well,it is not a question of pullbacks, if this is what u meant, on naz u can get in instantly whether the stock is on fire or consolidatin' and even of the ask shows 1 [locked] u gonna get filled if not all your pos a good slice of it. to be fair to naz, even tho it is a train wreck fills are exceptional and i have zip complaints about it.
Yes, this is EXACTLY what that PDF is saying... http://www.elitetrader.com/vb/showthread.php?threadid=79640 now instead of date rape the specialists will be involed in Gang Rape thru software black boxes... and legally per NYSE vs SEC 'persuasion' cj... _________________ HAVE STOP <img src=http://www.enflow.com/p.gif > WILL TRADE
before the hybrid came to be i had much better fills, and u bet i am not the only one experiencin' this...infact i was all in for the spec to stay. now arca behave like new york..not in a million yrs i would have expected things to deteriorate after the hybrid introduction.
that doesnt sound very promising to a new comer... do u think its already happening.. have you seen any significate changes in your trading style? i would imagine adjusting to the new enviorment would be the way to go...
I see stocks that have already gone hybrid are much harder to trade. I am seriously considering another line of work because I don't see how to adjust. I have tried trading Nasdaq, and to me it is practically impossible.
I've been trading NYSE stocks to 99.8% of the time and I am just making a transition from scalping to chart reading, volume breakouts etc. One reason that I liked trading the NYSE was the ability to get price improved which adds up big over many years. However with the introduction of the Hybrid system there is no more price improvement unless there are certain circumstances and the difference to the Nasdaq gets smaller. I will take the hybrid system as an opportunity to trade more Nasdaq stocks considering there isn't much difference between those 2 exchanges and over the next couple years they probably will be the same. I am just curious if ppl like me will start trading more Naz stocks bc. the price improvements are gone or if ppl who trade mostly nasdaq start to trade more NYSE stocks bc of the electronic execution. I guess only time will tell.
To answer your questions, I believe a lot of NYSE only traders will wash. My observations of it is that it is much more difficult to tell what is going on in general. What was left of tape reading will be dead. Did anyone see the intraday move in BYD the other day? Besides the lack of price improvement, and the ability distinguish buyers and sellers, it moves a lot faster and more sporadically. Your average NYSE scalper generally speaking won't lose but 2-10 cents but it can happen much easier and quicker now. I also agree that the moves will be more sustained which will bring in more strong trends... The move in MA a few days ago from 70-74 - I watched the stock go from 73.15 down to 72.34 and right back up in the matter of about 80 seconds. Sure this can happen under the old system but the feel of it is just more random with everyone marketing and the spec printing both sides of his quotes. Long live the Amex until Amie rolls into effect
I have been a lurker for a long time on this board and a full time trader for six years. For much of this year I have struggled trading nasdaq stocks. In september I moved to nyse and just oil stocks and couldn't be happier. Most of my profits have come in the oih along with slb,rig, and do. I feel like these stocks already trade pretty much electronically and the oih just swings back and forth all day long with crude oil. My question to experienced NYSE traders is should I be worried or not about the hybrid system?