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phantomtrader 

One question: were floor traders able to spoof the way they do today? One of the most annoying aspects of order flow, particularly using Jigsaw, are the fake numbers - here one minute, gone the next, pulling orders, you know the drill. Just wondering if stuff like that went on with floor traders.

I know @jstnbrg answered this, but would point out that if an order was shown to the pit, by the time that order was relayed to an upstairs trader (hand signals to clerk on phone) and that upstairs trader gave an order back which also has to go from phone clerk to pit clerk to trader, anything (including 'no longer there'( could have happened in that time!

jstnbrg 

Also, sometimes those "spoofs" may be many spreaders all leaning on something else. I remember many years ago watching a 5 lot offer in a back month generate 800 lots of selling in the front month, presumable as 160 different traders' Autospreaders all tried to execute the same spread.

Been there, done that. Ouch!

SMCJB 

I know @jstnbrg answered this, but would point out that if an order was shown to the pit, by the time that order was relayed to an upstairs trader (hand signals to clerk on phone) and that upstairs trader gave an order back which also has to go from phone clerk to pit clerk to trader, anything (including 'no longer there'( could have happened in that time! Been there, done that. Ouch!

Hopefully whatever you were leaning on wasn't too big!

Just a quick thanks! Really enjoyed your perspective and "how it was". I'm in your age group but have none of your experience, I trade discretionary, manual scalps based on a system I've cobbled together over the years.
I'm only in it now because 1- I enjoy it and it keeps me active, 2 - a little boost to the retirement $$.

Really appreciate the posts and replies, very informative.

Go enjoy the park!
We're 30 minutes from GSMNP, and go as often as we can.

short answer: yes
long answer: yes

but if you are trading futures, and still thinking in terms of dollars, you are obviously a noob.
you should only be thinking in terms of ticks when it comes to entry and exit, along with the R - factor.

This is SO TRUE! The Risk/Reward cannot be understated!

intoTheVoid 

short answer: yes long answer: yes but if you are trading futures, and still thinking in terms of dollars, you are obviously a noob. you should only be thinking in terms of ticks when it comes to entry and exit, along with the R - factor.

Risk Reward is a meaningless statistic without win/loss ratio.

SMCJB 

Risk Reward is a meaningless statistic without win/loss ratio.

Right, there are people that make money taking 2 ticks profits risking 4-6 ticks.

Your absolutely right! Just as a win/loss ratio is meaningless without the Risk/Reward factor. They go hand in hand!

SMCJB 

Risk Reward is a meaningless statistic without win/loss ratio.

Do not forget a VERY important variable and that is when trades are closed, then have the average winner be bigger than the average loser.

They told me in the SP500 pit in Chicago to not eat like a bird and poop like an elephant.