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Thanks for your post on c/r orders. I am a newbie to the intraday order
placing scene and have wondered about this and other order placing subjects.
I have recently subscribed to BMI and purchased Tradestation to track my
paper trading in real time. But, as earlier stated, I am not sure how the
whole intraday order placing works. Some of the questions that I have
include:
1) HOw long before a price is hit should a limit order be submitted to your
broker to give it a reasonable chance of being filled?
2)Same as #2 but with a stop order
3) Using a stop and limit order in the snp how much slippage is normal?
understandable? a definate rip off?
4) How fast can I count on being notified of my fill? What is normal? What
should I put up with? When should I definately get a new broker?
5) If canceling a stop order how much time before that stop is hit is
required to make sure the order is cancelled?
Any other helpful information in regards to order filling, notification of
fills, better or worse experience with online trading, horror stories, etc.
Thanks in advance to all who reply.
rob
robnshellATmindspring.com
"Lottery: A tax on people that are bad at math."
-----Original Message-----
From: Mark&TC <mseflin@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, May 07, 1998 2:46 PM
Subject: Re: Orders : Cancel - Replace (Don't do it)
>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
>|
>|
|