|Moderated By: DizzyG -- (Not Moderated) -- Started: 8/28/2000 5:01:07 PM Revision History|
Gene's Welcome Message:
I sure hope that I can live up to all of your expectations. Yes, I am a NASDAQ market maker and I make markets in mostly high-flying tech stocks, and a few small-caps. I run a small trading operation in New York City and I have been in the market making business for about 7 years now.
My experience is vast and I have worked at the entire gamut of firms. I know how and what motivates the big firms and I know how the small firms survive.
I also like to consider myself a trader first and a market maker second. I have read about 70 books on trading, mainly regarding day trading, as I personally feel that MM's who do not learn to trade as the day traders do will not survive in the ever-changing NASDAQ market. That being said, I am 100% for day trading and I believe that they keep MM's honest. I say, the more competition over order flow the better. Too much power in any area will breed corruption IMHO. That being said, if you are one of the brain-washed 'conspiracy theorists' then you had definitely back up your accusations with some proof. You should all know that one of my original motivations for posting on Raging Bull was to try to eliminate the ignorance I saw by many newbie investors. As a trader, it if FIRST and FOREMOST your own responsibility to be accountable for YOUR OWN actions. I have, and will continue to be very critical of other viewpoints if they are simply masked 'finger-pointing' and not legitimate complaints that they want to voice.
I apologize in advance if I sound obnoxious or harsh in any way. I simply want readers to understand how I feel about these subjects. Now, you can feel free to ask me about ANYTHING you want and I will answer you with as much candor and honesty that I can. However, because of the ridiculous amount of frivolous lawsuits and gold-digging lawyers I see suing posters all over the internet I will refrain from making any personal recommendations in stocks that I, or my firm, makes markets in. However, if you are asking MY opinion about something than I will try to answer (about how I feel about a stock, etc.).
I am looking forward to an intelligent discussion about anything and everything regarding market making, the NASDAQ markets and trading strategies.
I wish all of you enjoyment in reading this thread (please suggest a better title and category...I am new to SI).
Gene's Ground Rules and Disclaimer:
Let me fill you in on some ground rules though. I put a call into the NASD's market regulation department based on some posters comments. They brought up some good points as to what a registered representative (all MM's are registered reps - aka Series 7, Series 63 and some with Series 24) can and cannot talk about in a public forum.
Therefore, for one, I have been told that talking about specific securities and even my opinions might be considered a 'grey area'. Anything GREY, I won't venture into. Another area they mentioned that was no-no was talking about specific firms and their particular styles and tactics. With that in mind I will from this point forward avoid any questions along those lines.
Please keep your questions abiding by these guidelines and not about specific stocks any more. I have talked with several people and speaking about market specifics, trading tactics (general), and laws and rules are all OK provided that I preface what I know with it being only MY OPINION.
I will again state my DISCLAIMER that I do not know all the answers, and that anything I do post here should never be taken as the FINAL WORD. OK? Everyone clear? It means you should STILL do your own research on aspects of market regulation and compliance.
NOTE: If you are wanting answers from Gene, please direct your questions to gene_the_mm not to me.
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