nyse hybrid system

Quote from Term:

To answer your questions, I believe a lot of NYSE only traders will wash. My observations of it is that it is much more difficult to tell what is going on in general. What was left of tape reading will be dead. Did anyone see the intraday move in BYD the other day?

Besides the lack of price improvement, and the ability distinguish buyers and sellers, it moves a lot faster and more sporadically. Your average NYSE scalper generally speaking won't lose but 2-10 cents but it can happen much easier and quicker now.

I also agree that the moves will be more sustained which will bring in more strong trends... The move in MA a few days ago from 70-74 - I watched the stock go from 73.15 down to 72.34 and right back up in the matter of about 80 seconds. Sure this can happen under the old system but the feel of it is just more random with everyone marketing and the spec printing both sides of his quotes.

Long live the Amex until Amie rolls into effect ;)
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i'm seeing the same seniments from other trader friends of mine... i also feel that the chart savvy traders, ones who can get a feel of whats going on by being a technical guru, would have a greater opportunity adapting to the changes.

i'm hopping basiv advice like this:
http://www.tradingmarkets.com/.site...g-your-trading-style-by-Brett-Steenbarger.cfm

and some good mentoring, i can defy the odds..
odds which were hard to begin with.
 
as traders we must constantly adapt to evolving markets, regulations, etc... some rules such as hybrid may make it harder, and our trading styles will have to be tweeked, but in the end we will succeed. I refuse to believe that it will be impossible to day trade NYSE once its fully hybrid....
 
as traders we must constantly adapt to evolving markets, regulations, etc... some rules such as hybrid may make it harder, and our trading styles will have to be tweeked, but in the end we will succeed. I refuse to believe that it will be impossible to day trade NYSE once its fully hybrid....
 
Quote from slickshal:

i'm seeing the same seniments from other trader friends of mine... i also feel that the chart savvy traders, ones who can get a feel of whats going on by being a technical guru, would have a greater opportunity adapting to the changes.

i'm hopping basiv advice like this:
http://www.tradingmarkets.com/.site...g-your-trading-style-by-Brett-Steenbarger.cfm

and some good mentoring, i can defy the odds..
odds which were hard to begin with.
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I think it is also important to note that for the most part, it is still the same buyers and sellers. Charts are a great tool - especially when you understand what is behind the pressure and you can observe it in the stock movements (like a vwap program).

Toss in a lot of psychology and you can become a great trader.

There was another guy on here who was a broker on the floor - I believe his name was Bill Yatchsman. I think he left the floor and he was posting about doing portfolio trading.

I also agree with Livingston that as traders we must adapt or die. We have no choice. The traders that will wash are those that are complacent with what they are doing now.
 
TA, in general, whether one understands the underpinnings or not - is based on psychology.

support and resistance are established through psychology.

the reason an instrument goes up is because people believe others will buy it, so they buy it in anticipation of that move.

it's psychology.
 
I originally posted the Nyse's ministry of truth letter in another thread, but I will respond to it in this thread.

I was looking around the sec website today and found the same letter but in html format, but it had this attached to the bottom of the letter.

sec is shady.

at bottom of letter (http://www.sec.gov/comments/sr-nyse-2006-36/nyse200636-6.htm):

[I will take this opportunity to note another matter.

On August 2, 2006, I sent a letter to the Commission commenting on its approval of SR-NYSE-2005-38, which reduced specialist capital requirements, relative to trading volume, to levels below the universally disparaged capital levels of pre-crash 1987. At the time I sent in the comment, the SEC's website contained the notation "Click here to submit comments", an invitation for public comment. My letter was critical of the SEC staff's work product in this matter. On September 12, 2006, I noticed that the SEC had not published my August 2, 2006 letter on its website. I asked that the SEC do so, and noted that, as of that date, the SEC website was still inviting public comment. Apparently in response, the SEC removed the invitation for public comment from its website, but, to date, has still declined to publish my August 2, 2006 letter. I reiterate my request that the letter be published.]
 
Have to chime in....the NYSEhybrid system is the best move the exchange could have done.

Moves are now more consistent.....levels are being held less and when i ask for a buy/sell i own the stock immediately. Finally the NYSE is transparent.....hidden levels can be blasted and the market will more efficiently find its price...price discovery anyone....the very reason for the marketplace.

To those complaining about missed price improves that is an inefficiency that is gone and good riddance. When i make a market order i want the best prices I don't want to hand over my money because someone happened to be enveloping the BBO.

I am a daytrader and that means adapting to momentum changes throughout the day. The idea of having a market where people assume putting out a limit order means they should be filled is staggering. The market offers a price and you decide to take it or wait for something else. My profits have gone up with the hybrid system as I can more readily read and see where moves are coming from.
 
Quote from mcelitetrader:

Have to chime in....the NYSEhybrid system is the best move the exchange could have done.

Moves are now more consistent.....levels are being held less and when i ask for a buy/sell i own the stock immediately. Finally the NYSE is transparent.....hidden levels can be blasted and the market will more efficiently find its price...price discovery anyone....the very reason for the marketplace.

To those complaining about missed price improves that is an inefficiency that is gone and good riddance. When i make a market order i want the best prices I don't want to hand over my money because someone happened to be enveloping the BBO.

I am a daytrader and that means adapting to momentum changes throughout the day. The idea of having a market where people assume putting out a limit order means they should be filled is staggering. The market offers a price and you decide to take it or wait for something else. My profits have gone up with the hybrid system as I can more readily read and see where moves are coming from.
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Finally somebody not bitching and crying!!!! :D :D :D
 
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