So you last 3 posts want traders to live in the illusion that the specialist doesn't care about his retail order? Would you also deny that the specialist likes to take out stop losses--albeit it's a known fact?? Well, at least it's quite clear to me there is not much difference between if they see a stop loss, versus their statistics tell them that when a retail traders makes a purchase of a particular size under particular conditions, that he is __% vulnerable to close out the trade at a loss within the next few minutes (or hours, or before the close) if the stock turns against him to a particular level... ...then of course, to make it a no-brainer strategy, via their algortithms. With the specialist controlling bid & ask, and knowing the vulnerability of retail traders, with little regulation or little enforcement, what else is there to expect? If you are as experienced as you seem to indicate, it's shocking you haven't noticed what I am reporting over. Obviously, there are ways to handle this, but it's important for traders to know the rules of the game. YES, the specialist treats trading like warfare! P.s. Obviously, I'm not talking small traders involved in big stocks. Note though, there is a lot of artificial volume.
The best specialists on the NYSE used to be video game players. See that guy in the background on CNBC constantly typing away and looking at a screen in a robotic fashion? I dont believe the specialist can see you or even has time to know your name or brokerage account...but like on any video game you get the feeling and rhythm of your opponent and are able to act in a certain fashion. Trading is really more about playing video games then about logic or anything else. You have to "sense" where the game is going. The specialists dont know you, but they can certainly feel you.
The specialist knows exactly who you are -- exactly how many shares you trade and can "without any doubt" have you buy at the top and short at the bottom. He is able to do this with every share traded and knows every trader's personal pain point. They will screw you everytime and make sure your trade fails. If you have a succesful trade it is because he wants it that way and is leading you on. You do not have any control over your trades at all. The specialist controls each and every share traded. If you are unable to trade successfully it is precisely the specialist's fault. He will allow you to be successful. Do not blame yourself if you fail to trade successfully. Again, a bad trade is always the specialist's fault because he controls your destiny. I hope this helps explain why it is never one's fault in the game of daytrading. If anyone needs help in determining who is at fault when one's trade is not profitable I am willing to help. But PLEASE, don't ever blame yourself. Kev
lol @ this thread i love traders that always look to blame someone else for their failures yes... it's never your fault.....
Bullshit. I have 2 specialists in my immediate family. Both wealthy from back in the day, both now leaving the business. Where do you come up with this nonsense?
You see, you guys dont understand. It's not about blaming anyone. It's about the truth. The truth is that they have the day trader's vulnerability down to a science. But every trader in here is a profitable one and they have never been sucked into a short squeeze as soon as they entered the trade. Of course it is natural for them all to disagree. All you naysayers out there, I got a challenge for you. When and if you take a trade in stocks tomorrow, let the trade go against you. Keep on averaging in as it goes against you. Then suddenly start getting out 100 shares at a time. As soon as you start, the price will stop moving against you. And It will not move in your favor until you get out all your shares and hand your money to the pigs. And I guarantee you, your print will be very close to the highest/lowest print. Try this and you will find the specific built in program that is designed to kill the day trader who averages into a losing position. Oh, and if you had the balls to hold it forever, when it comes back in your intended diredtion, watch carefully right where it stops. Yes, right at your average price. And what do you think the human mentality says? Yes, get out even!! I am not saying you can't make money. But in order to make the big money, you have to have balls of steel and an ocean of patience to persist through all the nonsense that goes on behind the scenes. But of course, you are all profitable traders and we are losers because we are able to discern the truths that you cannot bear.
You think those that do it will tell you so openly? Gimme a break fellas. i aint some newbie. I have seen this shit for the past 10 years. i have seen the market cycles and waded through them. I know the difference between a market cycle vs. constant exploitation of the day trader's psychology.
Great post kev Bespoke yours too. Dont like the specialist? Trade a deep nasdaq stock with 50 or more firms making markets all in different places. Trade an option listed on 6 different exchanges and get that NBBO you're guaranteed. The crying and paranoia here always makes me laugh. I was the $/yen options specialist in Philly for 7 years and I made markets on several options floors, my grandfather was an NYSE specialist for 50 years too, I wish he was alive to read this hysterical stuff.
Shhhhh.....Be real quiet.....I think I hear a specialist outside my window..... I think he's trying to see if I'm reading this thread. He's worried about "getting me" tomorrow.