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I am very upset about how price improvement (aka, pennying) is done. Specialists, in a variety of ways, step in front of market orders that are destined to be filled by best limit order. It is my contention that this "rule" is abused, particularly in the land of thin liquidity stocks (at...

That would certainly be a welcome rule. One can only hope. The BIG problem is that Specialist firms are public entities with profit motives being their first objective. If you take away their profit areas, you take away their business. Grasso, until late in his tenure, always played ball...

I wholeheartedly believe what you are telling me. Why would a Specialist firm get involved in a low-liquidity issue, if it couldn't make money on it, even if it is a small amount ? Yes, you are right about the low liqudiity issues. I trade them, because I feel comfortable with that style of...

I agree with your contentions, but the fact that I trade very thin liquidity stocks, and am always entering limit order below market, and there has been no "front-running" activity of that nature prior to me entering that limit order (in last 10 mins or so), lead me to believe that my...

BTW, I trade very thin-liquidity listed stocks. And I would say on average, when I have a limit sell order, that at least 5 "price improvements" occur on me before I am filled, OR the market moves against me. I find it doubtful that there are market sell orders stepping in front of me, in...

Last comment based on your prior post, which you just edited.....please review the rules, before commenting. I don't mind discussion/comments/criticism, but I don't enjoy reading your pompous, know-it-all comments, which you always seem to address towards me.

That is incorrect. It has nothing to do with being outside the market.

I guess you don't have a clue on how it works. Market orders that are price improved don't hit the the best bid/offer, as they should under normal supply/demand situations. They get filled at prices better than that, which effectively shut out those that post post the best bid/offer (limit...

This is a ridiculous concept, which mitigates the usefulness of the Limit Order Book, on the NYSE. Specialists capriciously use this "rule" to penny in front of limit orders, at convenient times. People willing to pay market get price improved (but they were willing to pay at market in the...

And Specialists have access to this ? Or are you joking ?????

Can NYSE Specialists identify traders who place trades on their books ? If so, how ? And, if so, should this not be made illegal, since it allows Specialists to trade against certain traders (e.g., Day Traders) ? Thoughts and comments appreciated.

I trade thin liquidity NYSE issues, and the price improvement "algorithm" is running rampant these days. More than I have ever seen, and more than what the NYSE website claims (on the order of 40 % or so). This so-called "price improvement" that NYSE allows for, provides for penny (or more)...

Not worth that kind of money, unless they provide the home telephone #'s of the Specialists, so that I can call them at home, to tell them how they are doing :)

Thanks for the replies. I didn't mean interim-druing-the-day changes - I meant actual replacement changes due to rotation. I am speculating here, because I really don't know, but some of my stocks definitely trade very differently over time, and I am attributing that to a new Specialist being...

Does anyone know the "rules" of Specialist firms, in regard to how long a specific specialist will handle a given stock, before being rotated off to a different stock ? Is this common practice ? There are some stocks that are great to trade for a while, then become impossible to trade - my...

I was running on a 400 Mhz Pentium under W2000 until recently. I ran RealTick, its Talnet data feed server, IB java app, EXCEL, and 2 customer written VB apps, that drove data off TALNET. And it all ran on my 400 Mhz Pentium, with 128 MB of memory. Then, IB's memory footprint became much...

I claim it is NOT ! I trade thin liquidity NYSE issues, and the price-improvement "algorithm" is running rampant these days. More than I have ever seen, and more than what the NYSE website claims (on the order of 40 % or so). This so-called "price improvement" that NYSE allows for...

Hi guys, I just wanted to start a thread that compares these 2 products, and spurns some debate over their merits/flaws. I am an equities Day Trader, who trades listed issues only, and who uses RealTick Pro Plus. Although I don't use an overabundance of RealTick's charting capabilities...

I was wondering if anyone else enjoyed Chris' book, "Day Trade On-line". It is somewhat dated, since it was written pre-decimalization and pre-NYSE Open Book availability, but I found it to be the impetus and inspiration that made me a trader (I started a little over a year ago). It outlines a...

As a Junior member of ET, I cannot yet rate the Direct Broker vendors, and just wanted to share my first year of experience with IB. I had formerly used Amertrade, and now use them as my backup broker only, due to many dissatisfactions that I had with them. I am really amazed at some of the...