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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: rocklobster who wrote (27657)	1/15/2002 1:13:48 PM
From: AllansAlias	Read Replies (1) \| Respond to of 52237

Ouch. I've had it happen to me. When your order gets converted to a market order and sent through Globex, it is out of their hands. Still, it sure hurts I know.

To: rocklobster who wrote (27657)	1/15/2002 1:14:02 PM
From: Steve Lee	Respond to of 52237

That was bad and I think you should try to find out if the spike was genuine to see if there is any chance of redress. If you trade via spread bets, you have the option to get a guaranteed stop loss fill - but it costs you a little more per trade. I use mental stops most of the time.

To: rocklobster who wrote (27657)	1/15/2002 1:49:52 PM
From: Louis V. Lambrecht	Read Replies (1) \| Respond to of 52237

rok - as Steve sez only use mental stops. Drawback, you're hooked to the screen. Second problem, if using mental stops, you are at the mercy of a communication failure. If you don't have access to a phone broker you're coocked. If you are not aware of the communication failure, you also are coocked. (half of my losses in futures have been communication failures). Third problem, the move could also have been a legitimate one. The stop could have saved your life. BTW: I wonder if the new PATS system platform had the high stops entered and visible.

To: rocklobster who wrote (27657)	1/15/2002 4:10:06 PM
From: gsp6181	Read Replies (1) \| Respond to of 52237

Rock, Sorry, I was in the same trap with IB except I had just cancelled a stop limit when I returned to my computer and watched the spike. I wanted to wait but my emotions took over and I ended up selling 7 contracts for 20 point loss on each. I hope that you can recover your composure - I was mad as hell at this kind of obvious manipulation / screw up. It looked like it was running away. I guess I need more experience, but holding futures when they run like that is scary. Made a few bucks the rest of the day but still pissed. Good luck!!! -gsp