This is what real trading is

[Beakytrader]

Completely pointless post, imo.
Can't see any relevance for most people who visit these forums, unless they're frustrated wannabees. Sounds like some old fart trying to relive his glory days.
I agree with mr charts, mkts change and evolve. I started in fx in 86, and it was the era of the barrrow boy, both traders and brokers. No one had degrees, hell most couldn't rustle up an O level. By the early 90's that had changed. Mkts evolved and became more sophisticated.
I used to drink with some liffe boys,in fact saw one local glass another local in cannon st, over a trade. Most went to the wall with the switch to electronic trading, when they couldn't front run the mkt after a heads up from their mate.
There were some great traders though, and what they had, was a confidence in their ability to read the mkt, and a resilience to shrug off the losers, and still come back for more.
A huge pair of gonads was not required.
How this relates to most of the people here, trading alone from home or an office is beyond me.

 

[N Rothschild]

this post was writtin by a current pit trader, it is more of a comparison of then and now..if you follow the pits you would know what the "now" is like..but some may not know what it once was.

its not some "old fart" reminiscing. and the talk about the 87 crash is very valid..i wouldn't ignore it..

 

[N Rothschild]

and i don't see how people can disregard it when i said this is what trading is..the pits are still the epicenter of the futures markets. the electronic follows the pit, not the other way around. the pits is trading in its purest form.

 

[oildaytrader]

Successful traders trade breakouts out of the range.They would be very profitable without the cost averaging /big balls trading.Nowadays there are automated algos looking for these crashes.Wonder where this pit bull terrier is from?

Most traders don't carry overnight after the 1987 crash.hmmmmm

 

[N Rothschild]

"Successful traders trade breakouts out of the range" LOL

and "Most traders don't carry overnight after the 1987 crash.hmmmmm " LOL

now i remember why i had you on ignore...

 

[oildaytrader]

"Successful traders trade breakouts out of the range" LOL

and "Most traders don't carry overnight after the 1987 crash.hmmmmm " LOL

now i remember why i had you on ignore...

Fundamental traders get wiped out if they trade the way you suggest.There was a big balls fundamental trader who predicted gold would hit 1,000, unfortunately he got in at 450 and closed out at a loss at 375.

Professional currency traders only trade 3 to 4 times a year, they only trade breakouts supported by fundamentals.

 

[N Rothschild]

your ignorance knows no bounds does it? and the way i suggest? only one person on this form knows how i trade and thats not you

 

[temporarilylight]

you trade fundamentals dont you NR?

 

[N Rothschild]

its more fundamental than technical, but its not traditional fundamental. its more market sentiment than anything else..either way oiltraders post is utter drivel.

 

[megamuel]

How would I go about listening to pit noise? I take it you have to pay for that? Is it expensive? Thanks,

Sam.

 

[rathcoole_exile]

would you like a straight answer, or 60 pages of riddles ?

its about $125 a month for the commentary,
although i pay less as they offer a discount sometimes
(i think mine was thru Carter's trade the markets)

noise only, without the commentary is $75

I just checked their website, they are still offering a 3 day free trial - nothing to lose, GO For It !!
www.tradersaudio.com

the first time you listen to the commentary, you will be thinking "WTF ???". It does take some getting used to, like a mad auctioneer on speed
but after a week, you won't be able to turn it off....

enjoy, r_e

 

[rathcoole_exile]

Professional currency traders only trade 3 to 4 times a year, t.

that much ?

sounds too much like hard work to me .......

 

[oildaytrader]

that much ?

sounds too much like hard work to me .......

The hard part is missing the daily trading excitement,most of us can't sit straight with an itchy finger ,trading when we shouldn't be trading is more fun .

 

[oildaytrader]

its more fundamental than technical, but its not traditional fundamental. its more market sentiment than anything else..either way oiltraders post is utter drivel.

How different is that from trend trading?

 

[Studog]

hehehehehe shiyiiit this is a funny thread.
Handbags at dawn from ten paces.

 

[oildaytrader]

hehehehehe shiyiiit this is a funny thread.
Handbags at dawn from ten paces.

The way I trade is totally different .I do nothing all day and I gave everybody the opportunity to experience how I trade everyday, by doing nothing at all.No balls need , except a good strategy which closes out at end of day.

It is relevant to this thread because the OP is living in the ancient pitts.I would like to hear a constructive response.

http://www.trade2win.com/boards/gen...08-learning-profitable-automated-trading.html

My manual trading also requires no balls ,but a good strategy which closes out daily.

 

[rathcoole_exile]

The hard part is missing the daily trading excitement,most of us can't sit straight with an itchy finger ,trading when we shouldn't be trading is more fun .

all of my set-ups, with exception now of the ES, are based on weekly triggers.
sometimes several instruments don't get triggered for several weeks.
thats fine by me.

but i do love to listen to the S&P pit noise

so i try to have the best of both worlds ....

 

[BSD]

Pits ?

What pits ?

The pits aren't anything more than a relic of history.

Far as I know EUREX is the worlds biggest futures exchange, and I can't even remember when they got rid of that obsolete, fossilized dinosaur.

Most people who had a go on the floor failed, no different than anywhere else, and of those who went on to make it most failed to subsequently adapt to off-floor trading.

People should look more at the future and stuff like high frequency trading instead of remaining stuck in a past that's gone.

 

[BSD]

Quick google found this nicely relevant article:

"Electronic Trading Systems: Mourning the Passing of the Floor Trader

I was in NY today, giving a press conference at NYMEX about my WTI study. After that, I went down to the floor for a (taped) interview about the study with CNBC.

Wow. How the world has changed. I haven't been on an exchange floor in a while; increased security post-9/11 has made it much more difficult. But I spent a good deal of time on the floors in Chicago in the 80s, and in the 90s. I was at the CBT the day the new trading floor was opened for a dry run: I remember watching hundreds of traders lining up at the entrance, like marathoners before a race, then sprinting to stake out a place in the new bond and note pits. There was an indescribable energy on the floor. It escapes my powers of description, really. It's something you had to experience.

And the operative thing there is the tense of "to have." You HAD to experience it, because you really can't experience it anymore. And that's what I experienced first hand at NYMEX today. I was taping right next to the crude oil pit. Back in the day, there is no way you could have stood there, and conducted an interview to be played on TV: the noise would have made it impossible. No problem today. The few handfuls of traders in the pit were all reading newspapers. I was there probably 15-20 minutes, and didn't see one trade. Not one.

Yeah, there was some action in the options pit, but the futures pits were essentially D-E-A-D dead.

Above the pits were many Trading Technology* screens, which were reporting the action from the electronic trading. That's where all the action was. If there was a visual symbol of the dominance of electronic trading, that would be it. The blinking blue and red screens, lording over the pit, almost mocking it with their continuous movement symbolizing a live, moving market while the pit itself was almost funereally silent."
http://www.stockopedia.co.uk/articl...tems-mourning-the-passing-of-the-floor-trader

I've never seen a floor and can't say how what they did - the few that made it, that is -, could have benefited me as an upstairs trader in any way at all.

 

[Studog]

I worked for a short while as a "chalkie" back in the day. It didnt even improve my drawing skills!