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In a message dated 2/5/99 8:43:41 AM Central Standard Time,
neubauer@xxxxxxxxxxxxx writes:
<< Does anyone know a broker (on-line or conventional) that can place stop
stop orders in night currency markets. My present broker doesnt. i'd
like to trade the yen and other currencies but would like to be have a
protective stop in at all times.
any help is appreciated.
al neubauer >>
Globex2 has stops functionality built into it. However, they are having some
problems with it. Some firms are waiting for a more stable track record
before offering this.
My clearing firm puts any stops in the currencies overnight into the EFPs,
Exchange For Physicals. Basically that is someone doing a cash trade and
giving you a futures position. Over the years I have found the stop fills
that I get this way to be OK. Of course if you get a screaming Yen or other
market, your fill could be just like the futures pit, but it is better than no
stop or having to stay up all night.
Most brokers have a relationship where you can place EFP orders. Just ask.
Regards,
John J. Lothian
www.pricegroup.com
Disclosure: Futures trading involves financial risk, lots of it!
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