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"Floored," the documentary on Trading Pit opens in Chicago this week
watched this awhile ago. I started working on the floor in the summer of 1983 (full time 1987). I worked at the CBOT as a broker for several large Wall Street firms and then as a curve trader on the screen from 2001 until 2011.
The floor was an amazing place to work. The floor was built by individuals who took incredible risk. The amount of size some of these locals traded was nuts. I dealt with a lot of well educated NY traders and they would have never survived trading their own capital on the floor.
The "Chicago trader' has had to deal with 2 dramatic changes. The first was the from pit to screen. I and a good chunk of my friends were able to make this transition (and prosper). The second was the emergence of HFT's. This change has wiped another huge wave of traders. I feel the HFT's took over during and after the '08/'09 financial crisis and the mkt has never been the same.
Finally, one unfortunate thing about extinction of floor trading is the amount of jobs that were lost by clerks, order fillers etc..these were well paying jobs that are never coming back...One thing about the markets is that nothing lasts forever...change or get out.
Thanks for sharing your enlightening and confirming story. I completely agree about HFT taking over since '08. There is so much tech infrastructure today behind big money HFT. Last month there was a short passing report on co-located HFT relay offices set up in Washington D.C. near the gov't offices that report highly watched reported economic numbers, and they keep reporting low retail volume on CNBC.
I had a few sages, who dropped knowledge on me in the early years on Wall Street and on the American Stock Exchange Options floor....
One old guy said two wise sayings that still stay with me:
((over time, I have had to explain these, with added words, because we spoke internal traders shorthand, the longhand versions are shared below))
1) don't ever show your politics or political leaning, especially not on the floor because they will flip you faster than you can ever imagine, because they know where your sentiments and approach towards taking trades (positions) will be... relative to the news events
2) you want to pay as much taxes as you can! Because that means you made it, and you succeeded that year, and you're on your way. Don't chase after all these leeches (accountants, referals, schiesters, etc.) trying to distract your primary focus, namely making successful trades in your account(s).
words to live by and succeed long term, as a trader
and for that old timer, I still tip my hat (in rememberance and sharing his sage wisdom) to!
I remember during my first week on the floor on guy asking me, "hey wld, what % do you put in your 401k every month".
I was a new guy to him but had been trading and earning for a while so I didn't fall for the trick question. You knew when other guys listened to small talk that it wasn't small talk. So I responded that I had not made a 401k contribution after February in ten years. They moved on to something else pretty quick.
Nobody ever told me the one about personal politics revealed in how you respond to gubment #'s. I learned that the hard way, just as you mentioned. Guys with their jibber jabber got under my skin and got me to flip or scale down into the numbers....more for them.
As weird as it is to say, If the floor was back like the heyday I'd go back down there Monday. I hated it but I love it at the same time.
Also, kinda funny when guys talk about the $ amount in taxes and deductions and accountants and lawyers...they where not aware that after a certain point did not matter what you did. The really big guys never had any idea about any of that. ALL of there focus was the next trade.
I miss it kronie...and I cant believe I'm even typing with an AMEX scum bag real market carper. You and I have to be sworn enemies!
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 796 since Oct 2009
perhaps, back then, but certainly not now,
this individual effort challenges even the brightest minds to the dullest, because we're all up against the HFT's and auto-bots...
Seems the Transformers meet the Fockers... now that's a movie script.. you can see it now:
here's Mama Focker
Papa Focker
MarySue Focker
GrandPah Focker
Bubba Fucker
1. If a machine can do that job, why shouldn't it? At most intersections we still could have traffic controllers, instead of stop lights. Imagine how many jobs could be created.
2. Where did the money come from for paying for those jobs? I guess eventually from the investors...
I never said the machine shouldn't do the job. Pedro, I just stated a fact. Never said it was right or wrong. It happened and you move on.
I lost a over a $100k job in 2001 (on the floor) with a Wall Street firm. it stunk, but it turned out to be a blessing. I was able to have a very nice run trading from 2001 to 2011 and saved enough to be in a very good financial position today. I turned a negative into a big positive.
In any career you are going to have ups and down and a lot of change. I happened to have a significant up for a lengthy time and at present I have a bit of a down. I'm a fighter and I am trying to adapt.