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Howard,
Could you tell me who your pit broker is?
Thanks,
Brian Voiles
At 09:35 AM 4/14/2001, you wrote:
>I know my broker desk in the S&P's tries to protect me from the type of
>example given. Just the other day I took a stop to the market and prices
>were trading 69.50 bid 70.00. Right when I took it to market Squawkbox was
>quoting a 69.20 bid and a 69.20 printed. Prices immediately went back to
>69.50 bid and then higher. My broker was told that I was filled at 69.20
>(the low tick of course). Immediately he started screaming at the order
>filling that it was bullshit! He was screaming that there was a 69.50 bid
>right next to him. The order filler made the 69.50 good.
>
>It's nice to have someone on your side down there!
>
>Howard
>
>
> >From: Ira Tunik <irat@xxxxxxxxx>
> >Reply-To: realtraders@xxxxxxxxxxxxxxx
> >To: realtraders@xxxxxxxxxxxxxxx
> >Subject: Re: [RT] Secrets of Floor Traders
> >Date: Fri, 13 Apr 2001 07:50:18 -0700
> >
> >This is illegal as can be. Unless the rules have changed. Ira
> >
> > > Well floor traders can "get" a license to print money. It is called
> > > standing
> > > next to a broker. It takes a long time to work your way "up" there
> > > though.
> > > Just like any profession there are only a few who make the big money
> > > and the
> > > rest run the gamut. There are big traders in the SP pit, about 8-10.
> > > They
> > > scalp and take on large positions and in the SP's can make millions of
> > >
> > > dollars a year ( though that still is chump change compared to some of
> > > the
> > > large off the floor traders) The pit traders feed off the order flow
> > > (which
> > > many use to scalp) to make their money. You can make some great money
> > > by
> > > scalping and taking on just a little risk. Many are techincal and one
> > > large
> > > trader in particualr, SIR, is steeped in Gann. He is a great trader to
> > > watch.
> > > PRS is another great trader to watch.
> > > There really are no "secrets" to speak of. You just go down there and
> > > start
> > > picking it up after a few months. The so-called "secrects" are those
> > > between
> > > the broker and the local or the "fluff" trades that the brokers give
> > > (which
> > > is why it is really nice to stand next them). Ex: of a fluff ....
> > > 1170.00 bid
> > > in the pit, both local and dealer by 1170.50 offer. You are on the O
> > > even bid
> > > also for 5 or 10. Broker says to you "sold 10 at 9 half!" (1169.50)
> > > and then
> > > you hit the surrounding bids. Instant profit with NO RISK!!! Ahh
> > > secrects.....
> > >
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> > >
> > >
> > >
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