My current experience is that I am sitting between 4 trader's in our San Francisco office who "scalp" NYSE every day, all do "extremely" well doing it. It can be done and still is, size is a key and all of them do "significant' volume also. I see it every day and they have, (so far) consistently done well for the 5 months I've been with Redwood. rttrader -
"One that is just a complete dick is LLY. Even if you are on the right side of the trade, you are gonna get the worst fill." Ahhhh....LLY...I am very familiar with.....maybe you should re-consider your tactic in trading NYSE stocks, LLY just fews days ago was in $61's.....today, it's at $65, $66's. Sometimes you do not and can not be a second to second trader, sit, have patience, wait for bigger rewards. By waiting few days, the return beats out your second to second trading many times over. Anyway, it's your money, I am just telling from my experiences
I have never been screwed by a specialist. Usually people blame the specialist, when really they are just on the wrong side of the market. I stay away from high volume stocks because there is too much competition. If you traded the names I trade, like XL, MBT, BSC, you would see that there is very little competition. Easy to "scalp" for 30 cents. Today I caught BSC from 68.74 to 69.20. It went all the way up to 69.50's If you are scalping for 5 cents a trade, of course you will get screwed. The specialist has your order ID, if you try to buy the bid, and then post an order to sell a few cents above, he SEES you. Good luck.
"If you are scalping for 5 cents a trade, of course you will get screwed. The specialist has your order ID, if you try to buy the bid, and then post an order to sell a few cents above, he SEES you" i dont think a specialist has time to worry about and keep track of all the 1000 share scalpers.
What an amazing load of opinions! While I admit I have never even thought about scalping AOL or LLY and have never made much scalping GE, there is still no reason to believe a specialist would even have any motivation to keep any particular trader from buying on the bid and selling at the offer in the same minute. I would think one of the first steps to being a successful trader is the realization that a 1000 share buy order from Joe is no different than the same 1000 share buy order from Jack. Anyway, how is this for a successful trading premise: The specialist tries to help me achieve the best possible fill, because he wants me (and thousands of other little traders) to keep scalping, thereby helping the specialist provide liquidity. In some stocks I will get fills which do not allow me to profit from scalping. These are the stocks whose specialists do not understand how to help me scalp profitably or do not want to offer me the help I need. I will just avoid these stocks for now and maybe check them every other week just to see if my strategy has become compatible with the specialist's strategy. Until then, I will keep scalping those symbols which make me money. And remember: Life is part reality and part perception. One good example is, many traders think the BAC specialist tries to screw them on every fill. I have done lots of trades in BAC, and sometimes my limit order sits there for a minute or two without being executed, even though it "should" have been. Then the market moves away from it and I cancel my order. In about 90% of these cases, the market reverses within a couple of minutes after that, with a vengeance, and I am glad I didn't get that fill. Sometimes I wonder if those specialists who I think give me really bad fills might actually be trying to help me, and I am just too stupid to understand it. But then again, it doesn't really matter. If I can't make money trading a stock, I won't trade it. I won't widh death and pestilence on teh specialist, I just won't trade the stock.
I have many traders who trade NYSE.The faxt is 100% used to buy from the specialist but now they are using CAES 85% and making money scalping the inner markets.Funny thing is no body know about it.Check it out if you can get it.
Nasdaq move into listed stocks.It allows you to buy from all the interlisted markets About Nasdaq InterMarket Nasdaq InterMarket is a quotation and communication platform comprised of multiple Nasdaq market participants that quote and trade stocks listed on the NYSE and the Amex. Through Nasdaq CAES, Nasdaq InterMarket participants are linked with each other enabling them to enter and execute trades in all NYSE and Amex-listed securities via the Nasdaq Workstation II® or an application programming interface (API). Currently one out of every ten shares traded daily in NYSE securities is reported by Nasdaq InterMarket Nasdaq InterMarket comprises Nasdaq market participants, such as Market Makers and ECNs, which quote and trade exchange-listed securities using their proprietary systems, Nasdaq technology, and the InterMarket Trading System (ITS). Through the Nasdaq Computer Assisted Execution System (CAES), participants are linked with each other and gain immediate access to each other's quotations. CAES also provides participants a means of accessing ITS, a system developed to link the exchanges and the Nasdaq InterMarket.
I couldn't agree more. The specialist for LLY must of had a bad childhood, because he wakes up every morning a miserable prick!
Do you even trade? I mean it's sooo easy to look at trading ranges and say "oh wow look at the trading opportunities there is so much money to be made". I mean it's soooo easy to swing trade since there is so much range and it's soooo easy to be on the right side of the trade even if it's moving against you. LLY is a dick and I only traded him one day just to test him out. I did 3 trades. 2 times I was on the wrong side and watched him slowly spread down, holding my market order to let me out at the bottom (as well as some other traders) then come right back up. The third trade I was on the right side (short) and went buy market right before he started spreading down. I then saw big chunks of a total of 750,000 go off and then 2,100 a few cents up. Guess who was part of the 2,100 with a measly 500 shares. If you scalp, you know what that means about LLY.