trading nyse

nice post P

I agree just watch a specialist for awhile. I usually need just a few days with different types of patterns to learn about him. I have my favorites, but it usually doesn't matter who it is. (I have a blacklist with about 20 stocks on the NYSE that I will only trade in super golden patterns with 1/10 the normal size, otherwise I don't trade them. The others I wait till a pattern I like is seen in the one minute bar charts. My transaction costs are minimal, thanks Echo , so I move rather quickly.

Just remember to stay in the game. If you watch these guys long enough it becomes rather easy to read them.

rtharp
 
Reading all these replies has been a nice experience for me. Very helpful. I believe to trade you need certainty-the nyse always appeared(in my short trading career)full of uncertainty-the Nas was the way to go-more control. I'm beginning to see that's not the case. The Nyse is by far the fairer system. Nas is way too corrupt. If one can learn to "read" as suggested here by many there is money to be made. Thanks MJT for the book-I'll check it out--R.Tharp always good advice, Praetorian2-Thanks for the time-- most excellent piece-- and all others.-limbo
 
Limbo

I trade both exchanges. The problem with the NASDAQ is try owning 10,000 shares of a company and having the stock start to move against you. It sucks getting filled for 100 shares here than the stock drops another 1/2 point and you can dump 1200 meanwhile you trying to sell and very few buyers. This is why it's dangerous to daytrade intraday the NASDAQ with any size. That doesn't mean I don't trade NASDAQ if there is an opportunity/some type of pattern or news I feel is tradeable that I'll play ball.

Now on NYSE I can move 20,000 shares in and out on the liquid stocks at any time. This is why the specialist is paid so well he will take that risk.

I have to pay less per share as when I usually trade on NASDAQ I have to use ISLAND or Instinet. They have an ECN fee per share that the NYSE doesn't have. My transaction cost are much less on NYSE and I can move easily.

rtharp
http://communities.msn.com/rtharpsland
 
The stocks I trade vary.

If it's a bullish day than I'm buying stocks that have a huge increase volume. I look at IBD, http://www.investors.com, realtimetraders, bigeasy, traderbot to name a few of my screeners.

I traded HD this morning but got whipped around, it would be above it's high than below than above and I felt like a see saw so I moved on.

I traded PPD this morning for a point.

Usually I trade the 30 biggest volume on the NYSE for support resistance. (I look for extremes on a 15 minute bar)


By the way PHG just got added to my do not trade list. That one is nasty. I got in due to having a screener show me that 650,000 shares traded. For a stocks that has 200,000 trading so far 9 PST that's a huge jump. I figured a mutual fund was coming in. The spread soon got to over a half point and wouldn't you know it an hour later the specialist shows -650 on the time and sales. (he made a typo) there should be a law about that. He gaps all over the place VERY DANGEROUS so be wary.


rtharp
 
Thanks to Pretorian2 and R.Tharp for your insightful comments.

I have just started watching a few tech stocks on the NYSE: AMD, ADI, MU, IRF, EMC, CLS and SFA.

Have you guys had any experience with the specialists on these issues? Advice really appreciated. Any of these on your 'do-not-trade' black list?

Don.
 
I don't know. I maybe as bold to "butt in" here. I don't think a "black list" of a specialist will clean-up the
business. Usually if you trade at a bit longer frame you
should not even consider this attitude. All stocks should
be on the merit of the momentum of the stock, market biast
and news/fundemental changes - Never the specialist habbits.
If you are on a very short time frame maybe I can see this
point. He can weasel you out of a position or move the
stock against you temporarily. After the fundementals of his
book will prevail and the stock usually moves the direction
it should anyway. This is why is so dangerous and futile to
trade for 1/4's - anyway my $.02
The specialist do stuff to make your life a misery
-hold the stock/order
-move it against you for 1/8 or more just to shake the weak
hands off
-fake bids/offers can be seen
None of these are that bad and you can learn to handle it
by trading better stops trade with longer timeframe
watch the futures better (most traders suck at this)
to time the change in the horizon.

By the way is the "open book" a proposal or a done deal ???
 
Thanks to Pretorian2 and R.Tharp for your insightful comments.

Your Welcome

I have just started watching a few tech stocks on the NYSE: AMD, ADI, MU, IRF, EMC, CLS and SFA.

I've done very well at times with AMD , IRF and SFA.
I knew an entire daytrading office that traded EMC but it's too low in price now for them lately.


Have you guys had any experience with the specialists on these issues? Advice really appreciated. Any of these on your 'do-not-trade' black list?


None are on my list.
Don.

04-25-2001 03:37 PM Edit • Quote
andrasnm
Senior Member

Registered: Feb 2000
Posts: 224 I don't know. I maybe as bold to "butt in" here. I don't think a "black list" of a specialist will clean-up the
business. Usually if you trade at a bit longer frame you
should not even consider this attitude.

Thanks for pointing that out. I used to trade a lot longer time frame and wouldn't use this then. The specialist can't control his stock for the long term just the short term. I trade the short term timeframe so I have to blacklist certain specialist unless a "GOLDEN" chart pattern.

All stocks should
be on the merit of the momentum of the stock, market biast
and news/fundemental changes - Never the specialist habbits.
If you are on a very short time frame maybe I can see this
point. He can weasel you out of a position or move the
stock against you temporarily. After the fundementals of his
book will prevail and the stock usually moves the direction
it should anyway. This is why is so dangerous and futile to
trade for 1/4's

I may have my stop at .25 or 1. or .10 it depends on the stock or sometimes it's 1.00 and the close.

- anyway my $.02
The specialist do stuff to make your life a misery
-hold the stock/order
-move it against you for 1/8 or more just to shake the weak
hands off
-fake bids/offers can be seen
None of these are that bad and you can learn to handle it
by trading better stops trade with longer timeframe
watch the futures better (most traders suck at this)
to time the change in the horizon.


The post above is right. I trade a one minute bar because my commissions are next to nothing. I find more opportunites trading smaller timeframes.

rtharp


 
I don't trade those active ones with the exception of amd. I really love amd. It trades with the futs, but the specialist just tries to pyramid fade it. Add pki to your list of stocks to never trade. He took 1500 from me, and about that much from dustin a few days ago. It was bid .1, and he dropped it 1.25 to .85 to buy our 3k shares. Thing was that it wasn't tanking or anything. He just didn't have any bids, so he dropped our market order right though the bid.
 
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