"Floored," the documentary on Trading Pit opens in Chicago this week - Off-Topic | futures io social day trading
futures io futures trading


"Floored," the documentary on Trading Pit opens in Chicago this week
Updated: Views / Replies:19,707 / 39
Created: by goldilocks Attachments:2

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 2  
 
Thread Tools Search this Thread
 

"Floored," the documentary on Trading Pit opens in Chicago this week

  #31 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: Ninja
Favorite Futures: ES, Ym, NQ, VTI, SPY, VXUS
 
Posts: 172 since Jan 2013
Thanks: 797 given, 301 received

watched this awhile ago. I started working on the floor in the summer of 1983 (full time 1987). I worked at the CBOT as a broker for several large Wall Street firms and then as a curve trader on the screen from 2001 until 2011.

The floor was an amazing place to work. The floor was built by individuals who took incredible risk. The amount of size some of these locals traded was nuts. I dealt with a lot of well educated NY traders and they would have never survived trading their own capital on the floor.

The "Chicago trader' has had to deal with 2 dramatic changes. The first was the from pit to screen. I and a good chunk of my friends were able to make this transition (and prosper). The second was the emergence of HFT's. This change has wiped another huge wave of traders. I feel the HFT's took over during and after the '08/'09 financial crisis and the mkt has never been the same.

Finally, one unfortunate thing about extinction of floor trading is the amount of jobs that were lost by clerks, order fillers etc..these were well paying jobs that are never coming back...One thing about the markets is that nothing lasts forever...change or get out.

Reply With Quote
The following 2 users say Thank You to tflanner for this post:
 
  #32 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

Thanks for sharing your enlightening and confirming story. I completely agree about HFT taking over since '08. There is so much tech infrastructure today behind big money HFT. Last month there was a short passing report on co-located HFT relay offices set up in Washington D.C. near the gov't offices that report highly watched reported economic numbers, and they keep reporting low retail volume on CNBC.

Reply With Quote
 
  #33 (permalink)
Banned: trolling
NYC + NY / USA
 
Futures Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Favorite Futures: EMD, 6J, ZB
 
kronie's Avatar
 
Posts: 798 since Oct 2009
Thanks: 216 given, 498 received



wldman View Post
This makes me pretty sad, reticent at least. A lot of those guys and many of the casualties where friends and people I knew. This movie is pretty close to my experience I think most chicago floor guys would agree as well, that this is an accurate presentation. I think I was greatly helped by being a nasdaq market maker and learning the screen first, then proceeding to the floor. Funny the guy that taught me had as his first job the duty of erasing and replacing quotes that where displayed on a slate chalkboard.

@wldman - sentiments exactly also,


I had a few sages, who dropped knowledge on me in the early years on Wall Street and on the American Stock Exchange Options floor....


One old guy said two wise sayings that still stay with me:
((over time, I have had to explain these, with added words, because we spoke internal traders shorthand, the longhand versions are shared below))

1) don't ever show your politics or political leaning, especially not on the floor because they will flip you faster than you can ever imagine, because they know where your sentiments and approach towards taking trades (positions) will be... relative to the news events

2) you want to pay as much taxes as you can! Because that means you made it, and you succeeded that year, and you're on your way. Don't chase after all these leeches (accountants, referals, schiesters, etc.) trying to distract your primary focus, namely making successful trades in your account(s).


words to live by and succeed long term, as a trader


and for that old timer, I still tip my hat (in rememberance and sharing his sage wisdom) to!

Reply With Quote
The following 2 users say Thank You to kronie for this post:
 
  #34 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
Platform: corded black telephone
Favorite Futures: ticker tape
 
Itchymoku's Avatar
 
Posts: 2,892 since Apr 2012
Thanks: 1,681 given, 3,622 received

I just watched this documentary again and each time it gets better.

Reply With Quote
 
  #35 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,072 since Aug 2011
Thanks: 969 given, 2,631 received

Yeah man...

@kronie

I remember during my first week on the floor on guy asking me, "hey wld, what % do you put in your 401k every month".
I was a new guy to him but had been trading and earning for a while so I didn't fall for the trick question. You knew when other guys listened to small talk that it wasn't small talk. So I responded that I had not made a 401k contribution after February in ten years. They moved on to something else pretty quick.

Nobody ever told me the one about personal politics revealed in how you respond to gubment #'s. I learned that the hard way, just as you mentioned. Guys with their jibber jabber got under my skin and got me to flip or scale down into the numbers....more for them.

As weird as it is to say, If the floor was back like the heyday I'd go back down there Monday. I hated it but I love it at the same time.

Also, kinda funny when guys talk about the $ amount in taxes and deductions and accountants and lawyers...they where not aware that after a certain point did not matter what you did. The really big guys never had any idea about any of that. ALL of there focus was the next trade.

I miss it kronie...and I cant believe I'm even typing with an AMEX scum bag real market carper. You and I have to be sworn enemies!

DB

Reply With Quote
 
  #36 (permalink)
Banned: trolling
NYC + NY / USA
 
Futures Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Favorite Futures: EMD, 6J, ZB
 
kronie's Avatar
 
Posts: 798 since Oct 2009
Thanks: 216 given, 498 received


wldman View Post
@kronie

I remember during my first week on the floor on guy asking me, "hey wld, what % do you put in your 401k every month".
I was a new guy to him but had been trading and earning for a while so I didn't fall for the trick question. You knew when other guys listened to small talk that it wasn't small talk. So I responded that I had not made a 401k contribution after February in ten years. They moved on to something else pretty quick.

Nobody ever told me the one about personal politics revealed in how you respond to gubment #'s. I learned that the hard way, just as you mentioned. Guys with their jibber jabber got under my skin and got me to flip or scale down into the numbers....more for them.

As weird as it is to say, If the floor was back like the heyday I'd go back down there Monday. I hated it but I love it at the same time.

Also, kinda funny when guys talk about the $ amount in taxes and deductions and accountants and lawyers...they where not aware that after a certain point did not matter what you did. The really big guys never had any idea about any of that. ALL of there focus was the next trade.

I miss it kronie...and I cant believe I'm even typing with an AMEX scum bag real market carper. You and I have to be sworn enemies!

DB

perhaps, back then, but certainly not now,
this individual effort challenges even the brightest minds to the dullest, because we're all up against the HFT's and auto-bots...

Seems the Transformers meet the Fockers... now that's a movie script.. you can see it now:

here's Mama Focker
Papa Focker
MarySue Focker
GrandPah Focker
Bubba Fucker


(() I can't type anymore...)

Reply With Quote
 
  #37 (permalink)
Trading for Profit
Pittsburgh, Pennsylvania
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES
 
Pedro40's Avatar
 
Posts: 555 since Jan 2013
Thanks: 31 given, 361 received


tflanner View Post
the amount of jobs that were lost by clerks, order fillers etc..these were well paying jobs that are never coming back...

1. If a machine can do that job, why shouldn't it? At most intersections we still could have traffic controllers, instead of stop lights. Imagine how many jobs could be created.
2. Where did the money come from for paying for those jobs? I guess eventually from the investors...

Reply With Quote
 
  #38 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: Ninja
Favorite Futures: ES, Ym, NQ, VTI, SPY, VXUS
 
Posts: 172 since Jan 2013
Thanks: 797 given, 301 received


Pedro40 View Post
1. If a machine can do that job, why shouldn't it? At most intersections we still could have traffic controllers, instead of stop lights. Imagine how many jobs could be created.
2. Where did the money come from for paying for those jobs? I guess eventually from the investors...

I never said the machine shouldn't do the job. Pedro, I just stated a fact. Never said it was right or wrong. It happened and you move on.

I lost a over a $100k job in 2001 (on the floor) with a Wall Street firm. it stunk, but it turned out to be a blessing. I was able to have a very nice run trading from 2001 to 2011 and saved enough to be in a very good financial position today. I turned a negative into a big positive.

In any career you are going to have ups and down and a lot of change. I happened to have a significant up for a lengthy time and at present I have a bit of a down. I'm a fighter and I am trying to adapt.

Reply With Quote
The following 2 users say Thank You to tflanner for this post:
 
  #39 (permalink)
Trading for Profit
Pittsburgh, Pennsylvania
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES
 
Pedro40's Avatar
 
Posts: 555 since Jan 2013
Thanks: 31 given, 361 received

Understood. Good luck with your adaption.

Reply With Quote
 
  #40 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,635 since Jan 2013
Thanks: 26,759 given, 11,115 received
Forum Reputation: Legendary


What a great movie. Thanks to @Fat Tails for posting the current link, and to everyone who added their own experience.

Strange that such a vibrant world changed so fast.

Reply With Quote

Reply



futures io > > > "Floored," the documentary on Trading Pit opens in Chicago this week

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
dealing with GetCurrentBidVolume and GetCurrentAskVolume , "long" casting into "int" jmejedi NinjaTrader Programming 4 May 23rd, 2011 10:33 AM
RJay's "Trader Volume" and "Trader Tick" Indicator Suites RJay The Elite Circle 20 December 20th, 2010 06:01 PM
Webinar "Trading discipline and psychology for beginners" adorati Psychology and Money Management 15 October 24th, 2010 01:04 PM
One Poker Player's "Mini-Pit" - A Perspective on Hardware UrmaBlume Platforms and Indicators 9 August 16th, 2010 12:12 PM
Webinar Trading Video: Kay Brendel - "Der Forex Millionär" - Scalptrading max-td Trading Reviews and Vendors 1 March 10th, 2010 06:22 AM


All times are GMT -4. The time now is 04:14 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-15 in 0.17 seconds with 20 queries on phoenix via your IP 54.90.92.204