|
PureBytes Links
Trading Reference Links
|
All,
Hey, this is the 90's the "no work", "and pay" era. Unfortunately,
they(the order takers) do "have you" so to speak. The whole business side
of what Tim said is not right and may even be illegal if they decide to get
even with you.
Whether you should stand by your order or not is another question. Chasing
the market is dangerous to your wealth.
Just, lately I had purchased a Call option the previous day. I wanted to
buy a Put for the spread and of course I wanted a good price, so I ended up
cancel replacing my order 4 times because the put side was very thin. Now
if I had of been filled at my first price I would have been happy to leave
it alone but after about 3 hours and only 3 trades you've got to do
something. I'm glad I pursued as the market went south(the likely reason
that no one wanted my business to begin with I presume).
So Mark I agree with you, but beware. I guess that we need to tip those
guys like they do the dealers in Vegas.
Brent
----------
> From: Mark&TC <mseflin@xxxxxxxxxxxxx>
> To: Timothy.H.Lee-1@xxxxxxxxxx; RealTraders Discussion Group
<realtraders@xxxxxxxxxxxxxx>
> Subject: Re: Orders : Cancel - Replace (Don't do it)
> Date: Thursday, May 07, 1998 1:35 PM
>
> 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
> |
> |
>
|