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In response to the value of working at a futures exchange:
I didn't work there, but I traded in the S&P pit for 1 vear (as a local). I
broke even trading, but I still had my seat lease (850/mo. at that time) and
my living expenses. It was in 1988-89 when a lot of the volume had dried up
after the crash.
I gained some good experience about how the pit system works. How locals will
gun for the stops; what happens when a broker is working a customer order;
how the pit will explode when a few big orders hit it.
It was helpful, but I still lost money for several years afterwards. I think
developing a good risk management plan and developing a systematic approach to
trading is more important. That's when I finally began to make money.
Good luck to you,
Jim Hamer
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