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Phsst;
Here is the appropriate help section from the live
screen:
What is a stop or a
stop-limit?
Stop
Order is a buy or sell order which automatically converts to a market order
and will buy and sell securities at the current MARKET price once the order is
triggered by the stop price. For OTC orders, a stop order becomes a market
order if either scenario takes place. The stock is quoted (bid for sell
stops and ask for buy stops) at your stop price or actually trades at or through
the stop price. For listed stocks a customer is entitled to the next sale
on the primary market when the price trades at the stop price, providing there
are enough shares available at that price.
A stop order may be a day order or a good til
cancel order. A limit order is not the same type of order as a stop
order. Buy stop orders are placed above the current offering price and
sell stop orders are placed below the current bid price. A stop order
gives you the opportunity to protect a profit or limit a loss on a security
already purchased. Be aware that significant, short term market movements
may trigger your stop order, creating an undesired/unwanted buy or sell.
Also, depending on market conditions and the fact that your order is a market
order, once triggered, there is no guarantee of what price it will be executed
at and can be several points away from the stop price.
Stop Limit Order is an order to buy or sell
a security at a specified price or better (stop limit price), but only after a
given stop price has been reached or passed. It is a combination of a stop
order and a limit order. A stop limit order may be a day order or a good
til cancel order. Unlike a stop order which converts to a market order
once order is triggered by the stop price, a stop limit order would only be
executed at the limit price or better. As with any order limited by price,
the risk is that you have the opportunity that your order would not be executed
if the market price does not reach the limit.
Stop Orders and Stop Limit Orders are handled
differently by the exchanges and are considered “not held” orders. No
priority is given to these orders and you may not be executed, even if the stock
is trading at your price.
***NOTE:
Stop orders must be placed at least .25 of a point below the current bid or
above the current ask. We have established this guideline due to the
possibility of the order being invalid if the market price moves below the
designated sell stop price or above the buy stop price.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Phsst
<phsst@xxxxxxxxx>
To: <A title=amibroker@xxxxxxxxxxxxxxx
href="">amibroker@xxxxxxxxxxxxxxx
Sent: Sunday, February 23, 2003 5:16
PM
Subject: [amibroker] Re: cannot buy on
open
<<Scottrade supports all but Mkt on Close, End of
Week, End of Month.Nor trailing stops, the thing I'd like to see added
next. The othersare supported.>>I looked at the demo
Scottrade online trade entry screen. It allowsyou to enter a Sell...
Stop... GTC... order on an existing Longposition, or a Buy to Cover...
Stop... GTC order on an existing Shortposition. What the demo trade entry
screen did not show was how tospecify a Stop Price at which to execute the
order.If a price specifier is available under the live trading system,
thenthat is all you would need to implement Stop Loss orders, and
thenmake them trailing by manually adjusting the Stop Price nightly
orperiodically.Hard to believe that Scottrade does not allow you
to specify a StopPrice in the order entry screen.Phsst---
In amibroker@xxxxxxxxxxxxxxx, "Richard Harper" <rdharper@xxxx>
wrote:> Phsst; > > Scottrade supports all but Mkt
on Close, End of Week, End of Month.Nor trailing stops, the thing I'd like
to see added next. The othersare supported.> >
Richard> ----- Original Message ----- >
From: Phsst <phsst@xxxx> > To:
amibroker@xxxxxxxxxxxxxxx > Sent: Sunday, February 23, 2003
9:08 AM> Subject: [amibroker] Re: cannot buy on
open> > > <<Would you mind sharing the
name of the broker you use to place these>
orders?> I do not think I can do this with my current
broker, Scottrade.>>> > Almost all brokers
support the orders I use... Datek, RJT, ETrade,>
AmeriTrade, etc. The Order parameters from Ameritrade include:>
> Position - Buy, Sell, Sell Short,
Cover> Terms - Market, Limit, Stop, Stop
Limit> Good For - Day, GTC, Mkt on Close, End of Week, End
of
Month,>
Good ThroughDate> Special - All or None, Do not
Reduce, Fill or Kill, > > I rarely trade during the
day, preferring to make my trading decisions> using EOD
data and placing those orders online that night for next
day> automatic execution. > >
Each night I review all open positions and manually place (or
adjust)> trailing stop loss orders using 'Sell' / 'Stop'
orders. I use GTC> orders for stop loss purposes so that if
I happen to be away for a day> or more, then I have
absolute protection even though I may not have> 'tweaked'
the trailing limit price.> > Nothing fancy.>
> But I want my backtesting software to be able to simulate
all of the> available EOD Order stradegies from within code
or AFL without having> to change parameter settings from a
Settings window every time I want> to test a new
combination. > > Phsst> >
> --- In amibroker@xxxxxxxxxxxxxxx, "Rik
Rasmussen"<hrasmussen@xxxx> wrote:> >
Phsst,> > > > Would you mind
sharing the name of the broker you use to place these>
orders?> > I do not think I can do this with my current
broker, Scottrade.> > > > Rik
Rasmussen> > > >
> > > -----Original Message----->
> > From: Phsst <phsst@xxxx>
[mailto:phsst@xxxx]> > > Sent: Sunday, February 23,
2003 12:00 AM> > > To:
amibroker@xxxxxxxxxxxxxxx> > > Subject: [amibroker]
Re: cannot buy on open> > >> >
>> > > Yuki,> >
>> > > I've read the previous posts on this
subject and feel the need to> > > contribute to your
side of the issue:> > >> > >
AB is almost bulletproof on the technical indicators and
triggers> > > needed to initiate backtest
trades...> > >> > > HOWEVER,
I find that the ENTRY / EXIT stradegies of AB are not> >
> intuitive, and that a good bit of 'tweaking' and 'testing'
is> > > necessary to even attempt to come close to
real-world orders for> > > entry/exit positions of
securities.> > >> > > For
example, for years I have traded certain strategies
asfollows:> > >> > >
After hours Buy or Short Limit order @ todays (EOD) close or"BETTER
@> > > OPEN".> >
>> > > No StopLoss entered on day of order entry
execution.> > >> > > After
Mkt closes on day of order execution (and each day> >
> thereafter)... place trailing stop loss order .10cents aboveor
below> > > todays high or low (only if new stop moves
in direction ofposition).> >
>> > > The above has been a successful strategy
with my own backtesting> > > software and actual
trading discipline.> > >> >
> I cannot figure out how to accomplish the above in
AB.> > >> > > And if folks
are tolerant, I think I can come up with some other> >
> situations that have eluded me in past AB backtests that I
can> > > accomplish with my own
software.> > >> > > And for
those who wonder why I fool around with AB... TJ hasdone
an> > > unbelievable job on the many technical
indicators that areneeded to> > > setup entry and
exit signals that my own software is notcapable of.>
> >> > > I tend to still rely upon my own
backtesting (called 'SIM') for> > > verification of
real trading stradegies, but only because Ihaven't>
> > figured out the more esoteric issues of AB Order/Entry
issues.> > >> > >
Regards,> > >> > >
Phsst> >
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