What Really Drives Prices? RAMOUTAR REPORT VOL. 6

Discussion in 'Psychology' started by RAMOUTAR, Aug 13, 2003.

  1. #11     Aug 13, 2003
  2. Since reading it, I've always remembered momo's last line---page 7 of plumlazy's link.

    Bruce
     
    #12     Aug 13, 2003
  3. RAMOUTAR

    RAMOUTAR




    I definitely agree with you, ”day boyz” certainly abuse the many privileges they have to use direct access trader orderflow in their favor. I made markets fro approximately 4 months in between my transition from stockbroker to “soes” trader in 1995. The games these guys played was so damn obvious, and back then no one really cared. I traded with and worked for the firm that recorded conversations that contained verbal “threats” by market makers, because we used to cut down the spread, which in essence cut their profit potential. The NASD has certainly placed the interests of the market makers, before their responsibility to protect the public. The SEC threatened to dissolve the NASD, and take over. The SEC censured and fined the NASD, the first time in history that an exchange was censured and fined. Later after much investigation, 40 plus market makers (including all of da boyz) settled for $1 BILLION, the largest settlement (outside of tobacco). Many traders got back their fair share of that money.

    You can see the documentation here:

    http://www.nasdaqlitigation.com/

    http://www.sec.gov/news/speech/spch398.htm

    I’ve definitely witnessed GSCO and the like hold up stocks for 100 shares with reserve for millions. I’ve got lots of scars on my knuckles from punching monitors, and have broken lots of keyboards. In 1997, three traders and I called DBKS (old Deustche Bank MPID) and asked for the guy who makes ERTS. He answered and we asked what the F… he was doing and told him we would wait for him outside of his office. The head traders at GSCO made all of their traders read “The SOES Bandits Guide” and made many of them take the training classes.

    The game has definitely changed; along with TA I use other indicators, and also monitor the buy and sell side “axes” (da boyz). I use S and R to plot entry and exit, and like you say look for confirmation from da boyz. These guys definitely use the self-fulfilling prophecy of TA and their very one sided privileges to spike it down or up and shake everyone out. That’s one of the reasons I started swinging more, after 8 years of daytrading. I like getting on the hayride as it starts to move too…by watching da boyz you can sometimes see when they’re about to tip it over or set it on fire :) .

    BTW….if you thought your post was ignorant and malicious then it would be nice if others were as ignorant and malicious as you :)
     
    #13     Aug 15, 2003
  4. lundy

    lundy

    #14     Aug 24, 2003
  5. maxpi

    maxpi


    Support and resistance are really specialized demand and supply price levels so I submit that you could shorten the list above to 4 items. As an aside I would lengthen the usual list of emotions involved in trading (greed and fear) to 3 by adding sloth.

    :)
     
    #15     Aug 25, 2003
  6. Dear Trend Fader,

    Things are perhaps not that simple. Following your argument could one not say the worst markets are trending ones? That's how everyone lost millions from 2000 staying in tech. I realize that I implicitly switched your word "trading" to "staying". I did not mean to play a trick on you but the common guy did better by not "trading" too much prior to 2000.

    Before you can make money in any market you should know what you are doing and what fits you best.

    Nononsense
     
    #16     Aug 25, 2003
  7. simstim

    simstim

    sorry to be off-topic, but is this the real jai ramoutar? he worked for all-tech when the unfortunate mark barton incident occurred.
     
    #17     Aug 25, 2003
  8. RAMOUTAR

    RAMOUTAR

    Yes you're correct.
     
    #18     Aug 25, 2003
  9. lindq

    lindq

    For many traders, including myself, this isn't the case at all.

    I find my opportunities - and they are plentiful - when support breaks down and fearful longs rush for the exits.
     
    #19     Aug 25, 2003
  10. RAMOUTAR

    RAMOUTAR

    The statement referenced trend. I too find many opportunities in breakdowns, especially the pullbacks. I'm finding more breakdowns and pullbacks, as price action tightens up in the larger timeframes.
     
    #20     Aug 25, 2003