HA! You guys think these nyse specialists are so bad? (I did have an order filled over 3 minutes later on Friday, but it was next print) Try the amex or midwest guys, they're hilarious. I punched one for 2000 shares the other day, the stock went up 15cents during a futures rip, I hit the cancel button at ten. The order was held and the stock began to drop, when it was four cents out of the money it showed up in my blotter. Now hats efficiency! So I ask you all. What's worse: Crooked or Incompetent? lol p.s. Don't say they're both. 88888s
Refusing to learn how to make a profit in the NYSE stocks, while spending oodles of time whining on a message board about them. Ignorance breeds comtempt.
JimR, I have read through your posts and know that you are smart enough to realize that there will always be a delay in getting a fill from the NYSE specialist as compared to hitting an ECN where you get near instantaneous executions just because of the way the NYSE is set up. Unless you avail of the NX function (which is almost as good as hitting an ECN based on my personal experience, although there is a share and time limit in using this function), the specialist would need time to match up your order with other buyers and sellers. Not good when you just submitted a sell limit order on your long and the prices start ripping up. In this case, you would have been better off submitting the order directly to the ECNs. On the flipside however, there were times where I was long a tanking stock and was able to get out with minimal losses thanks to the specialist filling my panic sell order. Contrast this to how fast Nasdaq marketmakers pull out their bids in this kind of a situation and you will be thankful to the specialist in doing his best to maintain an orderly market. There are always two sides to this coin. But generally describing the specialists as "corrupt, market criminals" is going a bit too far. The NYSE has always been upfront about how orders are handled and how executions would tend to be slower compared to the ECNs just because of the way their system is structured. If there are legitimate concerns and complaints about fraud and thievery, you can bring those up with the NYSE's enforcement department and action will most certainly be taken, just like when action was taken to address the fraud that was mentioned in the article you posted. The NYSE did not get to be the biggest and most prestigious stock exchange in the world by being run like a crime family, much less by nickel and diming SPY daytraders. I went back to your older posts and noted order execution problems you were having with your current broker: http://www.elitetrader.com/vb/showthread.php?s=&threadid=32159 http://www.elitetrader.com/vb/showthread.php?s=&threadid=50376 Maybe it's time to temporarily put the whining to rest and try out other brokers?
The execution problems at IB, to which reg refers, were resolved by improvements. I regret that others are now trying to blame IB for order execution problems cause by NYSE. I regret that this ancient history has been dredged up and misused to shift blame away from NYSE and onto IB. Reg's other comments are easily disproven. I will respond to them at greater length, when I have more time.
How do you know that those problems were resolved by IB? I have been trading with the same company for three years and have never experienced any of the problems you mentioned. You were the one who posted about IB execution problems, not "others". I do not work for and have no affiliaton with the NYSE, and therefore have no reason to be taking sides. The most successful traders I know do not bitch and whine. They realize that no system is perfect - be it the NYSE, Nasdaq, Forex, etc. - but they do their best to come up with an edge and find a way to consistently make money from the markets they trade in.
Mr Rockford, its seems, is one of those types who likes to follow the path of least resistance and find fault outside of himself for his own shortcomings and unsatisfactory experiences. He refuses to learn and use the characteristics of the trading arena in which he holds contempt for, bred out of his ignorance. These are the characteristics of an underachiever. First the blame went to IB, and now it is NYSE. My advice remains that he quit his whining and learn to be productive at something useful.
it's curious, the extreme lengths you're going to, to try and hurt jim's character. what has you so desperate? it's silly at this point given that everything we're talking about here is well documented and under rigorous investigation by the SEC. you've made it abundantly clear that you're a beneficiary of the current system. how about some specifics instead of character slams if you want to have an intelligent, rational conversation about the pros and cons of the specialist system. there ARE other edges out there for you if/when you lose this one
Do you guys think the specialist likes to trade against me? Say right after I buy, he or she will somehow manipulate the price down until I give up? Or say right after I sell short, he or she will jack up the price so I will have to cover at a loss? Does the specialist hate people who only buy or sell 100 shares?