anybody know how to lodge a complaint regarding specialist order handling???

Let's keep it simple. There is only so much money to go around. You, as a private trader , are trying to take some of it, from an investor, or the spec, since who else is there ( besides other traders).

I know all about the games that are played, as they are played on me as well. Your job is to give the spec as little leeway as possible. Not saying it's a fair game, but the game is played by men in long pants , not girlies. And most traders would rob , steal , and pillage Grandma to make a 1/4. :p (At least the ones that I know)
 
Quote from I Missed Boat:



Do to them? I don't have the power to "MAKE THE MARKET"! I can't SPREAD A SPECIALIST DOWN to some crazy levels, and refuse to cancel his stop before I make the print, and then gap it right back up! I can't hold a cancel for a stop that is out of the market, come down to it (cancel already pending), print it and drive it up before he can cover. If I made millions (as these guys do), I'd at least try to play 1/2 way fair! These guys have rules that they aren't following, and therefore they are simple crooks. I am not breaking the rules to get an advantage over anyone else (much less the specialist).
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Oh well, times are tough even for Specialists. They've got to steal, ahem, "make" their money somehow! I agree, the above scenarios happen to me every day, but what can you do?

P.S. I don't think the specialists make that much money due to decimalization and the bear market. They are getting creamed in volatile markets because of the large positions they take. They can't scalp in and out of positions like daytraders. Out of frustration, they resort to cheap tactics! So be it!
 
Quote from stock777:

And most traders would rob , steal , and pillage Grandma to make a 1/4. :p (At least the ones that I know)
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Hell, I would do that for a extra nickel on a ten lot.
 
"P.S. I don't think the specialists make that much money due to decimalization and the bear market. They are getting creamed in volatile markets because of the large positions they take."

Yeah so instead of the $10 million a year, they are only making 2-3 mil a year. Poor guys.

But whatever, if these people are so damn pathetic that they have to resort to basically stealing while still making these types of salaries, then I'm happy I am not one of them. They are miserable little fucks that got the job through nepotism or kissing some serious ass and now they have to live up to their power trip.

I'm sure some of guys already have, but read "The Wall Street Gang" by Richard Ney.

In their defense, most specialists do what they have to do and do not go out of their way to screw anybody. I've gotten hooked up a lot more than getting screwed. Also, if the mofo screws you, don't trade him ever again.

As for the ones that screw traders, I wish I could meet some of these punks outside the NYSE. I bet they are pathetic little POS, so I probably would feel too bad to kick their ass.

P.S. On a funnier note, let's say hypothetically we could send little text messages to the specialists. Just try to imagine what those would look like.
 
mecro - second message of yours i'm replying to, back to back...

the richard ney stuff from the 60s is very dry, but INCREDIBLY interesting. i think he was an actor? and published a couple books on how things were done behind the scenes. it's disheartening that the NYSE was still screwing people over after all the 'reforms' had happened.

(i'd also suggest confessions of a stockbroker, by brutus, from '72/73)

i think the naz being around now, and not as an OTC arena, keeps things more competitive on the big board.

many specialists are fair...but i'm sure everyone 'knows' a few stocks where things aren't done on the up and up.
 
The Richard Ney book is old, but the basics of how the specialists work still remain the same. Also, the book is more relevant to the longer terms of fake movements nowdays. For example, the last few days are definitely attributed to the specialists. And I'm sure we all have seen a few stocks that came out with serious news, yet never made the move they should have even on the much higher volume.

I think it's a must read if you trade NYSE
 
Wait a moment while I wipe my tears for all those who think they got a bad fill. Go away and sell cars or insurance, welcome to the business of trading. Take the good with the bad and learn to trade. Look at open book, its called order flow, or better yet trade naz.

inmate451:eek:
 
Quote from Mecro:

"P.S. I don't think the specialists make that much money due to decimalization and the bear market. They are getting creamed in volatile markets because of the large positions they take."

Yeah so instead of the $10 million a year, they are only making 2-3 mil a year. Poor guys.

But whatever, if these people are so damn pathetic that they have to resort to basically stealing while still making these types of salaries, then I'm happy I am not one of them. They are miserable little fucks that got the job through nepotism or kissing some serious ass and now they have to live up to their power trip.

I'm sure some of guys already have, but read "The Wall Street Gang" by Richard Ney.

In their defense, most specialists do what they have to do and do not go out of their way to screw anybody. I've gotten hooked up a lot more than getting screwed. Also, if the mofo screws you, don't trade him ever again.

As for the ones that screw traders, I wish I could meet some of these punks outside the NYSE. I bet they are pathetic little POS, so I probably would feel too bad to kick their ass.

P.S. On a funnier note, let's say hypothetically we could send little text messages to the specialists. Just try to imagine what those would look like.
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Wow, have you been reading my mind the last few months?? You stole every point and idea from me the last few months (admit it, you've been reading my diary)!!
 
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