I used to be a local on one of the NY commodity exchange floors. After fifteen years away from the markets I am a screen trader now, mainly scalping CL and ER2 and and I am good at it and I like it.. There were three kinds of traders on the floor: The broker and his crew - having an order book and sense of the flow- most of those people supplemented their brokering and made easy money with tricks that if they were not illegal they were certainly unethical. Because the money was easy some of these people did not need discipline and they were big gamblers. This kind of person would have difficulty adapting to the screen. The second type is hooked into the brokers (perhaps a former teammate or employee or partner)- benefiting from information and even recipient of some winning trades resulting from the broker buddy having fun with the order book in chaotic conditions. This type of person would have difficulty on screen without his lifeline. I would include in this group beginners mimicking the big guys . The third type (the smallest group) of person is truly independent and they are making their money honestly with their own wits, respected, adaptable. Not that they are not friendly with everyone but they stand on their own. This kind of person figured out how the particular market works and very likely they could bring that skill to the screen. Trading from the screen one can participate in several markets simultaneously which was not feasible while working in the pit. Regards, GC
there are many ways to make money as a pit trader... some make money just by fading those who lose consistently and some would front run big orders... others simply can trade... Those who really can trade should have no problem moving to screens...
I recommend trading small or paper trading. Take the trades that feel right to you...they are probably wrong, and you'll get clipped. Over time, you factor out the common demonators in your losing trades, learn to avoid them, and in turn gain a feel for the market and learn what works. At least in futures, your $$$ is going into SOMEBODY'S pocket. Figure out how they're constantly getting the vacuum cleaner into your wallet and you'll be on your way to success.
because most pit traders detected order flow coming into the pits if not picking off orders flashed in and front running