Floor Traders: Emini Day Trading, Dow Futures, Commodities and Forex, Part 3

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Today’s lesson: What we can learn from Floor Traders about psychology when emini day trading, as well as the Dow futures and commodities trading. Who makes better traders on the floor  – people with brains or brawn? Is it better to be a scholar or an athlete?

Also addressed: What is the future of pit trading. Are all the seat owners going to get killed or make a killing?

In this video 3 NYMEX pit traders are interviewed to help answer these questions:

  1. Fredo is a seat owner who has been trading for 20 years.
  2. John is a floor trader who executes trades for his employer as well as his own account.
  3. Paul is a clerk who has only been at the exchange for 9 months.

This is part 3 of our 5-part series.

Enjoy the video, then please click on the “Comments” link at the very bottom of this section to leave your comments.

11 COMMENTS

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  3. Dear Barry,

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  4. Some real characters there. The thing is – with the ‘live trading floor’, there seems to have been a ‘natural governor’ built into the system – when that’s gone, do markets become more or less predicable as ‘automatic’ machine trading takes over. Maybe things will in fact get more ‘risky’ or volatile as without some ‘grit in the cogs’, feedback loops will be amplified and run prices too far in either direction. Maybe its all like weather forecasting – even with ever more powerful super computers crunching the numbers with ever finer granularity, we still can’t ‘predict’ exactly if it will rain in New York or London in 3 days time! The law of probability is what counts in the final analysis, and on that we trade … Probability theory is where we’re all headed it seems.

  5. Great video. Looking forward for the next part. I do think that most of the outcry will be out soon. Which will be missed a lot. To me is the main part of the entire system. Hope it does not be like changing ER2 to TF that caused volume to dry out.

    Thanks,
    Joe
    nomoreyahooemail@gmail.com

  6. useful but I’d be interested in their specific experiences re: putting on a trade, exiting, and their “mindset” as they did it.

  7. yes thats a good one barry. the sooner that the electronic world can take these guys out the better. unfortunately i’m far from that list

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