I should just like to point out that when that program on Jones was made he wouldn't have been able to trade from real time charts if he'd wanted to. Not using the computers you see in the background anyway. Today it is very possible to trade from real time charts, and many traders do it, some even successfully. Whether you can do this depends on your data feed and charting software. There must be no significant lag between the data and the chart. Under those conditions the chart is superior to the tape. Time and sales (the "tape") is still useful, but if i could only have one or the other i'd choose the chart as long as it did not lag. I mainly use charts in combination with a depth of market display to trade intraday, though i do keep an eye on the "tape" as well and use it mainly to bring the spirit of Christmas, with its brightly flashing lights, into my trading room.
I haven't seen any of those, but if you are ever in NYC I would strongly recommend going over to the NYMEX (located on the Hudson River near the World Financial Center) and watching the action from their observation deck. Better yet, find a member that is willing to sign you in and he can escort you around the floor. The NYMEX is absolutely "sick". I'll never forget when a buddy of mine's lease came up in 1986 and he had to buy a seat ( the exchange back then only allowed you to lease a seat for no longer than two years, which eventually forced you to buy a membership ). He paid $70,000 at the time which was the record high. Crude dropped from $30.00 down to $10 in 1986 and the volume SURGED as hedgers flooded the marketplace with volume. Suffice to say, the NYMEX seat went straight up to $125,000 per year and ten years later was trading around $600,000 before going into the millions. Like people who invested in Real Estate, there were people that invested in NYMEX memberships. They made an absolute fortune. I'll never forget when then Secretary of State James Baker had a meeting with Iraq's Foreign Minister, Tariq Azziz back in January of 1991 in an effort to avoid the "Gulf War". The U.S. wanted Iraq out of Kuwait. The trading floor grew real quiet as every phone clerk and TV set was tuned to CNN and Baker coming out for a press conference from his meeting with Azziz. Baker said the word . . . regrettably and the markets went absolutely NUTS!!! I'll never ever forget the ROAR that ensued after Baker uttered that word. Gold surged, Crude oil and the other refined products went BALLISTIC and the stock-indexes where I was had no "bids".
exactly, that was my original point--what we call real time charts were simply not available back then--- totally different game. yeah, whatever works for you, go for it! thanks, surf
I purchased a copy of "Open Outcry" from PBS or whoever it was that sold it back then. I promise i will not drop down to marketsurfer level and make copies and claim then are rare and sell the copies as original. I bought it to show come young puppies how it was back in the day. Also have a couple tapes the CBOT and Merc also sent me that have been used in the past for scenes of pit action for news programs etc. marketsurfer discussing charting is almost as silly as Michael Jackson pretending he was anything but a cartoon character.
'the Visitor Gallery has been closed since 9/11 and there is no indication of whether it will be reopened.' ps. here is visting hour Open Hours: 24 hrs Notes: Because the inside of the Exchange is closed to the public, you may view the outside of the building at any time. Regular business hours inside are from 9:30am-4pm, Mon-Fri. Visit Time: 30min-1hr Average Wait Time: None Price: Free Exposure Outdoor with little or no covering. Age Recommendations/Requirements Ages Admitted: All Ages Ages that would most enjoy this site: Adult, Senior Groups that would most enjoy this site: Couples, Families, Friends, Groups, Solo Travelers Transportation Nearest Train or Bus: 2, 3, 4, 5 at Wall St Best Modes of Transportation: Bus Subway Walking Parking Availability: No