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I'd say you were just plain lucky - T&S shows two trades yesterday at 1357.
The way it works is generally simple - if a trade or best bid/best ask
occurs at the stop price, the stop is triggered as a market order unless a
limit is specified. The nasty thing about stops in most markets is that
stops are not good in the night session. For example, I had stop price
traded in the night session in both the DMark and Corn. Corn never traded
that low in the day session leaving me still long while the DMark opened
down 15 from yesterday's close so what should have been a 5 point loss was a
20 point loss - my fault because I was bottom fishing, close was a tick
above my stop, and I should have changed order to Stop Close Only to get
out.
Earl
----- Original Message -----
From: Mervin Yeung <tinyeung@xxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Sent: Thursday, May 13, 1999 11:54 AM
Subject: Stops
> Hi RTs,
>
> I really don't understand how these stops actually work despite I have
> passed Series 3. I have a buy stop (stop loss) on my soybean meal (July
> 1999) at 1356. And yesterday, July soybean meal's daily high was 1357
> but my stop was NOT taken out. After the market came down, I got out of
> my soybean meal at 1332. I am happy because some poor souls were
> stopped out at 1357. Too bad.
>
> Anyway, I didn't complain this to my broker.
>
> Mervin
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