i have no problem with HFT either..but for some reason i can't get a fill at bid or sell at ask no matter what..i'm always last in line. PERIOD. even i was only buyer or seller at that time..thousands of shares passing by at my price and no fill for me,even if i was only one,who actually bidding.. how f**d up this is? priorities mean nothing today..it's a f** wild west....as been reported already- submit\cancel\modify - 20000 PER SECOND! that's their speed! on some shitty low volume stock WTF? does this makes any sense to anyone? this kind of shit should be BANNED. BANNED that is. just like spammers on internet. cause this is exactly what that is-SPAM with no intention to buy or sell. most of the time their whole game is to push you to buy at ask and sell at bid. very fucking simple
Appreciate your continued honesty in these threads. I'm in complete agreement about the HFT nonsense, even at the risk of being labeled a "whiner" as it seems to be the standard retort to anybody who calls this bullshit for what it is.
where is my good friend winstontj who used to defend all these practices when I'd talk of the scamming and jamming. hft are nothing but skimmers, frontrunners, manipulators and con men. 100% of them. hosting servers and writing code doesn't make you an honest man. a little lite reading for you
I agree HFT are no good. I've switched to position trading. I still will wet my feet trading with a small amount of capital. I love it.
hft are nothing but skimmers, frontrunners, manipulators and con men. 100% of them. ### The financial markets 90% is con-game,fraud..fraud is the dirty secret nobody want to admit. When was the last time you heard CEO or an investment bank admitting FRAUD is rampant in wall street and it's all ponzi scheme to defraud the public investors. I say 90% because it was 100%, wall street would be shut down and everyon charged with racketerring a 100 billion global crime racket. Sure there are legit market activity but 95% of oil futures trading is speculation and very few actual investors. and wall street is black hole Even cash and gov't bonds are not safe for investors. hosting servers and writing code doesn't make you an honest man. a little lite reading for you [/B][/QUOTE]
HFT is 95% of market volume so these HFT contribute to 95% of exchange and broker/dealer revenue and contribute to SEC fees. the broker/dealers need the HFT business as the commissions and in the thousands per month. and these HFT have the same privilleges and market information as market makers and broker/dealers..these HFT are the new market makers with market maker 'privilleges' but without the responsibilities of the market makers. the broker/dealers sell their seats to HFT machines. The market is other HFT trading with other HFT and each trying to suck more cash from the market than they put in.. the service or value they provide is liquidity because there is no liquidity in the market. the market is illiquid,,just ask the mutual funds who have 100 million dollar positions, they cannot just go to the open market and do market order..they HFT bids would immediately pull their bids if they know some large mutual fund is doing market order.
The HFT are owned by hedge funds who are making alpha or using the bloodsucking business model. The broker/dealers and exhanges, SEC need their business which is why the SEC is tolearing these HFT machines. and most jobs in wall street hedge funds i in building these HFT machines and trading automation. it's market manipulation if you know what market manipulation means. or front running or insider information.
yeah..tell me about it..try to sell this story to folks,who got raped in flash crash. they provide NOTHING. it's an illusion. your "liquidity" will disappear,when you try to hit it. try to buy decent size at ask in some low volume stock.wake up, take a look at charts(with spreads between bid and ask).
Assessing a charge on cancels will not cure the fact that you, as retail, are last in line to get filled. Any changes to the market structure will be implemented so that the regulators do not have to explain to Congress why another flash crash happened, and not for the benefit of the six pack retail Joe. The market structure is by design dividing traders into those who contribute to the kitty (retailers/buy side) and those who own the kitty (BDs with order flow). If you want to buy/sell some stock as retail, you either lift/hit the ask/bid and pay up the spread into the kitty, or join the bid/ask, always last in line (as time priority is a joke, easily circumvented by a BD), and get/sell your stock when the bid/ask becomes the new ask/bid in effect paying the spread into the kitty or missing the execution altogether if it were to go your way. If you want better fills, tell the SEC to address the agency/principal conflict, Someone bound by best execution fiduciary responsabilities should not trade for their own account, and all payment for order flow received should pass through to the end client. Want to see fewer cancels, make time priority mean something, make it impossible for BDs to subpenny limit orders in alternative venues like dark pools. If everyone were to wait in the same line to get stock, they will not cancel and loose their spot in the queue, and as a result you will have thicker books and more displayed liquidity.
What gets me is the HFT/liquidity argument. Proponents talk as if liquidity didn't exist before high frequency trading. Bullshit.