Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

GlassOnion

No Free Lunch... But,

Recommended Posts

Nothing to do with PA, FA or TA,,,

This is about understanding the human Element in the Pit.{of Dispair to Pr. Bride. movie fans}

 

Pit Traders. {You really think they are rookies?}

They have to eat, they have to pee and they have to get a grip on the Market direction. After all, this is not their first venture into the Market.

Evolution told them to pee at the same time as other traders because they understood...that's when they get their ass whipped.

Eating is optional. Market direction is in their hands.

 

So...

As an Outsider,

{never had an inclination to stand in, or trade from, a Pit. All posts from the exposed Waaayyy more than welcome}

I have observed the following.

8:00 AM Open to 10:00 AM = Rape, Pillage OR Stalk

11:30 AM Spike = Goin' to lunch and need some profit to Close.

1:30 PM Correction = OK, We're back and we're gonna move it as much as we can. {wtf were you guys thinkin'}

3:00 PM slowdown is caused by Daytraders getting out Early and Swings/Carry doubting their Trade will now Mature.

 

If the above is a revelation to you, YOU still don't know the Market.

To the others.... Correct my times if you feel the need.

 

Now that you feel slammed...

The Truth.

Guess what. The pressure on a Pit Trader is {Guesultimate Only}1,000 times the pressure on you. {No consideration to Significant Other Pressures you may be under}

 

There are numerous Small Windows / Day that will return you Profit. Not easily. But with study on Your Pair, it will become Obvious what Time of day your Trades have More POTENTIAL

 

"Ohhh, Friday @ 3:30 PM EST and I only need 50 more pips to hit my TP...."

 

"Good Luck but I know you will hit it on a Good day."

Share this post


Link to post
Share on other sites
Nothing to do with PA, FA or TA,,,

This is about understanding the human Element in the Pit.{of Dispair to Pr. Bride. movie fans}

 

Pit Traders. {You really think they are rookies?}

They have to eat, they have to pee and they have to get a grip on the Market direction. After all, this is not their first venture into the Market.

Evolution told them to pee at the same time as other traders because they understood...that's when they get their ass whipped.

Eating is optional. Market direction is in their hands.

 

So...

As an Outsider,

{never had an inclination to stand in, or trade from, a Pit. All posts from the exposed Waaayyy more than welcome}

I have observed the following.

8:00 AM Open to 10:00 AM = Rape, Pillage OR Stalk

11:30 AM Spike = Goin' to lunch and need some profit to Close.

1:30 PM Correction = OK, We're back and we're gonna move it as much as we can. {wtf were you guys thinkin'}

3:00 PM slowdown is caused by Daytraders getting out Early and Swings/Carry doubting their Trade will now Mature.

 

If the above is a revelation to you, YOU still don't know the Market.

To the others.... Correct my times if you feel the need.

 

Now that you feel slammed...

The Truth.

Guess what. The pressure on a Pit Trader is {Guesultimate Only}1,000 times the pressure on you. {No consideration to Significant Other Pressures you may be under}

 

There are numerous Small Windows / Day that will return you Profit. Not easily. But with study on Your Pair, it will become Obvious what Time of day your Trades have More POTENTIAL

 

"Ohhh, Friday @ 3:30 PM EST and I only need 50 more pips to hit my TP...."

 

"Good Luck but I know you will hit it on a Good day."

 

I've worked with a number of former successful pit traders who move to screen trading, and they fail miserably. Competence in the pit does not translate to competence when the trader does not get to smell and see the emotions of others in the raw. What's your take on this?

 

Rande Howell

Share this post


Link to post
Share on other sites

Hi Rande - I worked both floor and computers

On the floor you had a number of advantages that simply dont translate off the floor - regardless of if a trader has their emotions in control.

Things on the floor such as -

- ability to read peoples faces

- ability to see exactly what others are doing

- ability to hear the emotion of a pit

- ability to see all the orders, and remember and know where real orders lay and are not implied

- for some the ability to bluster, bluff and bully.

- these all gave the ability to be alert when things will get exciting as opposed to simply staring all day.

There was also the ability to front run, get favours etc....like HFT :)

 

This meant that a lot of traders never developed trading skills that were independent to all the advantages they had. eg; they might not have needed to develop patience, or even a trading plan....because they did not need to.

They developed other skills better suited to the environment they were in at the time.

I think its as simple as that.

 

The reason I think this is that myself and another trader from the floor made the decision years before hand to study trading ideas - we thought the markets would become more efficient, computers would rule and we had best learn to trade. Many others did not and it was obvious that they did not want to develop new skills.

I should have actually learnt how to program - it might have been an even better skill! :)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date : 20th February 2020. Yen tumble continues - 20th FebruaryThe Yen has continued to tumble, and is showing a near 2% decline against the Dollar from yesterday’s opening levels.USDJPY printed a 10-month high at 112.10, just 28 pips away from its 10-month high, and EURJPY posted a 2-week high, at 121.00.There have been reports over the last day of major fund managers cutting yen longs, including against short regional Asian currency hedge positions, though most Asian currencies came under fairly heavy pressure today amid concerns about the coronavirus outbreak spreading regionally at an increased rate. There has also been talk of Japanese funds buying US Treasuries. While China reported a large drop in new coronavirus cases, just as the PBoC delivered an expected rate cut, South Korea and Japan reported increases in new cases.This news led to a mixed performance among Asian equity markets, with China outperforming while other benchmark indices sputtered. Trying to call the point of peak contagion, and thereby the peak of economic disruption, is tough, though the consensus seems to be that it will happen in March or April, aided by the arrival of warmer weather in the northern hemisphere (although scientists aren’t exactly sure if warm weather will have the same quelling effect as it does on flu and cold viruses).Japan’s Q4 GDP data, released on Monday, disappointed, showing a 1.6% q/q contraction versus the median forecast for -0.9%. Q3 data were also revised down, and the figures came amid expectations for a dismal current quarter performance given the impact of measures to contain the virus outbreak.There is a risk that USDJPY might sharply reverse gains should risk appetite in global markets deteriorate and sustain. Intraday meanwhile, momentum indicators continue their positive configuration, suggesting that despite the fact that the asset reached overbought territory there is still room to the upside. Stochastics slopes into overbought area and MACD extends above signal line suggesting strengthening of positive bias, whilst ATR posted a 16 pips move. Some correction could be seen ahead of US session, with immediate Support at 112.00 and 111.58 (yesterday’s peak), however the overall outlook remains positive. Resistance sits at 2019 peak , i.e. 112.38 and at 112.66 (R2 of the day).Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Many traders are not so satisfied with IC Markets lately. It seems they have a lot of issues.
    • Potential GBP/USD long
    • White post on white forum paper $Value: Higher than 75
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.