Cheap commsions with IB and..

[nitro]

Originally posted by OldTrader


Well that's alot of fancy guesswork, supposition, and downright confusion on your part.

I doubt if there is any post that could have been made that would have lived up you whatever your expectation is/was.

But to clarify, I believe my post was shallow, and if I had it to do over again, I would have read foolio's post more carefully, and in all likelihood might not have responded at all.

However, you are correct that there is sarcasm contained in my post to you. If you will reread my post you will find that my sarcasm is not directly to foolio...rather, it is directed to you. So let's just say there are two issues here:

1) whether my post to foolio was proper and

2) whether I owe YOU any level of contriteness at all

I think I have more than amply answered #1. But I'm wondering who appointed you the judge and jury of satisfactory posting at this site. Please be aware that any sarcasm that you sense in my post reflects my belief that no one did. Further, I don't think I owe YOU any type of apology....but I responded to you since you stuck your nose in it, rather than to foolio who, at that point, was telling me to "fuck myself".

So what you read contained my comments regarding foolio, and contained my sentiments regarding you. Hopefully this will clarify that my sarcasm is toward your role in this matter, NOT toward my regret over my comments to foolio.

OldTrader

Old,

I rarely stick my nose between quarrels, but I feel compelled to here.

One of the things that you will notice as you hang around here at ET is that as you post more, so does the probability of running into a quarrel, or making a mistake on a post, etc - I know, I have done both.

FWIW, IMHO, it is clear that you are have a tremendous capacity to share, and the urge to teach. It would be a great loss to ET if you became the victim of "burn out" through this "negative feed back" loop as you are in right now with this thread. It also appears that you have thick skin, so I am not too concerned about you being "driven" from your kind posts.

With that in mind, if I may suggest, cut your loses short on this one. You are in a bad "trade" here..

nitro

 

[OldTrader]

Originally posted by nitro

Old,

I rarely stick my nose between quarrels, but I feel compelled to here.

With that in mind, if I may suggest, cut your loses short on this one. You are in a bad "trade" here..

nitro

Thanks for your wisdom. Best advice I've had all day.

OldTrader

 

[tymjr]

OldTrader: “I doubt if there is any post that could have been made that would have lived up you whatever your expectation is/was. ”

I had no expectations regarding your post.

“However, you are correct that there is sarcasm contained in my post to you. If you will reread my post you will find that my sarcasm is not directly to foolio...rather, it is directed to you.”

No need for me to reread your post. I was not under the assumption that your sarcasm was directed at fooliosbrother. It was plain who it was intended for.

The fact remains that it is largely irrelevant whom you’ve continued to direct your derogatory tone toward. You are attempting to be particular while my comment was intended to be general.

I think your admission of regret was essentially clothed in justifications and more of the same nonsense that you displayed in your original post so as to lessen the blow to your pride. Rather than deal with the embarrassment of having to admit you were flat out wrong without all of the excuses, it is my opinion you’ve simply directed your frustration with your shame at having made a mistake in public onto me.

In a nutshell, I don’t think you see anything wrong with being rude and abusive toward other people as long as you feel you have a reason. What is now clear is that your reasoning can shift depending on whether you later discover that your perceptions were inaccurate as they clearly were in this case. I would just prefer a world were people were civil from the get go.

“I responded to you since you stuck your nose in it.”

You make it sound, as though commenting on another members post, when you believe that post to be inaccurate or unfair, is something to be looked down upon. Wasn’t that what you were doing with a great deal more ferocity when you gave fooliosbrother’s post the “STUPID AWARD”.

“I'm wondering who appointed you the judge and jury of satisfactory posting at this site.”

No one. I don’t pretend to be the ultimate authority on the subject, although there seems to be a level of decorum that I think most people can agree on. My original post was merely a comment on the nature of your original post. Now the situation appears to be feeding on itself.

“Please be aware that any sarcasm that you sense in my post reflects my belief that no one did.”

Then we agree.

“I don't think I owe YOU any type of apology....”

Nor do I. I was not asking for one and I doubt very seriously that you’d be up to the task, at this time, if one were owed to me by you.

“Hopefully this will clarify that my sarcasm is toward your role in this matter, NOT toward my regret over my comments to foolio.”

It was eminently clear form the beginning what your intentions were.

One last thing. I have no doubt you are quite intelligent. You’ve displayed that clearly. It’s a shame that, in this particular circumstance, we are at odds, as I appears to be bringing the worst out in both of us.

 

[OldTrader]

Originally posted by tymjr
It’s a same that, in this particular circumstance, we are at odds, as I appears to be bringing the worst out in both of us. [/B]

I had intended to end my participation in this thread, in accordance with the wise advice of Nitro.

But as I read your post, these particular words struck me....and I realized that certainly as it applies to me I have certainly been at my worst.

No sarcasm, just an acknowledgment of your statement.

My hope is that we will meet on better terms next time.

Good luck to you.

OldTrader

 

[jennajameson87]

Originally posted by def




IB has fully disclosed to its clients and regulators that it only internalizes an order if it can equal or better the NBBO. http://www.interactivebrokers.com/html/retailAccount/sampleForms/order_route.html It's a win/win situation. Faster fills for both sides.

Mr. Def-----

Filling at the NBBO or better isn't best execution. You must also think that 100% price improvement is good or something. I bet you even believe the TAG reports. People like you are the reason we live with Decimals now. People like you have no clue the way markets works. You may say what you want and the rest of the board can try to high five you. But in the end, if you know the way wholesalers work then you know for a fact you aren't getting best execution.

Reason: They aren't there to make the world a better place. They are there to make MONEY. Plain and simple. Why do you run a business? To make money. It's called conflict of interest honey.

 

[def]

Originally posted by jennajameson87



Mr. Def-----

Filling at the NBBO or better isn't best execution. You must also think that 100% price improvement is good or something. I bet you even believe the TAG reports. People like you are the reason we live with Decimals now. People like you have no clue the way markets works. You may say what you want and the rest of the board can try to high five you. But in the end, if you know the way wholesalers work then you know for a fact you aren't getting best execution.

Reason: They aren't there to make the world a better place. They are there to make MONEY. Plain and simple. Why do you run a business? To make money. It's called conflict of interest honey.

Really, I guess I've been winging it all these years. I guess the money we've made has been dumb luck. Oh well.

Please enlighten me oh wise one. If someone submits a market or limit order and we fill them in an instant (literally in less than 100 milliseconds) at a price equal or less than the offer if that isn't best execution, what is? Would you prefer we send the order to a wholesaler who can wait until the stock ticks against the client and gets a free arb?

As shocking as it may seem. There are firms out there - that actually believe a market makers job is to provide liquidity and fair markets. Making money and being fair are NOT mutually exclusive. Our edge is technology and some pretty sharp algorithms. We certainly use them to make money but we do it by providing a service and fair pricing.

You allude to our low commissions as a reason we must be doing something dishonest. However, you fail to comment on how we did so well before we had clients. Strange how you jump to conclusions.

As for decimals, sorry if decimalization has killed the wholesalers who reamed retail for years via the purchase of order flow and poor fills. I'm crying over it.

 

[fattyasids]

100 milliseconds? that's faster than an island fill?

 

[def]

if the route goes to TMBR it is actually faster as it is completely internalized.

 

[Tech Analysis]

I'll vouch for that. I trade the SPYs all the time on TMBR and get filled almost instantly.

 

[fooliosbrother]

Originally posted by OldTrader
I realized that certainly as it applies to me I have certainly been at my worst.

No sarcasm, just an acknowledgment of your statement.

My hope is that we will meet on better terms next time.

Good luck to you.

well, it takes real guts to say something like that. youre obviously a good guy. but good guy or not i shouldnt a said what i said. so on that note id like to offically rescind my F**K YOU and apologize for my lousy behavior in this fiasco.