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Dean --
Speaking as someone who worked on the floor of the CBOT for about 1 1/2
years as a clerk, I would have to say that you can learn a lot about how
the markets OPERATE from working on the floor - that is, pit mechanics,
order flow, which numbers have the biggest impact, which players move the
markets, etc. but in terms of learning HOW TO TRADE, well, you could only
do that while working on the floor by working with a broker or trader who
will share his insights with you. You could do that off the floor, too. I
mean, you could mentally "paper trade" the market as all clerks do, but why
couldn't you do that off the floor?
Also, working on the floor can be extremely boring at times and the pay and
the hours generally suck too. The intellectual atmosphere is equivalent to
a high school football locker room (that goes for the CBOT and the CME),
and while moving up to being a pit trader is certainly possible (especially
if you have the capital to lease a seat), generally speaking the
"Cinderella" stories of traders moving from being a runner to trader are
predicated on knowing someone who already trades, either a parent, brother
or other relative.
Remember, though, that it only takes about $7500 to buy a Mid-Am seat, and
you can lease IDM seats to trade Dow Futures for about $600 a month -- but
again, you have to have the capital in your account (I'd say minimum $7500
for Mid-Am, probably $25,000 for IDM) to start trading.
Hope this helps!
Michael Strupp
Candidate, M.S. Financial Markets & Trading
Stuart School of Business
Illinois Institute of Technology
Chicago, IL
----------
> From: Dean Chahley <maui@xxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: FUTR - working at a futures exchange?
> Date: Wednesday, February 25, 1998 2:02 PM
>
> RT's,
>
> I'm wondering if I should pursue employment at a futures exchange - to
learn
> how to trade better (& generate a steady income). Would this be
reccomended?
> and if so, what are the proper steps to take?
>
> Any replies are appreciated.
>
> Dean
>
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