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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: drsvelte who wrote (1374)	6/24/1999 11:39:00 PM
From: Tai Jin	Respond to of 18137

You may be right, I've heard that Yamner can do things Internet brokers cannot since they have traders there who actually work your order. ...tai

To: drsvelte who wrote (1374)	6/24/1999 11:57:00 PM
From: -	Read Replies (1) \| Respond to of 18137

Yes, I believe Gary Smith on thestreet.com has described Yammer as one of the few brokers that can take this type of order. Every stock swing-trader lusts for these, but there are complications. This is a a pair of contingency orders... e.g. for a long: Limit sell order, contingent cancel stop limit order (sell out if profit target hit and cancel opposing limit order) Stop limit order, contingent cancel limit sell order (sell out if stop is hit and cancel opposing limit order) The reason that most brokers won't take them is, with the delays they can experience in getting fills back from market makers, conceivably in a fast market BOTH orders might be hit in rapid succession, leaving them holding the bag. You don't have to stretch your imagination much to see that happening. I believe that the FUTURE for this kind of thing, as more and more of us demand these sort of capabilities, is for them to be implemented locally, on our workstation. Another advantage of that is, you don't have to have a real standing order in the markets for the MM's to hit, etc. Commendably CyberTrader has moved in this direction with automatically adjusting trailing stops that are built into their software, which unfortunately have a lot of 'gotcha's' making them unpopular to actually use. And, Cyber isn't my favorite brokerage (don't get me started ;). But this sort of feature DOES belong in our software... say in future enhancements to our order-entry interface in RT III, the major web-brokerage interfaces, etc. But, it's not a technical problem, it's a liability problem (even when it's done locally), so progress will be slow. Looks like we'll still have to set in front of the tube for the time being. Until they get that neural network system working <G> Good trading, -Steve