looking to lease a seat

the only drawback is losing the charts in the pit. There are advantages of looking at multiple charts in different timeframes.

the only reason to be in the pit, is the social interaction, and plus the ability to place a 1000 lot in one second and scalp out instantly.

plus you can sense the vibe in the pit easier. Easier to jump on gaps.
 
You need a clearing firm to guarantee your trades. You cannot simply lease a seat and begin trading. Clearing firms will require a substantial minimum deposit. Furthermore you need to register with the exchange. More importantly, the locals will look right thru you, refuse to trade. The rational is it is too risky to trade with a new trader. No one will take your trades until you are down there for many many months and have survived the gauntlet.

Initially you mightl need to tap someone on the shoulder to enter your trades. Try that in a fast market, it becomes self defeating. Your mentor, often another trader at your clearing firm might introduce you to a few guys who might give you a break. It is almost like walking up the Mob and asking to be a 'made man'. Same odds.

Best bet is to trade upstairs in the building by renting a cubicle or desk space from your clearing firm, trade off the screen. You can walk down to the floor anytime. Make friends with the traders at your clearing firm until they get to know your face. Clearing firms maintain an office and a lounge in the exchange buildings with computers, TV, sofas etc.

The biggest obstacle is becoming a member of the 'crowd'. Not really possible in a two week period.
 
I can tell you from personal experience that nobody is willing to go through the hassle and paperwork to lease you a seat for any period of time less than a month.

Just to even get on the floor, to get the exchange blessing, will take you a greater length of time.

It will take you a month if you're a total outsider to even begin to crack into the "dynamics" of the pit. They don't play nice.

You're better off taking a lease for a 3 month stretch in the summer. That would be worth your while.

Oh, and PS:
Handheld computers with Wifi access are allowed in certain instances in the pits. There are some locals in the outer booths who have computer setups with charts as well.
 
I was in the pits 10 years ago. I'm not located in Chicago at the moment. I know about the dynamics and the clearing firm requirements, and paperwork issues, I went through that before.

I left when they were building that new bond floor, at the cbot. The clearing firms really push scalping, and frown on position trades or holding something overnight. Some firms don't mind.

More then anything, I find that trading alone, I burn out faster during the day. After I make some nice profits for the day. I just shutdown. Even though I can still see profitable trades/setups for the remaining hours.

I would probably fly in and stay at a hotel, for about a week and trade, and fly out. I havent had a losing day in a long time. The other thing that worries me is trade reconciliation. A 100 lot full spoos trade not reconciling the next day, wouldnt be a good thing. And usually the 'mistake' is shared 50/50. Imagine in a fast market and the opposing trader throws the trade out, and meanwhile you think your clear of any positions. And the market moved 10 points from that point.

So there are some drawbacks. But having the ability to enter the floor and trade the action is something not found anywhere.
 
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