Orders : Cancel - Replace (Don't do it)

[Tim and Lynn Lee <Timothy.H.Lee-1@xxxxxxxxxx>]

As  a floor broker, I see a lot of orders cancelled and then replaced, usually if buying moving the order up and if selling moving the order down.  But most of these orders would have been filled if left alone.  My advice:  Do not cancel replace an order.  My own tally shows that over 90% of these orders would have been fine if left alone.  

1. You put the order in originally because it fit your plan...that showed you began a disciplined approach to the trade.
2. It shows lack of patience to cancel and then chase the market.  Keep your own tally about how you would have been filled if you stayed with the original order.
3. If you really want to get the floor people mad, cancel replace a lot.
4. Of course if you have to get out, then nothing else matters.  
Timothy Lee