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Non-Tech : Meet Gene, a NASDAQ Market Maker -- Ignore unavailable to you. Want to Upgrade?

To: gene_the_mm who wrote (51)	7/26/2000 8:20:55 PM
From: IEarnedIt	Respond to of 1426

Thanks Gene for your thoughts. No I do not Day Trade. I do use Level I real time streaming and watch price action. Normally I follow a stock for some time before entry in order to get familiar with the action of that particular issue. I do have my exits pre determined but I do not place GTC stops on rises or falls. If my price hits in a single day, great, if not I usually just wait it out based on fundamentals etc. Every time I have placed a limit on the sell, my limit has been taken out on a run up and I have left too much sitting on the table by doing that. I prefer watching in real time and placing my orders when I see the action IMO is about over and my pre determined gain has been met or exceeded. I must admit that I have too often allowed the down side to go too far and then been in a position to either book a loss I'm not happy about booking or waiting for several months for the price to come back up before exiting. But on several fast moving issues, I have seen the price swing way low and seen what appears to be stops being taken out, only to then watch the issue climb right back up again and sometimes go even higher than before the drop. These are the times when I feel that Level II would be to my advantage even though I don't Day Trade and I guess that is the real reason I was asking the question to begin with. :-) JD

To: gene_the_mm who wrote (51)	7/26/2000 8:54:41 PM
From: Nazbuster	Respond to of 1426

Gene, First of all, thank you very much for being here to help take some of the mystery out of the inner workings of the market. I'm not quite sure on how to frame my question. It has to do with your perspective and time frame for trading. For example, at one extreme, you could be trying to profit from each buy/sell pair; at the other end, you might have a strategy of selling the hell out of the stock all morning and buying all afternoon, with your volume trades creating enough of a gap between the averages to book a profit. How do you approach the trades? What is your strategy and what are some of the intraday circumstances that can make you adjust your trading moves? You have 10 seconds to provide a thorough answer... <G>

To: gene_the_mm who wrote (51)	7/26/2000 11:44:34 PM
From: ISOMAN	Respond to of 1426

and they say MM don't have a sense of humour: If you use 20 min. delayed quotes for day trading, IMHO, you are better off smoking some crack and picking your spots by shooting darts. You need to see REAL-TIME price action if you are going to day trade and be successful.

To: gene_the_mm who wrote (51)	7/27/2000 12:04:05 AM
From: ISOMAN	Read Replies (2) \| Respond to of 1426

Here is a simple queston that I am realy tired of seeing plastered all over Ragingbull, so it would be nice to see a direct comment from a Market Maker... The daily chant on (insert favorite OTC here) if the stock is say 2 cents, they (the touts) are yelling, put a GTC order in for $2 it'll stop the MM from using your stock to short. I say this is phoney baloney and that you guys, #1 don't need their shares to short, and #2 you can't see everyones orders like that, just the ones that our firm is handling. In other words, mash could see any SCH orders.