scalper

1. One who, or that which, scalps.

2. (Surg.) Same as Scalping iron, under Scalping.

3. A broker who, dealing on his own account, tries to get a small and quick profit from slight fluctuations of the market. [Cant]

4. A person who buys and sells the unused parts of railroad tickets. [Cant]

In general: speculator who enters into quasi-legal or illegal transactions to turn a quick and sometimes unreasonable profit. For example, a scalper buys tickets at regular prices for a major event and when the event becomes a sellout, resells the tickets at the highest price possible.

Securities:

1. -investment adviser who takes a position in a security before recommending it, then sells out after the price has risen as a result of the recommendation. See also Investment Advisers Act.

2. Market maker who, in violation of the Rules of Fair Practice of the National Association of Securities Dealers adds an excessive markup or takes an excessive Markdown on a transaction. See also Five Percent Rule.

3. -commodity trader who trades for small gains, usually establishing and liquidating a position within one day.

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