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Trevor:
I don't know about Datek (I'm a commodity futures broker), but what should
happen is that your GTC order would get filled immediately on the open. If
the market gaps above your buy stop, or gaps below your sell stop, then it
has traded through your stop and is considered triggered, and it should be
filled at the market.
When I know a certain market will gap through my stop price, so as not to
confuse the clerk taking the order, or the floor broker filling the order,
sometimes what I'll say is "through it, do it" after giving them the order.
That way they don't think the order was placed incorrectly.
Mark Morrison
Professional Market Brokerage
Chicago, Illinois
> -----Original Message-----
> From: owner-realtraders@xxxxxxxxxxxx
> [mailto:owner-realtraders@xxxxxxxxxxxx]On Behalf Of De Vries, Trevor
> Sent: Tuesday, September 07, 1999 7:55 AM
> To: Realtraders (E-mail)
> Subject: Equities: orders
>
>
> R'Ters
>
> If I place a buy/sell stop order with Datek marked 'Good till cancelled',
> what will happen if say the next day the stock gaps up/down at the open.
> Will my stop be executed, or does the market have to 'trade
> through' my stop
> price.
> I'm trying to protect myself by placing stop orders on their system.
> Any input appreciated.
>
> Regards
>
>
> Trevor De Vries
>
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