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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (5764)1/13/1999 4:06:00 PM
From: Bob Rudd  Read Replies (1) of 78644
 
Order strategies on the net [For those that use web based brokers]: When trying to buy a value stock in a diving market or sell into a spike on a volatile issue, various types of orders may be entered. A live broker will usually understand what you want to do and implement it accordingly. Unfortunately web broker software is only as smart as the guy who programmed it and if you don't understand how your particular program works, you may not get the results you want. For example, today I tried to cover my modest short on AMZN near the open with a limit order of $130 [Not because I think it's worth that, but if someone hands me 60 points within 6 days, I'm gonna grab it and reshort on the reaction]. Because AMZN was trading below my buy to cover limit, the computer kicked out an error [A live broker would have seen the situation and implemented the trade]. By the time I fiddle-faddled around with it and re-entered the order AMZN was well above my take the money and run level so the opportunity was missed. I talked to several folks at the firm about this issue and was told that "That's what the software does" and that I should have entered and buy stop limit order..which this particular software won't do on Nasdaq orders.
My point here is not to get into specifics about my software or the firm involved, but just to give a HEADS-UP on unexpected limitations and misuderstandings that can occur using software to enter trades.
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