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I can make a comment on your inquiry. I use Brown & Co. and I trade three
different accounts. I placed a sell order on a stock that was not in that
particular account, and when I clicked the submit button, I received a
screen message stating Stock not in account to sell. I have also placed an
order (in the wrong account) to cover short, and got the message no short
sale in account.
Al Taglavore
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> From: Vitaly Larichev <vitaly@xxxxxxxxxxxxx>
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: Buy-Sell Stops
> Date: Friday, May 28, 1999 12:23 PM
>
> 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
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>
>
>
>
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