i am dying to get in the pits

Quote from openoutcry:

hi,
well i think there will always be come version of a pit session. how advantageous these electrnic markets have been they have alot of flaws and problems as well.
computers go down, they have technical problems and it is humans after all that set the prices and maintain these machines.
they will always need some kind of a backup in case something goes awrong and lots of things have gone wrong already with them.
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Like Nasdaq?
 
Quote from Brandonf:

Where in Iowa? I lived near Spencer until middle school, then near Ames. Went to UI for a bit, and nearly traded at the MGEX back in 96 but for a variety of reasons ended up not doing it and instead trading from the screen.
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I live on a farm near Carroll so I have a pretty good understanding of the grain and livestock commodities and have had about 2 years of experience position trading them along with some energy trading. I would like to go to UI or ISU after high school and then start trading on the floor at the MGEX (if it is still around by then). If the floor does close does anybody have any ideas of where I could work as strictly an agricultural commodity trader (preferably postion trading) for speculative purposes. I really don't want to be a hedger for cargill or adm speculating is way more fun. :D

Thanks
 
Quote from openoutcry:

hi,
well i think there will always be come version of a pit session. how advantageous these electrnic markets have been they have alot of flaws and problems as well.
computers go down, they have technical problems and it is humans after all that set the prices and maintain these machines.
they will always need some kind of a backup in case something goes awrong and lots of things have gone wrong already with them.
More...


I sure hope you are right. Especially with the thinner traded commodities like lumber, milk, and HRS wheat if these markets just went completely electronic you would get terrible fills. I have traded lumber before and got terrible fills in the pit. I can't imagine how bad they would be if lumber went electronic. Who would make the markets in these extremely thin volume contracts? Also why have the livestock contracts not taken to electonic trading as well as the other futures contract have? I know livestock is a lot of spread trading but is that the only reason?
 
Quote from youngtrader:

I live on a farm near Carroll so I have a pretty good understanding of the grain and livestock commodities and have had about 2 years of experience position trading them along with some energy trading. I would like to go to UI or ISU after high school and then start trading on the floor at the MGEX (if it is still around by then). If the floor does close does anybody have any ideas of where I could work as strictly an agricultural commodity trader (preferably postion trading) for speculative purposes. I really don't want to be a hedger for cargill or adm speculating is way more fun. :D

Thanks
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Depends if ag is in vougue like it is now. Lot's of speculative ag funds are popping up now. If not cut your teeth at a merchendiser then go on your own or at least you will have a bit of a network. Many smaller private merchandisers are also speculative players, know a couple traders who pulled down $800,000 as partners in such a merchandiser last year. It's not rock star money but it's good work if you can get it. BTW, Grew up in Rock Valley IA.
 
Guys,

Pits are history. They will be gone soon, so any effort in learning them will be wasted. Electronins are the future. Like every where else, one needs to adopt to changes or be destroyed.

Regards,
redduke
 
Quote from subban:

I have to agree. Why waste your time trying to get into something that will be dead. Try to intern at a hedge fund, CTA or investment bank.
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Right for a freshmen, come one.

I am a freshmen in Baruch College in NYC with gpa of 3.54....
guess what nothing.

You have to be at least a sophmore to get a non-paid internship. When you turn into a junior than you will get a great internship. 20-40 bucks an hour. Bunch of my buddies got that.

Good luck though.
 
One option for getting a job @ the exchange is looking at the exchange itself. They have floor staff and decent turnover. Market reporters, those that type in the trade prices as trades occur so that they go out to trading screens, come and go. Entry level stuff (or below) and you can get tuition benefits ect... They can work around your class schedule sometimes and you will meet tons of traders that you might be able to work for after you finish school. Just look under employment on an exchange website.

Try to work your way into an options pit. This is a market making skill that is also useful off of the floor.
 
Quote from openoutcry:


computers go down, they have technical problems and it is humans after all that set the prices and maintain these machines.
they will always need some kind of a backup in case something goes awrong and lots of things have gone wrong already with them.
More...

like bund?!...
 
I do hear a lot about the options pits. Almost all of the options on the agricultural contracts are done in the pits and a lot of people expect the majority of them to still be in the pits in the years to come. It seems to me that if you want a floor job this is now the place to go. I even heard that the eurodollar options are 90% pit traded verses the 85-90% electronic traded futures.

First off why are they still almost completely pit traded and is that the place where I should try to get a job instead of in the futures pits? How long do you guys and gals think that the options pits will be around over the futures pits?

Thanks
 
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