Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Jim Grajek who wrote (3389)	7/19/1998 8:52:00 PM
From: steve goldman	Respond to of 4969

Jim, First,..from the Final Frontier regarding upcoming changes in size to start.... Step one...submit that SNET preference...(while SNET still exists), step 2( to be completed the moment you hit the enter button), pick up the phone and dial a mm on the inside and ask them for a firm quote for size. The benefits of phone based trading become even more signficant, not simply on size and a fast moving market. So while many did not understand why I felt that in tough/fast/thin markets, dealing with a broker dealer who could trade via. phone with/against a market marker, obligating them to hono a quote, was superior, some are going to get quite a taste of what dealing with a firm that doesnt offer phone-based (b/d to b/d) trading. Bernie and I spent today discussing how we would be handling various orders, sizes, etc. given the present changes to the Nasdaq, trying to determine what courses of action would produce optimal results. I gotta tell, you can plan all you want, nothing will teach you more quickly than the first 100 trades of the day in such a market. It'll be interesting to say the least. For daytraders out there using direct entry/direct order systems, it is critical to know how your firm is coping with/addressing the changes in the system, how quickly you can get an 'out' on an order and how quickly you can reroute an order to the next best market. etc. havent seen many addressing the issues. Hopefully the curve wont come at the expense of investors's profits. As I said, the most important component for any active trader will probably be the ability to get instant feedback and reporting on trades and more importantly, the ability to put in a cancel for a particular route and then immediately reroute. I thought technology and promulgation of rules were supposed to take us forward..not back! Well positioned, we'll fair more than fine! As always, if i spot any trends, or can come up with some suggestions, I'd be glad to present it. We'll probably host some chat session so as to do it in real time. Regards, Steve@yamner.com

To: Jim Grajek who wrote (3389)	7/19/1998 8:57:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 4969

Jim, Herd mentality rules unless you are true player for size...ie..you are a mm, you are bidding 10 with 12 others..you are 9th in line...you start seeing a few prints on bid and seeing mm steppng away...could be a seller calling around or preferencing on snet the various mm on the bid for stock to go...some do the trade, others say 'stock ahead'...so quickly they move...you dont wait around for someone to call you...your phone rings, 'sorry, no there, just changed my quote, you're late'. IN a falling market, like anyone else, mm dont want to buy...in a rising market, they dont want to sell. A few things I do...1) hypothesize (right word?) all the various scenarious that you can..2) look at times and sales , look for size, succession, prints below bid, etc 3) then pick the top two or three scenarious that look like they occurred...if you cant live with those three, dont get involved... The only parties that know what is actually going on are those who are buying or selling...want to know yourself? put some capital to work and bid for stock? did you bid get smacked? do you own stock, well , now you know there is a seller or someone that wants the stock lower! BTW ...someone emailed me with a few suggestions: a few were 1) to try to check my spelling 2) to use full sentences because they had difficulty following some of my posts... First, I do try to check my spelling, unfortunately, given the frequency with which I post up here, if I was grammatically 100% correct, i'd be teaching English...as to partial sentences, thoughts, well, I make a few assumptions a) that many up here are above the novice level and saying something like '10 bid 3times' is clearly understood by all. That is wall street. Concise, clear lingo and jargon, to the point, easily understood by whichever, whatever firm/trader you talk to. Partial sentences, lack of verbs...well, if you dont understand my line of thinking, please ask, i'll rephrase...if you understand the line of thinking but simply cant stand to see such poor usage of the english language, trust me, i cant be taught and if you thought my posts were long, imagine what they'd be if I used complete sentences! I do apprecaite the suggestions though! Regards, Grammatically challenged, Steve