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They did not need to backtest, because new floor traders usually had friends or relatives who were floor traders, and they knew those people made money. That was their "proof of concept" (aka backtesting).
When markets went electronic, most floor traders tried to transition to "upstairs" but most could not. Advantages a) b) and c) all went away with move upstairs.
I bet over the years I have been approached by 50+ floor traders trying to figure out how to reclaim their lost glory...
I had a mentor, Charles Cochran, out of Wichita, KS who was a master of market profile. While I was in his class/trading room, he died suddenly. Market Profile/TPO/Volume Profile is a powerful tool if people understand its structure and what it is conveying.
When markets went electronic, most floor traders tried to transition to "upstairs" but most could not. Advantages a) b) and c) all went away with move upstairs.
I've always been amazed at how bad many/most (but definitely not all) floor traders were in transitioning to electronic. Really hammers home how big the advantage/edges they had being on the floor actually were. I think we would both agree that we both have edges now and that we both worked very hard over many years to develop those edges. Being on the floor, you were literally given the edge, purely by being there/joining the club/paying the fee.
This forum counts more than 145k members. With nearly 800k posts. A lot.
There are a lot of posts of very good traders since many years.
Gems can be found in the journal section:
Some traders update their journal(s) LIVE. So you can see what is happening with the decisions taken by the journal writer. From those results you can see if the trader is making money or not. Some of them have written here a many year long trade journal that can be tracked.
Instead of discussing historic "floor traders and how they worked" it seems to me to follow the real people in modern times. We are living in 2023.
So dig in the journal section and see it for yourself.
Correct, it is 2023, and there is platform likes kinfo, tradovate, ninjatrader, TS that easily show someone equity curve with real money to prove their are profitable traders out here.
I particular use tradeovate for this reason only so I can see my historical trading performance for years and years. they keep up to like 5 years of trade performance in the cloud.
Also, I am not making money trading "manually". I have only been able to make about $10,000 my first year in this trading business from an algo trading.
I found kinfo about 1 year ago. Several traders I follow there. I plan to hook up my account to tradestation and let them track my trades as well. Pretty Easy, and good way to brag to my friends and forum members.
There is also some algo traders there as well. trading their systems.
Certainly I think there are legit users and connections. I would just worry about the potential for fraudsters to, you know, fraud.
MT4/MT5 is a good example. Generally a good platform, many people use it. BUT... There is a broker plugin that allows bad actors to fake real brokerage accounts. It defrauded many people, including some poor guy in California who lost $1.2 million to a fake brokerage account scam:
