good planning. do it! the pit session markets are the only tradable stable markets left. keep the pits alive! long live the pits!!
i'm the person that now trades the pits from now on and i have just made some money today going short. i am happy thats who i am. i didnt start this thread. i am glad to see that there are people that agree with me that the pits are the best markets. long live the pits!
Well good luck to you and save all the profits you can because the pits are a dying mechanism in this industry. In five to ten years from now they will no longer exist. The US Markets experimented with the simex exchange a couple years ago eliminating all pit positions with overwhelming success and the rest of exchanges are in step with the process.
sadly i have to admit you're right. the most accurate and best market to trade has been the US 30 year bond. if you look at the charts they make excellent swing moves for short term positions. the charts make great patterns and open and close during the peak liquidity hours. now with these electronic markets there is no control, no chart patterns, no high no low and no settle. unless you day trade them how the hell can you determine a strategy with a market that has no pattern? i will take advantage of them while they are still available. i want to add that the US bond pit still has excellent liquidity. the last position that i was just in although it was a small profit was good with zero slippage on the fill. i am going to stick with it as long as the pits are still around. i do think that they will always have to have some sort of pit session due to the fact that computers cant think for themselves. people also have to sleep at night and cant be up 24 hours a day. so despite the fact that the market is open 24 hours a day the only tradeable time and real liquidity is during the typical trading hours. the pits rule. i have made money in the u.s. bond pit with the account statements to prove it. hopefully they will be around a longer. if they close it completely i'm out. long live the pits!!!!!!!!
Im 16 years old right now and my family owns a seat on the mgex. I would love a job in the pits but am extremely worried about how long they are going to be around. I thought about getting a job working on the floor this summer but what could I do? The runners have been replaced with handhelds and you can't actually trade untill you are 18 I believe. Maybe a clerk position would be open? Also since we live in Iowa it would be difficult for me to find a place to stay while working there but I could figure something out. I would like to know just how long do you guys think the pits will be alive? I have heard that they have anywhere from 1-10 years left of liquidity in them but I tend to think that those numbers are both to extreme. The livestock markets are almost 100% electronic and so are markets like hard red spring wheat (in minneapolis) and the milk and lumber contracts. I personally think the pits will last for about 5 more years, possibly a lot more for the options pits but that is my opinion. I would like to hear some ideas about how long these pits are going to live?
Where in Iowa? I lived near Spencer until middle school, then near Ames. Went to UI for a bit, and nearly traded at the MGEX back in 96 but for a variety of reasons ended up not doing it and instead trading from the screen.