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Anytime I want out of a position I use a market order: Sell 30000 XYZ @
Market. Also, I never take positions which are a significant percentage of
average daily volume because it can be to costly to exit if I want to get
out. Considering the small daily volume, you may not be able to get out of
the position in one day at a decent price. So you'll have to make a choice
between getting out today or liquidating in 5000 share blocks over 6 days.
Again, if I want out I get out and damn the torpedoes.
Earl
-----Original Message-----
From: RobertHoff@xxxxxxx <RobertHoff@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, November 10, 1998 9:47 AM
Subject: STK Right way to place a sell order?
>
>Greetings!
>
>Yes, I'm a bit of a newbie when it comes to the correct / best way to place
a
>sell order. Would you please give me your advice about how to place this
>hypothetical order:
>
>Time 10:00AM EST
>XYZ 10 1/8 @ 3/8 20x10 Average daily volume 50,000 Today's H 10 1/4 L
9
>5/8
>Want to sell by market close 30,000 shares with ABC on-line broker charging
>$10.00 up to 5,000 shares.
>
>Thanks and happy trading,
>
>Bob Hoff
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