I'm at a loss for words as to why some people don't understand the specialist system. I've gotten .50 to a 1.00 price improvements on gap fills. Shit like that made my day, sometimes my week. If you don't like NYSE, go trade NasCrack. What a beautiful and orderly market that train wreck is. LOL.
yeah man, those freakin' thick bars...that's where u smile from ear to ear cuz of the price u get. yeah go trade nazcrack allrigtht thats where u get impaled vlad stlye for real....all yours.
I don't you think you understand the fundamental difference between NYSE crooks and Nasdaq crooks. NYSE crooks are infinitely worse because, unlike the Nasdaq crooks, NYSE crooks have tremendous power to corrupt the mechanisms of price quoting, order execution, and order cancellation. Nasdaq crooks have far less power, because they are chiefly limited to manipulation in which they deceive you into trading at particular times and prices. Nasdaq crooks may interfere with your trading decisions by tricking you, but they don't have the power to corrupt your order executions the way NYSE crooks can. If you are smart, you have far more power to protect yourself against Nasdaq-style manipulation, than you do against corrupt NYSE order-handling. I think my explanation is correct, that there is no reason to believe your individual experience is representative of what happens in the overall market, or disproves the existence of widespread corruption and fundamentally unfair structures, rules, and mechanisms for quoting and execution, and there is no reason to assume that you would know it if you were being victimized. I am suggesting that you are not quite as smart as you think you are, no matter how much money you have made trading NYSE. No offense intended. I never said you were robbed blind. I said maybe you were and that you just didn't know it was happening. You were wrong to guess that my complaints are based only on trading of illiquid issues.
hope u still tradin' nyse jim, and hope to meet u from the opposite side of the lake as often as possible.
Jim, can you please do me a favor? Pretty please? Can you give me one example of how an NYSE specialist tricks you or corrupts the market? Just make one up. Just give us something to work with here. OK? Thanks.
Maverick74, I have already explained that NYSE specialists, unlike Nasdaq crooks, don't need to trick anybody. This is because the NYSE specialists control quoting and order execution. They corrupt the very process of order execution, so that they do not need to manipulate markets, in order to interfere with public trading decisions, the way Nasdaq crooks do. Nasdaq crooks need to trick you into trading at particular times and prices, because they lack the NYSE specialist's power to corrupt the critical process of order execution. I just posted, into this thread, a press release from the US Government, revealing specialist guilty pleas to criminal charges. This gives you an example which more than meets your request for something specific on how specialists corrupt the market.
If Hamlet had taken the time actually to read the very extensive evidence I furnished in support of my arguments, he would have seen that the Department of Justice press release, re: the specialist guilty pleas to criminal charges, was dated May 12, 2006, the day those guilty pleas were announced. Yet Hamlet says, "Rockford keeps posting links to these old incidents all over ET." How can guilty pleas announced May 12, 2006, be "old" on Jun 12, 2006? I certainly never posted this information until tonight. This is just another example of how Hamlet just literally ignores the evidence and calls people names and makes unsupported and personal attacks, rather than rational arguments supported by evidence.
Oh Jesus man. There is never a gun and a set of bullets around when you need one. Maybe I can find a razor blade laying around. This is absolute torture. Jim, the very thing you say you dislike about the specialist system is the very reason I traded listed stocks!!!!!! It was because they had the order flow info and could trade with it that made listed trading so lucrative. I knew the quotes he was making was indicative of what he knew about the buyers and sellers. I could read the market right off his screen. I knew where the buyers and sellers where and I knew when they were done. I could not do this without their help. The specialist has the buyers and sellers standing right in front of him. And he would pass this info right along to your screen if only you paid attention. Is it their fault that you don't know how to read this price action? I mean Jesus man, our entire firm of 800 traders took advantage of this. It wasn't just me. It was everyone!
Maverick74, your statements about NX are totally and completely untrue. See NYSE Rules 1000 and 1001.
no hope mavericco, he will come back here and say that the system is not fair because only those who take advantage of the specs 'supposedly' crooked quotes can profit from nyse and all the other traders with diff strategies cant do shite, innit jim[?]