Why NYSE market orders SUCK

A

axeman

Because when I enter a market sell order on a thin stock,
the SPEC drops the bid by 10 cents, prints me, and
then moves the bid right back where it was.

That guy is sitting there thinking...what a dumbass...
free money! Thank you very much.

Fair and orderly market huh? :D

Thank you sir! May I have another? :D


peace

axeman
 
Yeah yeah .. I know... I know...

But do they have to so BLATANTLY take your money???

I mean come on... is "fair and orderly market"
THAT much of a complete joke???


peace

axeman


Quote from vhehn:

why would anyone enter a market sell order on a thin stock?thats asking for trouble.
More...
 
I don't believe that the specialist is permitted by NYSE rules to do what you feel he is doing. If there is a bid for 50 and you hit the market sell, and if your order arrives before anyone else's and before the the bid is pulled, the specialist is obligated to fill you at the quoted price, even if it is his bid. What does the tape show when this happens?

If you find that a specialist routinely does this and you have the tape to back up your suspicions, then you may file a complaint with the NYSE. Your broker can also petition the specialist directly for restitution.
 
NYSE market ordres sucks, and not only for low volume stocks. For that reason I quit trading the NYSE, long time ago.:mad:
 
Every so often, when things are going really well for me, and I suddenly have the urge to be overwhelmed with negative emotions, I'll trade a listed stock. Feel bad now:D
 
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