So they're renaming the order types.

As of January 16th:

Stop Order will be called Stop-on-Quote Order.

Stop Limit Order will be called Stop-Limit-on-Quote Order.

Trailing Stop Order will be called Trailing Stop-on-Quote Order

 

How can that even be legal? Talk about manipulation opportunities... :eek:

 

sick of this "illusion of hard work"..rule **** my ass..how about ban subpenny?

 

I think the proposed rule is great to help new people understand how it actually works.

 

So what is a ordinary stop going to be called now? Stop-on-last-transaction?

 

All just new rules to screw us little guys!

 

What are you talking about?

it actually unscrews some screwing "us little guys".

 

If this form of stop order triggers on a quote then it should indeed be called a stop on quote order.

 

am I missing something?

at ib you can set your trigger up anyway you want

on the bid
on the ask
on last

stop mkt

stop limit

bid minus
bid plus
ask minus
ask plus

what more do you want?

Just special names for each of our little pets?

How bout SHIT PUKE MOC?
(means, if it takes a shit, activate when it hits my puke point, and if that doesn't work, get me flat on the close at the market)

 

So IB is a model of clarity on how their stops operate, but I am not so sure about Scott Trade.

From
http://about.scottrade.com/blog/blogposts/Hedging-Your-Losses-Four-Helpful-Techniques.html

it may appear that they only offer one form of stop order, and had not until recently disclosed properly that it triggered off quotes, not trades.

Maybe they offer other stop orders as well but I do not see that on their web site.