NYSE Specialist - Stay or Go - vote here

[1000]

Quote from Hydroblunt:

Nothing is going to stop any daytrader from creating a black box to scalp spreads once NYSE goes fully electronic. Go ahead and go claim a piece of the power the specialists have when it happens. But for now, there is a lot stopping from getting in on their racket, like bloodlines and very special connections.

There is zero need for them unless you are a trader that needs the tape reading edge. That human element and liquidity arguments are complete BS. All across the world the move has been toward more electronic without any consideration of more human element. Guess according to NYSE, they are all wrong. HA!

As the saying goes...

When you think about it, it has already happened.

As the saying goes...

One mans crap is another mans...

Oh crap.

And what do you want for the spec... to get their brains rewired by the alians.

Vote for Hugo Chavez.

 

[Cheese]

Specialists. Oh dear they make a profit. Corrupt.
US employees across the nation. Get a salary. Oh dear being bribed for services rendered. Corrupt.

Its called money, honey.

You notice all the 'f**ked-ups' and 'have-nots' have to trumpet their envy and bitterness.

Chill.

 

[1000]

If I am still correct, the word corrupt is still in the Oxford English Dictionary.

 

[bitrend]

It depends who use it.
I prefer this one: http://dictionary.cambridge.org/define.asp?key=17338&dict=CALD

Quote from 1000:

If I am still correct, the word corrupt is still in the Oxford English Dictionary.

 

[RedManPlus]

Quote from Hydroblunt:

Completely depends on the stock.

Then there are the lower volume stocks, where you are forced to deal with the specialist most of the time and give him your order to do with as he pleases.

Hydroblunt knows his sh*t... this is the exact point.

On low volume stocks (< 10K/day) it's often just you and the Specialist.
I make at least 50 trades/day were it's just me and the Specialist.

The guy will cheat me in a number of ways ... with absolutely no cover.
In broad daylight... in full view.
What? Am I gonna complain to his buddies?

With the cover that high volume stocks provide...
Making the Specialist nearly invisible...
I can only imagine what these guys can get away with.

The NYSE is rotten from top to bottom.
Grasso almost made off with $150 million... but now the lawyers will split it up.

There is only one basis on which to support the Specialist:

I profit because of the corrupt system.
(And that is nothing to be proud of).

"Critical analysis" is the #1 requirement for a successful trader.
Anyone who actually believes that the Specialists are honest and obey their own rules...
And actually provide some kind of nebulous "public service"...
Demonstrates a virtual absence of this faculty... and is doomed.

rm+

 

[Bitstream]

omfg...its not question of profitin' from da spec; just da fact that due to da structure of nyse it is possible to get better returns on stocks...nitrus summed it up well; if u hit or lift and get filled that's good enough, and who cares who's on da opposite side of me trades as long as they are profitable...i made plenty of nyse trades and NEVER had a problem...sure don't trade thin issues with half/one per percent spread but on high volumes stocks there are zero problems..u place u order and get filled, u win or u lose; that's it. u can't blame da whole system for u losses, that's absurd.

 

[Longhorns]

Quote from Bitstream:

i made plenty of nyse trades and NEVER had a problem

Hi Bitstream. What kind of size are you usually moving? I'm only asking because it's almost impossible to move decent size without the specialist taking his "cut".

 

[Bitstream]

Quote from Longhorns:

Hi Bitstream. What kind of size are you usually moving? I'm only asking because it's almost impossible to move decent size without the specialist taking his "cut".

wheater im scalin' in with 200-300 shares or all in one go with 10times that my fills are pretty fast and at da price on offer or best...with lmt orders obviously..never make use of mkt orders and if I don't get filled [it happens] I cancel, wait and try to re-enter.

 

[trador375]

not to sidetrack us back to the topic that was brought up here but . . . does anybody notice that all the profitable categories vote in favor of the specialist staying, while the only caegory that votes against him is the one that loses money trading? just some food for thought . . .

 

[Longhorns]

Quote from trador375:

does anybody notice that all the profitable categories vote in favor of the specialist staying, while the only caegory that votes against him is the one that loses money trading?

For profitable traders, it's 55-37 in favor of the specialist staying.

For unprofitable traders, it's 11-9 in favor of the specialist leaving.

With only 112 votes those #'s aren't very statistically relevant (especially when you consider the multiple I.D.'s that some of the people on ET have, and their multiple votes skewing the results).

Also, I highly doubt that only 17% of the people that voted lose money. I think doubling that would be closer to the truth.