Whichever direction you decide to go, private or working for a firm, my 2 cents would be to continue trading the same contract you have been for years. That alone is a huge advantage. Perhaps you were scalping off of order flow, hence your trepidation regarding screen trading. However, each market has own tendencies, it's routines, it's ranges, and your already familiar with that. Now all you need to do is develop a strategy to capitalize on it.
Pit trader looking to move off the floor
- Thread starter fpuppet
- Start date
Yeah RhinoTrader, you're right.
The OP really shouldn't pay too much attention to comments made in these forums, especially when they're trying to point him in a new direction.
I mean, so what if the financial markets are making an all-time high, the IB's are literally throwing money at their dealmakers, analysts and multi-disciplinary support staff Article on GS, and companies are flush with cash while at the same time you have threads like the OP's here and this one Laid-off Traders Seek Shrinks.
Here's some more bad advice fpuppet, learn to read the writing on the wall ... it will help you in good stead in your new, easy-to-do (I mean, hey, there's only a failure rate of something like 60-80%, conservatively), off-the-floor trading career.
Not sure what you're getting at with this post laced with sarcasm. All I'm offering is my honest advice - at least I do know traders who have already travelled down the same path the OP i starting on.
I appreciate all the feedback. I have every intention of trying to trade my own money off the floor. In fact, I am trading outside markets electronically, from the gold pit (we are slow in the pit right now). I also have set up an office with a couple of other guys, in order to continue our off the floor endeavors. However, I would like to start sending out a resume, just to hedge myself. If I were to try to market myself to a hedge fund or small trading company, how would I do it? I want to stay away from the term "day trader" and all the connotations associated with it. Do any of the former pit traders out there have a resume I could view, as an example?
Again, any input is appreciated.
Again, any input is appreciated.
You´ve probably moved more $$ volume in one day than most guys move in a month. Let them know that kind of details in your resume, let them know you can make them money. Your resume is your add, you´re marketing yourself and you want to get an interview.
Once you get an interview you want to get along with the person who interviews you. That´s all it´s really about. If you look confident of yourself, then they´ll think that what they saw in your CV is true, that you can make them money.
They´re probably going to ask you a few questions, ask a few questions yourself {that shows that you´re interested}
If they offer you coffe, take it, that will let you control how fast the interview goes or how long it takes to finish.
Read their body language you can get a lot of information from it.
Do a little homework before, find out what they´ll be willing to pay...
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I attached a cv of mine from a year ago...
fpuppet if you really would like to stay in the pit I would suggest moving into the livestock pits at the merc. They are almost fully pit traded since most of the volume is spreads. Only 3% of volume is electronic in the meats. Also I respect you pit traders alot. I have never traded in the pit but considering my age of 16 I doubt that I ever will get the chance.
Good Luck
Good Luck
I talked to a clearing firm yesterday. They are frowning on pit trading, and moving most things to electronic. The only pits that still have viability are the options pits. Since it hasnt migrated to electronic and wont for the foreseeable future.
So the exchanges are concerned with orderflow and volume traded, and will do anything to maximize it. They are working for the shareholder interest now, rather then the few traders that trade there.
Most pit traders will eventually try to migrate to electronic. Its sad, since your opponents are just the market depth now instead of faces.
I'm remodeling a room in house to turn it into a mini exchange type area. With newswire boards and try to simulate the exchange as much as possible.
So the exchanges are concerned with orderflow and volume traded, and will do anything to maximize it. They are working for the shareholder interest now, rather then the few traders that trade there.
Most pit traders will eventually try to migrate to electronic. Its sad, since your opponents are just the market depth now instead of faces.
I'm remodeling a room in house to turn it into a mini exchange type area. With newswire boards and try to simulate the exchange as much as possible.
the last nail in the coffin for pits was the exchange ipo mania.
Now all of the exchanges will be soon be public and all will be pushing electronic trading as the quickest means to ramp up volumes a.k.a. revenues.
The trend towards algorithmic trading strategies is amazing to watch from the viewpoint of a simple discretionary trader. Makes you wonder where its all headed.
The dude has been at it for 10 years, unless his mom is supporting him he is probably profitable dont ya think?
Best thing to do is to use whatever contacts you have, find a headhunter and talk to him about how to put your resume together. The discipline it takes to make it on the floor and the experiance you'll have should help you a bit, just the fact that you have made it 10 years, but a lot of floor traders have a real hard time going from the pit to the screen.