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re: "Wall Street has gone insane."
Posted on 4/21/14 at 11:13 am to LSURussian
Posted on 4/21/14 at 11:13 am to LSURussian
quote:Well frick. A dose of rationality!!!
I agree. And I'm willing to let them make that money just because of the extra liquidity they provide to us individual investors. Without HFT, the bid/ask spreads would probably double (at least) and we'd end up paying more for what we buy and getting less for what we sell.
1
Posted on 4/21/14 at 11:20 am to ShortyRob
HFT costs institutional investors a tiny bit but it helps us individual investors much more. The bid/ask spread for most NYSE stocks <$100/share is $.01/share. ONE PENNY!!!
Stocks used to trade on the 1/8 system, as in
$12-$12 1/8 bid/ask spread or $.125/share between bid and ask prices.
Posted on 4/21/14 at 11:32 am to LSURussian
quote:
Without HFT, the bid/ask spreads would probably double (at least) and we'd end up paying more for what we buy and getting less for what we sell.
So a market must be rigged in someone's favor in order for it to function properly. Gotcha.
Posted on 4/21/14 at 11:37 am to UncleFestersLegs
quote:0/10
So a market must be rigged in someone's favor in order for it to function properly.
Posted on 4/21/14 at 11:48 am to LSURussian
So just to clarify, HFTing is the process of getting in front of a market order and positioning the trade on the profitable side.
Question: how doe HFTers know the trade position before it hits Level II (or Level III)?
Question: how doe HFTers know the trade position before it hits Level II (or Level III)?
Posted on 4/21/14 at 11:52 am to GumboPot
quote:I think there's more to it than that.
So just to clarify, HFTing is the process of getting in front of a market order and positioning the trade on the profitable side.
It also has to do with trading across different exchanges where there is a slight, we're talking fractions of a cent, difference in price between the exchanges.
Posted on 4/21/14 at 11:55 am to LSURussian
quote:
It also has to do with trading across different exchanges where there is a slight, we're talking fractions of a cent, difference in price between the exchanges.
Makes cents...I mean sense.
Posted on 4/21/14 at 11:57 am to LSURussian
With all this trading, how do these HFTers avoid wash trades? Or do they fall under a different tax category where wash trades don't apply?
Posted on 4/21/14 at 11:59 am to GumboPot
They probably just declare the trade to be a wash trade and not take it as a loss off of their profits, just like I do.
Wash trades aren't illegal, just not subtractable from trading profits.
Wash trades aren't illegal, just not subtractable from trading profits.
Posted on 4/21/14 at 12:04 pm to LSURussian
quote:
Wash trades aren't illegal, just not subtractable from trading profits.
So if I buy MSFT at 25 and sell it for 30 I make a profit of 5.
If I later buy MSFT at 30 and sell it for 25 I make a loss of 5.
All within a month.
I have to pay capital gains on 5, right?
Posted on 4/21/14 at 12:09 pm to GumboPot
Right. If it's a wash sale you don't get to net the loss against the gain you made.
Posted on 4/21/14 at 12:16 pm to LSURussian
quote:
Right. If it's a wash sale you don't get to net the loss against the gain you made.
Wash sales have always confused me form a tax perspective so I just avoid them. That is, once I sell a stock I stay away form it for 30 days. I just found a good example by invstopedia: LINK
Posted on 4/21/14 at 12:19 pm to GumboPot
I use Schwab's trading platform for almost all of my stock trades (with a few by TD Ameritrade) and I just let Schwab keep track of the wash sales. When I do my taxes on Turbo Tax, the Schedule D has a column denoting wash sales and I just go with what Schwab says are wash sales.
This post was edited on 4/21/14 at 12:36 pm
Posted on 4/21/14 at 12:25 pm to LSURussian
I use TD Ameritrade. As you probably know they too designate wash sales. My first year of trading I kind of screwed myself out of about ~$500 on taxes because of wash sales (just because I didn't understand the rule). Oh well.
This post was edited on 4/21/14 at 12:26 pm
Posted on 4/21/14 at 2:23 pm to GumboPot
wash sale losses disallowed are adjusted back into the cost basis of held shares so you can take them in the future, IIRC.
Posted on 4/21/14 at 3:24 pm to Jim Rockford
This is why I only invest in Houses and Lots
Whore Houses and Lots of booze!
:rimshot:
Whore Houses and Lots of booze!
:rimshot:
Posted on 4/21/14 at 3:48 pm to UncleFestersLegs
quote:
And while Converge Towers LLC is a subsidiary of BCG Cantor Fitzgerald
Was it just coincidence that Cantor Fitzgerald lost 658 employees on 9/11, including CEO Carlton Bartels, who held the patent on the unique software which would be used after his murder by a competing company to set up the Chicago Climate Exchange?
The Carbon Disclosure Project (CDP) located at 10 Downing Street is expected to generate between $50-60 Trillion – and is 50% owned by CCX, funded by the Joyce Foundation at which time Barack Obama was a board member.
Yes, trillions of dollars will make folks go insane.
LINK
LINK
Posted on 4/21/14 at 3:54 pm to TX Tiger
quote:
Was it just coincidence that Cantor Fitzgerald lost 658 employees on 9/11, including CEO Carlton Bartels, who held the patent on the unique software which would be used after his murder by a competing company to set up the Chicago Climate Exchange?
so what are you saying?
(this should be interesting)
This post was edited on 4/21/14 at 3:56 pm
Posted on 4/21/14 at 10:44 pm to Choctaw
quote:I'm saying that left vs right is a diversion to keep us fighting amongst ourselves while greedy bastards go insane and will do anything when that much money is involved.
Was it just coincidence that Cantor Fitzgerald lost 658 employees on 9/11, including CEO Carlton Bartels, who held the patent on the unique software which would be used after his murder by a competing company to set up the Chicago Climate Exchange?
so what are you saying?
(this should be interesting)
Posted on 4/21/14 at 10:50 pm to Lsut81
quote:Yep. Brokers get a big cheezy grin when they see a market order. Limit orders only please.
You should NEVER do a market order... Easiest way to get Fd in the A
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