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GlassOnion

No Free Lunch... But,

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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."

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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

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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! :)

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