I agree with what you are saying. It can be very difficult on ET to separate those that are truly good and successful traders (as I know Dustin is), from those that talk a good story and are really clueless. For the excellent traders that choose to post on ET, we should be happy with any nuggets of information that they care to share. Unfortunately, it is very difficult and time consuming on ET to separate the good traders from the newbies. I started a feedback thread a year or so ago, requesting that ET develop some sort of peer ranking score or feedback system to help people easily determine the overall usefulness of a poster, without having to spend a lot of time reviewing their posting history. I think that this would be a good idea to implement, but it didn't seem to get much traction. -Eric
Well, they've "allowed" every whacko to go long forever, and how have they been doing the last 4 years or so....LOL. In a more serious note, however....we try our best to teach new people that we have a market that goes "up" and "down" every day, so we need to think of "entries" and "exits" as opposed to always buying first....and I have a hard time getting new people past the "buy first" mentality. Don
Since Dustin is a system trader, the comment does not mean much to a discretionary trader, who I believe is hurt by the new rule. I agree that system traders can benefit from it. We have not seen yet any discretionary trader remark about the improved tradeability of the affected stocks.
With all due respect EricP, saying he made 7% more in one day was about as useful a piece of info as me saying buy high , sell low. Not ragging on the guy, but it was posed as if it meant something and it didn't
We've modified our pairs spreadsheets to reflect the Pilot "A" list, and I have been able to execute the shorts more quickly, FWIW. Don
Yes, well said Don. FWIW, i'm giving mostly all my business to the Pilot "A" stocks, as I'm sure others will. Pilot "B" stocks should get on the bandwagon as soon as the nyse think-tank figures it all out.
The fact that the A list stocks are excuting faster was a given. Hell you can Nx short if you want. Just what we needed more mooks panicing up the tape rather than reading where the spec is trying to take it. Its only been two days so it will take time to work it out, but trying to read some of the A list stocks right now, has been tricky. It seems that without any shorts to clean up the bounce nx monkeys are trying to bid up any 5 cent move down. The spec will sweep em down, but they just rebid it up because the book remains light. The seller seeing it backs off and executes their bids at the higher price. Smart move on his part. I have no idea why they continue to bid em up when they keep getting executed or even worse swept down, but they do. I thought the uptick rule was completely outdated but abandoning any kind of test all together wasn't necessarily the best idea in my eyes. I always liked the Naz rule.