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> From: BrentinUtahsDixie <brente@xxxxxxxxxxxx>
> To: Richard Josslin <oldfogey@xxxxxxxxxx>
> Subject: Re: Gen: Think like a thief
> Date: Thursday, January 29, 1998 6:26 PM
>
> Richard,
> Thank's for the partial agreement and replying. Actually, I can’t prove
> what I said about the pit traders v. “Upstairs” traders. The truth is
that
> I am roughly paraphrasing an article by Mark Etzkorn from Futures
> Magazine, Oct 95 Page 36. He says; “Even the best real time data lag the
> market by some degree - more so in the fast markets where pit traders
> themselves sometimes lose track of things.” Maybe technology has improved
> since then. What I would like to know is a what point in a floor
> transaction is the price actually posted? Is it when the runner punches
the
> ticket or just how do they keep track of the price. I have never had the
> opportunity to visit the exchanges but I’d like to.
> I’m glad that you understand the point. Everyone seems to zero in on the
> little example and talk about stops. I would be happy if the talk evolved
> into a discussion of the advantages that “upstairs” traders have and how
to
> better exploit them.
>
> Good Trading,
> Brent
>
> ----------
> > From: Richard Josslin <oldfogey@xxxxxxxxxx>
> > To: brente@xxxxxxxxxxxx
> > Subject: Re: Gen: Think like a thief
> > Date: Thursday, January 29, 1998 5:05 PM
> >
> > Dear Brent,
> >
> > I have no idea whether or not you are "right" (whatever that means),
and
> I
> > agree with you mostly (I disagree in that we "upstairs" traders can
come
> > quite close to competing with the floor, for example by using a great
> data
> > feed, a superb phone clerk, and price orders), and your conclusions are
> the
> > basis of my trading approach, and I've been daytrading the Spooz since
> > quitting my dayjob in '85. Keep up your clear thinking!
> >
> > Sincerely,
> >
> > Richard Josslin
> >
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