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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: wave who wrote (1007)5/30/1998 1:43:00 AM
From: James F. Hopkins  Read Replies (1) of 2120
 
Wave; To change an order on Web Broker Always bring up your open
orders and hit the change order it will do a cancel and replace.
If you place a second order at a different price it sees two orders
very often these things don't even get looked at by a broker..
my market orders fill in seconds.

If you placed a second order, and then did a cancel on the first
one there is a chance you didn't hit the confirm key..at any rate
it did not get canceled..it may have been in the process of exicuting

ALWAYS be sure YOU get conformation, by checking the open orders
screen...
I have a directory named orders...when I start the day off I save
the open orders screen ot my hard drive with a date.
Like 0529regord.htm or 0529iraord.htm...and I save them any time
I change something or get a conformation..I save the history files
too ( I keep up with this stuff as it goes using MS money )
and go months without opening the mail..as my account balance matches
my trades.
---------------
I do not understand how your old order could have been valid for a month and you not know it. ON top of that it's hard for me to
understand how it sold short..( I have to hit the sell short key to
sell short )..but I never tried selling one short with out it,
so I guess it could happen.
---------------------
But no I don't think you will get to reverse that order , not after that amount of time, if your going to e-trade you got to stay on top
of were your at, and I suggest you view the open orders screen
a lot & save it to disk, the history screen maybe not as often
but save it to.
I trade over the net almost all the time and make a lot of
trades and have never had something like you said happen..
and if you read all instructions ( THEY CAUTION YOU not to place
a second order if you want a change that way unless you first
confirm the first one was canceled..you know they will try to
kill the order for you and it's fast too..but if things are
moving it might go. Your hitting the confirm button is on your
end..you still need to get that conformation from their end,
even if you canceled it first..( which you say you did second,
but even if you did first be sure you look to see i got canceled
and was not in the pipe line at the time.
------------------------
What I think may have happened is you told it to cancel
but it didn't cancel because it had already moved ,
( it was in the pipe line ) and you sold twice..but didn't
figure it out for a month..
anyway use the change order button to cancel and replace,
and you won't get duplicate orders that you don't want.
Jim
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