New Direct + rule?

Quote from tradestox:

Read in Trader Bulletin site that the SEC approved a rule limitting when you can use Direct +. New rule states that if the last trade is greater thatn 5 cents then you wont be able to use Direct +.

Here's the link:

http://www.traderbulletin.com/discuss/msgReader$549

I am not happy about this one.
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That is a nicely flaming bag a pooh the NYSE is laying on everyones doorstep. Actually I had heard awhile ago that they were going to do this but thought it was going to be 10 cents away. I guess that will alter those who help market short orders down. So does the mean instead of 1 by 1 to skirt the rules that the specialist will keep the spread artifically wide when he wants to turn off the direct+ so we can go back to trading in fraction prices.
 
I thought they couldn't ruin the NYSE, but they are quickly doing there best at turning it into that pile of crap that is the Nasdaq. Congrats NYSE, your on your way to taking away any edge traders had in your monopolized market.
 
The NYSE is the most anti-competitive stock market in the world in my view. They're so incredibly greedy that they'e blind to the fact that continuously catering to specialists interests will eventually be their undoing. Godspeed to the ARCAEx, Nasdaq InterMarket, and the ECNs. May you all bury the NYSE alive.
 
Quote from LongJohnSilver:

The NYSE is the most anti-competitive stock market in the world in my view. They're so incredibly greedy that they'e blind to the fact that continuously catering to specialists interests will eventually be their undoing. Godspeed to the ARCAEx, Nasdaq InterMarket, and the ECNs. May you all bury the NYSE alive.
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thats a bunch of horsedodo

give us a break the nasdick is a joke and its too sad there are so many scrubs looking for a free lunch around here

Whats MOST sad is how FEW people really understand the REAL issue which has faced us day traders

ITS BEEN THE LACK OF REAL VOLATILITY FOLKS.

Thats the answer, if you didnt bank this week I would seriuosly consider 1 of 2 things.

1- This week was a warm up week and rock on

2- Your not gonna make it and dont lose your dough
 
This is just brutal. At a time when many traders are being knocked out of the game? Incredible that the nyse could do this. I guess the nyse could care less if any daytraders trade nyse stocks. I have always heard traders comment on how the big guys are trying to get rid of the daytraders. I never believed that but now maybe i do.

Is there a way to put a stop to this rule change before it happens?:confused:
 
I think we all know things will always keep changing and traders can adapt to it and and survive, but some of the timing of these changes and the direction they are going does not make much sense. I know a trader who complained everytime nasdaq made a change to their system and was calling the end of daytrading from 98 and on. Obviously he feared changed. Having said that it does not make much sense for the NYSE to implement the Direct+ rule and then make a change like this too it. Ghostrider is right that the big problem has been lack of volitility, but I also think the lack of getting decent fills is hurting many short term traders. Liquidity was all ready in short supply but then when you start "testing" the liquidity rule on us and change the Direct+ rule it really starts getting annoying. I don't know who is getting some of the fills I have been seeing lately, but it looked like some magic out there. Although it is nice to get some frustration out by posting on this board it would be nice to be able to do something constructive to help our cause instead of complain. Unfortunately I don't know what that is.
 
Oh my oh my - whatever will we do now?

I am torn between eating worms, or killing myself. How's 'bout you?

Wait a second. There's another option - find a market that fits your needs! Nah, that's too much trouble - so let's all just bitch and moan...
 
sounds like the boyz are grasping at any straw to tilt the playing field ever more in their favor. sort of pity 'em in a way.

it won't affect the way i trade, though. in fact, it might actually work in my favor (shhh don't tell them that).

didn't the naz start to fiddle around with soes after it first came out (and the MM's were having their lunches eaten)?
 
Quote from cornholetrading:

I don't know who is getting some of the fills I have been seeing lately, but it looked like some magic out there.
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Yes, who really IS getting those fills? Maybe it's just the specialist himself. That would actually worry me a little less than the alternative...
 
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