Well it seems that the current plan for SSF's is to have them go to cash rather than stock upon expiration. The wrangling is still going on between the "powers that be"...I will keep you all posted as things get closer to their listing.
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don bright
- Thread starter trade555
- Start date
hey don...
im interested in your migration 'off the floor'.
im 32 and have been trading in the pits since '90...futures, options, arbing, spreading...most of the time for prop derivatives houses, but for the last few years on my own (as a 'local' futures scapler/spreader). i make a pretty decent and very consistent living and thus find it hard to break away from the 'edge' we try to get on the floor. i thrive, inpart, because i am fast, loud and can handle reasonable size.
i purposely dont use technicals or read news/fundamentals. i do like to read the pit and place my bets accordingly. my style is high volume (3-10% of pits volume) and quick entry/exit in volatile products.
that said, im tiring (though i love it) of the sweating, arguing, shouting, slogging and wonder how i can leverage my trading discipline/expierince off the floor.
i used to worry about it (going off the floor), now i, starting to look forward to it as a challenge in rewiring my trading...just wonder about the best way to proceed, what areas might suit my style, join a house again or work it out on my own, wht platforms on which exchanges, etc...the questions are countless. ive even though about becoming a trading mentor or just getting out all together and semi-retiring (doubtful ill be able to stay idle). the money is still important but not as motivating as it used to be.
any insight or recommendations?
im interested in your migration 'off the floor'.
im 32 and have been trading in the pits since '90...futures, options, arbing, spreading...most of the time for prop derivatives houses, but for the last few years on my own (as a 'local' futures scapler/spreader). i make a pretty decent and very consistent living and thus find it hard to break away from the 'edge' we try to get on the floor. i thrive, inpart, because i am fast, loud and can handle reasonable size.
i purposely dont use technicals or read news/fundamentals. i do like to read the pit and place my bets accordingly. my style is high volume (3-10% of pits volume) and quick entry/exit in volatile products.
that said, im tiring (though i love it) of the sweating, arguing, shouting, slogging and wonder how i can leverage my trading discipline/expierince off the floor.
i used to worry about it (going off the floor), now i, starting to look forward to it as a challenge in rewiring my trading...just wonder about the best way to proceed, what areas might suit my style, join a house again or work it out on my own, wht platforms on which exchanges, etc...the questions are countless. ive even though about becoming a trading mentor or just getting out all together and semi-retiring (doubtful ill be able to stay idle). the money is still important but not as motivating as it used to be.
any insight or recommendations?
Hey, I'm going back to that Chinese Food Store and have them be my broker....
SSF's will short circuit the market, just like the wrench that falls across the light switch, they both cause sparks....
Simply put, when you marry the slower Equities market with the Derivatives market (options, and unlisted options market (caps, floors, swaps, spreads) along with the synthetics) you get an explosive situation that will liquify the markets.
What will have to be decided (waiting for liquidity to manifest itself) is how fast the waterfalls run as to whether of not one can speedily take/make positions and hedge against the underlying (the actual stock). The speed of the software crossing both markets will be the absolute key. What will be presented to the public will be the gloss and pearly smile.
Cavete Emptor.
One thing is certain, is that whence the crowds leave the existing marketplace it will smooth out the jagged edges on the trading charts in a similar manner that the chasing out of the marketplace of the under $25k account did ( you know, the SEC Pattern Day Trader rules).
SSF's will short circuit the market, just like the wrench that falls across the light switch, they both cause sparks....
Simply put, when you marry the slower Equities market with the Derivatives market (options, and unlisted options market (caps, floors, swaps, spreads) along with the synthetics) you get an explosive situation that will liquify the markets.
What will have to be decided (waiting for liquidity to manifest itself) is how fast the waterfalls run as to whether of not one can speedily take/make positions and hedge against the underlying (the actual stock). The speed of the software crossing both markets will be the absolute key. What will be presented to the public will be the gloss and pearly smile.
Cavete Emptor.
One thing is certain, is that whence the crowds leave the existing marketplace it will smooth out the jagged edges on the trading charts in a similar manner that the chasing out of the marketplace of the under $25k account did ( you know, the SEC Pattern Day Trader rules).
Don -
YOu mentioned that with SSF's might come the elimination of the uptick rule (at least for some stocks). Wondering if you know how many stocks will have SSF's offered initially, and whether or not (when these SSF's become actively traded) the uptick rule will be eliminated for the underlying stock. Seems that the elimination of the uptick rule might be bad for day traders in the short term, at least if it would be applied to all stocks. Do you see the elimination of the uptick rule NYSE-exchange-wide anytime soon or ever?
Thanks,
Ace.
YOu mentioned that with SSF's might come the elimination of the uptick rule (at least for some stocks). Wondering if you know how many stocks will have SSF's offered initially, and whether or not (when these SSF's become actively traded) the uptick rule will be eliminated for the underlying stock. Seems that the elimination of the uptick rule might be bad for day traders in the short term, at least if it would be applied to all stocks. Do you see the elimination of the uptick rule NYSE-exchange-wide anytime soon or ever?
Thanks,
Ace.
Originally posted by Ace_Rothstein
Don -
YOu mentioned that with SSF's might come the elimination of the uptick rule (at least for some stocks). Wondering if you know how many stocks will have SSF's offered initially, and whether or not (when these SSF's become actively traded) the uptick rule will be eliminated for the underlying stock. Seems that the elimination of the uptick rule might be bad for day traders in the short term, at least if it would be applied to all stocks. Do you see the elimination of the uptick rule NYSE-exchange-wide anytime soon or ever?
Thanks,
Ace.
There is still squabbling going on between the Futures exchanges at this point. When they sort out "who gets what" listings, then some sense will be made of it all. My people tell me that the NYSE is pushing to eliminate the uptick rule on their issues to keep from losing any of the "short" business. I am told that they will be testing the first issues by the Spring...I'll post up new info as I get it.
Also I almost forgot -
Don, do you think that the introduction of SSF's will cause a decrease in volume at all on the NYSE?
THanks,
Ace.
Don, do you think that the introduction of SSF's will cause a decrease in volume at all on the NYSE?
THanks,
Ace.
Originally posted by Ace_Rothstein
Also I almost forgot -
Don, do you think that the introduction of SSF's will cause a decrease in volume at all on the NYSE?
THanks,
Ace.
The latest thought on this is that if they finally decide to have the SSF's convert to stock (rather than cash), then it may actually add to the volume on the NYSE (conversions, roll-over strategies, etc.). We will all be learning more between now and April.
The Importance Of "Correct Punctuation"
Dear John:
I want a man who knows what love is all about. You are generous, kind,
thoughtful. People who are not like you admit to being useless and
inferior. You have ruined me for other men. I yearn for you. I have no
feelings whatsoever when we're apart. I can be forever happy--will you
let me be yours?
Gloria
*************************************************************
Dear John:
I want a man who knows what love is. All about you are generous, kind,
thoughtful people, who are not like you. Admit to being useless and
inferior. You have ruined me. For other men, I yearn. For you, I have
no feelings whatsoever. When we're apart, I can be forever happy. Will
you let me be?
Yours,
Gloria
Dear John:
I want a man who knows what love is all about. You are generous, kind,
thoughtful. People who are not like you admit to being useless and
inferior. You have ruined me for other men. I yearn for you. I have no
feelings whatsoever when we're apart. I can be forever happy--will you
let me be yours?
Gloria
*************************************************************
Dear John:
I want a man who knows what love is. All about you are generous, kind,
thoughtful people, who are not like you. Admit to being useless and
inferior. You have ruined me. For other men, I yearn. For you, I have
no feelings whatsoever. When we're apart, I can be forever happy. Will
you let me be?
Yours,
Gloria
Speculator1929
Guest
Where can I contact Gloria? If she is that smart about punctuation, maybe she can trade too? Is this the same Gloria from the song?