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Interesting #'s, Firewalker. I totally agree. The Specialists LOVE sell-offs....that is where their bread is buttered. Normal trend days are nickel & dime stuff (relatively speaking), but the sell-offs are Mardi Gras season for the Specialist. They step in when the buyers dry up, and set...

Agreed, Mr. NBBO ! Shaq, I have a problem with abusing of privileges for self-gain. To be honest, I'd rather see an equitable supply/demand marketplace (eliminating all this pennying crap), and pay a 10% profit fee to the NYSE to support Specialist-like activities during a turbulent market...

Don, I agree, but it is during the abnormal markets, when they "earn" their money. Creation of havoc equates to profits for the Specialists, 9 times out of 10. Granted there are sometimes when they get "caught", but do you know any trader who is right 100% of the time ??? I really...

Hey, I never said that love MM's. As a matter of fact, I rarely trade NASDAQ any more, although Supermontage has been an equitable success, IMO. But, that doesn't mean I can't be critical of the exchange I trade in. I think there is a load of room for improvement. I think you are...

Regardless of whether the market tanks or there is a big selloff in the stock, the buyers out there will get filled first in that scenario. When the buyers are all dried up, the Specialist takes over. At that point, he can set the price he wants, and he can "legally" undershoot the fair market...

Yeah, but when they bail people out, they get to set the price, and it is usually at a price lower than a market that would be driven just by normal market supply/demand. That's how they make their BIG money. Don't make them out to be such saviors. They may get burned occassionally, but I...

I Missed Boat, Yes, I agree, there are some risks. However, Specialists "see" what's coming a lot earlier than most of us, and can react earlier, and to their advantage. While they do incur some risk, the playing field is heavily tilted in their direction.

Don, I agree with lots of what you say. All I'm saying is let's line investor's pockets with profits, before Specialist's pockets. The current rules give them an ungodly advantage. Perhaps having them being well-paid salaried employees, as opposed to commission-based is a solution. And...

Yes, worse over the last 3 months for me. I trade mostly (but not all) thin liquidity stock and bond funds on the NYSE. Still making money, but I estimate that the front-running is about 30% worse these last 3 months, which equates to reduction in income. Another friend of mine who rides...

Come on guys, no one agrees with me on this ????

I am a staunch proponent of getting rid of NYSE "price improvement", as part of the NYSE overhaul. "Price improvement" equates to front-running, and to "price disimprovement" for those who use Limit Orders. The front-running activities of Specialists and floor brokers has largely been...

sjp, I too, appreciate your bluntness, but you are missing a vital point. Many (not all) of the posters at Elite Trader work from home (such as myself). To that extent, we do not have the normal interaction with colleagues that people with most jobs have. As a result, Elite Trader...

nononsense, I lost money my first month, but have been profitable my last 17. I read a lot of books before embarking full-time, and settled on one method, which I have modified and tweaked continuously, so that it is truly my own method now. I have used Chris Farrell's "DayTrade...

I have been trading full-time for only 18 months, but have learned lots, and continue to do so. The more salient points that I have learned are (in no particular order): - Never get greedy. A profit is a profit, no matter how small. - Learn to take your losses early to prevent...

As a trader, assuming that you are reporting your expenses on Schedule C, and your "income" on Schedule D, you are not subject to FICA tax, since it is not considered "earned" income. The drawback of this is that you cannot claim your health insurance deductions or retirement plan...

An alternative thought, is to be happy with your profit, and be glad that things didn't reverse on you. It is hard to time, and it is even harder to maximize profits. I actually like looking at .10 to .15 cent swings, and grabbing profits at that time. Intraday daytrading is dangerous stuff...

Particluarly interested in # 1 and # 4 above.

I am a RealTick customer, who for the most part (except for their big outage day last year !) is satisfied with service. I am not, however, satisfied with their price. I tried eSignal 7.3 last year, and found these 4 problems, and decided at the time, not to go with them. Can anyone verify...

I have been "improved' on Limit Orders, but they are few and far between, in my experience. It appears that Market orders get favored for price improvement (since they are willing to forego the spread). I only get "improved" on Limit Orders when there is a large block in a trade, and the vast...

Price improvement is a scam. It's arbitrary & capricious. For every trader it helps, it hurts one or more traders. It is causing the demise of the Limit Order, and it was designed to line the pockets of the Specialists. IMO, it is worse than the 30-sec rule.