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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Gerard who wrote (1018)	5/10/1998 3:06:00 AM
From: Tai Jin	Read Replies (2) \| Respond to of 2120

I'll answer your question. You'll be short if the second sell executes. Here's what I really want. Put in an order to buy or sell and at the same time put in the closing order and a stop. The closing order and stop are only effective if the initial buy or sell order executes, and then only one of the closing order or stop will be executed. I realize that daytraders don't need this, but when you can't be watching the stock all day, an automated system of order placement and execution is essential. Does MB Trading or any other system provide this capability? thanks...tai

To: Gerard who wrote (1018)	5/10/1998 8:48:00 AM
From: steve goldman	Read Replies (2) \| Respond to of 2120

Yes, you will be short unless you cancel the subsequent order. Such firms require you to monitor and guage your own trades. With such firsm I would put the stop order on the book since that is most important, protecting downside losss. BTW, our firm takes such contingent orders, you would phrase as.. " sell 200 abc with 34 stop" or/but not both, sell 200 abc with 38 limit, not held. I would put the 34 stop on the system so you are protected on downside and stock wont run through you, yet because its contingent the second order has to be not held, that is, trader isnt libable if the market gets fast and misses it... The reason, it could flurry up to 38 in 10 seconds on news, and then get halted one second later....so we would have to first cancel the 34 stop, figure 2 , 3 seconds, then execute the limit. in those few seconds it could jerk all over th eplcae. its not that it happens , or happens evern rarely, but because it COULD happen, the second part has to be not held. These are features most firms cant offer since their "servers" cant handle them....although I dont know why not. Regards, Steve@yamner.com