Floored: Standing in the Twilight of Open Outcry.

[circusboy90210]

real capitalism. the ability to fail , and succeed.

[Gramps458]

still remember first day on floor bell rings, shouting,boards light up. Knew I HAD to be part of this.

[JeremyKonstenius]

The people who made it and kept it where the quantitative market makers and arbitrage strategist.

[adulby]

this looks so awesome. i know electronic is beneficial to everyone but this is so cool. I wish it was still this crazy. looks so awesome and exciting.

[TradersOnTheRun]

and now NYX going NOM NOM NOM to CME...will put dick on the back of CME!

[MrA1275]

Ha! okay bud keep telling yourself that. Lets be honest kid, you just never got any trades. I'm willing to bet my seat at the CME that you haven't made jack on the screen. Hit me up, i beg you too. You bring your clearing firm statements, I'll bring mine.

[flyem00]

A Dynasty of stealing-getting fed by the brokers is how the largest traders made money period. Oh and then a nice kickback at Christmas. For the folks out there who actually think of some of these guys as great traders you are incredibly naive. There were even mobsters on the CME floor.

[redballyou]

@flyem00 mobsters on the CME floor? seriously? would they blackmail u ?

[FreitagsSwag]

computers killed my dad, traded in the S&P's since 87' when i was younger he used to make 40k and b home before lunch, now he doesnt even work there anymore because the pits are empty and he cant work the computer like the floor, it makes me feel so bad for him

R.I.P CME Open Outcry, 2001

[JeremyKonstenius]

@FreitagsSwag The floor gave your dad a real advantage. You can't front run a computer. Also for some reason and this was especially true with the S&P is you could feel and smell the momentum.

[thedrumstickwizards6]

Chicago futures and options markets created price transparency and guaranteed clearing of trades. NY dealers would never allow real time price information; this is why the Chicago markets exploded. NOW WE NEED, CDS's, to be exchange cleared and reported in real time. CDS need to be listed at the CME. Wake up everyone. I miss the floor.

[pantherproof]

I remember visiting the CBOT in the 90's and from the visitor's gallery you could see what a beehive it was. I didn't see how anyone could do that day after day.

[jakcough]

go burry your heads in a deep dish *

[dave997]

do they record eachothers trades on some kind of honor system? What prevents someone from saying this guy sold to me way lower than he actually did or something like that?

[broohaha22]

@dave997 Yes. There's a staff of trade checkers.

[special1740]

@dave997 Nothing. There were numerous Fed raids of Chicago exchange.

[larrygt1]

Open outcry sucks terrible terrible i love electronic trading so much better than pit trading being on the floor is a fucken pain in the ass electronic you can have acces to any market in the planet control buy and sell from your finger tips you can even put working orders with youre entry stop loss and profit target in place on support and resistance levels way in advance so that way you dont even have look at price action you can walk away and go do somthing better forex markets are best ....

[FreitagsSwag]

@larrygt1 thats cause ur prolly younger, and good with computers, my dad traded in the S&P's from 87' to present, absolutely hates electronic trading, mostly because the prediction methods are different, but i guess its ur personal taste huh, personally i like electronic trading after i get out of the USMC ima start e'trading eminis in the 500's

[MilhamaH777]

Been there, done that... including pushing you Mike...

[dam2630]

Guy was checkin' trades and NOT makin' them.... If you were there, you were trying to be part of it - apparently he didn't make it...

[trystal1975]

These guys were scum. Period. End of story. My heart fills with glee at the thought of open outcry going down the tubes. Lovely, so lovely

[FishlegsJones]

i worked at the CBOT checking trades for 5 years and these brokers were the scummiest people i've ever known.

FUCK OPEN OUTCRY

[DRIFTSET]

u were there for 5 years and you didnt learn a thing.

[TraderAlamotv]

great stuff, bro! Congrats! -alamo-

[larrygt1]

you know alot of people say that there are nothing but fucken thieves in trading well you know what youre right there is a shit load of corruption in trading "FOR THOSE WHO DONT KNOW HOW TO PICK PRICE DIRECTION " they get fucked by the people who do know its the rookies paying the people who do know who know where prices turn who can see the order flow and know where prices turn if youre not educated correctly and cant trade with consistent profits dont trade beacuse youre going to get fuck

[jayhawk2680]

your a dooch who knows nothing about commodities trading...go back to your cubicle little ant

[newyorkdaver]

Could not of said it better myself. I went from the floor to the screen. Miss the floor days but you gotta love FOREX

[arseneremy]

i'm with you. forex is king.

[11024988]

Isn't that called business?

Someone gains another person's losses?

[jrg6362]

I'm on COMEX....open outcry is already done. Nobody goes in with Globex. Now the playing field is even. I'm a small trader and love electronic.

[estesoyojajaja]

I live in Canada and we also have a stock exchange, and my question is : betwen stock trader and banker wich proffesaion is better?, and betwen economy and finance wich is better?

[wimblewomble21]

@estesoyojajaja Depends on how much you are willing to lose, and how much you desire to gain. Banks and finance offer more stabillity, but trading and economy offer more prospects, but also devestating effects for those who are reckless or in many cases just unlucky. People often ask "how much can i make in a day by trading?" the answer being "How long is a peice of string. you win some you lose some". Also trading needs alot of time dedication, so if you are a family man, then think carefully.

[wimblewomble21]

@estesoyojajaja Also another thing. If u suffer from high blood pressure and severe anxiety, then enter trading at your own peril. Also look at your own personal skills. are you great with numbers? quit witted? ruthless? in touch with supply & demand of the common man? if so then trading may be for you. Otherwise if not, then i would suggest take a job at the bank. I quit trading. It got the better of me. I was not amazing with numbers, not quick witted, and the booze lifestyle got to me aswell.

[dam2630]

@jrg6362 Yeah electronic is great, witness the recent "Flash Crash".... Careful what you wish for, pal....

[circusboy90210]

@jrg6362 even playing fields are not fun nor democratic.

[bullocks66]

Did you guys mention all of the stealing and getting fed by the Pit Brokers? You are not traders your f________ thieves.

[nimrod379]

when is this going to be released? cant wait to see it!

[selfidentity1]

this looks greaaaat!!!!!

[larrygt1]

Yeah theres really no need for floor trading anymore now that we have electronic trading why would you what to be on the floor struggling to get filled very difficult to see price to much confusion and illisions being played its better to do it behind a computer you can preset youre orders no need to look at price all day more convinient from home.

[sham691977]

It's more fun to be on the floor, sitting behind a computer is boring.

[DLFerrariFan]

damn right. Open outcry is the last link we have to the past as far as the market is concerned

[subban]

too bad. US is the last bastion of open outcry. Every other country got rid of it in the mid to late '90's. Now if we can only get rid of the open outcry on the dirty rigged Amex exchange in nyc then that would be an accomplishment.

[pajmf]

@subban The AMEX was neither "dirty" nor "rigged."

[robthing73]

you have clearly never traded open outcry before...

[NMOMace]

Open outcry rules

[GS300pusha]

I miss the floor:(

[robrown1]

Go to Unifiedmarket.

[Scapone2001]

i cant wait to see this

[AirelonTrading]

The floor needs to go away. Forever. And everyone knows - it soon will be. The only thing that's left of open outcry? Is options on futures. Futures are no longer traded open outcry (thank god). Now that's electronic. Open outcry is small time.

Open outcry pit guys returned me a fill on .15 x .200 bid ask today? Of $0.00. That's right. They tried to outright STEAL the option from me.

Don't ask me to cry - when the thieves are completely gone. As they soon will be.

[youngkalvin]

Check out Open Outcry by Jon Else.

[Jwhite198621]

Man, this is going to be awesome. Have to love the raw emotions on the floor.

[AirelonTrading]

Floor / open outcry trading is an ancient remnant of a system that needs to completely go away.