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<P>mguess wrote:
<BLOCKQUOTE TYPE=CITE>
Pretty good for an "I was there" book. Lots of flavor
from the vantage of the pits, from when he started in Gold under Maury
on thru his learning curve at the inception of the S&P contract &
onto running the biggest deck on the floor. Now he's running his own fund
off-floor & wants a little of the respect given others like Paul Tudor
Jones. Believes electronic trading's time has come. Suggests side-by-side
trading like the LIFFE (?) did before going electronic. No real trading
tips other than psychological. A good read before turning out the lights
at night.
<P>Michael,</BLOCKQUOTE>
Until last week, I never heard
of LB. But, I can tell you what I remember about the CME Gold Pit
story. During the first few years that Gold was trading, back in the 70s,
the CME was the #1 exchange for Gold. However, due to a consistent screwing
of the customers by the CME Gold pit, the business eventually swung to
the Comex in NY. By the early 80s, the Gold biz on the CME was about non-existent.
So much for the CME "Gold King" claiming this as a credential. Next chapter,
you report that LBs next adventure, after apparently killing the Gold Pit
<G>, was to become the #1 broker
<BR>in the early days of the S&Ps. Oy! Ask anyone who traded
S&Ps back in the early 80s and they will tell you all the dirty stuff
that was being done to the public. It took the Crash of '87 to clean up
the
<BR>bad biz in the S&Ps. I am not saying that LB caused any of these
maladies. But, there certainly seems to be a funny coincidence that where
ever he goes there seems to be major problems in regard to how the public
is treated in trading futures.
<P> So, as a precaution, where is the world
is Lewis Borsellino? <G> By the way, as of today, I am changing
my name and entering the government witness protection program. <G>
<P>Good Trading,
<P>Anonymous
<P>P.S. Don't you just love all these guys who promote themselves as floor
traders, i.e. they say they know how to trade, when actually they were
mostly floor brokers? Trading as a principal and trading as an agent
are two entirely different skills. A broker's job to to follow orders and
execute as expeditiously as possible without making any clerical errors.
It is basically a clerical job. On the other hand, one trading their own
account must focus mostly on making profits and cutting losses. Speed is
helpful, but not absolutely necessary. Strategy plays more of a role in
principal trading. When I was on the CBOE floor, where principal and agency
are separated so few do both, I saw very few floor brokers who switched
to market making become successful trading their own account. Some of the
brightest floor brokers went bust trying to trade for themselves.
Bottom line, these two modes of floor trading are entirely different. To
lead someone to believe that just because one was in the pit as a floor
broker they can teach someone anything but how to be a good floor broker
is a ruse. Let's see these floor brokers wanna be traders give up
their deck and trade for their own acount. Then we will see if they can
make more trading than they did brokering. Anyone who can demonstrate that
they can be profitable as a
<BR>"real trader" is someone whom I would consider a potentialy valuable
teacher.
<BLOCKQUOTE TYPE=CITE>
<P>RAY RAFFURTY wrote:
<BLOCKQUOTE TYPE=CITE><STYLE></STYLE>
Hi RT's, Has anyone out
there read "The Day Trader: From the Pit to the PC" by Lewis Borsellino?
If so, what did you think of the book?
Good luck and good trading,
Ray Raffurty</BLOCKQUOTE>
</BLOCKQUOTE>
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</x-html>From ???@??? Tue Jun 22 06:58:03 1999
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Subject: Historical Forex Data
Date: Tue, 22 Jun 1999 05:36:00 -0600
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FYI Forex Traders:
Attached is what seems to be a great historical data source. I have just
requested a sample of their data for review. They seem to be very responsive
and accommodative. Besides, they appear to have a very extensive data base
compared to most other vendors I know.
Sincerely,
Richard Chehovin
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