Those annoying LSPD "traders"

Originally posted by SilverBullet
Kilgore or Lobster.....

By bad prints you mean out of the market fills?
Let me get this straight: When there are a number of bad fills on a stock like SUNW, it often signals a reversal because this is where many believe it would reverse, and then decide to either break or not break the trade based on what happened??
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It's a little more complicated than that (one of the "not-so-obvious" schemes). The idea behind it is that some moron decided to make it legal to have a trade undone by the exchange if one of the parties sends a fax in the right format to the right number within 20 minutes of the trade stating that they had been too stupid to enter the numbers correctly. The exchange then checks if the party claiming this "mistrade" is on the inofficial "buddy list", and if so, they rule that the trade was indeed erroneous and reverse it a few hours after that.

My explanation just shows exactly how the securities mafia profits from this stupid rule.

I should also like to add one more thing:

I mailed the CROOKS AT THE ISLAND ECN every time they ruled one of my trades against me (a little guy) with several questions and NEVER GOT ANY RESPONSE FROM THEM. If that does not look guilty, I don't know what does.
 
Yeah I completely agree with you.....so.....

if one watched the time and sales prints and noticed a number of 'out of the market' fills near a key resistance line after an uptrend....could this be an indicator of a potential reversal?
 
very interesting. are afterhours trades lumped into the same "i can break it if i don't like the fill" group? i would expect this to be the case, but then again, most brokers give special disclaimers regarding after hours slippage, and - correct me if i'm wrong - no broker will allow a market order outside of 9:30am and 4:00pm EST.
 
Originally posted by SilverBullet
Yeah I completely agree with you.....so.....

if one watched the time and sales prints and noticed a number of 'out of the market' fills near a key resistance line after an uptrend....could this be an indicator of a potential reversal?
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The problem is that those trades are not declared erroneous for half an hour or so, and by then the indicator would be too late.
 
Originally posted by bungrider
very interesting. are afterhours trades lumped into the same "i can break it if i don't like the fill" group? i would expect this to be the case, but then again, most brokers give special disclaimers regarding after hours slippage, and - correct me if i'm wrong - no broker will allow a market order outside of 9:30am and 4:00pm EST.
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I have heard that especially before/after hours trades are likely to be busted if the other party doesn't like their outcome. Also, I have never heard of anyone who traded retail and successfully had a trade busted. I guess we will have to leave this strategy to the people who control the game.

But ultimately, the joke is on them. When I die a few years from now I might not have mansions and exotic cars, but I will be prepared to meet my maker. When the crooks who run the securities mafia die in their castles I betcha they would give all their possessions for a clear or at least decent conscience.

Think about it, what is the difference between you and Ed Nichols? This is America! If you want to open an ECN and get rich off it, you just have to try hard enough and have the lack of ethics and you can do just the same. It's not that we would not be able to do it. We CHOOSE not to be on that side of the game.

And it's still wrong, and it's still not worth the sleepless nights.

Please feel free to state differing opinions.
 
Just so you guys know...

Momentum securities no longer offers a rebate for using LSPD/MKXT, as of June 30th.

Also, LSPD/MKXT only gives against liquidity taken. Therefore if all you do is BID and OFFER all day to get a rebate you won't be getting a cheque at the end of the month. Rebates are NOT paid on a cash basis.
 
Your right...I have noticed fewer LSPD traders doing the Bid/Offer rebate game. I also noticed Trac has been greatly reduced. It was almost impossibe to use SOES with these two around.
 
I've noticed that, too.

Another characteristic of the LSPD schmucks was the 700sh size, and then backing off after 100sh fill.

...like flies on sh!t, those morons....
 
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