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Very true, however I like it because it gives confirmation of a lot of my signals. As I said I don't use it to enter or exit trades, just a comfort factor really, and Ben makes me laugh sometimes when he says things like, "Merrill has stuffed these locals BIG TIME here now guys."  |
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key - so the question is, if you are in a trade and the pit noise does not 'comfort' you, do you exit the trade based on this?
I think the pit noise can give a false sense of security. One example I remember was when a trader friend of mine was using pit noise (he no longer uses it) and we were in a chat room together and he said something like 'pit just said Merrill buying huge lots' during some action. He proceeded to buy. About 30 seconds later he was stopped out. Granted this was one example, but I'll never forget it.