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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: TraderAlan who wrote (3525)	8/30/1998 7:19:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 4969

TraderAlan...though not a pure day trader, I went short the market to a large degree after Weds' failed rally. Mainly banks and techs which played out. Sure there were many times I wanted to cover when market showed strength, but I was feeling confident that traders would sell it off for the weekend. In any case, as positions got profitable, I moved stops in to protect gains. personally, i like trading big board stocks, nyse ge's, wla, nb, etc. Someone posted a question or a PIM on this thread or the Trading Desk thread and now I can't find it. ....about getting filled WAY outside the market, the firm breaking the trading later in the day, not even filling at that current price, but leaving the person long, of couse the stock was down. (if it were up, you think the firm would leave it long?). Basically, trades outside the market, that are clearly erroneous can be broken by the NASD or either party as an error. In this particular instance, I belive the trade was done 20 points outside Dell's market. The issue is whether the firm that did the trade eroneously has a responsiblity to do it that the then current market. There is no rule on this, but I think a good case could be made. nonetheless, the firm , and I dont recall which firm they said they were using, has a responsibility to let the client know immeidatley that the trade was broken.. i think the person said they lost some decent money..again, do business with the right firm. lastly...if you , as a trader, ever even NOTICE a trade might be bad, call the firm IMMEDIATELY, bring it to their attnetion, demand that they verify the trade, verify the report, EXPLAIN the situation , your concern, why you think it might get broken, etc. Dont leave it to chance...no sneaking anything past anyone out there...ie..sometimes, I might only sell 10k of dell, but the other firm dupes it...the stock is 4 points lower, hey great 40k..i dont think about it for a second, two reasons 1...whether you are a trader or investors, you word is your bond 2....it will get broken and then i will end up getting screwed having gone long (thinking i was covering). post the question again so I can reread it and we can discuss in greater detail. Regards, Steve@yamner.com regards, Steve@yamner.com