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Games specialists play
- Thread starter chasinfla
- Start date
If your definition of a fair and orderly market is honoring quotes, then all a specialist would have to do is make a wide market for 5 up and honer them. That's not fair.
I have been asking SLK for a mulligan button. I think a trader should get one mulligan per day. Sort of an Oops button.
I have been asking SLK for a mulligan button. I think a trader should get one mulligan per day. Sort of an Oops button.
20 cents on 30k shares seems reasonable to me. I wouldn't sell 30k wmt Don't have the capital nor the risk tolerance if I was wrong. The specialist is RISKING his capital in a trade like that.
But I stop because I know I will never convince anyone to stop blaming the specialist, the MM's, the machine or anything else for their lack of profits. As I said earlier, get good at being right and everything else will take care of itself. Even the specialist.
But I stop because I know I will never convince anyone to stop blaming the specialist, the MM's, the machine or anything else for their lack of profits. As I said earlier, get good at being right and everything else will take care of itself. Even the specialist.
right. risking his capital at an apparently riskless price. I wouldn't call that execution 'orderly' or 'fair;' of course, that's only an educated guess -- I don't have all the information that he had.
as I said earlier, one can be right and still lose money, if the fills aren't fair.
IMHO, trading isn't about being right. It's about getting filled at or near your price.
as I said earlier, one can be right and still lose money, if the fills aren't fair.
IMHO, trading isn't about being right. It's about getting filled at or near your price.
Quote
"Another: I enter a market short with the bid at 23.93, a 0+, and theres size there. Zip. A one lot prints a penny higher....now I can't get filled at the bid. No other prints. Down goes the bid ("customer cancelled") and I'm the offer (or at least I'm supposed to be).... Coincidence? I don't believe in coincidences."
.......
DON'T TRADE NYSE
I've noticed that the specialist backing away is the rule rather than the exception. The bid is 24.50 for like 3000 shares and has been for a minute or more, I'll ask 24.50 for 100 shares, within 3 seconds the bid disappears and there is a new one at 24.49 for 1600 shares. I ask 24.47 and the bid drops to 24.43 for 900 shares. I'll be lucky to get out at 24.20. It happens ALL the time. As far as I'm concerned it's nothing but a f$c^&ng scam. I think the "rules" against backing away are just part of it(the scam). I won't trade NYSE anymore. NASDAQ is the way to go. It's a fair market.
"Another: I enter a market short with the bid at 23.93, a 0+, and theres size there. Zip. A one lot prints a penny higher....now I can't get filled at the bid. No other prints. Down goes the bid ("customer cancelled") and I'm the offer (or at least I'm supposed to be).... Coincidence? I don't believe in coincidences."
.......
DON'T TRADE NYSE
I've noticed that the specialist backing away is the rule rather than the exception. The bid is 24.50 for like 3000 shares and has been for a minute or more, I'll ask 24.50 for 100 shares, within 3 seconds the bid disappears and there is a new one at 24.49 for 1600 shares. I ask 24.47 and the bid drops to 24.43 for 900 shares. I'll be lucky to get out at 24.20. It happens ALL the time. As far as I'm concerned it's nothing but a f$c^&ng scam. I think the "rules" against backing away are just part of it(the scam). I won't trade NYSE anymore. NASDAQ is the way to go. It's a fair market.
Last post from me on the subject, but i couldn't help but thinking that if a trader leaves some orders in at prices above and below the market that he would be willing to be filled at in case a print went up similiar to Bright's opening only plays then he would have participated on this "riskless" price. If a trader has the mental stamina to monitor orders, not just fills, then he could advantage himself of the advantage the specialist has of being a liquidity provider in the good prints as well as the bad ones. It helps to have low ball bids and high offers in at all times just in case the specialist is trying to "steal" a print like he occasionally does on the opening. How many times have you heard a trader say, " 23.45? I would have sold it at 23.35. How can he do that?" If the trader had an order in the specialist couldn't do it without printing him first of bunching him with the trade. Think like a specialist and act like a specialist if they are the ones making money....