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John Dundee wrote:
>
> I sent this post some time ago but did not receive any replies.
> Thought I would try again.
>
> Howdy,
>
> Looking for any feedback or experience with Larry Levine's course
> "Secrets Of Floor Traders". If you do not want to comment to the group
>
> please e-mail me directly.
>
> Thanks, John Dundee
John,
I don't know anything about Larry. But, I do have a good idea for you.
There are several folks on the RT with floor trading experience. Why
don't you ask them if they know any secrets as a floor trader?
I did the floor thing for 12 years as a market maker on the CBOE and
also
traded in the index pit at the CBOT. Here are my floor trader "secrets":
1. Being a floor trader is not as easy as what most people think. You
are going against thousands of off floor traders who have millions of
dollars in staff and computers and billions in capital. Additonally, the
firms have access to proprietary info that gives them inside info, i.e.
know that their institutional customer is about to unload a billion
dollars worth of a stock at a particular time creates unlimited
opportunities to make money at the expense of the floor traders.
Standing in the pit is akin to a pidgeon waiting to be shot. The goal is
to dodge the bullets all day long so you can live to trade another day.
Being a floor trader is not a franchise to coin or steal
money as much of the public and media would like you to believe. The big
firms have this BS written by their PR firms to cover their own
nefarious activities, which are usually done at the expense of the floor
trader. Even the public watching CNBC usually knows more that the floor
trader.
2. Being a floor trader is not glamorous, unless you like being shoulder
to shoulder with a bunch of perspiring folks with the oder of a locker
room who elbow you, step on your feet, spit in your face, and whistle
in your ear all day long. Oh, and you better have a good bladder and
good kidneys, because you may need to stand in the pit all day without
going
to the restroom. A friend of mine had to answer the call to nature one
day. While he was gone for about 15 minutes, the market had a big move
and he had returned to the floor, he had lost about $50,000.
So John, those of some of my best secrets of a floor trader and it
didn't cost you a dime. Perhaps some of our other RTers with floor
trading experience will volunteer some of their floor trading
"scecrets"?
Flooringly,
Norman
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