Christopher Smith:
"In a small float/thinly traded penny stock like those that this thread favors, 700 shares could most definitely move the market and force someone else from this thread to pay a slightly higher price."
Now really Christopher!!! What is your real agenda on the 56 threads. You seem to be the felon calling the shoplifter a thief!!! On December 14, 1997 in one of your posts on the #1 Day Traders Site - The Final Frontier you stated:
"Most of my job is executing customer orders. Example: a
$10 billion mutual fund will call, wanting to buy 50,000 shares of a stock I trade. My job is to buy those shares from other MM's, other customers, or the "street" (retailers offering small lots, such as soes traders or deep discount brokers). I will try to buy as many shares as cheaply and as quietly as possible. I will then figure out my average cost, then sell the block to the customer (in this case the mutual fund) at a slightly higher price....often the current ASK price in the market for the stock. The same principle applies when I get an order to sell stock from the customer...I will immediately begin selling/shorting the stock out of my own account. When I have sold/shorted the amount of shares the customer wants to sell, I buy the block from the customer at the BID price in the market for the stock, thus covering my short. I do this all day long,...."
You have quite a bit of audacity to question the intent and ethics of the members of this thread Christopher. Is front running your own clients ethical? Intentionally running the price up/down on a 50,000 share stock order that you receive from your own client makes you how much money Christopher? Isn't front running your Client against the securities law? How much money does your client pay you to be treated like this Christopher?
Won't 50,000 shares move a market much faster than 700 shares, since the way you short sell the stock and then buy your clients shares at a reduced price actually results in a 100,000 share transaction?
RADAR |
