You forgot to add the end: And then we wait for 1987 style crash. Nobody pick up the phones stock drops 20% in a single day. People get to your senses. There was no manipulation then? How about going back to 1929. There were no computers then. I guess you could still ride a horse on Wall St.
99% of the public is riding a horse while the 1% who can afford millions a month in computers, co-located servers, data feeds, etc. get the privilege to sub penny our orders and pull quotes without filling in a nano second. A horse against the space shuttle. Hardly an even playing field.
Are you saying that today's market is an even playing field for all participants? From the tiny etrade account, to large retail and prop, to Getco's co-located boxes? They all see the same data at the same time, and have the same odds of getting fills? Simple yes or no .
Just what about phantom volume, stuffed quotes, etc., by hft parasites makes today's markets a level playing field? These "liquidity providers" are running on borrowed time IMO.
I am the 99% and can afford computer, data feed and trading cost is very low compared to old good days. Simply put barrier of entry is low and that what scares some on Wall St. They want to use HFT scare as a Trojan horse to limit access for independents. And you guys are falling for it. I am better off with HFT because spreads are tight and liquidity is there. So if they give or take a penny so what. They always did with or without HFT. Overall it is a win for me.
actually with small orders you have a higher probability of getting filled. read the post by vicirek. you probably need a bogey man for your trading performance.