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While I would never leave a position trade on without a stop order in the
market, I rarely use stop orders while daytrading. Rather than adjusting stop
orders from entry as price moves my way, I just watch the market action and
place a market order when my stop is hit or my price objective is met. I avoid
cancel/replace because there is a period of limbo where one does not know if the
original order has been found and canceled. The key here seems to be confidence
in ability to get a quick execution and fill report - a problem for many smaller
traders like myself.
Earl
-----Original Message-----
From: POMPATIS@xxxxxxx <POMPATIS@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Saturday, August 08, 1998 1:39 PM
Subject: Fut:POP's rule #1
>this can happen fairly quickly. My question is, how many cancell/replace
>orders can one use (moving the stop loss to the next level) befor pissing off
>the floor broker? Is this a legitimate use of cancell/replace orders? It
>seems like a good tactic to me, especially if one is adding contracts along
>the way. I know the topic of cancell/replace orders was flogged on this fourm
>not too long ago, but this is different take here (I think).
>
>Enough for now.
>
>Thank you all.
>
>Sincerely,
>
>Pomatis
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