Canceling a stop loss order in the AH

[just_a_qq]

I had a stop loss order (GTC) that I tried to cancel in the AH to close my position in the AH last night. The cancellation request was "queued" and the tech support told me that it won't be processed until 8:50 am EST today. Until then I can't close my position. Is this normal practice? What is the significance of 8:50 am? Essentially I can't close my position in the AH if I have a stop loss order that cannot be canceled?

Thanks.

 

[rmorse]

I'm not sure what platform you are on or who your broker is, but it sounds like their order router to the exchange is not enabled until that time. Every broker uses a different time. Until then, your request stays on their server. Btw, what is AH?

 

[just_a_qq]

I'm not sure what platform you are on or who your broker is, but it sounds like their order router to the exchange is not enabled until that time. Every broker uses a different time. Until then, your request stays on their server. Btw, what is AH?

ah = after hours. It is OptionsHouse/TradeMonster

 

[rmorse]

ah = after hours. It is OptionsHouse/TradeMonster

Then that sounds like their policy. If I had to guess, I would say most order routers are turned on at 8 AM EST. either way, it will be canceled prior to the opening.

 

[just_a_qq]

Then that sounds like their policy. If I had to guess, I would say most order routers are turned on at 8 AM EST. either way, it will be canceled prior to the opening.

OK, thanks. Yeah, even though I was told it would be canceled at about 8:50am EST it wasn't canceled until about 5 min before the opening! I am just curious if there is a strategy to avoid this. Let say you put a stop loss and you don't want a trailing loss or whatever, just a hard stop. Then some "events" happen in the after hours so you want out as quick as possible. If you didn't have a stop, you can just close your position. But if you do, you are stuck until market reopens?

 

[rmorse]

From what you have told me, the only way to avoid your issue is to avoid GTC orders, and re-enter them each day. It's not like regular GTC order where you might keep your place on the book, Stop are held on their server not an exchange.