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Ah yes... the
"forbidden secrets of the pros"... "unknown to the general public until
now".
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size=2>
These scams always
offer "secrets" or "insider techniques" which will give you, the
dumb
Joe off the street,
the edge that will let you beat the pants off of the daytrader who
lives
next door.
I don't
suppose it occured to Joe, however, that maybe the edge that floor
traders
have is *being
on the
floor*?
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No I don't suppose
it did.
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Now I've always
assumed that floor traders make their money by buying a space in
the
pit and then putting
up their own capital to trade against the book... basically a
market
maker. If this
is the case, its difficult to see how these "secrets" are going to
help
anyone who can't
play that spread.
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--
John
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size=2>
<FONT face=Tahoma
size=2>-----Original Message-----From: Norman Winski
[mailto:nwinski@xxxxxxxxxxxxxxx]Sent: Thursday, April 12, 2001 8:17
PMTo: realtraders@xxxxxxxxxxxxxxxSubject: [RT] Secrets
of Floor Traders
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,
NormanTo
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