A Quote by Steve Wynn
I have very little respect for the integrity of the trading on the exchange in most stocks. And I have particular disdain for the fact that the SEC has failed to deal with high-frequency traders who are doing nothing more than taking advantage of inside information, a buy or a sell order, because of technology advantages.
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We built a market at IEX that does not sell certain types of technology advantages to high-frequency traders, and as a result, the high-frequency traders that didn't rely on buying those advantages trade on IEX.
In a flash order transaction, buy or sell orders are shown to a collection of high-frequency traders for just 30 milliseconds before they are routed to everyone else. They are widely considered to give the few investors with access to the technology an unfair advantage, even by some of the marketplaces that offer the flash orders for a fee.
When you buy enough stocks to give you control of a target company, that's called mergers and acquisitions or corporate raiding. Hedge funds have been doing this, as well as corporate financial managers. With borrowed money you can take over or raid a foreign company too. So, you're having a monopolistic consolidation process that's pushed up the market, because in order to buy a company or arrange a merger, you have to offer more than the going stock-market price. You have to convince existing holders of a stock to sell out to you by paying them more than they'd otherwise get.
We can prevent unfair advantage, and we can avoid the destabilizing effect that high frequency trading can have.
When we had the 'flash crash' in 2010, where the price of some stocks briefly fell to zero, high-frequency trading played a big role in that event.
Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.
Between eigtheen and twenty, life is like an exchange where one buys stocks, not with money, but with actions. Most men buy nothing.
Successful trading depends on the 3M`s - Mind, Method and Money. Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets. Each trader needs to have a method for choosing specific stocks, options or futures as well as firm rules for pulling the trigger - deciding when to buy and sell. Money refers to how you manage your trading capital.
Of course, the discounting of future earnings should hurt all stocks. But it should hurt technology stocks more than others, because so many of them are valued at extremely high levels relative to their current earnings.
I think that there are changes that have occurred in technology that make is that more people can have the same level of information that I have. My advantage is that I'm very good at interpreting the information.
Much like Warren Buffett has said very famously - he doesn't buy technology stocks because he doesn't understand them- I will not buy consumer goods companies because I do not understand them.
Technology is something we buy to sell to the customers. Ericsson, Nokia and IBM do technology for a living, so let's give it to them because they know best. It has made the business model of Bharti very, very sustainable.
Creating a Financial Transactions Tax would go a long way to curbing short-term speculative trading, including high-frequency trading.
When the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis Trading, deserves a prominent place in it.
Allowing short selling is allowing people to sell - instead of having to buy the stock and then sell it, which doesn't do much; allow them to sell it, and then buy it. In which case they can express that information and the idea is that you would get more accurate valuation of companies by letting people express both their positive information and their negative information through either long or short selling.
...I do like the low frequencies. It's from years and years of observing audiences when they hear a lower frequency coming from an instrument it tends to pull them in. You have to listen a little more attentively. High frequency instruments hit you so hard, after a while the ear has a tendency to want to shut down. And that's what happens. I've been able to observe very carefully how people tend to get very tired of listening to high frequencies a lot.
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