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Did you read my post? I gave a very specific example of the 5k msg/s being evidence of the author's general lack of knowledge. The "article" is the equivalent of: 1) You and I go get a burger. 2) You don't like yours. 3) I take your leftovers back to my chemistry lab (after all, I'm a...

You read Barron's? Let me guess: Abelson is bearish. Barron's has to be amazingly profitable... AA has written the exact same editorial for 15+ years, and then they ask a bunch of index-underperforming mutual fund managers what they think, then regurgitate LOLWEEKLY price info. Then there's...

I see why you're saying this. But the market is better off with a healthy amount of decentralization. One of the things we learned on May 6 is that most of the liquidity in the market now is provided by a relatively few number of institutions. There's nothing wrong with that; after all, for...

I don't read it the same way. In the example, all the orders try to pay the same price. The difference is that the informed orders try to pay that price with the knowledge the better prices aren't available, and the uninformed just pay what they see as the ask. Assume you are the MM, I am...

All I can say to that comment is: bravo. I can find nothing material to disagree with. Thanks for posting it. (Of course that's kinda easy to say when a lot of what I said is in there... agreeing with myself is fairly easy.)

I agree with Winston's comments. I also somewhat agree with Mr. Bright's, but think they rest on a flawed assumption. My counterpoint is this: the displayed liquidity provider is not owed much, other than priority over other orders placed at the same price "behind" / after him (and this is...

It's garbage. 5000 orders / second in one name almost sounds an order of magnitude low to me. I've gotten phone calls from CME guys saying "stop sending 1100 orders / second" BY MYSELF. In the much-more-fragmented, not to mention much faster and more responsive, equity markets 5k/s is just...

Fixed that for you. What I said about stops is fact, not opinion or conjecture. Look at it this way: a stop is an entry in the opposite direction of a given trade. If it helps you make money, or lose less, it has a positive expectancy. Why not just trade it as a separate, uncorrelated...

Stops are bad. 1) Stops are about you, not the market. The market doesn't care where you got involved. Therefore what you're stopping is yourself. You may find utility in that, but there by definition cannot be any inherent value in loss-cutting based on arbitrary entries. 2) Let's say...

Ok Mizhael, I'm finally gonna bite. You ask so many questions here and on Wilmott, and their content is transparently sincere enough, that you clearly are actually trying to learn. Neither I nor anyone else who can is going to tell you all you want to know; no one who does what you are...

What's the activity like, in terms of pit vs. screen? With the right capital/setup/etc., would you rather provide liquidity on the screen or take it? Haven't looked at NYMEX options in a long time, just wondering if anyone is active in them. RB, HO, NG, anything particularly liquid/active...