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RTers,
This argument about the local traders looking over the 5 or 10 lot traders
stops and shorts, and side deals is so absurd, I almost did'nt make a
comment, but this has gone far enough.
As a former scalper/trader at the CBOT, the small independent off floor
traders stops, shorts, MOC orders would not make my day.
There is no way in hell that information is available to me or anyone else on
that floor or in the pit. The brokerage house that has those orders surely do
not broadcast their customers orders to the floor.
Our money is made when the big commercial houses such as Cargill, Laughoff,
Iowa Grain, Kellogs, Post, Quaker Oats, just to name a few, and other 1000
lot traders, come into the pits with their mega orders.
Wether it is the grain pits, bonds, ags, currencies, your orders are not our
concern nor are they any less important than any other order.
If I am buying 20 cars, the trader I am buying them from may have 20, 1 lot
orders he is selling.
Most active pits have well over 100 traders in them all working for the good
of their customers and the brokerage houses that pay them.
As a scalper, I never held a position overnight, rarely looked at a chart,
never owned a computer or trading software, bought and sold as many as 100
contracts a day on as many as 15 transactions a day, worked on as few as 10
or 12 ticks, and most days was through by noon.
Beleive me your stops and MOC orders are a good safe bet.
All the Best,
Jerry Donato
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