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To: mega_trades who wrote (44653)	1/3/2001 4:47:50 PM
From: Greg S.	Respond to of 57584

Thats why its alaways nice to have stops in place, because you never know what will happen. We talked about these before .. I don't want to make a blanket statement, because some things work for some and not for others .. but I think for protecting against sudden movements, stop orders are complete garbage. When a stop order gets triggered, a market order gets placed on the back of the queue that's probably grown pretty large. In a fast moving market, especially a raging typhoon brought on by a largely unanticipated .50 point rate hike, your "stop limit" order is effectively a "take as much of my money as you want, whenever you want" order. That said, stop orders are pretty good at helping you bail from trading positions when the trend turns the wrong way. But even then, MMs have a way of pinpricking certain prices just to trigger the stops. What does an MM care if he buys or sells 100 shares of a stock for an 1/8 of a point more or less, if it means he can unlock orders for another 150,000 shares. If I were them, I would too. Welcome to the scam. :) Congrats all on your trades. My LTBH roots were vindicated today (portfolio up 22% and I barely traded at all), but I'm slowly shaking them. -G

To: mega_trades who wrote (44653)	1/3/2001 4:48:59 PM
From: Kanetsu	Respond to of 57584

Stops would not have helped in this case, when a stop level is hit your order becomes a market order, during the mother of all fast markets as that was, a stop still would have left me filled at the end of the initial buying burst. Maybe it's my experience in the futures pits, but I never like having stop orders in the market. If I was an infrequent trader it would be different I suppose. There are good arguments for using stops, they just don't apply to my style of trading. On another note, William, are you around? Thinking of buying some silver for a long term trade (May 475 Call Options). Do you have an opinion on silver?