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Tim,
Now your talking sense, conditions should dictate the strategy. We would
all like to be filled at the price that we want. Reality is a bit
different. As expressed in today’s posts there are times when there is
little other recourse. Perhaps, with your expertise you could give us some
clues as to when conditions would be appropriate for CR orders. Also in
your experience how long do you think a person should wait for fills.
I’m sure I speak for many when I say we have been wounded when placing
orders and are sensitive in that area.
I was just musing about the fact that on numerous occasions after I have
been in with an order sometimes for hours and I got fed up about not
getting filled; I finally just went ahead and straight canceled my order.
Then, what do you know, I find that I am frequently filled. Coincidence?
Well, you should know better than I.
Best Regards,
Brent
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> From: Tim and Lynn Lee <Timothy.H.Lee-1@xxxxxxxxxx>
> To: 'realtraders@xxxxxxxxxxxxxx'
> Subject: Cancel Replace (CR)part II
> Date: Saturday, May 09, 1998 5:54 AM
>
> As is readily apparent to me, one has to be extremely careful as to how
each post has been worded, and not shot off in 2 minutes like I did. It
was not my intent to start a worldwide movement to make things easier for
floor brokers by making everyone stop CR. I wanted traders to think about
how they were trading and pass on what I have found in my experience as a
pit broker. What I have found is most who use CR are "chasers" who would
have been better of if patient, if you are not one of these traders, great
you have a real understanding of the market.
>
>
> On further reflection, perhaps there is an easier way to settle the
practice of CR for each trader. Take the profit they missed out on by not
CR and add it to what they lost by CR.
>
> Perform that evaluation over the course of an extended period of trading
and it should give you a rough idea if you are a chaser, or someone who
really knows where the market is going.
>
> Tim Lee
>
>
>
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