Pit Trading

Discussion in 'Financial Futures' started by will2205, Dec 6, 2005.

  1. 9999

    9999

    Nice!
    Thank you for the link.
     
    #11     Dec 7, 2005
  2. #12     Dec 7, 2005
  3. kiffl

    kiffl

    This movie looks cool, thanks for the tip. You can buy it off Amazon for $25 too.
     
    #13     Dec 7, 2005
  4. gee...

    my cheeseburger has been molested by these glorified clerks...

    give me back communism.............
     
    #14     Dec 7, 2005
  5. mcurto

    mcurto

    Daddyeaux,

    Are you Cargill looking to hedge 5,000 corn futures or a huge cattle lot looking to move 1,000 live cattle futures? My guess is probably not. Commodities are generally illiquid and thrive upon the liquidity (whether one tick wide or ten ticks wide) that locals bring to the table. Granted, some of these guys are not that bright outside of the pit, but once they step foot into the pit they are like rocket scientists. These are not like the financial futures contracts, the whole world is not the market, the hedgers and speculators tend to be very localized and much smaller in scale than PIMCO and Citadel, and the rest of the hedge fund business for that matter. Throw commodity futures onto the screen and you create a recipe for smaller volumes and even more illiquid markets. The US grain markets are dominated by the select few (Cargill, ADM, Bunge). You can't tell me that they won't manipulate the markets on the screen to their advantage and to the disadvantage of the consumer. The price discovery provided by the pits is a value added proposition, at least in the grains and meats of Chicago. I can't speak from the New York point of view where the energies and metals tend to be more global in reach.
     
    #15     Dec 7, 2005
  6. ha...... bullshit........

    every trade busted back to me went against the idiot who busted the fill and wouldn't stand behind it....

    electronic trading is equivalent to the fall of the Berlin wall....

    deal with it...............
     
    #16     Dec 7, 2005
  7. duard

    duard

    Make the pilgrimage.

    That is to say go to the pits. Why watch a movie?
     
    #17     Dec 8, 2005
  8. #18     Dec 8, 2005
  9. will2205

    will2205

    Is it safe to assume that none of you are actual pit traders. If so I would like some feedback on trading stratgies from a floor perspective. I've spoke to some of the locals here in Minneapolis and have been told that they decide to go long or short base on the paper coming in to the pit.I anyone can elaborate on this let me know. All I do know is the majority completely ignore techincals.
     
    #19     Dec 8, 2005
  10. ig0r

    ig0r

    Technicals are for traders that sit at home and lose money.

    Pit traders make money off of order flow, as you said.
     
    #20     Dec 8, 2005