Traders beware island scam

Originally posted by metooxx


In our shop we do thousands of trades a day; every day we probably have ten to twenty entry errors that someone picks us off on; it is part of the business.

We make a business of picking off MMs; and sometimes they pick us off ...
More...

When in Rome, eh? I just don't see things that way, OK?
 
Absolutely am. However....my excuse.
I have 2K on ND to cover -1 and I want to make sure I win b4 I go out and spend it.
It is only 7.30 Pacific........I wont be hitting the bars til at the earliest 9.00
 
In the pre market and post market except its not NYSE but usually
Instinet with the Best Bid / Offer

I do not have a program to do this but I set up a few pages
on my trading platform and try to narrow the spreads to under
25 - 50 cents ... on island ( or Redi ) for 100 shares
sometimes there is a program that goes best bid or low offer over mine so I go high bid or low offer over them
it seems the auto program usually stops at 6 cents

If anyone out there uses the IB platform you can set the
% key at 1 % ... that should help prevent
keystroke offers but there are no guarantees
 
Hammering at institutional fraud is one of the great services a trader can do in the marketplace.

May I point out that this is not the same thing as capitalizing on an individual's keyboard mistake?

Of course we can agree to disagree.
 
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