4 Steps for Giving Your Boss Bad News

No one likes to deliver bad news. But sitting on problems, rather than putting them out in the open, only makes things worse. Next time you have to tell your boss that something has gone wrong, try these four steps:

Describe. Provide a general overview of the problem, and explain the impact. Be sure to position this in terms of what matters to your manager.

Identify a solution. Recommend a specific solution or approach, along with alternatives.

Analyze your solution. Share the pros and cons and explain the implications. Be prepared to discuss the risks or barriers that may be of concern to your boss.

Accept responsibility. Let your manager know that you are willing to take the responsibility for the outcome of your proposed approach.

Buy Limit Order

An order to purchase a security at or below a specified price. A buy limit order allows traders and investors to specify the price that they are willing to pay for a security, such as a stock. By using a buy limit order, the investor is guaranteed to pay that price or better; meaning, he or she will pay the specified price or less for the purchase of the security. While the price is guaranteed, the filling of the order is not. In other words, if the specified price is never met, the order will not be filled and the investor may miss out on the trading opportunity.

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Chinese Hedge

A hedge involving a short position in a convertible security and a long position in its underlying asset. The Chinese hedge looks to capitalize on mispriced conversion factors. The trader will profit when the underlying asset depreciates, diminishing the premium on the convertible security.

Also known as a "Reverse Hedge".

Five Percent Rule

A regulation that requires a broker to use fair practices and ethical guidelines when setting the commission rates. The five percent rule stipulates that the broker can change the commission percentage by 5%, either up or down, but can only do so if the change can be legally justified. The rule also applies to other transactions, including proceeds sales and riskless transactions.