Class Action Lawsuit against NYSE Specialists

Discussion in 'Trading' started by NDQnCA, Aug 7, 2002.

  1. That's probably the best plan. :D
     
    #21     Aug 7, 2002
  2. Bryan Roberts

    Bryan Roberts Guest

    great post!!!! you beat me to it....fine, go ahead and screw us but don't advertise that you're going to make love to us!!!!!! let us not forget the FBI sting operation in the s&p pit!!!
     
    #22     Aug 7, 2002
  3. there were people who denied that people were disappearing and hitler was burning them, too.

    pardon the overleveraged comparison, but it does make the point.
     
    #23     Aug 7, 2002
  4. shneed

    shneed

    It's amazing how many of of the people that usually complain on ET usually do it during market hours. Instead of complaining, just trade. We had a huge rally during the last hour today, I am surprised anyone had time to post. The NYSE is not perfect, but it is by far superior to any other exchange. The reason I make money, is because of the specialist games that trap inexperienced traders, if they made it easier for people to trade, no one would make money.

    shneed
     
    #24     Aug 7, 2002
  5. then you know the deal.. the specialists are members of the opposing teams, not the impartial refs.. a specialist system will never be fair as long as the specialist stands to gain from his activities.. and there would be no specialists if not for the opportunity to gain.. i mean, seriously, when you walk onto a car lot do you think the salesman really gives a rip if you get the best deal on that new BMW? the more you spend the more he makes, that simple.. and all the while he plays the part of being on your side.. thats just capitalism..

    -qwik
     
    #25     Aug 7, 2002
  6. TraderJimR....when you want to do a trade inquiry, who exactly do you call. we clear through SLK and i made reference to a trade correction once, and the guy at SLK said to forget about it. is there someone at the NYSE that i would call? thanks
     
    #26     Aug 7, 2002
  7. egusc

    egusc

    I haven't heard as much bitching and whining as your post in a while. There is a good conversation about a very relevant topic and u through out a garbage post that contributes nothing.
     
    #27     Aug 7, 2002
  8. Of course if you want to be successful (in anything) you need to figure out how the system works and how you can take advantage of the way that it works.

    That doesn't mean that you bend over and just let the system screw you. You can both be taking whatever advantage the system gives you and fight to improve the system at the same time. These are not mutually exclusive activities.

    In defence of the original poster, I don't think he started this thread just to bitch and moan about specialists, but was asking, "what we can do about this, to make it better?". That's not so bad is it?

    Perhaps the answer is "nothing". But you'll never know unless you ask. And it's better to ask "what can be done?" rather than whine, "why is this happening to me...boo hoo hoo" isn't it?
     
    #28     Aug 7, 2002
  9. I agree. I don't really care that people don't like the specialist system/NYSE but it bothers me that so many seem to think it must be changed to the OTC/Naz model. If people don't like NYSE, don't trade it. But don't try to take it away from those of us who like to trade it. The free market will decide if one or the other is the superior model.
     
    #29     Aug 7, 2002
  10. lescor

    lescor

    Three words- "fast market conditions". That is their out for everything, they can suspend a lot of rules just by saying it's a fast market.

    The worst feeling is when you know you are about to get screwed, but you can't do anything about it because he won't let you cancel your order or you know he's going to overlook you and move the stock.

    I'm always trying different stocks to find the guys who will fill you fairly and let you in and out easily. That's the most important thing to me.
     
    #30     Aug 7, 2002