Quote from burntem:
1) How do you find the approach to trading "the specialist" ?
A dying edge, just like Htrader said. The NYSE change toward an electronic platform is inevitable no matter how much you want to deny it. There are way too many signs, the Hybrid system, the Arca merger, the recent SEC decision about Imbalances. How much longer it may take, who knows, but it's gonna happen. I think when Fidelity & Citigroup take steps to establish BSE as a competitor to NYSE's specialist system, it's obvious that the good ole boys club has got to go if the big board plans to survive.
Also, the specialists are becoming more and more abusive since they have limited time and day traders are primary targets. Being on the right side, makes you even a bigger target since thats the stock the specialist wants.
2) What do you think about the no books listen to one trading groups style of trading?
Any help is appreciated.
Not necessarily true, I think Richard Ney's books about the NYSE gang are useful. Wall Street Gang gives many insights into the specialist mindset and the scam that is set up. Once you understand the basic scam, you will start getting an idea how to get on the right side.
Also, Reminisinces of a Stock Operator can always help.
I guarantee that if you bring up these concerns to your group leader, he will tell you it's all nonsense and that only losing traders will say stuff like that cause they can't read the tape. I had the same attitude when making 500-1000 by 11:30am from the NYSE tape felt like one of the easiest tasks in the world. Too bad it has been getting worse with every month and while it's party due to a tougher market, a lot of it is because the specialists are milking their dying racket for all they can. You can still get some experience on stock movements, price & volume, and charts so it's not like it's a total waste of time. But just realize, NYSE is a played out game.
I'm guessing you're with a downtown Generic group.
