Forum Archive Index - October 2003

["Morgy 40" <morgy40@hotmail.com>]

Allan

Re the stop loss note you sent me, Careful how YOU use them on a broker site unless YOU are very clear about what they do, NZ brokers I understand have a slightly different idea of a stop loss than the US brokers do. A friend of mine whom is a pilot and really does need this sort of thing (because he overnights) was telling me the other day that he entered what he thoght was a stop loss and told his broker the order was to be a stop loss order and they sold the stock that day, at market thank god,  not his stop loss amount and told him they did better than he asked. Just one of those confusion things, I know on the ASX market there are not many automated brokers with stop loss facility and if they have it it is expensive, it may be different if you ring your broker, anyway my point on that after this long waffle is be careful make sure you are both on the same page as it were.

Lastly and more to the point I dont know if you necesarily need a stop loss with a broker, if you have the discipline and write the system out, at the end of each day just adjust your stop loss say on a trade spreadsheet, in fact I may have one that automatically calculates this based on the close entered, I thnk it is Daryl Guppys "Count Back Line" system, I will have a look and send it through if I have it.

Regards

Morgy

 

>From: "allan russell"

>To: morgy40@hotmail.com

>Subject: thanks Morgy I got it..

>Date: Wed, 01 Oct 2003 19:43:44 +1200

>

>on the hot mail will check out with interest.

>Many Thanks

> Allan.

>

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