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HYBRID, good news.
- Thread starter Don Bright
- Start date
Quote from Dogballoon:
15 times a day? That's pretty significant day after day if so. From my trading, I haven't seen a (significant) sweep in over a week. I'm sure you guys are more observant with small sweeps coming in on your entries and exits than I am. Also, I know you guys use limit orders more than me. I tend to test with market orders and exit with NXs.
The specialist often "sweeps" my market orders of 5k-20k and i hate it. I started on nasdaq where what you see is what you get and its so ingrained in my brain that even after 5 months of trading NYSE i still forget and get pissed off at myself everyday when i do it......but on the other side quite often i get sweet fills do to someone esle doing a "sweeping".....i for one cannot wait for this "Sweeping" to go bye bye.....as it costs me more than it makes me...but for those that do make their money off of it i can see how these changes are gonna suck for the first while
Quote from Szeven:
Also, will this not mean NYSE specialist will have to jack up their fees?
They cant have a market where its profitable to get in flat in the bid and pound out on the specialist and make money, stocks will never go anywhere because 48302849023 credit traders will be on it.
This is a very good point....add on arca..remove from specialist using inet rash...free money for credit traders....
That wont be allowed to happen to long i dont think...lol
Quote from madmunny:
The specialist often "sweeps" my market orders of 5k-20k and i hate it. I started on nasdaq where what you see is what you get and its so ingrained in my brain that even after 5 months of trading NYSE i still forget and get pissed off at myself everyday when i do it......but on the other side quite often i get sweet fills do to someone esle doing a "sweeping".....i for one cannot wait for this "Sweeping" to go bye bye.....as it costs me more than it makes me...but for those that do make their money off of it i can see how these changes are gonna suck for the first while
Yeah, I noticed from the p&l thread that you take large positions sometimes, which seems different from most who post there.
My max position size is 5k, and that's usually accumulated through a few market orders of a few 1000 shares and some small working of limits. I rarely take that size anyway though, given the stocks I trade. I have no idea how a specialist would treat a 20k market order, but if it's coming through a DOT line I would bet he would be a real bastard.
I can see how it'd be great for you. For me and other traders of my size, it's probably time to focus more on the charts.
Quote from madmunny:
This is a very good point....add on arca..remove from specialist using inet rash...free money for credit traders....
That wont be allowed to happen to long i dont think...lol
Exactly.. it will be much easier said than done.. Not to mention all the traders that have never used ECN's are in for something completely different. If you make a mistake with an ECN theres no such thing as a cancel request.
Quote from Don Bright:
The openings are remaining the same (for now)...thank goodness!
Don
Openings are predicated on a big block of stock at the specialist's disposal. When this block is parsed out to diff exchanges due to Hybrid regulations/NMS, where would he get the block to trade against?
Quote from GATrader:
Openings are predicated on a big block of stock at the specialist's disposal. When this block is parsed out to diff exchanges due to Hybrid regulations/NMS, where would he get the block to trade against?
Opening prints are exempt from the new trade through rule in NMS.