not happened to me two other times, I would not have believed it myself. Calls/messages to Ameritrade were not returned/answered. |
