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Omega man is clueless. Every futures order takes place in a pit....or most
do. There are two types of traders. Onet that will trade the order flow and
those like Omega man who have some buy and sell points in mind.My friends
who spend six hours a day on the computer trade order flow that bid and
offer the market. They also know the profiles of the other traders on the
system. Much how you folks know what the different writing characteristics
of this list.
What kind of trader do you folks want to be. Project A and Globex have been
going on for years. You do not have to guess about the future. Spend an
evening with someone who has a terminal. That is the future. The floor
traders the real traders hae no fear of the computer. Those who made friends
with floor brokers or just took the market orders are in trouble. As I said
to a fellow trader. Now you will have to really trade not just pick off the
paper.
-----Original Message-----
From: The Omega Man <editorial@xxxxxxxxxxxxx>
To: Neal T. Weintraub <thevindicator@xxxxxxxxxxx>; Dejan Corovic
<Dejan.Corovic@xxxxxxxxxxxxxx>
Cc: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Friday, August 07, 1998 2:48 PM
Subject: Re: What will happen when open outcry pit desappears ?
>
>
>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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