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Szilassy writes:
> I have used two different brokerages (Datek and Waterhouse) to place
> stop orders on NASDAQ stocks and it has worked as anticipated
> (i.e. without problems). With Waterhouse you are limited to stop
> market orders (for MANY, MANY reasons I do not recommend them), but
> with Datek you have a stop limit option as well. I don't know which
> broker gave you the idea that stop orders are not possible for NASDAQ
> stocks, but with limitations like that I strongly suggest you find a
> new one.
NASDAQ as a unit does not recognize them; various brokers will accept
them, but it's up to the broker to change it into a market order once
the stop price is hit. The broker is in effect acting as the specialist
in such cases.
Or have I been completely mislead in this?
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