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Steve
We don't want to start telling stories here about wonderful stop loss fills.
I'm sure the list members could help write a book. <G> They'd go on
forever.
Basically, our Rule of Thumb is that we do not place any stop loss orders
until after the fill (if I understand his question correctly) and since
burnt more than once, use visual stops instead of actual stops, all basis
close.
Regards
Guy
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx
[mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Steve Karnish
Sent: Thursday, May 27, 1999 10:17 AM
To: metastock@xxxxxxxxxxxxx
Subject: Re: Buy-Sell Stops
"So, did I get snookered?"
Is this strictly hypothetical? Isn't the contract low 246.75? If your
broker is telling you that the maket touched 246, then you indeed got
snookered. If you are asking is it legal or common to get filled below
your sell-stop...well, we all have a bunch of stories to spin. Let me tell
you about the time I got filled $3.75 below my stop in lumber. It was a
cold day in February.......
Steve Karnish
CCT
----------
> From: tvk2@xxxxxxxx
> To: metastock-list@xxxxxxxxxxxxx
> Subject: Buy-Sell Stops
> Date: Thursday, May 27, 1999 8:07 AM
>
> Let's suppose the Jul Wheat is at 248.0. You think it will continue
> UP, so you place a Buy Stop day order at 251.25. The broker then asks
> about a sell-stop. Even tho it's a tad close, you give him a GTC
> Sell-Stop at 246.0.. Question--- What happens if the Wheat piddles
> around for an hour or so, then tanks to 245.00. So, did I get snookered?
> Sure, if it had rapidly advanced to 252, before taking a dive, I can
> see that it was just lousy luck. This is also the reason why I usually
> wait until the buy condition is hit before giving a stop (get me the hell
> out order). So---anyone else have any unpleasant experience such as
> this??? T.C.
>
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