Today’s lesson: What we can learn from Floor Traders about psychology when emini day trading, as well as the Dow futures and commodities trading. Who makes better traders on the floor – people with brains or brawn? Is it better to be a scholar or an athlete?
Also addressed: What is the future of pit trading. Are all the seat owners going to get killed or make a killing?
In this video 3 NYMEX pit traders are interviewed to help answer these questions:
- Fredo is a seat owner who has been trading for 20 years.
- John is a floor trader who executes trades for his employer as well as his own account.
- Paul is a clerk who has only been at the exchange for 9 months.
This is part 3 of our 5-part series.
Enjoy the video, then please click on the “Comments” link at the very bottom of this section to leave your comments.
yes thats a good one barry. the sooner that the electronic world can take these guys out the better. unfortunately i’m far from that list
That’s a good interview and realistic, where they talk about loss and profit.
useful but I’d be interested in their specific experiences re: putting on a trade, exiting, and their “mindset” as they did it.
“It’s all a card game” says it all!
Great video. Looking forward for the next part. I do think that most of the outcry will be out soon. Which will be missed a lot. To me is the main part of the entire system. Hope it does not be like changing ER2 to TF that caused volume to dry out.
Thanks,
Joe
nomoreyahooemail@gmail.com
Some real characters there. The thing is – with the ‘live trading floor’, there seems to have been a ‘natural governor’ built into the system – when that’s gone, do markets become more or less predicable as ‘automatic’ machine trading takes over. Maybe things will in fact get more ‘risky’ or volatile as without some ‘grit in the cogs’, feedback loops will be amplified and run prices too far in either direction. Maybe its all like weather forecasting – even with ever more powerful super computers crunching the numbers with ever finer granularity, we still can’t ‘predict’ exactly if it will rain in New York or London in 3 days time! The law of probability is what counts in the final analysis, and on that we trade … Probability theory is where we’re all headed it seems.
Always enjoy your insight.Best regards.
Dear Barry,
I am very happy that I have taken the time to learn your courses. I bought courses 1 and 2 for my wife in March of 2009. She suggested that I view them and I found them to be very informative.
We have purchased several courses that cost us much more than what you charge and they were worth very little by comparison. Your courses are very thorough and you do a great job of describing all aspects of trading. I look forward to all the additional FREE information you provide. I particularly enjoyed the psycholgical aspect of trading you covered in one of your recent videos. I had an “ah hah” moment viewing it.
Thank you Barry for caring enough for your students that you continue to educate us well beyond the original course content!
Sincerely,
Mike
Your trading course has been the most excellent course I have ever taken. I would recommend it to both beginner and advanced traders. You have provided free additional webinars which were over and above our expectations. I now feel very confidant under your guidance. Thank you so much!!! Lenny Askowitz
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