Games specialists play
- Thread starter chasinfla
- Start date
Whenever I watch the trading on NYSE stocks, I remind myself why I don't trade there.
Except for very high volume news plays, there are more games ,gaps, holdups, air pockets, then I can count. I notice most of the money seems to be made playing openings, pairs, and assorted other gimmicks on the NYSE and not pure daytrading.
Correct me if I'm wrong.
Except for very high volume news plays, there are more games ,gaps, holdups, air pockets, then I can count. I notice most of the money seems to be made playing openings, pairs, and assorted other gimmicks on the NYSE and not pure daytrading.
Correct me if I'm wrong.
NewAtThis quote (instinet and island merger thread)
"The merger will go through(Instinet and Island). If they let REDI and ARCA merge why not INCA and ISLD? The rates posted earlier are for TAKING liquidity. You get paid for adding it. Adding it is cheaper on the rate as well as that you save at least a cent getting in and out. Be on the MM side and buy on bid and sell on offer. Just be right about what direction the next move is going to be."
After these mergers there will be a whole lot more opportunity for MM's to back away IMO (because of the lack of diversification of bidding sources) just like the specialists do now. Doesn't sound like a good deal to me. But the rules will forbid it you say, well then, that's different. Never mind!
E. Latella
"The merger will go through(Instinet and Island). If they let REDI and ARCA merge why not INCA and ISLD? The rates posted earlier are for TAKING liquidity. You get paid for adding it. Adding it is cheaper on the rate as well as that you save at least a cent getting in and out. Be on the MM side and buy on bid and sell on offer. Just be right about what direction the next move is going to be."
After these mergers there will be a whole lot more opportunity for MM's to back away IMO (because of the lack of diversification of bidding sources) just like the specialists do now. Doesn't sound like a good deal to me. But the rules will forbid it you say, well then, that's different. Never mind!
E. Latella
Originally posted by bungrider
LOL Good one, darkhorse......especially "Trashcanistan" - I'm definitely going to parrot that one...
i'm an unrelenting parroter myself...i think Trashcanistan was from an essay by PJ O'Rourke...maybe the only guy ever to make poverty, war and government funny
Chas, Indeed, we live in different worlds. I hope you are happy in yours. I wish you good health and prosperity. I am VERY happy in mine. Wife, 4 kids and profitable trading...
My time frames are such that I do not shy aqay from appropriate risk. They pay you for taking risk. The key is assessing what is appropriate and when to bail out. I am an entrepreneur. As I learned at ETG, I have a "trader business." I treat it as such at all times or to the best of my ability to discipline myself. (We all have lapses.)
Rigel, "Newatthis" comes from when I was trying to think up my handle and I had no idea what I was doing. (Some would say I still don't.) My trading experience is about 5 1/2 years. I learned at ETG before the big NASDAQ boom. I went out of my way to learn the rules of the specialist system so I would be able to anticipate the "Games specialists play" and know when I could stand up to them. I get screwed like everyone else occasionally. I look for specialists that are consistent. Then I can expect to get screwed at certain times and a fair shake at others. I always know when there is a substitute specialist by the way the stock trades in the first 10 minutes. ETG taught me this and it has really helped.
No system OTC or Listed is perfect. They all have their plusses and minuses. Trade what you think is the fairest system. I look for a game I can play where all the participants have close to an equal shot at winning assuming skill levels the same. I think my skills are better than most. My limitations are my human frailities. I occasionally deviate from what I know is right and rationalize what I want to be right. If I can keep those to a minimum, I can make money over the long-run. My wife thinks at times I am too cold. It is difficult going from one world to the other. Trading that should be emotionless and life that is full of emotion.
My time frames are such that I do not shy aqay from appropriate risk. They pay you for taking risk. The key is assessing what is appropriate and when to bail out. I am an entrepreneur. As I learned at ETG, I have a "trader business." I treat it as such at all times or to the best of my ability to discipline myself. (We all have lapses.)
Rigel, "Newatthis" comes from when I was trying to think up my handle and I had no idea what I was doing. (Some would say I still don't.) My trading experience is about 5 1/2 years. I learned at ETG before the big NASDAQ boom. I went out of my way to learn the rules of the specialist system so I would be able to anticipate the "Games specialists play" and know when I could stand up to them. I get screwed like everyone else occasionally. I look for specialists that are consistent. Then I can expect to get screwed at certain times and a fair shake at others. I always know when there is a substitute specialist by the way the stock trades in the first 10 minutes. ETG taught me this and it has really helped.
No system OTC or Listed is perfect. They all have their plusses and minuses. Trade what you think is the fairest system. I look for a game I can play where all the participants have close to an equal shot at winning assuming skill levels the same. I think my skills are better than most. My limitations are my human frailities. I occasionally deviate from what I know is right and rationalize what I want to be right. If I can keep those to a minimum, I can make money over the long-run. My wife thinks at times I am too cold. It is difficult going from one world to the other. Trading that should be emotionless and life that is full of emotion.
I have the open book on REDI+. I like it a lot. Only problem is that it is static. It updates ONCE every 10 seconds. So at times it is old news. I haven't figured out if the is any "spoofing" going on like in the NASDAQ market. I think if you time your bid it will show up in Open Book and you can cancel it before it gets executed. If you assume it is 80% legit, then it gives you a good indication of the other traders ideas.
Since when did it become advantageous to use NYSE to daytrade/scalp?? How can sending your order through a person be quicker/better than hitting an ecn? Are you guys all using market orders and hoping the specialist cuts you a break? (lol).
In OTC, you get what you see -- the ecn's that trade are equivalent to being on the "floor" of an outcry market. If an ecn pulls out in the milisecond after you decide to hit it, you either have a slow connection or its just pure coincidence. Daytrading NYSE remotely, is like trying to scalp currencies electronically -- you are one step removed from the main action. A specialist has the same priveleges as market makers in deciding whether or not to fill your order at your price -- and if you do get filled, you probably sold/bot too soon.
Is NYSE daytrading some prop firm propoganda designed to maximize their commission profits? Are their fees less on listed stocks compared to OTC? Can someone tell me why most ppl here seem to be afraid to touch Nasdaq, cuz I'm not seeing the reasoning here.
In OTC, you get what you see -- the ecn's that trade are equivalent to being on the "floor" of an outcry market. If an ecn pulls out in the milisecond after you decide to hit it, you either have a slow connection or its just pure coincidence. Daytrading NYSE remotely, is like trying to scalp currencies electronically -- you are one step removed from the main action. A specialist has the same priveleges as market makers in deciding whether or not to fill your order at your price -- and if you do get filled, you probably sold/bot too soon.
Is NYSE daytrading some prop firm propoganda designed to maximize their commission profits? Are their fees less on listed stocks compared to OTC? Can someone tell me why most ppl here seem to be afraid to touch Nasdaq, cuz I'm not seeing the reasoning here.