Floor Trading

Quote from lagwagid:

...avg. income was between 250k-500k a year...
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I had the feeling I was getting better fills in the electronic markets. Now I know why!
 
Take the job. Put up with the BS of being a clerk but keep your eyes, ears and mind wide open. There is a ton to learn and one day when the pit goes electronic, you'll have a great understanding of the markets when you go "upstairs".
 
Quote from def:

Take the job. Put up with the BS of being a clerk but keep your eyes, ears and mind wide open. There is a ton to learn and one day when the pit goes electronic, you'll have a great understanding of the markets when you go "upstairs".
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Over three years ago I argued the point with Timber Hill management that the Ags and other commodities that require real physical delivery of a product may not fit well with electronic trading. The failure of the mini-hog contract, by an exchange with electronic expertise, is a case in point. One would think that Crude and Gold would be the most vulnerable to being electronically traded and yet neither has been successful. In fact I tried for weeks to get IB to list the Crude contract correctly so I could at least follow it and see how it was trading. The programmers could not seem to figure out which month is the front month for that contract. They were always listing a month that was already in delivery. For sure the excitement and energy along with the smell of fear prevalent in the pit cannot be duplicated electronically. Perhaps it is a little early to give up on open outcry trading.
 
Quote from Dan da Stik:



In fact I tried for weeks to get IB to list the Crude contract correctly so I could at least follow it and see how it was trading. The programmers could not seem to figure out which month is the front month for that contract. They were always listing a month that was already in delivery. For sure the excitement and energy along with the smell of fear prevalent in the pit cannot be duplicated electronically. Perhaps it is a little early to give up on open outcry trading.
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Yeah, what is wrong with IB? They always misidentify the crude and nat gas contract delivery month. Very annoying.

I'm sure being in the pit trading is an intense experience, but I appreciate avoiding the hose jobs they give paper.
 
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