and they still don't understand it's not about losing a penny on the trade, it's about not getting filled at all and chasing for 20 cents sometimes!!!!!!
The tide is turning for the specialists!!!
- Thread starter Casey30
- Start date
and they still don't understand it's not about losing a penny on the trade, it's about not getting filled at all and chasing for 20 cents sometimes!!!!!!
To say that there is nothing fundamentally wrong with the Specialist system, is an outrage. Has he ever traded before ? Has he ever seen these advantaged-traders in action ?
I lost all respect for him today, especially on the heels of the news on the Specialist fines levied today, for pennying.
As I expected, he's afraid to turn on the "union".
I lost all respect for him today, especially on the heels of the news on the Specialist fines levied today, for pennying.
As I expected, he's afraid to turn on the "union".
I like the specialist system. Specialists are boringly predictable most of the time and the sharp trader can profit from their patterns. I don't find electronic markets any more "fair," whatever that means. It's like blackjack versus poker. Blackjack players like the predictably of a statistically driven game. Poker players like the psychology of going one-on-one with another great player.
Quote from Nolan-Vinny-Sam:
AAA!!!! you are welcome to keep on using smoke signals and pigeon mail to trade, or at maximum upgrade to calling in your orders and wait for confirm till eod
arguing for the shake of argument???
I am planning a doctoral dissertation in anthropology, "The Demise of Floor Trading: A Modern Day Paradigm for Margaret Mead's Lost Polynesian Eden."
My thesis is the floor represents our traditional culture, dating from before the turn of the 19th century. It was a warm, people-intensive culture, based on personal relationships and the elaborate ritual of the "opening bell", the "crowd", the "Post" and, of course, the charismatic ruler-priest, "the specialist."
The participants in this culture had established over generations a highly organized culture with many symbiotic relationships. The culture was suprisingly stratified, with group members forced to wear costumes to identify their status or lack thereof, eg, runner, clerk, 2$ broker, etc. They enjoyed a ribald environment, with continuous nightly male bonding rituals, but incongruously worshipped a series of goddess-prophets. First there was the hydra-headed Elaine Garzarelli, followed by the reign of Abbey, queen of Sachs, and then the oddly hypnotic Maria from the make believe land of Bubblevision.
Sadly, this tribe fell increasingly behind rival tribes, who embraced new technologies. The philistines from the land of Nasdaq became an increasingly threatening presence on their very borders, until a great bear appeared and devoured many of their tribe. Then an even more threatening series of rivals appeared. One from a neighboring Island, was particularly aggressive. The Island culture was a strange one indeed. It disdained any and all personal contact. All business was done over computer networks. Their religion was just as heretical. They had no "Specialist" and gloried in his absence.
The final chapter in this struggle of civilizations has yet to be written, yet it appears inevitable that the floor will join other bypassed cultures on the scrap heap of history. Such is progress.
The majority of ELITE TRADERS are not for the specialist system and why?
Because it comes down to stealing. Frontrunning? I find it hard to believe that anyone on ELITE TRADER is doing SIZE big enough for the Specialist to FRONT RUN...LOL.
Im not saying the Specialist system is perfect. Im not saying some of them are not scumbags who front run orders.
What kills me, is the amount of traders that trade NYSE listed, bitch about the specialist systme...but they are not making money LOL.
ohh yea, I forgot..its the specialist who are the crooks not allowing the trader to make money. I forgot that.
Where was this conversation in 99? Hummm,,, I guess its ok to the specialist system when any MONKEY can make money, but when the Markets turn, and the MONKEYs fall out of the trees, Its the Specialist Fault.
lol
Because it comes down to stealing. Frontrunning? I find it hard to believe that anyone on ELITE TRADER is doing SIZE big enough for the Specialist to FRONT RUN...LOL.
Im not saying the Specialist system is perfect. Im not saying some of them are not scumbags who front run orders.
What kills me, is the amount of traders that trade NYSE listed, bitch about the specialist systme...but they are not making money LOL.
ohh yea, I forgot..its the specialist who are the crooks not allowing the trader to make money. I forgot that.
Where was this conversation in 99? Hummm,,, I guess its ok to the specialist system when any MONKEY can make money, but when the Markets turn, and the MONKEYs fall out of the trees, Its the Specialist Fault.
lol
The major downside of the NYSE is imo the slowness of executions and especially cancellations. Your trading will inevitably be less precise and more prone to mistakes and therefore more costly and less secure.
I can totally imagine buy side traders much prefer an electronic system without human intervention. Personally I avoid NYSE like the pest.
I can totally imagine buy side traders much prefer an electronic system without human intervention. Personally I avoid NYSE like the pest.
The specialist system is legalized thievery. Specialists are traders who compete with the rest of us using information that is available to them only. Specialsts' share of NYSE trades has been growing, and today accounts for over 15% of the NYSE volume. Not surprizingly, the specialists' profits keep growing in up and down markets.
I prefer getting heads up with the dumbest lout at the table.
--laz
exactly