CALPERS Files Lawsuit vs NYSE
- Thread starter waggie945
- Start date
Your opinion to the topic should not really be based on if you make money with the system or not. Just because you have figured out how to make money trading with it does not mean that it is a fair and just or even optimal. Saying "yeah they screw people but you just have to learn to trade and make money with the screw job like I have" does not make much sense. Maybe those that defend the system so much are scared that if things change to a more fair market that they will lose their learned trading techniques and will be unable to adapt
Quote from hayman:
Mecro,
Everyone has an opinion, and you obviously have yours.
To quote you:
The NYSE is supposed to be a public institution, and not behave like a private one. Although the SEC regulates, the NYSE's charter says that they are supposed to maintain a fair and orderly market, and not put profit-making ahead of that. So, I TOTALLY disagree with you on this point.
Additionally, the MM's are making much less money, since automation has been fully engineered into the Nasdaq. Is it a perfect place, obviously not. However, things are tons better than they were a few short years ago. The NYSE could equally improve, if they focused on automation, and getting rid of the 'ol Boyz Club. So, once again, I totally disagree with you here.
Unfortunately, there is no incentive by the top brass to make changes, because the ramifications of such action, would directly effect their and Specialist Firm's profits. The same thing you criticize corporate America of in your above quote.
No one if forcing me to trade NYSE, and I do make money trading. However, the improprieties are abound, and these improprieties cost us traders/investors in the pocket book, no doubt.
Specialists are nothing more than Day Traders with a huge advantage. Give me the same advantage that they have, and I triple my profits without blinking. Take away their large advantage, and guess what, there is no incentive for them be Specialists, and we will see the quick demise of the Open Outcry System.
I will continue to trade NYSE, because I make money there. Dealing with these issues are a tough pill to swallow, but ultimately I have a choice as to whether I want to be a trader or not. And I would never give it up, because I truly love it.
Those that don't have a clue are the one's that accept the status quo without challenging it. We will never have a perfect world, but there is sure room for some hefty improvement.
Dude you really do not get it. You claim to trade NYSE, but you obviously completely fail to recognize that being able to read the specialist trading style is a huge advantage. Screw Nasdaq and screw ECNs where there is much less predictability. Yes you do get more volatility but the risk is so immense.
Yes NYSE makes a shitload of money from the public and yeah they do it in many shady ways. But dammit, besides jealousy, who gives a crap. We have a chance to trade with the specialist and make money by simply being able to read patterns. I would say that is a very nice thing.
There are so many safety nets that Naz will never have. MMs have ZERO responsibility to the stock and they will let it plummet to nothing unlike NYSE. Specialists are a lot more than day traders, they own the stock's price and control inventory with personal interests. So let them make their money. I know you fail to recongnize this, but they make peanuts from us comparing to what they make over long term periods from screwing the masses. So we traders really have no room to complain. And neither do any mutual funds or pension funds who make money from fees and in short term couldn't care less that their investors' life savings can be wiped out.
I'm perfectly fine with NYSE. Maybe they can change a few little things but if they make it anything like Naz, that would suck. If I want choppy volatile moves, I would trade Nazdaq. But I'm not, I'm trading NYSE. And bottom line, if you do not like it, there are many other things to trade. I could use less traders that only create noise in the stock's trend.
Fair and optimal comparing to what? You consider Naz a fair market? Because that is exactly the contrary to NYSE.
I mean really, please give some examples in life that are fair or optimal and then compare it to NYSE. Look at corporate governance, government bueracracy, music & entertainment industry (oh this one is just a nice, fair and happy place LOL).
I understand this ideal view all you have but the alternatives are there and they are not too appealing.
I know it would be so great and cheery to have most people make money in the market, but that could only happen in fantasy world. So lets face the facts of real life and take advantage of it.
And we as traders should even bother to complain about NYSE. If anything we should be a little worried. I'm not really because this is obviously CALPERS looking for excuses for their perfomance. Plus, NYSE went through this like every decade after a market crash.
And yeah I like being able to trade with the specialist. Did not know it's a bad thing. But if they do get rid of it and I have to adapt then so be it. It's gonna suck but whatever. Naz is interesting to me.
looks more like Caplers, like a shark tasting blood, senses an opportunity to ride the negative momentum that has hit the NYSE of late. It's like suing McDonald's because you're fat. Praytell, who forced you to eat there?
<a href=http://www.freerepublic.com/focus/f-news/1041749/posts?page=10#10">another take</a>
<a href=http://www.freerepublic.com/focus/f-news/1041749/posts?page=10#10">another take</a>
Screw the NYSE and all of you who have to have the specialist "crutch" to trade with...I take 25-45% of the NYSE volume in a single security (many of them)...I can do that because I can soak it up at a profit & ARB the rest to keep it where it should be. The specialists will steal you blind if they had no one to "penny". Just like a specialist, market makers can trade against the market and order flow & make a buck without stealing it--they just gotta be smarter & have a BIG bankroll.
Private market makers will post good markets with no guessing on the price -ECN style. I do it every day, but decimalization & especially pennying are killing liquidity. Specialists are stealing themselves into extinction.
Private market makers will post good markets with no guessing on the price -ECN style. I do it every day, but decimalization & especially pennying are killing liquidity. Specialists are stealing themselves into extinction.