Question. Do you or any of the traders you know listen to pit noise while trading? If so, do you find it useful? I tried it for about 6 months but I'm actually profiting better without it. Listening to the guys yelling just caused my emotions to get out of control. I prefer to stick to my charts and listen to some nice ambient music.
There is a site called Traders Audio.com I used to listen to the S&P futures pit. Its fun and interesting but didn't help me in my trading. Maybe pit video would be useful.
Spectra I have been feeling kind of sad seeing you post so many ideas and getting so few responses that i thought i should answer this question.. I had a squawk box for about 3 years from the SP500 pit. The squawker was pretty good and had some nice commentary about fights, globex going down etc. Now for the live action. The quotes and the chart updates were almost as one, fine and dandy. The quoter was doing what? The quoter was reacting to what just occurred in the pit. What just occurred in the pit that got his attention? Correct, a change in price, and as price changed you could hear the persons in the pit get more vocal. The noise level in the pit never rises UNLESS PRICE CHANGES........... Another example of what leads what, vol or price. Ask your wife if she shopped and saw on a table at JCPENNY or Bloomingdales a really neat handbag that she would like to have but when she checked the price she kept on walking. OK, after 3 months the wife walks by the same table and all those same handbags were still on the table, price was the same. Ok, the handbag buyer calls the store and asks how those handbags have been moving out and the handbag dept head says, 'they are duds, they are not moving." The buyer says get rid of them because a new handbag line is being shipped . How do you get rid of the handbags and get the wives and all the other ladies attention? Right you drop the price and the table is the main attraction with lots of Ladies fighting for their preferred handbag that now price is within what they feel is a value area. BOOM, a price change caused a riot and the handbags moved out the store. thks for the help, Price leads all else. ..
spectra I called the CME and ran the idea about video to them and the guy said it sounded like a good idea but that was as far as it went. Ben Lichthenstein is a good guy and was the quoter. The squawk box is also kinda neat to make a daytrader feel closer to the action, kind of neat it was. thks
bighog, thanks for your take on the subject. I agree with optimus prime. Great analogy too. Much better then my biscuits and peanutbutter one. Wait that was another thread. Yes seems the sponsored accounts don't get treated as equals. It's ok and to be expected. The squawk did make me feel like more of a pro.. getting close to the action. Now I'll listen to some music or an audio book. CajunSniper / Puretick.com Administrator-Trader
I know a lot of guys in the spoos and they would fight tooth-and-nail against a live video feed of them being broadcast to the public. Clips on bloomberg/cnbc are know big deal but not a video feed like the squawk box.