CANCEL FEES: Letter to SEC

ktm,
oh my god, have you ever seen an option spread of 1$? It's quite common these days...
It's not uncommon to place 8-10 orders (including modifications) to obtain a single decent fill...
Or do you like to throw money from your window?


Quote from ktm:



If you actually rountinely practice what you have stated above, I fear you may be a big part of the CAUSE of the exchanges implementing this rule. If you are cancelling that many orders, the "visibility" you say you are fighting for may be a false prophecy, since few people are obviously able to execute against your posted orders. The argument from you to the SEC may turn into a discussion ABOUT you and your trading habits.
More...
 
Quote from gerico:

ktm,
oh my god, have you ever seen an option spread of 1$? It's quite common these days...
It's not uncommon to place 8-10 orders (including modifications) to obtain a single decent fill...
More...

Sure, I see the $1 - $2 spreads all day long. I post .10 - .20 inside and wait to get filled. Sometimes I have to move it once or twice, but usually not. I almost never pay the spread, but it happens.

Maybe you should post another poll. See how many folks routinely post 80 - 100 bid/offers a day without an execution.

Since I'm the only one engaging you two over this, I'm thinking I may have participated in this discussion way past the sensible stage.

Cheers.
 
ktm,
be honest, if you "almost never pay the spread", that means at least 5-10 modifications...
Consider the cases when you're unable to obtain a decent fill at all... But now you'll have to pay commissions too...
/And only if you're lucky avoiding PHLX and AMEX where your order will be trapped... /
be honest. 8-10 cancels per fill is reality.


Quote from ktm:



Sure, I see the $1 - $2 spreads all day long. I post .10 - .20 inside and wait to get filled. Sometimes I have to move it once or twice, but usually not. I almost never pay the spread, but it happens.

Maybe you should post another poll. See how many folks routinely post 80 - 100 bid/offers a day without an execution.

Since I'm the only one engaging you two over this, I'm thinking I may have participated in this discussion way past the sensible stage.

Cheers.
More...
 
Quote from ktm:

Since I'm the only one engaging you two over this, I'm thinking I may have participated in this discussion way past the sensible stage.
Cheers.
More...

But I've appreciated your considerations, I'm open to understand different points of view. Life is all that...
 
The point is not for options specifically. If they do this here today, they will do more there tomorrow. The best way is to stop them just like we patriots stop Saddam and terrorists before they attack again.

Why do they have the authorities to discriminate against people with different financial commitment, investment styles, or even they way they type? Who gave them the authorities? They discriminate some people while favor their buddies from times to times.

Again, I say this to you. It is not just the cancellation fee. It is that we need to get rid of these f8cks special interest groups. Throw them to jails like we do to their Enron/Wcom buddies.

F8ck you screw you. Son of b8tch.

:p
 
You must log in or register to reply here.
Back
Top