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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Tom DuBois who wrote (4451)	4/14/1999 3:26:00 PM
From: David Penfield	Read Replies (1) \| Respond to of 4969

Tom - This happened to me at Discover once. The stock dropped below my stop between the time I entered the stop order and the time the order got to the MM. The MM rejected the order, but it showed up as "Placed" on Discover's Order Status screen. I assumed that "Placed" meant that the MM had the order and everything was OK. Discover claimed that the MM's just kick out invalid stop orders and don't always tell the brokerage that it is an illegal order. Therefore they (Discover) "Placed" the order and their order status screen (that said "Placed") was technically correct. I felt that Discover, acting as my agent, should have ensured that the order was in fact legal. Of course they didn't see it my way. Also of course the price dropped during the time I had to call and find out why my stop order didn't execute. They compensated me with a commission free trade to close the position. WOW, like $20 makes up for a $1K mistake. BTW, I doubt that you would have this sort of problem with Yamner, and they really do answer the phone in 2 rings. DP

To: Tom DuBois who wrote (4451)	4/14/1999 3:30:00 PM
From: David Penfield	Respond to of 4969

Tom - Here is my original post about my stop problem at Discover: Message 6500201 And here is what Steve Goldman said about it: Message 6503346 DP

To: Tom DuBois who wrote (4451)	4/16/1999 9:46:00 AM
From: steve goldman	Read Replies (1) \| Respond to of 4969

Tom, I hate saying it but no, if you enter a stop on an OTC and its alrady bid at or below your sell stop number, the order rejects. NO market maker takes it. Yet, while they probbably have a lot of reasons and clauses that protect them, someone should have atleast tried to call you. The issue is...if you have a sell stop at 18 1/4 and the stock is alrady 17 1/2., did you intend this? did you intend a stop or was it a limit that you misworded? What we will do is call the client immediately. I'd rather take 20 seconds to call the client rather than wait a 1/2 afternoon before fixing any errors. Anyway you slice, you'd still eat the result in our firm. Yet the differenc is our perception of your problem and trying to do whatever we can, expediently, to help you fix it. Stop orders already triggered are rejected, no orders. -Steve@yamner.com