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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (2440)	1/25/1998 10:53:00 PM
From: Dale Baker	of 4969

For on-line trading, I use mostly stop-limit orders only. I risk the stock skipping past my limit when I am not looking, but I lock in certainty 95% of the time that the stock will only be sold at a price I set. I usually watch a stock trade for a period before buying. If it jumps around wildly, I go for the limit order to avoid the biggest danger, which in your example is the stock prints at 10 and the MM drops the bid to 9 1/2 for just an instant so the stop order still has a "clean" fill - which is actually a ripoff. That wouldn't apply to someone whose broker is working the stop for them.

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