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Neal wrote:
>I luv how everyone blames the floor trader. We provide liquid market.
>Perhaps the best in the world.
The floor trader is a very small pawn in a very big game. Don't worry about
the floor trader - his miniscule effect on the market is overblown. You
cannot trade his way from upstairs and you don't want to. He is history.
Look beyond him.
then Neal wrote:
>The locals will still exist. I love how you
>techies believe your system that you back tested does not work because of
>the floor.
Neal, please clarify your position: Are you asserting that there are no
purely mechanical systems, developed based on price history, that
consistently pull money from the market? If this is your position, I can
quickly dismiss it. It is simply not factually correct.
then Neal wrote:
>Anyway, would anyone like to see the kind of fundamenatal news we get from
>our clearing firm every morning to help us trade. No it is not backtested
>and it is fundamental and no I am not selling nor can you buy it.
Not backtested you say? No thank you... Rule #1 of successful trading:
LOOK AT PRICE ACTION ONLY. Forget the "news", forget the "fundamentals",
forget what certain market "players" are doing, expose yourself to only one
piece of data: price. Don't even allow your ears to hear any other
information.
By the way, you can buy the information you describe.
All the best,
The Omega Man
-----Original Message-----
From: Dejan Corovic <Dejan.Corovic@xxxxxxxxxxxxxx>
To: Omega-Digest Forum <omega-list@xxxxxxxxxx>
Date: Friday, August 07, 1998 5:07 AM
Subject: What will happen when open outcry pit desappears ?
>Hi,
>
>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 ?
>
>For example if computers are matching orders, than there should
>not be running at public's stops ( 'washing' ) by floor traders.
>It seems logical to expect that all the little dirty tricks floor
>traders were using against the public will simply dessapear. Like, as
>well, 'killing the public' half an hour before closing the exchange ?
>
>As well, what do you think, will we need to change and retest
>our trading systems ( with no historical data to match ) ?
>
>Regards
>Dejan
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