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> Say I place a market order to go long U 97 S Francs at
> 6600, get
> filled at 6610, then I place a stop loss to sell at 6595.
> Question : is a floor trader going to be yelling trying to
> sell at
> 6595 ( which is my stop and probably there are dozens or
> hundreds at that price ) ?:
> :
Your order is a stop order. It only becomes a order when
a sale takes place at your stop price. Thus, your order
should not be broadcast until it becomes an order. (Don't
be surprised if the floor broker tells a scalper about the
orders in his deck.) When a sale takes place at 6595 your
order is activated. If it is a market order he will sell at
the best price he can get at that moment. If you put a
limit on the order he will try to sell at your limit or
better but if the market goes past your limit before he can
sell you will not get out. Thus most stop orders are not
limited in price.
Bob Doeden
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