Mock Trading on the CME Floor!!!!!

nitro · May 17, 2003

I just got my TradersExpo catalog/schedule. In it there is a chance, for $100, to put on a trading jacket, go to the MERC and "see how you stack up against the pros on the floor in a mock trading session. Prizes will be given for the "best" and "worst" traders."

I don't know about you guys, but I think this is pretty cool!

nitro

LongShot · May 17, 2003

aah yes SUPER KEWL! Paper trading ...it can be such fun!i'd let it all hang out.whata got to lose?

Kermit · May 17, 2003

nitro:

Thanks for the info, and very interesting. Would be an âexperienceâ indeed.

Kermit

Tea · May 17, 2003

I've done this before at the CBOE.

What I noticed most, was how limited the universe is of traders in the pit that you trade with. At best you can see and communicate with 1/3 to 1/2 of the other traders. The rest are looking some other way.

Compare this with electronic trading where you can see and communicate with tens of thousands of other traders on the screen.

Another thing I noticed was how the mob mentality could affect your opinion of price - sort of like people at an auction bidding more than they should because of the influence of the crowd or getting distracted because someone yelled in your ear.

I think calm evaluation in front of a screen is a more efficient environment for price discovery.

SethArb · May 17, 2003

the CME should not charge $100 to do this

I recently did mock trading at the NYMEX pit
during a derivatives symposium and it was free
and included a free copy of the logical trader

nitro · May 18, 2003

Quote from SethArb:

the CME should not charge $100 to do this

I recently did mock trading at the NYMEX pit
during a derivatives symposium and it was free
and included a free copy of the logical trader

Seth,

Did you make any fake money?

nitro

nitro · May 18, 2003

Quote from Kermit:

nitro:

Thanks for the info, and very interesting. Would be an âexperienceâ indeed.

Kermit

YW.

nitro

SethArb · May 18, 2003

but it was all paper trading ...

I was upset that I was bidding and my price was violated
so I complained and they told me in real trading they would have
fined the violator for going through my bid

TGregg · May 18, 2003

Quote from SethArb:

but it was all paper trading ...

I was upset that I was bidding and my price was violated
so I complained and they told me in real trading they would have
fined the violator for going through my bid

LOL. Just like real life alright - the establishment gets to break the rules to screw the "regular" people.

PuffyGums · May 18, 2003

Quote from TGregg:

LOL. Just like real life alright - the establishment gets to break the rules to screw the "regular" people.

Not really. In futures you can't trade through the bid ask spread. (Unlike in stocks where apparently it is a requirement).

You hear this all the time on the squawk. The bid ask is 20 bid and 50 offer and someone will try to print at 90 and the squawk will say the print is not being allowed until there is a 90 offer.