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In a message dated 5/7/98 11:28:05 PM Eastern Daylight Time,
mseflin@xxxxxxxxxxxxx writes:
<< I have a tip for you....if your broker balks at the number of C/R orders
you make, and suggests in any way you will be black balled, and given bad
fills, delays your orders, there are rules for the exchanges as to the time
they have to execute an order, including fast market conditions, report them
to the exchange and FIRE them immediately, change brokers at once...The power
we have is to withdraw our business from the wolves, don't
give them any prey. Let them starve. I will not think twice about moving my
account to a different broker, have done it more than once. >>
You make an excellent point to which I would like to add the
following: If my broker indicated that he or the floor brokers where
"unhappy" with my changed orders I would first remind him that I am recording
the conversation (which I do and recommend every active trader do) and that he
only gets paid if there is a fill. Ending the day with a book full of
unfilled limit orders doesn't earn them a dime!
As for the advisability of chasing a market, I can only say one
must remain neutral. Each trade is unique and a trader should evaluate the
advisability of moving a limit vs. standing pat based on the market conditions
at the time. I have done both at different times with both good and bad
results. There may be indicators or conditions which would dictate which
action to take, but I don't know any, and would not want to take to much time
while trading to use them. Instead I try to develop a "feel" for the market I
am trading. Not very scientific, but something every active trader should
strive to develop.
Good luck and good
trading,
Ray Raffurty
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