sounds like the old days when i was in retail, I had some old clients acting like day traders would stop the market from moving in their direction.... what idiots. doesnt mean they werent nice good people as i am sure most these twerps on et are.
I have to disagree. Trading has clearly changed, although most <5 year traders here wouldn't know it. I can guarantee if you bring back fractions and Grasso we would all make more money. These algo's take all the low lying fruit. Of course there's ways to make money still, but the golden days are gone forever.
it better to have a private free market solution than the heavy hand of an imposed government solution.
the reality is that you have been unable to develop new niches for yourself. in the good ole days most traders were also losers. it is the way of markets to turn most traders into losers.
I'm finding new niches all the time, but find they come and go quicker. Like I said, there's ways to make money, but overall we'd all be better off in the market of the 90's.
Very true bro, even early to mid 2000's were pretty OK. Although I do think a large part of it is lack of retail order flow since the financial crisis. I can't really scalp anymore, not the back and forth, bring the bid up and just whack it on a different ECN kind of shit anyway, have since switched to swing trading... I hope those days come back though, that was easy money
Dude, I get that you have an agenda to push. But can you clearly not see the difference between phones ringing off the hook and pinging a server with tens of thousands of quotes? A more similar analogy would be 48,000 people all storming one single Burger King or McDonald's to place a (fake) order at the exact same time. There would clearly be an unfavorable event.
Processing the message to see that it is one you want to ignore should take the same effort as processing it to record the quote change. It's not like you can prevent the message from coming down your pipe. So if you deny service to one person, you deny it to yourself as well. For all Nanex's pretty graphs and doomsday language, they've never articulated how this stuff could be used by anyone for profit. They're just running around saying a conclusion lots of people want to believe ("the evil computer is stealing from you") with no evidence. To me this looks like to one or two people had programs that got caught in a loop. If their traffic was harmful to the exchange, the exchange has the ability to cut them off. As another poster pointed out NASDAQ and EDGE are going to try to curb the amount of messages they receive starting May 1 (although EDGE's rules don't apply to their market-makers) . Also, strangely, for EDGE if you send a billion messages but don't execute ANY shares, you won't be charged.