trader tricks

Quote from Gordon Gecco:

I just started trading for a prop firm in florida a couple weeks ago. I am still in training and am starting to learn the basics of using the open book and playing the specialist. So a lot of what you have said about plus tick bids and minus tick bids I understand. However I want to learn as much as I can about reading the specialist and using the open book to make successful trades. Are there any books or videos that focus mainly on this type of strategy? We only trade NYSE stocks in my firm so I really need to know all the tricks of trading the open book because I start trading live in a few days, any advice is greatly appreciated. Thanks--
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smooth chart, small prints.

every specialist is different. you have to be able to see whether he does not care bout how much the price falls or whether he has a long position. Like when he gives out too much at the quarters (25,50,75, 00) it means he does not want the stock price to drop. So dont be surprised if he prints the whole offer and then spreads up 20 cents.
 
my fault, I didn't even think about the possibility of there being another Gordon Gekko on here, I mean come on, it's such a clever and original idea, I'm changing my name to J.T. Marlin, but could someone please answer my question?
 
Quote from proptr8r:

What the hell, I'm not trading right now so I might as well share one of the strategies I used. Maybe someone will make some money with it.

I used to set up a scan and only watch size on the offer for NYSE stocks. Size only matter if it would step down every time there was a downtick. This would tell me that it was a large short-seller. Now I could either buy bullets and short in front of the short-seller or wait until that seller was cleaned up and then I would go long for a nice, quick profit. As soon as the short-seller was cleaned up and I made some money on the long side, I would keep my eye out for any strong movement downward because I knew that large short-seller would be back. As soon as he was back, I was shorting in front of him with my bullets.

Does anyone use a strategy like this.
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i understand that traders at worldco did
 
Bullets are unfortunately DEAD.

So, so much for trying to jump in front of a large short-seller on the NYSE that is moving the stock down with a big offer.

Back to trading futures.

:)
 
Quote from AAAintheBeltway:

Anyone been around long enough to remember when there was an axe for each nasdaq stock? You watched for the axe and never faded him or that axe would be sticking in your head. Now it's all ecn's , plus nas, pce,size etc. Even the formerly all powerful nite is basically a nonfactor.

In one aspect I suppose it's easier, as ecn bid/ask size is real. Still, I miss piggybacking on gsco.
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NITE is still a big boy on small caps.

I've also seen NITE hold off MSFT.

LEHM is also almost always a big player.

GVRC always takes the side opposite from me. No Matter what.
 
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