Hello Does anyone have some information on how the Specialist works? I would like to learn different strategies on trading nyse stocks only. thanks
The specialist works just like you and me, with the exception that he gets your order and can then decide whether and where he wants to fill you, whereas you are bound by the terms of your order the millisecond you enter it. I don't think anyone has a chance trading against the specialist unless he knows something the specialist doesn't know. But that would of course be illegal, since the NYSE mafia has bought all the lawmakers with their pocket change.
Could you be a little more specific, please. Also, I think I have seen quite a lot written about the specialists in some other threads. Try using the search tab in the upper right of the page. I have seen nitro post some good stuff too, so maybe combine the search.
Althoug it will put you to sleep, I suggest you order this book and keep it handy - whatever else you may do.
I wrote a handbook on the listed market place. It goes over the way it works. It's not about strategy but about executions on the listed market. If you want me to send you a copy of it email me. Jeff-- OES