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To: TheStockStalker who wrote (2315)	1/16/2002 5:00:26 PM
From: Michael Watkins	Read Replies (2) \| Respond to of 12411

Thanks for a long and thoughtful post to which I only have time for a quick comment right now. The principle issue I have with your previous comment was that you were discussing an order type that Rocklobster did not employ, i.e. you centered the discussion around STOP LIMIT where he chose to use a STOP. > The bottom line is that I think that if his order would have been sitting on the Globex machine and near the front of the line, the slippage would have been very small. < The issue I have with that comment is that it supposes a lot. Traders have no way of knowing where in the queue their orders sit. Since he issued his entry order as the market was just about to ramp, it is in fact highly likely that even a stop limit order placed after entry would have been much closer to the back of the queue than the front. If that had been the case, price would have shot through his stop limit, residing on globex, and continued its merry way without being filled. The trader then has a difficult decision - adjust the order or create a new one (probably racing for the 'market' key) - or wait and see. Very difficult proposition for 99% of traders I think. At that point only the trader and his or her chosen god or conscience can truthfully be able to answer the question "faced with shooting prices and 20,30 points or more of loss per contract, does the trader sit and wait it out, or panic with the crowd". No argument from me that a non-simulated stop limit might have better execution chances, but it depends on order in the queue. Cheers mw