guys took up all the books and looked to see if the orders you made were valid and they also took note of people who were yelling correct trades and incorrect trades. from those pieces of information they announced winners and losers in each round until you finally had the final round of all those people who were the best in their individual rounds. then they determined from that last round who the winner was. they got a nice prize. it wasn't me though...lol
because you are having to juggle so many bits of information and LISTEN to EVERYONE at the same time. Because of this most of the time people are yelling out prices that don't make any sense like "10 barrells at 55!!!! 10 at 55!!!" when market price is at 40....no one is going to do that. the guys in the middle were actual NYMEX workers from New York and they were monitoring. As you filled your orders you put them in your little order book and at the end of the round, the NYMEX monitoring
what i want to fill "10 at 51.25!!!" something like that. then somebody in the circle will see me yelling out that order and if my order fits the requirements of one of their orders they would signal me and either try to modify the order to more acurately fit their order (ex if they only needed 5 barrels at 51.25 then they could do that and i would be left with my other 5 barrels). the price constantly shifts the entire time and it is obviously very chaotic. it is extremely difficult to do
in the circle who is trying to fill a sell order (most likely a market sell order). after that sell/buy occurs the "market price" has now shifted to 50.75 (the number of barrels of oil would also be indicated in the transaction). everyone around the circle is trying to pay attention for what the market price is at. if i hear that someone just sold at 20 barrells at 50.75 and i have an order for 10 barrels at 51 or 51.25 i would see if anyone is willing to fulfill my transaction by yelling
make the buy or sell order at WHATEVER the current market price is. there were other types of orders which indicated a price that the buyer/seller wanted to either buy or sell at.
the round starts out at a specific price which would be like the opening bell in the morning...there is already a specific price known. at that point everyone in the circle starts trying to fill their orders. If current market price is 50 and i have a market order to buy at 50.75 then i would try to find someone
Well obviously this is slightly different from the real thing but not much. The way this was done is this...everyone participating a particular round was first given i think 5 or 6 sheets of paper. the papers represented orders that would have been made by clients. they were color coded depending on the type of order (market order, limit order, etc) and they included whether or not it was a buy or sell. the red ones were market orders and basically what a market order is is you immediately
More specifically, there is no informational advantage left on the floor. No "low hanging fruit". Especially given the low volumes being routed via the floor, and the absence of major players. Nymex Europe's attempt to re-introduce floor trading to London in 2006 is surely the best example of this. I'd be surprised if CME/NYMEX pits last until the end of the decade.
I'm not as anti-MBA as the other posters. But it is a bit tragic the way that these types of people have appropriated this system as a kind of wet-dream-grad-school-toy, and a way of acting out what they see as a drama. There's really not that much that open outcry can teach new screen traders. For over a decade now, top graduates taken into IB desks in London have put on fake cockney accents, and think pit trading confers one with god like status.
wow look at all these retards scrambling to lose money. I bet if you put 99% of these kids into a real trading scenario they would probably lose half their account in the first day, the 1% might gain some just by luck
Dave, do you just post the same thing on every trading video, punkass? What's your PnL? Every "retard" in this video is going to be worth 50x more than you in 5 years.
geez, people. this is a trading simulation game. its based on open outcry method, but its probably a MBA class acting like they understand the way commodities trade.
lets act cool and pretend to trade crude oil and lose all our money. These idiots are way too cocky u know they dont know shit, if they were using real money it would be a blood bath
Can someone please answer me this big question. 1. IF THEY ARE ALL SHOUTING, HOW CAN THIS BE EFFICIENT. IS THE SHOUTING SUPPOSED TO PROVIDE THRUST TO THE PRICE UP OR DOWN?
2. THESE GUYS AT THE PITS LOOK LIKE THUGS , ARE THEY?
Airelon is a airhead. If open outcry was open 100% crude oil would not even be over $85. Wake up- There are bigger and better thieves using electronic trading
Ignorant. Open outcry is a thing of the past. The only place you find it is options on futures. Futures contracts are no longer traded open outcry. Thats gone electronic - just like the rest of the sane universe. And soon enough the thieves that are trading options will be gone too. The system has already been designed to replace options trading open outcry. Thank god & good riddance to the thieves.
Tried to place a bid of 15 today on a bid x ask today of 10x15 - they returned me a fill of $0.
Absolute freaking thieves. And by the time my broker got a hold of the floor to let them know they couldn't STEAL an option from the bid x ask, they tried to profess that the market had moved to .005
guys took up all the books and looked to see if the orders you made were valid and they also took note of people who were yelling correct trades and incorrect trades. from those pieces of information they announced winners and losers in each round until you finally had the final round of all those people who were the best in their individual rounds. then they determined from that last round who the winner was. they got a nice prize. it wasn't me though...lol
mvparker79 1 year ago
because you are having to juggle so many bits of information and LISTEN to EVERYONE at the same time. Because of this most of the time people are yelling out prices that don't make any sense like "10 barrells at 55!!!! 10 at 55!!!" when market price is at 40....no one is going to do that. the guys in the middle were actual NYMEX workers from New York and they were monitoring. As you filled your orders you put them in your little order book and at the end of the round, the NYMEX monitoring
mvparker79 1 year ago
what i want to fill "10 at 51.25!!!" something like that. then somebody in the circle will see me yelling out that order and if my order fits the requirements of one of their orders they would signal me and either try to modify the order to more acurately fit their order (ex if they only needed 5 barrels at 51.25 then they could do that and i would be left with my other 5 barrels). the price constantly shifts the entire time and it is obviously very chaotic. it is extremely difficult to do
mvparker79 1 year ago
in the circle who is trying to fill a sell order (most likely a market sell order). after that sell/buy occurs the "market price" has now shifted to 50.75 (the number of barrels of oil would also be indicated in the transaction). everyone around the circle is trying to pay attention for what the market price is at. if i hear that someone just sold at 20 barrells at 50.75 and i have an order for 10 barrels at 51 or 51.25 i would see if anyone is willing to fulfill my transaction by yelling
mvparker79 1 year ago
make the buy or sell order at WHATEVER the current market price is. there were other types of orders which indicated a price that the buyer/seller wanted to either buy or sell at.
the round starts out at a specific price which would be like the opening bell in the morning...there is already a specific price known. at that point everyone in the circle starts trying to fill their orders. If current market price is 50 and i have a market order to buy at 50.75 then i would try to find someone
mvparker79 1 year ago
Well obviously this is slightly different from the real thing but not much. The way this was done is this...everyone participating a particular round was first given i think 5 or 6 sheets of paper. the papers represented orders that would have been made by clients. they were color coded depending on the type of order (market order, limit order, etc) and they included whether or not it was a buy or sell. the red ones were market orders and basically what a market order is is you immediately
mvparker79 1 year ago
I dont' get this, how does this work?
pokeguy808 1 year ago
More specifically, there is no informational advantage left on the floor. No "low hanging fruit". Especially given the low volumes being routed via the floor, and the absence of major players. Nymex Europe's attempt to re-introduce floor trading to London in 2006 is surely the best example of this. I'd be surprised if CME/NYMEX pits last until the end of the decade.
word2urmuva 1 year ago
I'm not as anti-MBA as the other posters. But it is a bit tragic the way that these types of people have appropriated this system as a kind of wet-dream-grad-school-toy, and a way of acting out what they see as a drama. There's really not that much that open outcry can teach new screen traders. For over a decade now, top graduates taken into IB desks in London have put on fake cockney accents, and think pit trading confers one with god like status.
word2urmuva 1 year ago
@word2urmuva Dont the the point of pit trading either...
pipotherium 1 year ago
all you fucking scumbags are just jealous
bearstearn3 2 years ago
wow look at all these retards scrambling to lose money. I bet if you put 99% of these kids into a real trading scenario they would probably lose half their account in the first day, the 1% might gain some just by luck
dave997 2 years ago
Dave, do you just post the same thing on every trading video, punkass? What's your PnL? Every "retard" in this video is going to be worth 50x more than you in 5 years.
2008equals1929 2 years ago
Comment removed
ntn1987 2 years ago
geez, people. this is a trading simulation game. its based on open outcry method, but its probably a MBA class acting like they understand the way commodities trade.
stybarrow 2 years ago
lets act cool and pretend to trade crude oil and lose all our money. These idiots are way too cocky u know they dont know shit, if they were using real money it would be a blood bath
dave997 2 years ago
Can someone please answer me this big question. 1. IF THEY ARE ALL SHOUTING, HOW CAN THIS BE EFFICIENT. IS THE SHOUTING SUPPOSED TO PROVIDE THRUST TO THE PRICE UP OR DOWN?
2. THESE GUYS AT THE PITS LOOK LIKE THUGS , ARE THEY?
fazholio 2 years ago
most of them did not go to college.
MetalBen 2 years ago
@MetalBen yeah exactly, but you missed, that this is simulation in college -.-
kondziu160 2 years ago
Airelon is a airhead. If open outcry was open 100% crude oil would not even be over $85. Wake up- There are bigger and better thieves using electronic trading
rac3379 3 years ago
@rac3379 Hah, yes because algo shops put on huge one-sided positions...
halik007 10 months ago
Hilarious and interesting at one time. I want to join that crowd...! Open outcry is absolutely insane!
ChallengeDK 3 years ago
Ignorant. Open outcry is a thing of the past. The only place you find it is options on futures. Futures contracts are no longer traded open outcry. Thats gone electronic - just like the rest of the sane universe. And soon enough the thieves that are trading options will be gone too. The system has already been designed to replace options trading open outcry. Thank god & good riddance to the thieves.
Tried to place a bid of 15 today on a bid x ask today of 10x15 - they returned me a fill of $0.
AirelonTrading 3 years ago
Absolute freaking thieves. And by the time my broker got a hold of the floor to let them know they couldn't STEAL an option from the bid x ask, they tried to profess that the market had moved to .005
Bastard thieves.
AirelonTrading 3 years ago