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To: musea who wrote (91539)1/26/1999 8:51:00 PM
From: freeus  Read Replies (1) | Respond to of 176387
 
Mark is corrct, never leave GTC orders in, for several reasons.
Fidelity even warned me that that leaves you open to marketmakers picking out yours for the worst execution. A day order is sufficient even if you dont have time. Just put it in again the next morning once you have seen what the stock (and the market) are doing.
Overnight all sorts of things can happen anyway, and you end up buying a stock way out of line with the price. (That is sort of what happened to me with my one lycos call the other day: the call hadnt opened yet and by the time my order was filled it had been cut in half, I only had one and it was a very small lesson, but a good one nevertheless.) Learn what the market is doing, look at the news, at least on Yahoo stock site, before you put in orders and its much safer to make them day only.This is even true of limit orders because the stock can be going down and yours gets picked up on the way down or its going up and yours is picked up on the way up. Limit orders for the day are fine if you know the trading range that day for your stock or option and are happy with your choice of price.(no matter what)
Freeus