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> I'm a position trader, using Ameritrade. I frequently place my orders in
> the early morning with a buy stop a bit above the current close.
>
> Recently I've had several orders cancelled. Ameritrade has told me that
> buy stops must be placed above the current price
thats what you do at the time
> and the price has moved
> above my stop before the 9:30 AM opening..
by definition a market that trades HIGHER than a BUY STOP turns
that into a MARKET BUY order - and herr in my believe should be
filled first thing on the open.
> Is there any way around this problem other than watching the open and
> deceiding from there? Do other online brokers use the current
> (after-hours) price rather than the "official" close?
cant comment
> Along this line, what will us poor end-of-day traders do when 24 hour
> trading srtikes and there is no closing price?
the same as FOREX traders do around the world since many years - just
keep trading without an EOD price :-)
rgds hans
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