Originally posted by Thug_Life
Trading Tip #9: MARKET ORDERS
Don't use them unless you have to, and DON'T EVER place a market order for a stock at the opening of the market, or when a stock is making new ground fast (such as during a positive mention on CNBC). Putting in a market order in the first 10 minutes of the market is a sure way of paying the highest possible price for your stock, because as all the built up orders from the previous day go through, it lifts the stock prices for a few minutes. You can be pretty sure that you order will go off at the high of the day this way (but keep in mind it's sometimes handy to sell during this time).
Trading Tip #10: STOP LOSSES
These are almost as bad as market orders. Stop losses are a sure way of selling at a loss. We only recommend using them when you are "in the money" and would normally sell your stock, but want to retain a slight possibility that it might continue to go higher. Stops can also be used to sell your stock a little quicker in volatile markets, as stops seem to taken a little more seriously than market and limit orders when bid prices are being changed rapidly.
Hmmm.... I think I know who the original author of these quotes is. Actually these are so old they are not even on their website anymore. The famous tip #10 was a contradiction to their, "always use a protective stop" statement after calling a trade in their real-time chatroom. Can anyone guess who they are?
But in their defense, they were the first that I have seen post stuff like this on their website, and it was stolen and posted/published in other websites/publications as well.
They had that analogy of taking 10K cash throwing it on the floor and lighting it on fire. If you couldn't do it, you were not meant to be a trader or something like that. It is hard to think back to 1996/1997 and remember it exactly. But I'm 98% sure that tip #10 was on that website 5 years ago.
Consequently, this material was not originally authored by OTA. They might have used it later with permission though.
Tony
PS: Sorry about your hardships with the virus. That is absolutely a horrible thing to do, and I hope these criminals will be brought to justice.