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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Hyperpy who wrote (1316)	11/24/1998 6:32:00 PM
From: Parnell	Read Replies (3) \| Respond to of 90042

Stop order works like a limit order, but is used for sell, or cover as opposed to buy. When NM got to 11 today I had to go out, so I put a stop order in at 10 1/4 (to tight) such that if the stock price went down to 10 1/4 or below it would sell. The MMs can see stops in place and sometimes will drop down and pick them off. I assumed the stock would not drop back that much. I should have set it lower, but if you are worried about the stock tanking while you are away it can be a big help. (lock in your profits, as opposed to coming home to discover the stock price has gone from 11 to 5.)