I'VE BEEN HAD... Members in my home are getting even with me for monopolizing the computer and spending too much time in the office. If something sounds too good to be true it probably is... I've been sparing with just about everyone on this tread and I should have figured it out. Anyway...... The AMEX system is not perfect, but liquidity is good and the concerns really are from a market making perspective (namely that it takes more time than on other exchanges to ascertain your trade). Regarding leaving the post to trade etf's on the NYSE: The primary etf market is the AMEX. The NYSE quotes are about 10 seconds delayed behind the AMEX and therefore are stale and cannot be leaned on. This is a major problem (inaccurate qoutes that sometimes cut the market but aren't real) that they are addressing but haven't yet resolved. You may find this funny Don - The Dow Jones etf specialist on the NYSE is Bear Hunter, but the Bear orders are sent to the AMEX. Doesn't say much for their confidence. As for trading on island, I would be off the floor giving up the spread and trading behind the information curve. What are your thoughts on the rest of my post (not the last one)? By the way, Knight is a reference to my alma mater, not Camelot. Take care all, I'm glad that my being the object of high jinx provided some light hearted entertainment. The Knight
Knight, gwen and the rest of the roundtable, Def & Don, what you don't seem to realize is that those notable companies that you are speaking of - Timber, BearHunter, Knight, Hull, Wolve, CTC etc. have their main trading operations on the floor. In fact, most of the people market making on the ISE came from the floor. [/B/ um - last I heard I work for Timber and think I know a fair bit more about the firm than you do. The firms trading operations have never centered on the trading floor. The trading floor is just a place to execute an order. No different than an electronic exchange in the most basic of terms. Even if all these firms have their main trading operations on the floor - so what. The ones that don't move forward will end up where I think most open outcry markets are heading - the trading graveyard. merlin aka def
Hello Merlin (Def), My apologies. You are right regarding Timber's centralization of their trading operations. Firms other than Timber, who hire traders to actively think and therefore empower their traders to trade rather than simply read a box - do you guys still buy on green and sell on red?- have their trading operations based on the floor. Reread my post on page eleven, granted it isn't written in green and red for you to follow on with, but you should still be able to learn something from it (specifically regarding upstairs trading and the escalation of electronic/automatic trading on the various exchanges). The Knight Glad I finally figured out how to log back in as myself - If I'd got a job at Timber I'd probably be a computer wiz - unfortunately I just know how to trade...
knight, jealous? take digs at us all you want. glad you boys still laugh at us and think we can't trade. The firm is now in the forbes 500 (private companies) and you're still on the floor.
Knight, are you trading or waiting around to scalp those unassigned ITM options on Monday morning? :eek: stock777 aka pendragon
Def, You and I both know that the criteria to be a Timber Hill trader is to put your hand up palm in (tap a keyboard) when the screen goes green, and put your hand up palm out when the screen goes red. The other day I had to explain what a married put was to one of your guys! Just be honest and admit that you don't train or teach your traders to, well, trade. You want them to be "box boys" as we call them and act on the whims of a computer program. As for me being on the floor - I'll be here until I don't want to be, and when I reach that point I'll do something else or trade somewhere else. Unlike you, my success is the direct result of the time and energy that I have devoted to learning how to trade. I use a computer as a tool. You use it as a crutch. As for you Stock (village idiot), If you're referring to our previous conversation regarding option exercise - It's not possible to scalp an EXPIRED anything. If the options went out unassigned that's it, period. The only thing that I would be waiting a long time for, is an intelligent comment from you. The Knight
Unlike you, my success is the direct result of the time and energy that I have devoted to learning how to trade. I use a computer as a tool. You use it as a crutch. hit a little sore spot eh? FYI, i've been in the business since '85 and am pretty comfortable with my trading knowledge - oh yes, i do know a fair amount about computers too. You insinuate that you have a monopoly on time and energy. as you wish. I guess my success along with the firms is just a product of being lazy and lucky. even if you know more about married puts, jelly rolls, back spreads, and other floor lingo - so what. I probably know more about the math behind option pricing models, hedging across a portfolio, and ofcourse electronic trading. My head just isn't swollen enough like yours to realize that the way I do things is the only way. As for our traders, yes our firm give an opportunity for inexperienced traders to get into the pits quickly. What better learning experience. You probably know a few of our senior traders - are they as naive as you lead us to believe? As for the computer as a tool/crutch. First, you probably wouldn't be using your computer on the floor if it wasn't for the likes of Timber Hill lobbying to allow them on the trading floors. Second: tool vs crutch - whatever you like to think. If ours is a crutch - fine with me as long as it keeps producing solid returns. Ofcourse the great thing about the code is that those writing it don't work hard, have little energy and know nothing about trading
I remember once when I asked a put to marry me, I had so many butterflies in my stomach. I choked and had no hedge. Now, she has a contract on my head As you can see, I am running out of options. And my future is certainly the question. Will I live to exchange ideas on this board, or will I electronically be found dead on the road. Will the knight rescue us all, or will def keep his hands on the ball. Learning a lot from both of you. Tony PS: the above is a joke and not a personal attack, cheers