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Non-Tech : CYBERTRADER -- Ignore unavailable to you. Want to Upgrade?

To: brec who wrote (1636)	1/10/1999 2:30:00 PM
From: William W. Dwyer, Jr.	Read Replies (1) \| Respond to of 3216

Brec, I'm not sure I am the one best qualified to answer your question. But you already seem to have the facts that I have. CyBerTrader's newest version, 1.7, has the ability to enter conditional and stop orders on all stocks, Nasdaq and NYSE, I believe. As you stated, I believe that at least the Nasdaq stop orders are only stored in Cyber's computers, not on the exchange directly. This is probably the best scenario that is available with current exchange procedures. However, I do believe that you also can select the specific routing and type of order to be executed if your stop is hit, giving you greater flexibility than with brokers such as Ameritrade. As most of my trades are entered and exited very quickly, usually 2-10 minutes in total length, and because I usually try to be in only one high quality fast-moving trade at a time, I watch is very closely and prefer to maintain complete control over the timing and exit. Therefore, I do not distract myself or otherwise waste time or limit my options by fiddling with setting up conditional and stop orders. When I feel I should be out, I get out the best way I can at the time. I never know in advance how that will be, so I prefer to save that decision to be made at the moment it's needed. Besides, I could enter the stop order incorrectly and introduce more risk to my position, or the software could screw up somehow, or any number of things could happen that might cause it to work against me. I prefer to sit on the trigger myself, since ultimately I am solely responsible for the outcome. I guess I'm a bit old-fashioned about my money and prefer to trust as few things as possible to "automation." If you're really interested in more detailed info about Cyber's Nasdaq stop orders you probably should contact them directly for a better discussion. Frankly, I only use mental stops at this time. Good luck, Bill