gotta figure the rebate game is dead

grimer11 · Mar 4, 2004

no bandit.......if YOU dont make a lliving YOU work at mcdonalds....its that kind of mentality that equipped you for "rebate trading"

harrytrader · Mar 4, 2004

as traders, soft word for speculators, we are already parasites of the economy. So parasitism is just part of the game and parasits being parasited is not astonishing

Who makes the law: the market's officials. They did allow that so ...

Quote from grimer11:

good riddance to the parasites of the bottom feeders.....you wont be missed....your trading "philosophy" is an embarresment and anyone who sponsored and participated in that nonsense is a loser.........welcome to the machine

GGSAE · Mar 4, 2004

Quote from harrytrader:

as traders, soft word for speculators, we are already parasites of the economy. So parasitism is just part of the game and parasits being parasited is not astonishing Who makes the law: the market's officials. They did allow that so ...

LOL, nice post -
I would also point out that the credit traders in my office were the most consistent, it's kinda like a skill that just gets better with more shares.

bandit · Mar 4, 2004

Obviously grimmer you are just a bottom feeder that has no idea what real trading is.

I pity you

Bandit

grimer11 · Mar 4, 2004

when you were a "credit trader", what is it you told people you did for a living.......you couldn't have sed you were a trader...that would be misleading.....you should have sed something along the lines of....."I'm a loser who bids and offers stock on different ecn's in the hopes of absolutely no movement......no price appreciation or depreciation.......i'm a cock sucker who strangles volatilty for the real traders and i try to make 1/1000th of a cent for my efforts"...........I think that would have been pretty accurate.

Turok · Mar 4, 2004

I would have just sed that I should have spent longer in grade school.

JB

Mecro · Mar 4, 2004

Quote from grimer11:

when you were a "credit trader", what is it you told people you did for a living.......you couldn't have sed you were a trader...that would be misleading.....you should have sed something along the lines of....."I'm a loser who bids and offers stock on different ecn's in the hopes of absolutely no movement......no price appreciation or depreciation.......i'm a cock sucker who strangles volatilty for the real traders and i try to make 1/1000th of a cent for my efforts"...........I think that would have been pretty accurate.

Hahahaha

I kinda figured thats who those hacks are trading for 2-3 cent spreads. Well at least now I know why they did it.

At the same time, it is the same as selling options. Nice to have a way to make money during non-volatile times.

harrytrader · Mar 5, 2004

Maybe like what I said here this is not really trader's profile in strict sense but rather commercials

.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=24463&perpage=6&pagenumber=11
I don't consider the guys working for big houses as traders but rather as commercials
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Quote from mrmarket:

I agree completely...and I'd be happy to answer any more of your questions on this:

ernest.barsamian.wg87@wharton.upenn.edu
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I don't know if it is more or less honorable to be traders or commercials it could depend on the camp you belong to

Quote from grimer11:

when you were a "credit trader", what is it you told people you did for a living.......you couldn't have sed you were a trader...that would be misleading.....you should have sed something along the lines of....."I'm a loser who bids and offers stock on different ecn's in the hopes of absolutely no movement......no price appreciation or depreciation.......i'm a cock sucker who strangles volatilty for the real traders and i try to make 1/1000th of a cent for my efforts"...........I think that would have been pretty accurate.

cstu · Mar 5, 2004

Not quite so sure why there is so much hostility to a guy being paid a rebate. Taking advantage of market structure.. what's the big deal? I also do not see why it is anyones business how much these guys are able to get.

It is comical that someone said how can a "trader make money with a negative P&L"

What I find more repellant is "how can a trading shop make money when none of the traders make money?"

WestCoastTrader · Mar 5, 2004

Just my 2 cents,

I always thought a trader by definition was someone who exploited market ineffficiences. If a trader find a way to make money more power to him. Whats the difference if he/she position trades, scalps, trades for rebates , or any combination of them? Even James Cramer who claims to hate daytraders, says on slow days he does it himself. Noone is mutually exclusive to one style. Dont you have to be flexible in trading? Thats always been my approach.

Once the inefficiency has been fully exploited, wouldnt there just be another strategy that will eventually come around again?

Why are some big traders like that guy Steve Cohen I saw in a thread more glorified than an rebate trader?

I am not a rebate trader by the way, I'm really just curious why there would be so much hostility toward a type of trader?