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I can place stop orders on Nasdaq stocks over my Fidelity FoxPlus software.
This is a new development, as you used to have to phone them in. I've only
tried it on a couple of biggies like CSCO and BMCS, so don't know if this
applies to all stocks. Before my stop losses were mental and didn't always
hold!!
-----Original Message-----
From: UG <ug@xxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Wednesday, October 21, 1998 12:04 PM
Subject: MKT/GEN: NASDAQ question
>
>I think I understand why NASDAQ doesn't allow stop orders. As I
>understand it, on NYSE stocks, a stop order is given to a specialist who
>will then change it to a market order when the bid/ask gets to the stop
>price. Since NASDAQ has no floor, and hence no specialists, it can have
>no stop orders.
>
>How is this different than a limit order? Say the bid/ask on XYZ is
>98/100. If I place a limit order for 99, what happens? Does the inside
>market change to 99/100 to reflect my new bid?
>
>In other words, how are the mechanics of a stop order different from a
>limit order?
>
>--
>========================================================================
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>than you free with my breakfast cereal. Douglas Adams, spoken by Zaphod
>Beeblebrox
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