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

To: Reloader who wrote (2326)	4/11/1999 1:10:00 PM
From: William W. Dwyer, Jr.	Read Replies (1) \| Respond to of 3216

Dave, My experience with CyBerSmart orders is that when the stock is falling they are mostly useless. The order stays live and cannot be cancelled for something like 15 seconds. If you're not lucky enough to be filled immediately, the stock drops to another (lower) level, but you cannot chase it because you cannot cancel your order yet. This happens over and over and over, often through several levels, as the software continuously sends out orders that go unexecuted and cannot be cancelled. With SelectNet orders, you simply cannot submit, cancel, and re-send orders quick enough to keep up with the falling stock price. I've found that when your stock is really truly dropping fast, by the time you finally get filled, it's the bottom anyway and often you're better off staying in and hoping for a bit of a ride back up. However, rather than gamble on some possible bounce, I think it's better to admit you're screwed and capitulate by sending a SelectNet order several levels below the inside bid, hoping somebody will take care of you. We all know that getting into these type situations is extremely perilous and the goal should be how to avoid getting into them in the first place rather than how to get out of them. As for the delta orders, I tried a few times and got fills that seemed ridiculously outside the market. My buy orders were executed above the inside ask as the stock turned and dropped, and I was left holding nothing of value. I always felt I would have done better with a regular limit order. But one never knows. Delta orders should probably be used very carefully, sparingly. Again, being in the wrong trade at the wrong time, or otherwise on the wrong side of the trade, you're left with nothing but good intentions and another "tuition fee" to pay. Bill