hey HFT scum, yeah, you. Watch this
- Thread starter stock777
- Start date
Exactly. The point I previously made was to move the bid or offer if you are not filled.
Oh but that will cost you a $0.01, maybe even on both legs of the trade.
So I'm thinking anyone who can't handle that must be trading for pennies and leads me to ask how it that any different than trading for fractional pennies like the HFT guys - other than the per share profit/loss.
Maybe longterm buy and hold types don't believe daytrading should be allowed, i.e. pattern daytrading rules that were put into effect by our lovely govmint.
BTW I only trade futures. Good luck.
Quote from SunTrader:
BTW I only trade futures. Good luck.
that's why you underestimate the problem..it's not about 001 or even 1 penny..it's all about getting filled at MY price.
today was a great example of how sub penny affect my trading. i got 43% fill rate today out of all my orders during the day. actual results are -$700, backtested,paper traded are +800$. now-my backtesting is based on SAME PRICES AS MY ORDERS and every single transaction at that price is counted and added to my calculations. this mean that the pretty much all winners are actually been traded at my prices,but it just me, who got no fills and "by accident" all those picks are happens to be winners. coincidence? i've see it every single day. my point is very simple-i'm pretty fucking good at picking the tops and bottoms, but today in US markets it's doesn't matter..because i can't get even a 100 shares at that price. everyone else,but not me..the retail guy..even when stock is traded 1000's of shares at exactly same price. the data providers and brokers can't even display the real picture, because their soft is limited to 2 decimal points. this is fucking pathetic..
US markets as they are today is a great example of US itself...dual\double standards,zero transparency..no wonder that some folks i know trade everything, but the US..
like many others you are misconstruing the argument. the amount of profit is irrelevant. I don't care if they subpenny by the hundredth or by the billionth of the cent. the point is some people are allowed to do it while others aren't. the problem is the two tiered system.
Forward testing is the only real test.
I'd love to get MY price everytime but I trade as the game is played.
If "they" change the game I adjust or quit and go elsewhere.
Which is why I left equities more than 10 years ago with their 1/4's, 1/8's and 1/16's of a dollar pricing.
"Can't fight city hall".
problem is with the issue 3 weeks ago, you could try to shoot a market order for 1-2 million notional into the market and need to be afraid to get filled around 1-2% less, LOL. Any recourse? Well bad luck, buddy, thats the best price that was around at that SPLIT SECOND, no liquidity that time around, a second later it was all back. HFT adding liquidity? Give me a fuxxing break, all HFT does is skimming pennies here and there at the detriment of EVERYONE ELSE.
And yes, I dont think this urgent need for change is wishful thinking, I think legislation is full aware of the issues this causes and where we are all heading by letting markets get even more fragmented. We need to return to a centralized marketplace. About Subpennying, I could not care less if I could do it as well. Open it up to everyone and you actually get tighter spreads that you could actually call tighter.
And yes, I dont think this urgent need for change is wishful thinking, I think legislation is full aware of the issues this causes and where we are all heading by letting markets get even more fragmented. We need to return to a centralized marketplace. About Subpennying, I could not care less if I could do it as well. Open it up to everyone and you actually get tighter spreads that you could actually call tighter.
Allowing everyone to subpenny is not the answer.
Getting rid of subpennying IS the answer.
I am baffled that some of you say the small retail investor gets better prices because someone subpennies .001 cents.
Most investors are FORCED into putting in market orders because they are being front ran by subpenny lots. You get rid of the subpenny privilege, then investors will get much better fills than the infinitesimal amount they save from a dark pool picking up their market order. They can start putting in limits. They can start adding REAL liquidity to markets .
SAVE THE MARKET! KILL SUBPENNY!
Getting rid of subpennying IS the answer.
I am baffled that some of you say the small retail investor gets better prices because someone subpennies .001 cents.
Most investors are FORCED into putting in market orders because they are being front ran by subpenny lots. You get rid of the subpenny privilege, then investors will get much better fills than the infinitesimal amount they save from a dark pool picking up their market order. They can start putting in limits. They can start adding REAL liquidity to markets .
SAVE THE MARKET! KILL SUBPENNY!