> I do have to admit that I cling to the opinion that > NYSE is operationally obsolete. I would stay away from NYSE if possible... Their systems *are* obselete, furthermore their specialists are *fraudolent*... NYSE and some futures markets (actually trading contracts in the PITs) are a retail of the remote past... Obsolete, point. > I'm not bitching about it to say that I'd rather stay out of NYSE, > I often just have to be trading NYSE stocks In this case just reduce your trades' size to a minimum...
I am assuming this was not directed at me. I was just asking a question because I did not understand what was going on. I just accepted the fact that it is the way it is.
No cornhole....it was not directed at you. I was responding to this from oldtrader: lMy objection was to the contention that the specialist is out to screw you out of your fill by not filling an order that you were entitled to because it traded through your limit while your order rested on the book.
I doubt it was a deliberate attempt by the specialist to screw you. NYSE specialists (especially in a stock like GE) are so busy they're not concerned at all with small superdot orders. They are too busy dealing with the floor brokers and such. Most likely there was a large flood of electronic orders at the time and since you had a limit order it wasn't given immediate execution and the specialist's assistant wasn't able to get to your order in time. You must be joking this market is rigged beyond your ability to comprehend it. do you really think this is random supply and demand and do you think level 2 over on the nasdaq is real. Collusion happens every minute of every single day. Do you also think that 7 trillion in the market just vanished-hello it changed hands and the vast majority is in new york generated accounts.
That USED to be the way it was, but not anymore. Traders can now put in "hidden" orders inside the NBBO. So, you could be putting in a bid to take the NBBO ask and get filled lower because you hit a hidden order in front of it. It's not a frequent thing, but it does happen.
Hmmm.. if I get OldTrader and OldTimer confused guess I'm the old timer then. Or maybe I kinda knew that you weren't just an Old Trader, but also an Old Timer and that was a Fraudien(sp) slip. You know those sayings: Old Fishermen never die, they just smell that way. Old Truckers never die, they just get new Peterbilts. We need one for Old Traders... Old Traders never die, they... Anyone got any good suggestions?
Think about it, if NYSE operations are obsolete, then why is the NASDAQ moving more of there stocks to the AMEX specialist? Electronic trading is here to stay, but the number of market makers, will decrease over time. The specialist tend to control the stockalot better then a random collection of market makers. One person has a better grip on the trading situation, then 20 trying to control a stock.
Old Traders never die, they're just broke bad traders with bad opinions!!!! Just kidding oldtimer, just playing along. I think you're points were valid for other situations.