JOE SALUZZI on high frequency trading-part 2 of 3

[shaunshaun88]

90% of traders lose......since most of the traders use algorithms, it also means they are the majority losers....pure technical trading is the best way to trade rather than using codes to trade...

[SigmaHFT]

Asking Joe Saluzzi on his opinion on HFT is like asking a Klu Klux Klan member on his view on the racial equality directive

[fredocorleone]

I found that if I put in an opposite, huge order in first - even at an unrealistic bid or sell price that probably won't ever get filled (for example: I bid to buy 50,000 shares at $1.35 for a stock trading at $2 - to counter my real, smaller trade to sell 5000 shares at lets say $2.02 - I can get a good, temporary price bump on my limit sell order,) Then I chuckle to myself, and cancel my "fake", large, counter order after my real limit order gets filled. That's my own algorithm...:)

[ninuxy]

@fredocorleone If you bid for such low price on large scale, aren't you effectively driving the price down?

[westsan]

@fredocorleone Are you saying that he is taking a klan-like position? GMFB

[nevous8]

This will be a problem in future trading, aside from flash...

But talking about rebate trader - rebates are generally .002 per share. market orders cost about .003 - if ecns gotta fork more dough to let these rebate traders happy market orders will be more expensive. and if its too expensive... who will place a market order?