"Always be fading"?

[Hydroblunt]

Quote from jbt:

Hydro PLEAAASE

Stop fetishising dealers. They don't have any super human powers. They frequently are not as smart or as well informed as you are. Their biggest edges are bid/ask, much more capital than you and your own lack of discipline that will inevitably blow you up. In fact that's what they do. Whether retail or institutional they just wait for the client to blow up.

I wrote this article. I been on equity and Fx dealing desks since Drexel Burham was in existence and the basic strategy of dealers never changes:
Inventory until the market proves you right.

That why so many market making firms went under in 1987. I was around then were you?

That was one of the few times when that strategy did not save them.

Are you joking me?

Between all the scandals of NYSE specialists, Nasdaq market makers and Option market makers, you are gonna claim they have no special edge?

I don't know what chop shops you worked at but there was a reason why the dealers that counted tried to keep it in the family and close friends. Just the business of buying on the bid & selling at the ask (like Forex dealers) is one of the best businesses out there.

 

[BlindLemonBoosh]

Quote from chrismontez:

One problem with systems is that for them to work you are usually suppose to take the trade when the system says to.

That's not a problem with systems, that's a problem with traders.

 

[JSSPMK]

Quote from makloda:

“I’d be a bum on the street with a tin cup if the markets were always efficient.”
-- Warren Buffet

I tell what is efficient, my future mother-in-law, no matter what I do, I am always most deffinetely wrong. Now that's efficiency

p.s. You can't even counter action, as if you do the opposite of what you wanted to do, you'd still be wrong.

 

[NoDoji]

Quote from JSSPMK:

I tell what is efficient, my future mother-in-law, no matter what I do, I am always most deffinetely wrong. Now that's efficiency

p.s. You can't even counter action, as if you do the opposite of what you wanted to do, you'd still be wrong.

That's how my trading felt the past couple of months

 

[jbt]

Quote from Hydroblunt:

Are you joking me?

Between all the scandals of NYSE specialists, Nasdaq market makers and Option market makers, you are gonna claim they have no special edge?

I don't know what chop shops you worked at but there was a reason why the dealers that counted tried to keep it in the family and close friends. Just the business of buying on the bid & selling at the ask (like Forex dealers) is one of the best businesses out there.

The fact that some of those guys cheated does not give them an edge. It just means they were criminals. Again read my response carefully, I didn't say they didn't have an edge only that you should stop fetishisizing it as something special.

The fact that all the traders in my book Millionaire Traders beat them every day is a testament to the idea that they beatable.

And finally you have no clue where I worked or what I did, so please refrain form insulting me with the "chop shop" moniker.

I've tried to keep the discussion on point, attempt to do the same thing.