NYSE trading Dead?? Hybrid??? End of alot of traders

[efficiency]

I didn't say NYSE specialists weren't licensed thieves. They are. But the point was they're the lesser of three evils relative to both the NASAQ and CBOE.

Black boxes, aka program trading, are just as rampant in NYSE as NASDAQ. In fact, I'd venture to say the volume of the former dwarfs the latter. And.........at least NYSE has curbs.

One of the few edges in favor of the Naz, in my opinion would be higher intra-day volatility. Traders delight.

But I''ll sacrifce some volatility in exchange for consistency. I'd rather deal with La Branche than Knight-Trimark any day.

 

[USAtrader]

It's interesting how so many here have the naive idea that the specialist is an enemy to the listed day-trading community. Except on the boards here, where "profitable" traders seem to be everywhere, I have never met a profitable LISTED trader who was happy about the decline of the specialist.

Market inefficiencies of all kinds are what keep profitable traders in business. To advocate the hastening of the death of the specialist (however inevitable it may be at some point) is like advocating for decimalization suggesting that fractions hurt day-traders since they can't get the best price to the penny, and similarly for any of the changes that we've seen over time that have made the markets more efficient.

Bottom line:

More efficient - bad for trader
Less efficient - good for trader

Open to arguments to this...

 

[bitrend]

This is the problem, it's can be manipulated and it's harder for the SEC to track down. While with the Specialist it's easier to track down if there is a manipulation. We have to recognize that the Specialists have done a great job, they have been serving US & World economy for 400 years and we better not to forget this fact.

However, we cannot stop the inevitable, the technology has forced the society to change and therefore it forces NYSE to adapt to new environment.

Quote from Hydroblunt:

Anyone can become a MM, just do the volume and put up the capital. Can you say the same for becoming a licensed thief aka specialist?

 

[Longhorns]

Quote from efficiency:

Here you are dispensing your pithy wizdum (again).

The ........eh.........scumbag specialists aren't as big of a den of theives as the Nasdaq MM's.

When was the last time you saw a Nasdaq Market Maker actually make a market? Maybe three years ago?

I would rather trade against black box programs than have specialists continually step in front of my orders all day long. At least the ECN programs are automatic fills instead of waiting for the SCUMBAG specialist to gap and fill.

Only about 10%-15% of my volume is NYSE. That being said, I wholeheartedly welcome any change that gets rid of specialists.

 

[efficiency]

Quote from Longhorns:

When was the last time you saw a Market Maker actually make a market? Maybe three years ago?

I would rather trade against black box programs than have specialists continually step in front of my orders all day long. At least the ECN programs are automatic fills instead of waiting for the SCUMBAG specialist to gap and fill.

Only about 10%-15% of my volume is NYSE. That being said, I wholeheartedly welcome any change that gets rid of specialists.

Grasping for a scapegoat for your lack of trading prowness? I already know you chum the after hours ocean for your edge.

As far as getting RID of the specialist, that's woefully naive. To reiterate, they would not vote in their own demise. Prior to 1971, the NAZ was nothing but cats and dogs. A princely portion still are. Prior to 1973, the CBOE was the wild west. In some respects it still is. Beyond the Pareto principle, closer to 90/10.

They're not going to give up their book. The detriment of decimalization over eigths is an old wive's tale. Not defending them. More of a matter of respect. They call the shots.

 

[Longhorns]

Quote from efficiency:

Grasping for a scapegoat for your lack of trading prowness? I already know you chum the after hours ocean for your edge.

1) Maybe you have trouble comprehending a simple paragraph. I clearly stated that "only 10%-15% of my volume is NYSE". Whatever happens with the hybrid market will barely affect me....but I will be happy to see the specialists go.

2) What the hell does "chum the after hours ocean" mean?

3) You look like a fool for calling out people about their "trading prowess" on an anonymous message board....but thanks for giving me a laugh.

 

[howardy2k]

the scumbags specs steal from me daily, but without them i would not be making the kind of money i make now. becareful what u wish for!!!

 

[efficiency]

Quote from Longhorns:

1) Maybe you have trouble comprehending a simple paragraph. I clearly stated that "only 10%-15% of my volume is NYSE". Whatever happens with the hybrid market will barely affect me....but I will be happy to see the specialists go.

2) What the hell does "chum the after hours ocean" mean?

3) You look like an absolute fool for calling out people about their "trading prowess" on an anonymous message board....but thanks for giving me a laugh.

Not tying to give you a laugh. But.........your 800 posts is a reflection of a troll. That in and of itself is a little laughable. No doubt there are pearls of sage wisdom in each and every one.

IF the specialist issue "barely" affects you, then WHY are you here? Why bother? Latent desire for human interaction? Consistent with being a troll? If it doesn't affect you, than why are the specialists, to use your words, "scumbags"?

Do I look like a fool? Really?

Does it appear that I'm seeking approval? Anyone's approval? YOUR approval? On a........to use your words, anyonymous message board?

As for chumming the after hours market for edge, you mean, YOU can't comprehend a simple statement? What part DIDN'T you grasp?

 

[SizesTrader]

Let's not call anyone names. We all know that without the specialists, we would not be making money on the NYSE stocks. Just be content and look forward to the hybrid system.

Who knows... it could be easier than we expect.

good luck in trading!

 

[Longhorns]

Quote from efficiency:

Not tying to give you a laugh. But.........your 800 posts is a reflection of a troll. That in and of itself is a little laughable. No doubt there are pearls of sage wisdom in each and every one.

IF the specialist issue "barely" affects you, then WHY are you here? Why bother? Latent desire for human interaction? Consistent with being a troll? If it doesn't affect you, than why are the specialists, to use your words, "scumbags"?

Do I look like a fool? Really?

Does it appear that I'm seeking approval? Anyone's approval? YOUR approval? On a........to use your words, anonymous message board?

As for chumming the after hours market for edge, you mean, YOU can't comprehend a simple statement? What part DIDN'T you grasp?

1) 1.54 posts per day is hardly "a troll". You're really reaching now if that's the best you can come up with.

2) My opinion of specialists is just that...MY OPINION. If you don't like it, too bad. I'm glad to see that it bothers you so much.

3) Yes, you look like a fool.

4) Seriously, does "chum the after hours market" have any meaning whatsoever....or is it just some random phrase that an inbred cornhusker throws around to make it seem like he has some wisdom? I think it's complete nonsense.