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NYSE eliminating stop orders
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NYSE eliminating stop orders

  #21 (permalink)
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Let's keep perspective.

If you place a limit order to buy @ 8.00 two months ago, and I place an order to buy at @ 8.01 only 1ms before it trades there, then I will be filled ahead of you.

If it stops at 8.01 and I'm filled, and you aren't, then who cares you waited two months.

And if it trades 7.99, then again, who cares you waited two months because a guy that placed an order to buy @ 8.00 only 1ms ago will be filled right behind you when 7.99 trades...

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  #22 (permalink)
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Big Mike View Post
Let's keep perspective.

If you place a limit order to buy @ 8.00 two months ago, and I place an order to buy at @ 8.01 only 1ms before it trades there, then I will be filled ahead of you.

If it stops at 8.01 and I'm filled, and you aren't, then who cares you waited two months.

And if it trades 7.99, then again, who cares you waited two months because a guy that placed an order to buy @ 8.00 only 1ms ago will be filled right behind you when 7.99 trades...

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This is a perspective with added variables, which changes the whole picture.
The point is that if I want to place an order to buy at X, and it gets traded at X, if I placed it first, I want to be filled.
Now with the elimination of GTC, you need to chase the price or estimate if X + .01 0r X +.10 is worth it.
This is an issue of time management as well.

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  #23 (permalink)
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Yes but in the real world, my average MAE is more than 0 so that argument doesn't apply. At least to anyone whose MAE is more than 0, which I would venture to say is 99.9% of retail.

I never said it didn't help HFT or institutions, because clearly it does.

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  #24 (permalink)
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Big Mike View Post
Let's keep perspective.

If you place a limit order to buy @ 8.00 two months ago, and I place an order to buy at @ 8.01 only 1ms before it trades there, then I will be filled ahead of you.

If it stops at 8.01 and I'm filled, and you aren't, then who cares you waited two months.

And if it trades 7.99, then again, who cares you waited two months because a guy that placed an order to buy @ 8.00 only 1ms ago will be filled right behind you when 7.99 trades...

Sent from my phone

Exactly - when I put an order in $2 below market price to try to "get a good deal" - I am NOT expecting it to go to that price exactly, reverse and then move up. That would make me quite the whizz kid wouldn't it.

In fact, if I thought it would go down $2 exactly, I'd put my order in 5-10c higher.

Queue position is irrelevant in this scenario.

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  #25 (permalink)
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It's looking like being on the retail end of things is just going to suck more and more.

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  #26 (permalink)
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they should allow stop orders within a certain distance of the current price

Understanding yourself is just as important as understanding markets.
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  #27 (permalink)
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TickedOff View Post
they should allow stop orders within a certain distance of the current price

That's a stop limit, where you can choose the offset limit - but then it gaps past and they don't get filled so people complain anyway and that won't protect their asses.

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  #28 (permalink)
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DionysusToast View Post
Exactly - when I put an order in $2 below market price to try to "get a good deal" - I am NOT expecting it to go to that price exactly, reverse and then move up. That would make me quite the whizz kid wouldn't it.

In fact, if I thought it would go down $2 exactly, I'd put my order in 5-10c higher.

Queue position is irrelevant in this scenario.

exactly, especially when you can put an order on ECN with 1/10th of a cent precision and it happens all the time

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  #29 (permalink)
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TickedOff View Post
they should allow stop orders within a certain distance of the current price

it's available on many ECN, NASDAQ itself never had a stop or stop limit AFAIK

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  #30 (permalink)
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puma View Post
Wasn't a stop order "only" a limit order with a very wide limit in modern electronic exchanges ?
Maybe it is just a legal thing, because of the name.

Stop orders and limit orders are different. For example a stop buy order is placed above the market, while a limit buy order is placed below the market.

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