SLD 1 HG MAR10 Futures 3.1340 USD NYMEX 12:12:07 Buy (SX STP REV) Next Bar at 3.1360 Stop adjusting closed position: BOT 1 HG MAR10 Futures 3.1345 USD NYMEX 13:22:50 reentered long: BOT 1 HG MAR10 Futures 3.1375 USD NYMEX 13:27:03
I've been churning myself, after such a big move there is very little movement. SLD 1 HG MAR10 Futures 3.1360 USD NYMEX 15:28:45 so now short. SLD 1 HG MAR10 Futures 3.1355 USD NYMEX 15:29:03
I was a NYMEX local in copper for a year. There are only 10-12 guys in that pit, and the LME ring dominates trade. It's not a great technical market, but if you trade small you can win some random cash with wide stops.
Wow, That's very interesting. I like to trade it because i seems to have alot smoother moves than say gold, and the daily range is pretty large. Do you have any stories you can share about trading in the pit. How about how you got started and what the process was like becoming a local to start. Thanks for taking the time to comment on this thread!
I've been a professional poker player since 2001 mainly in the online cash games, but I have some nice money finishes in tournaments as well. I had some variance, which made me look to diversify my bankroll. My cousin trades CL options at NYMEX and he said he would show me the ropes. Fast-forward a year and I am making markets in the spreads ("switches") and then moved into the options. It's a fairly deep market, but totally dominated by commercials and locals. I would never try to earn a living trading copper upstairs, unless I was working for a commercial. Most of the guys in there that are profitable had made the bulk of their income on a few trades on massive commercial paper entering the pit. The rest of the time it's bleed at zero expectancy. I left the pit when CL options began trading liquid on the screen. I currently trade prop for a NY firm in equities and options. Lots of stories. Guy in Copper options losing 5mil long the straddle and pinned on expiration. Guy piggybacks huge BHP sell and makes a couple mil in a few hours. It's a really tight pit as there were so few of us. Very difficult to enter the pit in terms of guys willing to trade with you. Best thing is to take one of the top brokers out to dinner and maybe a strip club.
I can't imagine what it would be like to enter the pit as a rookie, and/or an unknown, got to be very clubby and I'm sure a big steak and getting a stippers ass in their faces can change personal perceptions.
Covered short and reversed to long BOT 1 HG MAR10 Futures HGH0 3.2735 USD NYMEX FEB 22 20:25:16 BOT 1 HG MAR10 Futures HGH0 3.2735 USD NYMEX FEB 22 20:25:16