|
PureBytes Links
Trading Reference Links
|
Thanks for the really great reply. You brought up a good subject in that
there are other floor and experienced remote traders in the group. I have
many questions as a two year rookie in the S&P.
This seems like what this group is all about, and not the other time wasting
stuff that goes on here sometimes.
I am having a problem, as a small capital account, dealing with the S&P wide
daily range average 13 dollars or so , and .50 &1.00 ticks. I want to use
close stops for short scalp trades of 1.50 to 3.00, but have become afraid
of it because of the high risk of the stop being quickly executed.
Any comments on this.
John Dundee
I am considering moving to the NYFE to cut down the range swings and be able
to carry a position longer.
nwinski wrote:
> 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
>
>
> > Name: vcard.vcf
> > Part 1.2 Type: text/x-vcard
> > Encoding: 7bit
> > Description: Card for Dundee , John
Attachment Converted: "c:\eudora\attach\vcard49.vcf"
|