WTF is that about? Before this letter, bullets were gray area not they are illegal . What other versions could there be? Whoever is doing this is threading dangerous ground. My best guess is they are probably using mixed strike conversions. In the event of an audit the SEc is going to say why in the world are you putting mixed conversions and they will say ahhhh. to beat the uptick rule and then SEc will say ok how about $1000 per violation. Game is over folks get real, get trading w/o those crutches. I am adapting I am going to the floor...
Well "going to the floor" is not exactly "adapting," now is it. Going to the floor means you know someone who got you a nice job, and you will be able to see what is going on down there. Stop lecturing other people then!
Is it true that elimination of bullets have put hold brothers on the brink of closing their doors. Their capital is almost down to the lowest levels alowable and they are asking their traders not to take out everything in order to help out?
Hey I missed boat simmer down now. I am not lecturing. I am just a little peeved that the marketing arm of some firms here are trying to re-package something that at this point should not be packaged you know why? coz THE SEC says using options to go around uptick rule is ILLEGAL ! A while ago, they were a don't ask don't tell gray area. As such, that should not be brought back since people can get hurt down the line when audit time comes around. As far a what you call "adapting" by going to a different venue. I see nothing wrong with it. You see, unlike traders who are good or worse yet, think they are good. I think.. no I know that I suck ias a trader so I continually look for a game that is fairer to me that most other participants. If you can prosper in a more fair field, more power to you, you are a better man than I.
By the way , if you think going to the floor means someone got you a nice job, you are so way off. How long have you been in the trading business? Going to the floor means you have to have your own 25-50K to risk, another 1K-2K/month as seat lease, pay a clerk 30K/year, not to mention spit at, stabbed at, lose your hearing,etc. It never was a cushy "nice" job.
1) Leaverage 2) Leaverage 3) Low commissions 4) Not necessary to record individual trades all year for tax purposes 5) Great personal service
Why would that be the end of day trading? If we as traders cannot adapt to the changes today and those that WILL occur in the future than we should not be in this line of work!
I don't know anyone on the floor at nyse, but I've known people on the floor at other places, and they did not have to put down what you describe. Of course any floor is hectic, but what is "nice" is that you can see what is going on, who is buying/selling, and what the real sentiment is. That is obviously a huge advantage. If you prosper more power to you. I'm just saying that comparing your situation now to the rest of us (whom you are telling to "get real") is not very appropriate given that you are heading to the floor (and that advantage includes consideration for the 25k-50k at risk, since not everyone even has or can get that kind of money).
What happpened? Did they fire you? 2 of your 3 posts seem to be pointed at posting remarks about Hold Bros that would cause others to doubt their strength. Do you think were stupid here? Are you using this as a platform to get even with Hold Bros? Michael B.