Just wanted to see if ppl here have had any open out-cry floor experience, like the NYMEX/COMEX? Perhaps as a clerk, telephone clerk or even a trader. I guess you could include runners and summer interns. Perhaps give us some details and if you thought it was useful or what.
I used to work on the floors of the CBOE and CME. Worked for about a year on the brokerage side for an institutional desk, then spent six years with different trading firms. The good--hands on, real-life experience seeing how things really work down there, and depending on which firm you are with, getting a very solid education in the markets. The bad--first few years you don't make diddly !! Think of it like medical or law school, sucks at the beginning, but if you can stick it out, the rewards can be amazing. Now, with most of the trading either already electronic, or moving that way, I'm not sure how relevant it will be to work on the floor anymore in as much as a lot of what I have learned on the floor is not really applicable to off floor trading(aka markte-maker mentality). Gun to my head, I would probably do it again though, it did provide me with some valuable insight as to who the major players are, as well as an idea into the pyschology of the investing public. Vega
Worked on the floor of the CME for about 10 years. Worked / working on architecting and implementing financial trading, derivitive pricing, banking, and other systems for banks, member firms, exchanges, and other institutional operations for about 10 years ....
Was it a very stressful work? Drived some people carzy. I heard many got heart attack before 30! I perfer electronic trading. At least it is good for my health!
Stumbled across this page once on hand signals. Never been on the floor myself but just watched from the visitorâs gallery a few times at the NYMEX. I was transfixed. http://www.cme.com/edu/getstr/handsgnl648.html http://www.pbs.org/itvs/openoutcry/trading.html http://www.pbs.org/itvs/openoutcry/thepit.html Kermit