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

["Mark&TC" <mseflin@xxxxxxxxxxxxx>]

Tim,

I'm sorry, but I have to take issue with your statement...and coming from a
floor broker your stated position in this post is obvious. Basically you
have to do more work...and prefer not to.  It's your way of getting the
most pay for the lest amount of work.

I'm an off floor trader (interday) and can tell you that my sats are
different...and I cancel and replace a lot...if my broker has a problem
with that then...it's time for a new broker.  Being a free thinker, it is
my right to re-analyze a position and change my mind as many times as I
wish to.

My main concern is for any of the neebies trading who might actually think
you know what you are talk about...and if you did you won't be a
broker...you'd be a private trader...and this is where most newbies get
into trouble...is the moment they start listening to the broker.  Brokers
are order takers...NOTHING more...you work for the trader not the other way
around.  We pay your salary...now if you don't like the amount of work you
do for the money (commission) you are getting then ask for higher
commissions...commissions are NEGOTIATED, not law.

Unless you can produce individual accounts statements with the orders
placed and all of the cancel and replaced orders in the markets they where
made for our verification...then your post means nothing other than what if
have stated above.

Thank you,
Mark Seflin

----------
| From: Tim and Lynn Lee <Timothy.H.Lee-1@xxxxxxxxxx>
| To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
| Subject: Orders :  Cancel - Replace (Don't do it)
| Date: Thursday, May 07, 1998 5:34 AM
| 
| 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 
| 
|