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Felix:
When you write that "...one floor trader is trying to eke out a living with
computerization - and gave up", I find it hard to understand
with all the Etrade systems, with all the techno-stuff available, with all
the fast accesses to place orders, why would anyone give up the solitude on
a home office for the mayhem of a Chigago pit?
Those is the pit are to be commended for all that they do that allows
off-floor traders to profit. But still, if one can't adapt (like your
30-year trader), then improvise or overcome...BUT DO SOMETHING with all
that is "out there".
This is not a criticism of your post, but if you or anyone else has
answers, I'd be most appreciative of hearing them.
Gerald
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> From: Felix TY <felixty@xxxxxxxxxxx>
> To: James F. Mazzulla <tagteam@xxxxxxx>
> Cc: omega-list@xxxxxxxxxx
> Subject: Re: What will happen when open outcry pit desappears ?
> Date: Saturday, August 08, 1998 03:10
>
> I sincerely believe technical signals or system signals will only
> improve for the better (assuming you already have a competent technical
> system already, if not, focus on that area first!! Like whether we will
> be in a speedboat or a sailboat, make sure you know how to swim on your
> own first, other things are secondary to this.) not so much false
> whipsaws, testing (as in kootchie kootchie koo) and trends will be more
> perceivable and definable.. In my experience,during our conversion from
> outcry to computer (Philippine Stock Exchange), there was a lot of
> howling from the veteran floor traders (especially those whom I
> personally know are really crooked), they literally were screaming,
> scratching, and kicking at the exchange. One almost 30 year veteran
> (crooked) floortrader, I know has retired after 3 years trying to eke
> out a living under the computerization era and finally gave up.
>
> This point of view might be more important for position traders and
> quite as irrelevant as to daytraders who, always have very sharp knives
> on both hands everyday and can quite evolve with any market changes
> anyway.
>
>
>
>
>
>
>
>
>
> James F. Mazzulla wrote:
>
> > >There was rescently a posting on this forum remarking how on
> > >one US futures exchange, 'locals' become redundant within weeks
> > >of introduction of the electronic order matching.
> > >
> > >What I would like to ask is whether this novelty will change
> > >nature of the trading ?
> >
> > Nope, people like you will continue to lose money.
>
>
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