No, Dan, that's not true. I've read it all on Silicon Investor, Raging Bull, and Yahoo, and here's what I've pieced together:
Market makers are guys who are paid to ruin other peoples' day. They'll sit there, and they can see each individual's specific order (as well as their name, the amount of money in their account, etc.) which they either mishandle, move their market against, or both - usually they ask the other demons, I mean market makers, around them for input.
Oh, but wait...when an individual's trade is profitable, it's because the individual was better than the market maker. Yup. But like like the old saying among perps that "no one is guilty behind bars," no one is a bad trader in a dealer market. So if one of them loses money or has a bad trade, it HAD to be a conspiracy, right? Of course.
And after a few hours, the market makers go to lunch or dinner. And do you know what they eat? That's right.
Puppies.
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