Informational Post:
I was contacted yesterday by another SI person about a 'trading collective'. So that others may be aware of it, my response, and do their own due diligence in case they are contacted, I post their pm and my response below:
To: LastShadow
From: 1-DAY-TRADER
Sunday, Jun 6 1999 1:09AM ET
Dear Last Shadow: Please read this PM and respond to us ASAP :))
Please re-think this all over:))
We are inviting you to please join our 52-member "Cooperative Trading Group" which
has been formed within the last 3 months. You will be a great asset and a leader in our
group.
*** Together, we can beat those corrupt MM's. ***
Also, together, we can ensure that we wont have opposite positions on any stock, thus
ensuring making money in as short time as possible.
The idea of the "Cooperative Group Trading" is as follows:
Can you imagine if ALL the major posters like yourself, tom hua, Auric Goldfinger,
Zeev
hed, Mr. Pink, PLUVIA, Peter, Last shadow, Roger babb all met in one chat site and
agreed
on 2 or 3 picks for as shorts or longs ????????
It would surely be a great hit.
This is what we are trying to do now.
So far, I have the green light from Zeev hed, Tom Hua, Pluvia, Roger Babb, Auric
Goldfinger, David_S, Dr.suess, peter V, KM, CRAIG, along with about 52 other
retail investors with whom i constantly send them PM on daily basis as to what our final
picks are for the next day to a week.
Examples of our sell short hits were:
ISSX, ITVU, NETE, MZON, PDX, PAMC, CUST among many many other
winners.
You can imagine then the effect that would have on the MM's :)))))
We mostly like to short stocks, but we also go long in cases of almost sure wins.
We are now in the process of enlarging our power base with MAJOR SEASONED
TRADERS like Auric GF and Tom Hua, Mr Pink, Last shadow, and zeev hed.
Current Goals:
(1)We are trying to gather every major poster like Mr.Pink, A@P, Roger babb, Last
shadow
and their peers into ONE chat room for an hour or 2 each night to discuss the picks for
the
next day or week, then we will post our picks on newly designed thread for this
purpose.
Thus, the more successful we are, the more money we make for ourselves and for all
other
small investors, thus the more credibility we build, thus the more followers we get and
so
on.
(2) maximize our small followers e-mail list to at least 500 ( for maximum effect on
manipulating and corrupt MM's )
(3) Also, we are trying to be connected to each other on icq , which provides paging
and
instant msgs with an audio alert to get attention in case one is too busy watching the
market.
here is the link for icq
ftp://ftp.icq.com/pub/Win95_98_NT/icq99a.exe
just copy/paste, and then send me your icq # to add you to the list.
my icq # is 14547160
Chat site conference room link is : daytrading.cjb.net
-------------------------
It would be great if you can join us and help us achieve our goal by inviting
other posters whom you trust and respect. Just ask them if they like the idea,
then send me their names to officially invite them and add them to our mailing
list.
Finally, please, send us your feed back on this idea ASAP
best regards
mark
MY RESPONSE:
I have a few problems with the premise and concept:
1) I don't see this as any different from any other pre-arranged stock picking group that would offer their picks to subscribers or other members. The obvious conflict being that there is no way one could guarantee that you or someone else in the inner circle isn't buying ahead to sell on post. That it is after hours is meaningless as I have at least three brokers who will fill late order and preopens for me. That alone would give the SEC grounds to investigate.
2) You have no name posted and therefore no ability for me or anyone else to determine the legitimacy of your efforts. No slight intended here, just a personal caution on my part.
3) I don't believe there is a concerted effort by 'corrupt market makers', floor specialists, or any other group to fleece daytraders. It doesn'twork that way. On the two occasions in the last five years where I questioned a fill it was corrected by a single phone call from my broker to the floor. On the one occasion I didn't get filled by a broker because he entered a Good for Day instead of good until canceled order, he made good on it.
4) I know a lot of people on SI, and have had contact with most of them over the years. Although I personally like a lot of them, I also know that a few of them would take advantage of this as listed in #1.
5) Right now I am managing a private fund and as such cannot conscionably participate due to a possible conflict of interest - consider that I were long on a pick and could get others to collectively support it? Another frown by the SEC - and for good reason.
Sorry, but no thanks.
lastshadow |
