Traders beware island scam

Discussion in 'Order Execution' started by Hitnruntrader, Aug 31, 2002.

  1. I disagree; capitalizing on mistakes is what we do.

    If I sell a market that is tanking, and someone else buys it from me, and it continues to go down; he made a mistake that I capitalized on.
    #21     Aug 31, 2002
  2. "Blame" isn't the issue. I am responsible for the way I do business.

    A keyboard error is a clerical mistake. Perhaps I should have used that term instead.

    The final point really doesn't apply, I think.
    #22     Aug 31, 2002
  3. Jeez, isn't that how we picked of market makers back in the early days of SOES? Nobody thought that was unethical but the Market Makers.

    Modern electronic daytrading was made popular by the "SOES Bandits" that used better software than the brokerage firms. Was that unethical too?
    #23     Aug 31, 2002
  4. He has a different opinion of the market than you do. That is not a clerical error. An error in judgment perhaps, but that is a whole different ball game. Errors in judgment and their corrections are one way that traders get paid.
    #24     Aug 31, 2002
  5. apples and oranges.

    Market makers were (and perhaps are) defrauding people by failing to live up to their titles. SOES trading was born as a free market solution to this abuse.
    #25     Aug 31, 2002
  6. Let's agree to disagree on this one.

    #26     Aug 31, 2002
  7. sure. but see my edit, please.
    #27     Aug 31, 2002
  8. In our shop we do thousands of trades a day; every day we probably have ten to twenty entry errors that someone picks us off on; it is part of the business.

    We make a business of picking off MMs; and sometimes they pick us off ...
    #28     Aug 31, 2002
  9. dude....its 10.30 EST and you are at your computer on a SAT night???? Live life much?
    #29     Aug 31, 2002
  10. yes. thank you for your concern.
    #30     Aug 31, 2002