Cool:)
Some time in my early teens BAISC was not enough for me any more, so I thought myself Z80 Assembler (from some book, this was before interwebs, kids!). The book had a table of CPU commands and opcodes on the back.
I wrote my Assembler routines on a piece of paper, "compiled" them manually using the table, ant typed them in with POKE's. I had an electric schematics of the computer; I knew which wire goes 0 or 1 when instruction is executed. Things were simpler back then:)
ZX Spectrum Basic. I was 6 at that time.
First I learned how to create cool looking patterns using series of PRINTs and graphical symbols.
Then I learned how to use DRAW, PLOT and CIRCLE to create pictures.
Then one of my parents showed my how to use FOR loop to draw a sinusoid.
Learning BASIC on Spectrum was quite easy even without any manual. Due to a fancy input system all the keywords and functions were printed on the keyboard. I learned what they do by trial and error.
I cashed in 5000 GBP for referral once.
At the rate the US dollars are being printed currently, it should be equal to the amount mentioned in the article soon:)
Security price is affected by people buying or selling stuff. It goes up if people are willing to cross the spread to buy, and goes down when they are willing to do the same to sell.
In other words: stock (or any other security) price will go up if people are buying to hold (expecting dividend or buying control over the company); and it will go down if people who held it sell out.
HFT traders by definition don't hold the position for longer than a day. It means that whatever they buy, they will sell it back on the same day, and whatever they sell,
they will buy back on the same day. They may affect short term (intra-day) prices by few cents, but they have no effect on long-term price trends. And pensions and similar instruments are long-term investments, when position are held for years. Years [milli]seconds.
One need to remember that *investment* is when your are holding your position for long (some say 3+, some say 5+ years), and everything shorter is *speculation*. From speculator point of view, the exchange is a zero-sum game.
You are mentioning trading off false information and "pump-and-dump" schemes. These illegal activities were invented by speculators long before HFT came to the game, and actually both devices you've mentioned would not work on HFT scale (is hard to issue 1000 fake press releases a second, right?). Granted - HFT has it's own arsenal of dirty tricks, but it doesn't automatically mean that all HFT is wrong.
And finally, the "blatant and obvious criminality of HFT" is a conspiracy theory. It's invented by the same guys who invented "pump-and-dump", "false press releases" and "insider trading", and who have now have they profits slashed by whizz kids with fast computers.
Alright, stop this scaremongering right now. Some under-informed people may actually believe you.
Let's make few thinks clear:
- Condensation trials left by airliners are not chemicals spread by the government,
- Elvis is dead,
- High Frequency Trading does not influence long term security values.
You are mistaking HFT for flash trading. Common, forgiveable mistake, but it makes your remark about TV shows look a bit silly.
The old schoolers are all over it! The hire throngs of programmers and pay them fantastic money, and then force them to wear suits, work in soulless open-space offices under archaic, hierarchical management structure. And despite throwing money at the problem they can't beat small, startup-like prop shops.
Average people with average servers are not direct market participants and always trade through a middleman.
And the hearbeat will not equalize anything - still the winner will b the one who'll insert the order just before the tick.
First: no ones pensions are changing in value because HFT.
Second: applying hearbeat will not mitigate HFT. This is basically how auction works, and some exchanges actually do heartbeating. But there are still HFT strategies running in this conditions, heck - there are event strategies that thrive on such a markets, as you can trade against participants who entered order early in the period and couldn't incorporate informations from the remaining time into they pricing decision.
Your analogy is incorrect.
Orders (intents to trade) are visible to everyone only when they enter the exchange, so there is no "guy standing in front of supermarket". What you described is 'flash trading', and it is dodgy and almost no exchange is allowing for that this days.
HFT is a guy buying bottle of coke and then reselling it shortly after, when the price has been increased by $0.01, rinse, repeat, leave the supermarket at the end of the day richer and with no coke at all.
Back in the day investment bankers, traders and brokers - all the fatcats who knew each other from private schools - met for launch and made business over Martini.
Now big share of their profit is snatched by bright kids working in funky offices, using top-of-the-line hardware, and all wearing shorts and flip-flops. No wonder the old guard is trying to lobby they out of the picture.
HFT by definition does not hold position for long, and therefore does not influence the long-term instrument price. And so-called 'average investor' is interested in the fact that the stock went from $18 to $36 over few months (or the other way around in the case of Facebook), not in the $0.2-amplitude intraday price jitter.
And all the scaremongering about flash crashes are exactly that: scaremongering. Each of these "crashes" lasted no longer than few minutes, after which stock price returned to the previous level. Once again: no impact for long-term investors.
Anyone eating in McDonalds is a mo^H^H person of poor taste.
Anyone eating in McDonalds while in Paris is a major moron, watching the toilet flush while visiting visiting Niagara Falls etc etc.
Anyone taking children to McDonalds is guilty of teaching them a very bad nutritional habits, and - in long run - inducing a physical damage on them.
And we are talking scientist here, a man who is supposed to be a paragon; an educator. Not some half-brain, "I'm gonna spend all 5 days of my annual leave in the europes".
Don't you people understand that one of the comicalities of the opening scene of Pulp Fiction is that the guy just got back from Europe, and the only story he has to tell is related to him visiting McDonalds?
Slashdot Mirror
Cool :)
:)
Some time in my early teens BAISC was not enough for me any more, so I thought myself Z80 Assembler (from some book, this was before interwebs, kids!). The book had a table of CPU commands and opcodes on the back.
I wrote my Assembler routines on a piece of paper, "compiled" them manually using the table, ant typed them in with POKE's. I had an electric schematics of the computer; I knew which wire goes 0 or 1 when instruction is executed. Things were simpler back then
ZX Spectrum Basic. I was 6 at that time.
First I learned how to create cool looking patterns using series of PRINTs and graphical symbols.
Then I learned how to use DRAW, PLOT and CIRCLE to create pictures.
Then one of my parents showed my how to use FOR loop to draw a sinusoid.
Learning BASIC on Spectrum was quite easy even without any manual. Due to a fancy input system all the keywords and functions were printed on the keyboard. I learned what they do by trial and error.
I cashed in 5000 GBP for referral once. At the rate the US dollars are being printed currently, it should be equal to the amount mentioned in the article soon :)
And if it cost > 1 joule of energy to extract oil that gives 1 joule, it's not worth it.
Only if you intent to use the oil as energy source. Oil can be used as a chemical ingredient in, say, pharmaceutics.
Read the tooltip on that one: http://xkcd.com/592/
+3.5 internets and my personal kudos to you, my nerdy friend!
This is a screenshot from experimental desktop UI components for QtQuick, not Qt widgets.
Just take the loan, buy the car, sell it for cash and pay your tuition fees. Easy-peasy :)
I too am surprised they named it after Archbishop Lazarus. And I don't like you calling Diablo a "fairy-tale"!
Caps lock? Press it again to turn it off.
So this one is steampunk :)
'Limes Inferior' by Janusz Zajdel. It's a full sized novel, not a short story.
The windows on the space station are difficult to open due to the pressure of AEther.
How is that different from slamming a web interface on top of apt repo?
Security price is affected by people buying or selling stuff. It goes up if people are willing to cross the spread to buy, and goes down when they are willing to do the same to sell.
In other words: stock (or any other security) price will go up if people are buying to hold (expecting dividend or buying control over the company); and it will go down if people who held it sell out.
HFT traders by definition don't hold the position for longer than a day. It means that whatever they buy, they will sell it back on the same day, and whatever they sell, they will buy back on the same day. They may affect short term (intra-day) prices by few cents, but they have no effect on long-term price trends. And pensions and similar instruments are long-term investments, when position are held for years. Years [milli]seconds.
One need to remember that *investment* is when your are holding your position for long (some say 3+, some say 5+ years), and everything shorter is *speculation*. From speculator point of view, the exchange is a zero-sum game.
You are mentioning trading off false information and "pump-and-dump" schemes. These illegal activities were invented by speculators long before HFT came to the game, and actually both devices you've mentioned would not work on HFT scale (is hard to issue 1000 fake press releases a second, right?). Granted - HFT has it's own arsenal of dirty tricks, but it doesn't automatically mean that all HFT is wrong.
And finally, the "blatant and obvious criminality of HFT" is a conspiracy theory. It's invented by the same guys who invented "pump-and-dump", "false press releases" and "insider trading", and who have now have they profits slashed by whizz kids with fast computers.
[citation needed]
Alright, stop this scaremongering right now. Some under-informed people may actually believe you.
Let's make few thinks clear:
- Condensation trials left by airliners are not chemicals spread by the government,
- Elvis is dead,
- High Frequency Trading does not influence long term security values.
You are mistaking HFT for flash trading. Common, forgiveable mistake, but it makes your remark about TV shows look a bit silly.
The old schoolers are all over it! The hire throngs of programmers and pay them fantastic money, and then force them to wear suits, work in soulless open-space offices under archaic, hierarchical management structure. And despite throwing money at the problem they can't beat small, startup-like prop shops.
Average people with average servers are not direct market participants and always trade through a middleman.
And the hearbeat will not equalize anything - still the winner will b the one who'll insert the order just before the tick.
don't mod parent up
First: no ones pensions are changing in value because HFT.
Second: applying hearbeat will not mitigate HFT. This is basically how auction works, and some exchanges actually do heartbeating. But there are still HFT strategies running in this conditions, heck - there are event strategies that thrive on such a markets, as you can trade against participants who entered order early in the period and couldn't incorporate informations from the remaining time into they pricing decision.
Yeah, that really nasty It's called 'flash trading', it's almost extinct now. The article is about HFT, not flash trading thou.
Your analogy is incorrect.
Orders (intents to trade) are visible to everyone only when they enter the exchange, so there is no "guy standing in front of supermarket". What you described is 'flash trading', and it is dodgy and almost no exchange is allowing for that this days.
HFT is a guy buying bottle of coke and then reselling it shortly after, when the price has been increased by $0.01, rinse, repeat, leave the supermarket at the end of the day richer and with no coke at all.
It's all grumbling of old losers.
Back in the day investment bankers, traders and brokers - all the fatcats who knew each other from private schools - met for launch and made business over Martini.
Now big share of their profit is snatched by bright kids working in funky offices, using top-of-the-line hardware, and all wearing shorts and flip-flops. No wonder the old guard is trying to lobby they out of the picture.
HFT by definition does not hold position for long, and therefore does not influence the long-term instrument price. And so-called 'average investor' is interested in the fact that the stock went from $18 to $36 over few months (or the other way around in the case of Facebook), not in the $0.2-amplitude intraday price jitter.
And all the scaremongering about flash crashes are exactly that: scaremongering. Each of these "crashes" lasted no longer than few minutes, after which stock price returned to the previous level. Once again: no impact for long-term investors.
3 years on frozen/canned food? Reminds me of my uni days :)
Anyone eating in McDonalds is a mo^H^H person of poor taste.
Anyone eating in McDonalds while in Paris is a major moron, watching the toilet flush while visiting visiting Niagara Falls etc etc.
Anyone taking children to McDonalds is guilty of teaching them a very bad nutritional habits, and - in long run - inducing a physical damage on them.
And we are talking scientist here, a man who is supposed to be a paragon; an educator. Not some half-brain, "I'm gonna spend all 5 days of my annual leave in the europes".
Don't you people understand that one of the comicalities of the opening scene of Pulp Fiction is that the guy just got back from Europe, and the only story he has to tell is related to him visiting McDonalds?