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Forum Archive Index - September 2002

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RE: [sharechat] Setting Stops


From: "Sethi, Vijay" <v.sethi@auckland.ac.nz>
Date: Thu, 19 Sep 2002 18:14:03 +1200


T100

Dr Alex Elder in his new book  - "Come Into My Trading Room" suggests
setting stops at the calculated "Safe Zone" levels. I am not sure about
other packages - but in MetaStock it is possible to programme this as an
indicator which can be plotted on your chart - with proper programming you
should be able to tweek the parameters to suit the volatility of a
particular markets. If you are no good in programming - you may be able to
get a CD off Dr Alex's web site www.Elder.com. As with most things there are
pros and cons and you should be able to factor this in your trading
strategy.

See if this works for you. Good luck


Kind regards
Vijay

-----Original Message-----
From: trader 100 [mailto:trader_100@hotmail.com]
Sent: Thursday, 19 September 2002 8:50 a.m.
To: sharechat@sharechat.co.nz
Subject: [sharechat] Setting Stops


There have been several interesting discussions on the setting of stops on 
sharechat in the past which I have read.  However, they haven't touched on 
the practicalities of leaving stops with a broker.

Specifically, I am finding (during my paper trading) that I often get 
stopped out by an intraday movement which is reversed by the time the stock 
closes.  I know that the closing price is thought by many to be the most 
important price so theoretically one should only close out a trade if the 
closing price is going to breach a stop.  The trouble is that this would 
involve monitoring all your open positions just prior to the close each day 
to see whether you should close the position out.  To me this seems 
impractical, especially if you have 3+ positions that are all close to being

stopped out.  The only alternative appears to be leaving an order with your 
broker all the time (which you adjust as you change your stop level), which 
means that you run the risk of being filled by an intra day movement.

I would also be keen to know whether people favour a straight limit order 
(ie sell XXX at $3.00) over an order which becomes a market sell order when 
a certain price is touched (ie sell XXX at the market if a trade has gone 
through at $3.00).

Regards,

T100.

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