NYSE Scalping

Mecro · Jul 22, 2003

Ok,

I dunno if anyone here does it but who the hell are these idiot traders constantly messing up trades. I was just in one where the short could have went an extra 5 cents yet some idiot had to start NXing out.

The best was when ASO had 40000 shorts coming down and stepped through the figure just to get hacked apart 10 cents after the move. I mean, who the hell are these idiots constantly messing up trades? Whats the point?

knowledgebone · Jul 22, 2003

I concur my friend

Dustin · Jul 22, 2003

When there are 100 traders who get alerts to that situation there are going to be some who are willing to take the dime. The strategy is overplayed.

Mecro · Jul 22, 2003

Quote from Dustin:

When there are 100 traders who get alerts to that situation there are going to be some who are willing to take the dime. The strategy is overplayed.

A) Who says they got the dime? Most of these hacks get in like 2-3 cents before the short is gone. I see them do it

B) So you're saying more money is bad?

C) I'm making money cause Im not one of these idiots.

Mecro · Jul 22, 2003

Like right now, I'm in AZN and I'm watching all these shorts get out as the offer keeps getting refreshed. Just how stupid do you have to be to do that?

indahook · Jul 22, 2003

Lets play a guessing game...

You all get one guess as to what firm employs the direct-plus feature to death for scalping. And has all but killed its effectiveness.

Mecro · Jul 22, 2003

OMG,

They hacked the seller and then some buyers came in. Of couse the stock did not bounce and the short that was at the figure stepped through.

Idiots

But then I made money on him regardless.

Dustin · Jul 22, 2003

Quote from indahook:

You all get one guess as to what firm employs the direct-plus feature to death for scalping.

What do you mean? Most firms have NX and as far as I know it works the same everywhere...?

indahook · Jul 22, 2003

Quote from Dustin:

What do you mean? Most firms have NX and as far as I know it works the same everywhere...?

I am sure everybody has NX capabilities but my point was that one very large prop shop has 700+ inexperienced traders NX`ing against each other all day long chopping the flow up.

Mecro · Jul 22, 2003

Quote from indahook:

Lets play a guessing game... You all get one guess as to what firm employs the direct-plus feature to death for scalping. And has all but killed its effectiveness.

More than one. Ours does but we get pissed at whoever messes up the trade with it and kick him/her out of the room