Class Action Lawsuit against NYSE Specialists

Originally posted by Nordic
The heck with a lawyers. Get the NYSE rules or someone very competent with them, invite in the 60 minute crew, sign on to your trading station and roll tape.:D
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That's probably the best plan. :D
 
Originally posted by TraderJimR


That's exactly the point.

BrandonF, I know how to trade and do very well, thank you. The point is that the specialists are misrepresenting themselves. They tell the public they are there to provide a fair and orderly market when in reality they are traders like us that are there to line their own pockets all day. I don't have a problem with this, but they represent themselves differently is all.

And I am not saying that they aren't allowed to hold orders and give crappy fills so they can profit, but I would agree that they then should at least change their mission statement to more accurately reflect what actually happens all day, to something like "We're here to enrich ourselves at the expense of everyone who send orders here, take as many winners as we can, and when it suits us provide a liquid market for people without our 'edge' to get trades off."..............


-Jim
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great post!!!! you beat me to it....fine, go ahead and screw us but don't advertise that you're going to make love to us!!!!!! let us not forget the FBI sting operation in the s&p pit!!!
 
there were people who denied that people were disappearing and hitler was burning them, too.

pardon the overleveraged comparison, but it does make the point.
 
It's amazing how many of of the people that usually complain on ET usually do it during market hours. Instead of complaining, just trade. We had a huge rally during the last hour today, I am surprised anyone had time to post. The NYSE is not perfect, but it is by far superior to any other exchange. The reason I make money, is because of the specialist games that trap inexperienced traders, if they made it easier for people to trade, no one would make money.

shneed
 
Originally posted by TraderJimR
That's exactly the point.

BrandonF, I know how to trade and do very well, thank you. The point is that the specialists are misrepresenting themselves. They tell the public they are there to provide a fair and orderly market when in reality they are traders like us that are there to line their own pockets all day. I don't have a problem with this, but they represent themselves differently is all.
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then you know the deal.. the specialists are members of the opposing teams, not the impartial refs.. a specialist system will never be fair as long as the specialist stands to gain from his activities.. and there would be no specialists if not for the opportunity to gain.. i mean, seriously, when you walk onto a car lot do you think the salesman really gives a rip if you get the best deal on that new BMW? the more you spend the more he makes, that simple.. and all the while he plays the part of being on your side.. thats just capitalism..

-qwik
 
TraderJimR....when you want to do a trade inquiry, who exactly do you call. we clear through SLK and i made reference to a trade correction once, and the guy at SLK said to forget about it. is there someone at the NYSE that i would call? thanks
 
I haven't heard as much bitching and whining as your post in a while. There is a good conversation about a very relevant topic and u through out a garbage post that contributes nothing.
 
Originally posted by Brandonf


The point I'm trying to make is that most traders spend the time they SHOULD be spending learning how to actually trade bitching and whining about conspircy theories. Traders who are successful, rather than try to make money in the courts, actually figure out a system that gives them an edge with the system that is in place. Life is not fair, the market is not any different. Trading is like life, 90% of people are not as successful as they should be, mostly because they waste a lot of time, usually bitching and moaning.

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Of course if you want to be successful (in anything) you need to figure out how the system works and how you can take advantage of the way that it works.

That doesn't mean that you bend over and just let the system screw you. You can both be taking whatever advantage the system gives you and fight to improve the system at the same time. These are not mutually exclusive activities.

In defence of the original poster, I don't think he started this thread just to bitch and moan about specialists, but was asking, "what we can do about this, to make it better?". That's not so bad is it?

Perhaps the answer is "nothing". But you'll never know unless you ask. And it's better to ask "what can be done?" rather than whine, "why is this happening to me...boo hoo hoo" isn't it?
 
Originally posted by Thug_Life
The beauty of the NYSE is that each specialist moves his/her (are there any female specialists?) stock(s) differently. If you don't like one, you can just move on to the next.

After trading naz and NYSE, I can appreciate how the specialist stands between me and the rest of the frantic masses. NYSE stocks don't whip up and down the same as nasdaq. It's not that either market is "better;" they are just different.

This "they are screwing me" mentality can destroy your trading. If you don't like the NYSE, then vote with your feet and move to the nasdaq or the futures markets. If I'm saying, "stop whining," then I mean it only in the best of ways with only your interests in mind.

Best wishes and good trading.
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I agree. I don't really care that people don't like the specialist system/NYSE but it bothers me that so many seem to think it must be changed to the OTC/Naz model. If people don't like NYSE, don't trade it. But don't try to take it away from those of us who like to trade it. The free market will decide if one or the other is the superior model.
 
Three words- "fast market conditions". That is their out for everything, they can suspend a lot of rules just by saying it's a fast market.

The worst feeling is when you know you are about to get screwed, but you can't do anything about it because he won't let you cancel your order or you know he's going to overlook you and move the stock.

I'm always trying different stocks to find the guys who will fill you fairly and let you in and out easily. That's the most important thing to me.
 
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