Quote from stock777:
When you get your head out of your sphincter , we'll talk.
Why is it preposterous that I am against real-time quotes, while perfectly legitimate that you are against colocation?
hey HFT scum, yeah, you. Watch this
- Thread starter stock777
- Start date
Why is it preposterous that I am against real-time quotes, while perfectly legitimate that you are against colocation?
Boxes have been in London, Europe, Russia and Asia for quite a while... Welcome to 2005 bro
I pay for E*Trade quotes but E*Trade does not provide data from all ECNs. I'd like the ECNs that E*Trade does not pay for/broadcast to close so that everyone will be equal.
I've asked you very directly in this thread - 5 times - with no answer from you. I'll make it 6 times....
To make things 'fair' how would you equalize delay of data from the pit to the furthest remote trader?
How would this address equalizing data delay?
Admit it, over the last 3-4 years, the SEC and the US exchanges introduced rules that favor those with close proximity/co-located in the exchanges. They also removed barriers that used to be in place that slowed these systems down. They usually do in the name of benefitting 'the little guy'.
As a result, individuals and their order-entry abilities have been relegated to a 2nd class status.
After all, who brings in the $millions in fees to the NYSE/Nasdaq...a large HFT/hedge fund or johnqpublic with his $10 commish?
It's not a level playing field any more. Not in the US. The big thieves have taken over.
(emphasis mine)
Since the rest of your argument depends on this statement presented as fact, I would like a citation/reference, please.
Quote from johnnyqpublic:
(emphasis mine)
Since the rest of your argument depends on this statement presented as fact, I would like a citation/reference, please.
pattern daytrader rule was their 1st attempt at getting rid of the little guy.
Since that was obviously not sufficient, they came up with more...
Removal of the uptick rule. (hi speed systems now don't need to check/wait which stock is shortable or not).
Reg NMS. (HFT's now don't need to spend precious milliseconds filtering inferior quotes and it makes it a lot easier to keep the little guy out).
There's more but this kind of debate is no longer relevant to my style of trading so I don't bother any more.
Suffice it to say, every time they propose/implement a new rule, they always claim it's for the little guy's benefit.
The statement I asked you to defend was: "over the last 3-4 years, the SEC and the US exchanges introduced rules that favor those with close proximity/co-located in the exchanges. They also removed barriers that used to be in place that slowed these systems down."
I fail to see how anything you listed is applied differently based upon close proximity, or colocation (again, I refer you to your statement above). Furthermore, your implicit definition of the uptick rule is just plain wrong.
My point was that once again, the rules were changed so that the black boxes/algo traders/HFT's could trade faster & generate more fees for the exchanges. Now they don't have to bother with a stock trading on an uptick in order to short it.
It's just 1 of many rules that have favored those who trade millions of shares/automated. All in the name of more volume/ more efficiency/ more liquidity/ favoring the little guy.
So, what happened on May 06, 2010?
It's all a smokescreen to let those closest to the exchange to rape those further out/ smaller traders/investors.
But what's new on Wall Street?
Even playing field? HAHAHA!
You are getting raped because you are trying to play the big guys game. You and me and anyone else who tries to LOSES.
They play on the millisecond level. Do you have to?
Does Buffett?
How do I lose if I buy IBM @ $128.83 today on the open with a $0.50 stop. Ride it down to $127.90 intraday low. Then sell it later @ $129.85 on high tick. Of course highly improbable, especially since I only trade futures.
But where do the HFTer's screw you if you are daytrading/swingtrading or investing if they are taking microfractions of pennies and at the same time adding to liquidity.
Do you want the govmint to put mandatory governors (or speed limiters) on cars too because some guy on the freeway the other day passed you?
Same difference.
They play on the millisecond level. Do you have to?
Does Buffett?
How do I lose if I buy IBM @ $128.83 today on the open with a $0.50 stop. Ride it down to $127.90 intraday low. Then sell it later @ $129.85 on high tick. Of course highly improbable, especially since I only trade futures.
But where do the HFTer's screw you if you are daytrading/swingtrading or investing if they are taking microfractions of pennies and at the same time adding to liquidity.
Do you want the govmint to put mandatory governors (or speed limiters) on cars too because some guy on the freeway the other day passed you?
Same difference.