Another good point! Not only is there less liquidity on the ECNs, not only are MMs worse than specs by far, and not only will someone, on average, get a worse price on an ECN, but even if someone got the same price, that person would essentially have received a worse price for the stock once the ECN fees are factored in.
Sure, just don't tell anyone.....The magazine let's me give away so many free subscriptions every year, and we have some golf shirts coming in every so often. Don
I've never been a big fan of specialist behavior as a daytrader, but neither would I 'eliminate' the specialist system. If dealing with specialists bothers you so much (on those occasions that your order is not matched electronically), you certainly are not prohibited from trading NASDAQ issues. Or, you could make a market in your favorite NYSE shares on ARCA or something, but you might be about as active as the Maytag Repairman. Anyone who traded EMLX on that fateful day a few years ago would think twice before advocating the elimination of specialists (and they'd likely blame the NASDAQ for not having specialists). I suspect that most of the traders who are feeling the squeeze from the venerable hardwood floor of Wall Street are trying to compete directly with a specialist. That's not a good bet, because he owns the floor -- it's his exchange and GM, WY, and the rest want HIM to make their markets, not you. Despite all the shenanigans, it's probably one of the most honest systems there is. On the floor, you can be eye to eye with the person you're dealing with. And he is accountable for his practices. You will not get that with Mother NASDAQ or any other 'electronic' exchange. If you're frustrated by the specialist, take a clue from the market. The margins aren't there. Look somewhere else or begin swing trading. The specialist can't hurt you then. Just my 1/32.
OK, grimer11, I've deleted your posts. Keep this conversation on topic and cease the personal attacks. Consider this the final warning.
Uh, if you can cheat all day with the blessing of the bald one, and the cleverly written rules, then you are supposed to make money. Otherwise, you go back to the Fulton Fish Market where you started.