If a person learned how to Successfully trade(scalp) nasdaq stocks, how hard would it be to learn to trade listed Nyse stocks, and vice versa? thanx
In fact I would guess that at least 50-75% (myself included) of Nasdaq traders have switched to the NYSE over the last few months. I just got so annoyed with all the "noise" and BS that went on watching L2. Shakes, jukes, and Market Maker manipulation (especially in the lighter volume days) were making it not even worth the time. Now I probably spend 3/4 of my day playing the NY.
I also went from nasdaq to nyse back in May for the same reason and am very glad I did. NYSE seems like it has much cleaner movement and after you trade a specific stock several times you are able to learn a little about how it moves. Recently I use the t/s for nyse along with a few of the filters( exchange and trades). I have done nasdaq for many years and still feel like I have no clue when I watch l2 or t/s. Previously I did 99% nas now I do 95% nyse
is it really that bad?? Can someone give an example (to a newbie like myself) of how market makers influence the stock tick? and compare that to listed trading ...
One trader's "headfake" is another's entry point -- volatility can be seen as either 1) a nuisance for those who set 2-tick stops, or 2) a provider of constant opportunities for lower-risk entries. I'll take a fragmented market with instant executions over a specialist/floor that can pull the rug from under you at any second any day. I'll bet those that say listed is a "nicer" place to trade don't play the Q's or any other name that attracts a large number of daytraders.
It is by no means a "nicer" place to trade (specialists are some of the biggest thieves on the planet), it just happens to be (imo) the better risk vs. reward market to be playing right now. Next month (or tomorrow) I might be back to 100% Nasdaq...but for now, I would rather trade for points and halves in the NY than battle Intel, Dell, or the QQQ's for 10 or 20 cents. Believe me, if I was still killing the Naz of course I wouldn't throw my hat into the NY...but the last three or four months I've had my smallest returns in four years (while some of my NY trader friends have had very good months). So I decided to use the normally slow summer sessions as an opportunity to learn the NY game. If you're still crushing the QQQ's, then keep up the good work.
The specialist system sucks !!!!!!!! Ocasionally depending on my setups I trade all exchanges ( BB , Amex , Nyse , Nasdaq ) ---but my reasons to trade stocks at BB , Amex or Nyse must be a lot bigger than at the Nasdaq market . The exchanges with a specialist ( especially in stocks with low volume ) are simple much worse for a daytrader than the Nasdaq I wish everybody a happy trading at the Nyse
For sector traders and for talented traders who aren't just scalping, there is much more opportunity on the NYSE. You have many more sectors on the NYSE with low correlation to one another, so you can more easily find whats hot or not. While on the Nasdaq, you may have 20 different sectors, but most are all a subset of Technology, so it all comes down to what the QQQ's are doing. When i used to trade Nasdaq, it seemed like it mainly came to being on the right side on the qqq's. But on the NYSE, for example, i could be short health care and oils, long home builders and make money on all 3 without necessarily having my fate decided by the SPX. It seems easier to find the weak and strong stocks on the NYSE than on the Nasdaq. And that is my game.
I quit looking at level 2 2years ago. Sure I still have it up, but I don't subscribe. So I get the cumulative totals on the nas and the regional totals on the NYSE. Unless you are scalping, level 2 is mostly useless. After all, none of my strategies consider level 2 for their entry, stoploss, profit objective, or exit. So why should I even look. Regardless of what the MM's and specs are doing, my strategy depends on one primary aspect....