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RT,
Here is one for a good laugh. <A
href="http://www.secretsoftraders.com";>www.secretsoftraders.com is
marketing a course that will divulge the secrets of floors traders, so you can
make your fortune, for only $1,500. They will send you a sampling of their
secret trades via e-mail free. I just got one and was able to figure out
most of what they were doing without there disclosing the techniques. I
bet most on this list could too. Try it for fun. (No affiliation)
The sad part is that they are perpetuating
the myth that being a floor trader is somehow a license to make money. The
techniques they are using are probably not used by most floor trades simply
because there is not time or means to do this on the floor. Most floor traders
are trading via seat of the pants. Once one steps back to analyze the markets,
one trades less and the financial justification for paying that huge floor
membership overhead is greatly diminished. Therefore, I think many of the
better technical traders who are on the floor, eventually go off floor where
they can have computers and charts to help analyze and identify describable
trades. Therefore, to perpetuate the image that most floor traders have secret
trading rules based in technical analysis that allows them to coin money
is a falacy.
What I observed during my 12 year
tenure on the CBOE floor was that about 1/3 of the floor traders turned over
every year, i.e they went bust. I think the big money is made upstairs by
off floor traders. I never heard of Gorge Soros and other major traders trying
to make a living scalping S&Ps. What say others who have traded on the
floors of the exchanges?
Cheers,
Norman
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