Daytrading Canadian stocks in Realtime Message Board

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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime

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To: the Chief who wrote (1342)	12/17/1998 11:13:00 AM
From: Abbeydale	Read Replies (2) of 62348

Great explanation Chief! This is perhaps a discussion best left for after trading hours, but I will put it on the table now anyway... Scotia Discount has a policy that EVERY stop loss order MUST have a limit. So, when I asked for a stop loss (intending for the order to become an open market sell order when it traded at 1.44) they automatically read it back to me as a stop limit of 1.44, meaning that the sell was at 1.44 and no lower. Kind of dumb when a stock is tanking! It would have to hit 1.44 to activate the stop and come back UP to hit my sell. Not likely when the market momentum is downward! I understand the policy, because it protects the client from getting clobbered like I think you were, Chief, that one day when you had a stop on BII (I think) at 4.25+/- and you got stopped on the open at 3.80 and the stock went back up! Of course it is a double edged sword too... had you HAD to set a limit, you probably would have set it at $4.00 and you would have missed it anyway. If in that case, the stock went down rather than back to 4.25, you would have been cursing the policy that was there to protect you! I guess my bitch is that I asked for a stop loss and was read back a stop limit, which I didn't catch (out of ignorance perhaps) and lost an additional $150 by getting out at 1.32 instead of 1.44. Pretty damned expensive lesson! Still, something seems fishy with that policy. BTW, this is the first time in 2 years that I have ever had an order problem with Scotia Discount. A

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