It's all over for NYSE

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After I spent the last month concentrating mostly on an european exchange, I wanted to do a test on NYSE scalping, and focused mostly on that this week.
Came out I could only generate enough for coms...

I still believe some 'commish paying' edge is there, although I dont see more than 2 or 3 free entries a day in my stocks, and dont see any reason to use this other than to enter a trade of a longer term than scalping.
Then, the problem is that the US main markets dont seem to have any need for real trending, volatility is just not there.

Dont see any kind of edge. Trading select stocks on a given day on news or high volat/volume is probably ok, but I believe scalping a couple of stocks for cents using futures/sectors is finished. These markets dont need traders IMO, at this time.




I had a great month trading dax30 stocks, dax futs replacing the spooz as a leading indicator.
This market is actually making trends
No market makers or specialists or anyone with an edge or priviledges. No uptick rule.

I did not want to chose between nyse and naz. I wanted a market with volatility, an single-place central exchange with opening and closing auctions, no uptick rule, and an execution system that does not allow some an edge versus the individual.
Browsed the docs for various exchanges available to me, and made a choice.

Loved NYSE... but right now, there doesnt seem to be much to do on it, waste of opportunity.



Chris
 
Quote from Mecro:

Hey guys it's cool I just use the ignore feature. Works very well.

Interesting points Don and others. Good thread so far. I have the Ney book, very interesting and reading it helps reading the tape.

Today was quite weak but I did ok. Been playing high volume big boys F & PFE with 1-3k lots. Quite some serious opportunties and the specialist interference is minimal. I see some serious potential.

If anyone is having a good few last weeks, I'm all ears. No need to disclose your super secret strategy just some tips on how you avoid order execution abuse.
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I'm glad to see a return to civility...thanks everyone, it's better for the board overall.

Mr. Bird, I too have been on the various Exchange floors since the 1970's, I write a monthly column in Stocks and Commodites magazine, have a radio show and have one of the largest trading firms......my point is....."You oughta see the flak I've had to take over the last few years here on ET"... But, I look at most of this as "therapy" .... and, for what it's worth, 99% of the people on the board are ok...they usually end up emailing me rather than get involved in some of the nastier threads on the board.

If what you say about yourself is true, then I personally ask that you simply smile, share some information when you feel like it, and I think you'll see that most of guys will come around "attitude wise"....

All the best!!

Don
 
Quote from rubberbird:

You are right. You don't need my 20+ years experience of trading as a specialist on the NYSE floor. Everyone here knows everything. No one needs to learn from a long time (now-retired) specialist.
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I had to unignore you just to see what the fuss was from the other posters.

You gotta be kidding me. You're claiming to be an ex-specialist and 40 years trading experience? Yeah whatever, your attitude is on the level of a teenager. But then NYSE is an ole boys club so neither character nor intelligence is much of a factor. (To be fair, I do know of specialists that did get to where they are by true hard work & intelligence but those are rare. One guy recently started working at my friend's hedge fund, very smart and cool guy.)

But you know what, I dare you to make even one intelligent, respectful and insightful post about your supposed experience. And you better be for real cause I know I can figure out right away if you know what you are talking about. And I'm sure you won't get anything past Don Bright.

I know the specialists games very well, I play on them half the time. I know that the intraday is actually handled mostly by the clerk and only in times of big order imbalance or big volume days the clerk turns to the specialist for guidance who in turn asks "what is our position". I know about the red flash that goes off when someone is canceling an order and that all stops are known. I know about the inside info, first call on the floor through word of mouth, the knowledge of all major players' positions and their mental stops. I know about the long term positions and careful movement between price levels for humongous gains as well as the unlimited short sale ability that is not even reported half the time nor does it have to be done on an uptick.

I would love to be a specialist cause I would make a killing. After all, all of use would use the perks to make some serious cash. But most of these bastards are so filthy rich and there is no need for such blatant and sadistic abuse of day traders that are just trying to make a living. There are quite a few stocks that have reasonable specialists. Some of these stocks are my favorites and I trade them almost everyday. I do not make money on them everyday and sometimes they have their special days when they need to force out stock, make some money or are simply bored. And that is understandable. I still can make money on them consistently week after week and be reasonable about the hits I take on them because they need their days too.

But most just take it over the edge. Anyone who has had experience with oils, financial, metals, utilities and ADRs knows what I am talking about. Some REITs, homebuilders and specials stocks like AZO just really take it to the max. The AZO guy is just hysterical, he has no shame whatsoever.

But I'll let you post and see what you are really all about.

P.S. I actually got a freebie from the COT guy today. During that bounce in the morning, I got a bit worried and went market. 2 secs later I saw even more buyers jumping in open book and started canceling. Thought for sure it was too late since buyers were plenty and sellers were lacking. He actually let me cancel and I got an extra 40 cents out of it. Nice guy, cause even I would have filled that order.
 
Quote from Don Bright:

I'm glad to see a return to civility...thanks everyone, it's better for the board overall.

Mr. Bird, I too have been on the various Exchange floors since the 1970's, I write a monthly column in Stocks and Commodites magazine, have a radio show and have one of the largest trading firms......my point is....."You oughta see the flak I've had to take over the last few years here on ET"... But, I look at most of this as "therapy" .... and, for what it's worth, 99% of the people on the board are ok...they usually end up emailing me rather than get involved in some of the nastier threads on the board.

If what you say about yourself is true, then I personally ask that you simply smile, share some information when you feel like it, and I think you'll see that most of guys will come around "attitude wise"....

All the best!!

Don
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And all the best to you Don Bright. I can imagine the flak you took, and more power to you for chalking it up as therapy. But i'm not a sponsor here, so I don't have to take that flak. But your well wishes are much appreciated.

I've received many kind PM's asking me to ignore the abusive ones, and talk about my experiences. Its been requested I start a thread about it. Maybe I will. But the moment the fungus comes out, I return to "lurking only".

Best to everyone. Don't be so hard on the specialists, you'd do what they do if you had the chance. It's human nature. Many specialists are honest people, unfortunately many aren't as well.

 
Hey thats pretty funny.

Lets review here.

Mecro starts a good thread and requests no flaming.
In your FIRST post you flame away and call people cry babies.
Then you boast about being a 40 year specialist, start
calling people "son", and demand respect. LOL.
Then you cry when people flame you back and threaten
not to share your vast experience. LMAOOO :D


I wonder if you are referring to yourself when you talk
about the "fungus coming out" :p

Geeezuz... could you be any more of a hypocrite?


peace

axeman



Quote from rubberbird:

Its been requested I start a thread about it. Maybe I will. But the moment the fungus comes out, I return to "lurking only".
More...
 
Quote from axeman:

Hey thats pretty funny.

Lets review here.

Mecro starts a good thread and requests no flaming.
In your FIRST post you flame away and call people cry babies.
Then you boast about being a 40 year specialist, start
calling people "son", and demand respect. LOL.
Then you cry when people flame you back and threaten
not to share your vast experience.

axeman
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There's always someone to spoil it for everyone else. This was my first post:

Quote from rubberbird:

This actually sounds like a solid idea.
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Wow, the flames are really hot in this post, which was my first here.

You have a warped perspective son, and I probably best not waste my time here. But I will point out that you use the word "boast". I think you need to look the word up. I'm describing my past experience. If that's a boast to you, I suggest you re-learn English.

Then you use the word "cry". You better look up that word too. I've been to hell and back in my lifetime, and have vast experiences. It takes a whole lot more than some donkey's behind on a message board to get me upset.

All you did was embarrass yourself with your foolishness. Sorry folks, there's no point in me sharing my experiences here, if I have to deal with the fungus at every turn. I'll stick to lurking where its safe. It was so peaceful here for my first month, I think I need my head examined for trying to help the discussion on specialists.
 
Oh EXCUSE me.... it was your SECOND post you called
people cry babies.

What can I say? You got me! It takes a specialist
to show such brilliance :D
All bow down to mr specialist and kiss is stealing ass :p


All I can say is...GOOD RIDDANCE.

And if your looking for fungus to avoid on ET, try taking a look
in the mirror you hypocrite.

As for wasting time... you're the one wasting ours with
claims of knowledge you never show. Whatever...

peace

axeman



Quote from rubberbird:

There's always someone to spoil it for everyone else. This was my first post:



Wow, the flames are really hot in this post, which was my first here.

You have a warped perspective son, and I probably best not waste my time here. But I will point out that you use the word "boast". I think you need to look the word up. I'm describing my past experience. If that's a boast to you, I suggest you re-learn English.

Then you use the word "cry". You better look up that word too. I've been to hell and back in my lifetime, and have vast experiences. It takes a whole lot more than some donkey's behind on a message board to get me upset.

All you did was embarrass yourself with your foolishness. Sorry folks, there's no point in me sharing my experiences here, if I have to deal with the fungus at every turn. I'll stick to lurking where its safe. It was so peaceful here for my first month, I think I need my head examined for trying to help the discussion on specialists.
More...
 
Quote from rubberbird:

You have a warped perspective son, and I probably best not waste my time here. I think you need to look the word up.

Sorry folks, there's no point in me sharing my experiences here, if I have to deal with the fungus at every turn. [/B]
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rubber......

It's time for you to either participate or make your exit. Cut out the "threats" that you are wasting your time here and there's no point in sharing your infinite wisdom with us dummies.

Quit whining. Either constructively contribute......or there's the door----->
 
Oh... you didnt know I was a mind reader? :D

Pretty damn funny watching this guy make all these grand
claims of 40+ years specialist knowledge with his HUGE
post count and anonymous alias.

Only a complete idiot would expect people to actually BELIEVE
him under the circumstances.

Hey.... it could all be TRUE. But the point is... he sure as hell
hasnt given us a single reason to believe any of it.

Put up or shut up time.

Damn im bored today and its making me cranky :D


peace

axeman



Quote from BSAM:

Damn, Axe. I was typing while you were. Are you reading my mind or am I reading yours???
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