this is just illegal...

Discussion in 'Trading' started by dgmodel, May 7, 2003.

  1. yep. This shit happens.

    Yet another reason I've gotten away from daytrading stocks and into futures. At least you don't have to deal with the mm's bullshit and games.

    And Grasso the Dick gets a fat $10 million bone on his plate while half his floor traders either are in cuffs, will be or should be.

    Hang in there, guy, we've all had our share.
    #11     May 7, 2003
  2. I'm with the last guy.
    It's crap like that has moved me to trading futures instead of stocks. Still multi-day swinging stocks, but doubt I will do much daytrading in them much.

    First day with NQ today...and I was pretty happy with it. J-Trader takes a little getting used to....but after an hour of tinkering I really got to love the DOME order entry.
    #12     May 7, 2003
  3. don't get me wrong, i have my own long list of bad fills and fakeouts. but futures markets have their own brand of tricks.
    #13     May 7, 2003
  4. dgmodel

    dgmodel Guest

    thanks my man... same to you... GODSPEED to You all...
    #14     May 7, 2003
  5. lol, more tricks in Chicago than Wall St for sure. That folks think it aint so is proof they are better at it.
    #15     May 7, 2003
  6. WinSum


    OMC Specialist likes to eat daytraders for lunch. I fell for his tricks a couple of times. Don't trade that stock if you can't read him correctly. There are other fairer specialist to trade with. Even David Finnerty, the GE specialist who allegedly screw his customers, will give you a better fill. I have more winning trades with GE than with OMC.

    Watch out for OMC trick #1: He will drop the stock fast and steep on no news to shake weak hands out of their long position. It's his way of telling you that he wants to cover his shorts that he just sold to you at a higher price and now wants to buy it back at a lower price. This is the best time to go long, if you can read the tape correctly.

    OMC trick #2: When he has a large sell order, you will not see an uptick for opportunity to Short the stock. If he gives you an uptick, it is usually a trap for Shorters.

    The only time that I enjoyed watching OMC trading is when Warren Buffet's trader was accumulating the stock. That was fun.

    To put it all in perspective, OMC is not the worst specialist. Trying trading with the FS specialist is worse than trading with OMC. It has lower volume, so you are more at the mercy of their games.
    #16     May 8, 2003
  7. the thinner the stock, the worse the games are

    i've traded listed stocks that do ~50k/day, and the experience made me want to go down there and beat the hell out of whoever was in charge of the stock
    #17     May 8, 2003