market makers, specialists books

S

springsnow

hello, i'm coming from paris stock exchange and i'm trying to grasp the concept of market makers and specialists... is there
any book explaining their role, what they are doing and how
to deal with them? ( i went through the forum search and
couldn't find specific answers...) i'd like to find books concernng
order executions on nyse and nasdaq and ecn's as well :))
any advices?
 
"Wall Street Gang" by Richard Ney.

Best book to help you understand how to actually making money with the specialists.
 
the ney books tend to be a bit drone at times, and also, some has changed since they were written 30+ years ago.

there's a piece in the wall street journal about 4 years back talking about NITE and how they took the no-risk trades at the beginning of day, because they knew their clients (ie. dumb money) limit/market orders.

it's under the 'common knowledge for some, but not all' section of learning...
 
Quote from gaj:

the ney books tend to be a bit drone at times, and also, some has changed since they were written 30+ years ago.

there's a piece in the wall street journal about 4 years back talking about NITE and how they took the no-risk trades at the beginning of day, because they knew their clients (ie. dumb money) limit/market orders.

it's under the 'common knowledge for some, but not all' section of learning...
More...

I mentioned the book because it clearly makes you understand as a trader that all the Fundamentals and Technicals mean squat if you know what the specialist really does.

And very very little has changed. All this BS SEC regulations have changed very little, they just cover up a lot.
 
mecro - true...the first time i read one of ney's book was when i found it in a local library, after having looked for it for a while. i had been told that they were absolutely great hidden classics, like richard wyckoff's name is unknown, so is ney's...

and having had great expectations, i found that it tended to get bogged down in some sub-par writing. wyckoff, to my mind, was an excellent *writer* (never mind how great i thought his skills were).

i believe the labier book got good recommendations a couple years ago about this? disclaimer: i didn't read it, i just remember hearing people talk about it when it came out.
 
Quote from gaj:

mecro - true...the first time i read one of ney's book was when i found it in a local library, after having looked for it for a while. i had been told that they were absolutely great hidden classics, like richard wyckoff's name is unknown, so is ney's...

and having had great expectations, i found that it tended to get bogged down in some sub-par writing. wyckoff, to my mind, was an excellent *writer* (never mind how great i thought his skills were).

i believe the labier book got good recommendations a couple years ago about this? disclaimer: i didn't read it, i just remember hearing people talk about it when it came out.
More...

The writing isn't that good but the material is interesting enough. Comparing to most stock market books, I don't think Ney is bad. At least he doesnt write like it's a textbook, unlike some market "geniuses".
 
Quote from springsnow:

hello, i'm coming from paris stock exchange and i'm trying to grasp the concept of market makers and specialists... is there
any book explaining their role, what they are doing and how
to deal with them? ( i went through the forum search and
couldn't find specific answers...) i'd like to find books concernng
order executions on nyse and nasdaq and ecn's as well :))
any advices?
More...

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An excellant , practical one which isnt limlted to market makers or short term trading ;

Market Makers Edge by Joshua Lukeman




Love learning -Solomon, trader king
 
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