|
PureBytes Links
Trading Reference Links
|
Steve, Guy, others,
For the sake of clarity want to put the question in other way. Let's assume I place an
order on-line (to exclude any other party to blame for my own mistakes), and in a rush
filling an order form, I mark "sell" instead of "buy" some X shares of Y company. Note I
don't own a single share of that company at the moment of placing the order. Mind also
that an another option to choose from in the order form - "Sell Short", hasn't been
marked. So, you guys, are you saying that this is a common/legitimate practice at
brokerage firms to consider "Sell" order of stocks you don't own as "Sell Short" order
even though the filled by me form doesn't explicitly shows it as "Sell Short"?
Cheers, Vitaly
Guy Tann wrote:
> 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.
> >
> > ___________________________________________________________________
> > You don't need to buy Internet access to use free Internet e-mail.
> > Get completely free e-mail from Juno at http://www.juno.com/getjuno.html
> > or call Juno at (800) 654-JUNO [654-5866]
|