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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: Wizzer who wrote (2194)	1/14/1999 9:07:00 AM
From: the Chief	Read Replies (1) \| Respond to of 62348

Okay...I don't fel so bad now!!,ggg> I called DS and talked to a supervisor abouts stops. Interestingly enough he couldn't answer two of my "hypothetical situations"!! First, the Canuck exchanges have changed there term use and parameters. Two orders Stop Loss and Stop Limit. Stop Loss was just that, the Stop got activated and you sold at market. However the IDA and OSC in their wisdom now "demands" that a limit be attched to the Loss order. So if you wish to sell at market, no matter what, after your Stop has kicked in you must place a "stupid" limit on it!!! ie. STOP =$5.00 Limit = .01c "They do not accept a Stop Loss with out limits any longer" STOP LIMIT The term STOP LOSS with a LIMIT was abbreviated years back to STOP LIMIT. However, the right term to use is STOP LOSS. The true STOP LIMIT is now rarely used. A STOP LIMIT order is placed at $5.00 and the stock will only trade at $5.00 not at 4.99 and not at 5.05. STOP LOSS The stop is set at 5.00 limit is set at 4.75 The stock reverts to a market order as soon as there is one trade at 5.00, the stock will then be sold at market "even if the stock goes up", which amazes me, because I thought that the stock would only trade between 5.00 and 4.75! However, there is one glitch to this. If you are in a "que", the CAT system of the TSE, the STOP LOSS with a LIMIT is recognized as you flush from the QUE, therefore, if you are #10 in the QUE and $5.00 is hit, only momentarily, there is a possibility that your order will not get "tagged" as a market sell. This is the situation that happened to me. So I "assumed", for all this time, that thats the way it worked, I am now told that it was an anomaly! So my previous comments only cnfused the issue....sorry! the Chief