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Non-Tech : Datek Brokerage $9.95 a trade
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To: Gorak Shep who wrote (11172)3/5/1999 1:13:00 PM
From: David Kuspa  Read Replies (2) of 16892
 
What you say makes perfect sense if you look at it your way. I guess what you're saying is that the Datek order entry system is smart enough to know if you are buying to cover a short position, thus the limit action works in reverse.

I was confused because on a normal buy order, limit buys will trigger immediately if you mistakenly enter a price below the current price, no? I wondered whether this would happen on a short position as well. For example, if I shorted at $30 and immediately placed a limit buy at $29, would the limit buy trigger because the current price is above the limit price, buying back my position at $30?

Thanks for your help,

David
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