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tripack, that sums it up well i think.

The presence of risk does not make something a gamble, else all of life would be a gamble, and God would be like Donald Trump. It is not so. How you view the reality of risk (as entertainment or, on the other extreme, as a condition to be mastered) pretty much determines what the odds are...

forget what you just spent 35 grand learning. read market wizards(Schwager), reminiscenses of a stock operator (LeFevre), education of a speculator (Niederhoffer), the trading athlete(Murphy/Hirschorn). Learn to know when you have conviction and go with that no matter what.

hard to figure out...but it has to be done. The specialist makes money, that I know. Consistently, over all types of markets. I also know that every move has at least a partial counter move. I suppose buying on the way down in small bites is the remedy to trying to get it at the bottom...

thanks.

tntneo were you responding to my inquiry about ISLD?

achu...sure. the specialist has 60 seconds (at least) to sit on your order, whether market, price improved, or whatever. If your order is limit, he can better you by a penny and the world will never know the difference...

Nordic I rather think that specialists, in order to obtain their franchises, have made a certain binding deal that forbids such disclosures on penalty of death or dismemberment, transferable to succeeding generations.

shneed. unless i'm mistaken, if someone beats you to the fill w/direct, unless there's stock to be had (when buying), it goes 100 offer until the specialist requotes. direct orders needn't be filled if the size is 100 shares. Order will wind up on book unless specialist decides to take...

1reason, what listed stocks are liquid on ISLD? I'd love to know.

tntneo: how about a primer on being a 'surrogate specialist,' for a long-time momentum trader on NYSE (it doesn't pay now). Trading against the trend?