The New York Stock Exchange, in a statement, said it would no longer accept stop orders, beginning Feb. 26. Another order type called good-till-canceled also is being axed.
The NYSE the risks that occur from such orders during volatile trading. A stop order could be triggered after a big downward move, but investors could be unhappy when the stock quickly recovers its value. Another risk is the stock falls much further than the level where the stop order was intended to be executed.
Many people use stop orders and GTC orders incorrectly. but there are ways to use these type orders to great advantage.
This is nothing but catering to dumb investors, who put these orders on incorrectly and then cry when they suffer losses.
The general cultural trend to cater to crybabies has reached the NYSE.