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No, a
trailing stop loss order AUTOMATICALLY adjust the stop price by a given percent
or value example 5% or .50 cents. This is different from entering a stop order
and making changes your self......
Jayson
<FONT face=Tahoma
size=2>-----Original Message-----From: Phsst <phsst@xxxxxxxxx>
[mailto:phsst@xxxxxxxxx]Sent: Sunday, February 23, 2003 10:21
PMTo: amibroker@xxxxxxxxxxxxxxxSubject: [amibroker] Re:
cannot buy on openGuess I'm confused.One of the
followup msgs to this thread stated that Scottrade did notsupport trailing
stop loss orders.Trailing stop loss orders are nothing more than STOP
orders with aprice specified that will trigger if the security trades
against theposition and through the STOP price. It is referred to as a
'Trailing'Stop Loss order when you peridically change the specified Stop
priceto 'Trail' the price action of the stock price to either limit
lossesor protect gains.Backtesting software simulates the manual
adjustments that must bemade regurlarly to Stop prices for trailing stop
loss purposes.Is this one of those 'teach an old dog new tricks'
thingy's?Phsst--- In amibroker@xxxxxxxxxxxxxxx, "Richard Harper"
<rdharper@xxxx> wrote:> 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 amarket order and will buy and sell securities at
the current MARKETprice 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
yourstop price or actually trades at or through the stop price.
Forlisted stocks a customer is entitled to the next sale on the
primarymarket when the price trades at the stop price, providing there
areenough shares available at that price. > A stop order may be a day
order or a good til cancel order. A limitorder is not the same type of
order as a stop order. Buy stop ordersare placed above the current
offering price and sell stop orders areplaced below the current bid
price. A stop order gives you theopportunity to protect a profit or
limit a loss on a security alreadypurchased. Be aware that
significant, short term market movements maytrigger your stop order,
creating an undesired/unwanted buy or sell. Also, depending on market
conditions and the fact that your order is amarket order, once triggered,
there is no guarantee of what price itwill 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 aspecified price or better (stop limit price),
but only after a givenstop price has been reached or passed. It is a
combination of a stoporder and a limit order. A stop limit order may
be a day order or agood til cancel order. Unlike a stop order which
converts to a marketorder once order is triggered by the stop price, a stop
limit orderwould only be executed at the limit price or better. As
with anyorder limited by price, the risk is that you have the opportunity
thatyour order would not be executed if the market price does not
reachthe limit. > > Stop Orders and Stop Limit Orders are
handled differently by theexchanges and are considered "not held"
orders. No priority is givento these orders and you may not be
executed, even if the stock istrading at your price. > >
***NOTE: Stop orders must be placed at least .25 of a point belowthe
current bid or above the current ask. We have established
thisguideline due to the possibility of the order being invalid if
themarket price moves below the designated sell stop price or above
thebuy stop price. > > ----- Original Message
----- > From: Phsst <phsst@xxxx> >
To: 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 others> are
supported.>>> > I looked at the demo Scottrade
online trade entry screen. It allows> you to enter a Sell...
Stop... GTC... order on an existing Long> position, or a Buy
to Cover... Stop... GTC order on an existing Short> position.
What the demo trade entry screen did not show was how to>
specify a Stop Price at which to execute the order.> >
If a price specifier is available under the live trading system,
then> that is all you would need to implement Stop Loss
orders, and then> make them trailing by manually adjusting
the Stop Price nightly or> periodically.>
> Hard to believe that Scottrade does not allow you to
specify a Stop> Price 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 others> are
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
toplace 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 tradingdecisions> > using EOD
data and placing those orders online that night fornext
day> > automatic execution.
> > > > Each night I
review all open positions and manually place (oradjust)>
> trailing stop loss orders using 'Sell' / 'Stop' orders. I use
GTC> > orders for stop loss purposes so that
if I happen to be awayfor a day> > or
more, then I have absolute protection even though I may
nothave> > 'tweaked' the trailing limit
price.> > > > Nothing
fancy.> > > > But I want
my backtesting software to be able to simulate allof the>
> available EOD Order stradegies from within code or AFL
withouthaving> > to change parameter
settings from a Settings window every timeI 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
toplace 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
theneed to> > > > contribute to your
side of the issue:> > >
>> > > > AB is almost bulletproof on
the technical indicators andtriggers> >
> > 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-worldorders
for> > > > entry/exit positions of
securities.> > > >>
> > > For example, for years I have traded certain
strategies as> follows:> >
> >> > > > 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 above> or below> >
> > todays high or low (only if new stop moves in direction
of> position).> > >
>> > > > The above has been a
successful strategy with my ownbacktesting>
> > > 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
someother> > > > 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 has>
done an> > > > unbelievable job on the
many technical indicators that are> needed
to> > > > setup entry and exit signals
that my own software is not> capable of.>
> > >> > > > I tend
to still rely upon my own backtesting (called'SIM') for>
> > > verification of real trading stradegies, but only
because I> haven't> > >
> figured out the more esoteric issues of AB Order/Entry
issues.> > > >>
> > > Regards,> > >
>> > > > Phsst>
> > > >
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