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After i say this, end of discussion, OKAY ? I agree with you 1,000 % on MM's dropping down to take you out - it's happened to me. But if you buy something at 10.00, it goes to 20.00, what could possibly hurt by putting in a S/L order in at 15.00 IF you can't watch it all day long ? And what about the infamous 'after hours trading' ?? and what about something opening 'sharply' lower than what it closed at the previous day ?? Yes, i know your order can be bypassed if one day it closes at 18 or 19, you have a S/L in at, say 17, and for some reason it opens at 16, you still get screwed as it never 'hits' your magic number of 17 on the way down. Now, i can understand, with above scenario set, i would not want to put in a S/L at 19.75, 19.50, or even 19.00, but at 15, don't you think you'd be away from the MM's a bit ?? AND you'd still be locked in to a profit FOR THE MOST PART ?? the other thing is, I have been really screwed by MM's on the NASDAQ and OTC, but not much on the NYSE or even AMEX as they have different policies regarding (mm) trading, so it really does depend on where your stock is traded. Then again, as i keep getting told: I could be wrong. |
