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Free lunch mentality 6 replies

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No Free Lunch but all the Free Coffee you can drink

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  • First Post: Nov 20, 2007 12:39am Nov 20, 2007 12:39am
Nothing to do with PA, FA or TA,,,
This is about understanding the human Element in the Pit.{of Dispair to Pr. Bride. movie fans}

Pit Traders. {You really think they are rookies?}
They have to eat, they have to pee and they have to get a grip on the Market direction. After all, this is not their first venture into the Market.
Evoloution told them to pee at the same time as other traders because they understood...that's when they get their ass whipped.
Eating is optional. Market direction is in their hands.

So...
As an Outsider,
{never had an inclanation to stand in, or trade from, a Pit. All posts from the exposed Waaayyy more than welcome}
I have observed the following.
8:00 AM Open to 10:00 AM = Rape, Pillage OR Stalk
11:30 AM Spike = Goin' to lunch and need some profit to Close.
1:30 PM Correction = OK, We're back and we're gonna move it as much as we can. {wtf were you guys thinkin'}
3:00 PM slowdown is caused by Daytraders getting out Early and Swings/Carry doubting their Trade will now Mature.

If the above is a revelation to you, YOU still don't know the Market.
To the others.... Correct my times if you feel the need.

Now that you feel slammed...
The Truth.
Guess what. The pressure on a Pit Trader is {Guesultimate Only}1,000 times the pressure on you. {No consideration to Significant Other Pressures you may be under}

There are numerous Small Windows / Day that will return you Profit. Not easily. But with study on Your Pair, it will become Obvious what Time of day your Trades have More POTENTIAL

"Ohhh, Friday @ 3:30 PM EST and I only need 50 more pips to hit my TP...."

"Good Luck but I know you will hit it on a Good day."
Great post...thanks for sharing
Must be hell when you’re not sure whether your next pee will turn into the most expensive decision for the day. Your whole trading career can go down the drain so to speak.

Before I started trading forex I visited some other traders just to get an idea (always good policy to do homework before taking out money, wonder why so few people do it). After a morning of watching two guys scalping one of the questions was why they decided to do such a high stress job at their age. Turned out they only looked fifty, they were early thirties. Should tell you something about my current trading style, which is not scalping if you wondered.

Thanks for a nice topic Bemac.
Quoting Bemac
{No consideration to Significant Other Pressures you may be under}


This made me smile. I wouldn't last 5 minutes in the pit. But the above understatement hides thousands of words.
Gone to a better place
My first post at this great forum....

Quoting Bemac
Nothing to do with PA, FA or TA,,,

The Truth.
Guess what. The pressure on a Pit Trader is {Guesstimate Only} 1,000 times the pressure on you. {No consideration to Significant Other Pressures you may be under}

There are numerous Small Windows / Day that will return you Profit. Not easily. But with study on Your Pair, it will become Obvious what Time of day your Trades have More POTENTIAL

"Ohhh, Friday @ 3:30 PM EST and I only need 50 more pips to hit my TP...."

"Good Luck but I know you will hit it on a Good day."

That is the way I remembered it.

I've been away from the CME for 9 years. I much rather trade from my home office. Less noise.

The only pressure on me is what I place on myself. A truth that has always held true, even if I didn't recognize it.

Peter
Quoting PeterCrowns
My first post at this great forum....




That is the way I remembered it.

I've been away from the CME for 9 years. I much rather trade from my home office. Less noise.

The only pressure on me is what I place on myself. A truth that has always held true, even if I didn't recognize it.

Peter
Hi Peter, Welcome to Ye Ole FF. I love your last line.

Q1) How long were you in the Pit?


Q2) Did you jump from Pit to Pit during the day or week?
Quoting PeterCrowns

The only pressure on me is what I place on myself. A truth that has always held true, even if I didn't recognize it.

Peter
This is so true! And it goes nicely with Bemacs motto in his sig

Nice to have yet another vet aboard
Speaking of Coffee,, I have a friend that figured out how to increase the caffeine content of high quality coffee beans,, kind of like drinking a whole pot of coffee in one cup,,, cuts down on the urinary flow ,,,, he sells it online if any body's interested
Quoting Bemac
... I have observed the following.
8:00 AM Open to 10:00 AM = Rape, Pillage OR Stalk
11:30 AM Spike = Goin' to lunch and need some profit to Close.
1:30 PM Correction = OK, We're back and we're gonna move it as much as we can. {wtf were you guys thinkin'}
3:00 PM slowdown is caused by Daytraders getting out Early and Swings/Carry doubting their Trade will now Mature...
.... Correct my times if you feel the need...
You know what the weirdest "truth" about the above is?
(Aside from no need to correct the times)
Is that it is in fact pretty much "TimeZone Independent"

It's an EST-truth. Yet I even see this where I am now, GMT.
And saw it as a gopher (boy-Friday , running JSE orders for my "boss" back in my ex-homeland, which was GMT+1 or +2.

Drives the Human Element home again, doesn't it just.
Carpe Divitiae
Quoting FXMutant
Speaking of Coffee,, I have a friend that figured out how to increase the caffeine content of high quality coffee beans,, kind of like drinking a whole pot of coffee in one cup,,, cuts down on the urinary flow ,,,, he sells it online if any body's interested
So drinking something with a higher content of a diuretic will cut the urine flow? Sounds as logical as intercourse for virginity.

Sorry to comment on the threadjack Bemac. Great post
Not all sins are created equal
Mr Walker, my appologies,, simply stating that if you work long hours as most people in here you may drink coffee,, and i would rather drink 1 cup instead of 8 to 10 (a pot). just me,, didnt mean to Jack your thread (whatever the *^&% that means)
Quoting FXMutant
,, and i would rather drink 1 cup instead of 8 to 10 (a pot). just me,,
Whoos! I average about 20-a-day :
Carpe Divitiae
thanks bemac
Taking Life One Pip At A Time I officially have my own opinion.
Good observation

Thanks for sharing your know-how

P.S FF is truly a fancy place, having so many selfless professional.
Quoting Bemac

I have observed the following.
8:00 AM Open to 10:00 AM = Rape, Pillage OR Stalk
11:30 AM Spike = Goin' to lunch and need some profit to Close.
1:30 PM Correction = OK, We're back and we're gonna move it as much as we can. {wtf were you guys thinkin'}
3:00 PM slowdown is caused by Daytraders getting out Early and Swings/Carry doubting their Trade will now Mature.
I have noticed they are starting to rape and pillage a little bit earlier than 8 a.m (some days) as some traders want the choice piece of meat before the rest of the pack joins in, plus London has figured this out and no doubt they get the ball rolling as some of their traders come back from lunch thinking "okay New Yorkers, wake the Fu*k up"

And to the coffee poster, It's called Cocaine. And you don't even have to drink it, thus saving the pee break.
Actually I quit drinking coffee (except for the occasional starbucks every now and then) Try drinking green tea instead, you get the same caffeine without the gitters or the "I need more feeling" plus it's the secret to longevity whereas coffee shortens your life, and raises your blood pressure and causes more stress. THIS IS A SPAM FOR GREEN TEA
with honey
Just Trade It
Quoting Bemac
Hi Peter, Welcome to Ye Ole FF. I love your last line.

Q1) How long were you in the Pit?


Q2) Did you jump from Pit to Pit during the day or week?

A1)I was in the Pit for 8 years. Traded the Swissy and DM primarily. I traded directional breakouts. Actually I trade the same way now from electronic terminals with less hassle.

A2)I would trade the "hot hand". The strongest/weakest market got my business. Still does.

I traded simple, robust breakout setups that I had to wait for. I can't tell much change in profitability to right now.

I actually think it is easier to trade profitably now with forex. More choices, and you have much more variability in position size options.

Peter
Quoting PeterCrowns
A1)I was in the Pit for 8 years. Traded the Swissy and DM primarily. I traded directional breakouts. Actually I trade the same way now from electronic terminals with less hassle.

A2)I would trade the "hot hand". The strongest/weakest market got my business. Still does.

I traded simple, robust breakout setups that I had to wait for. I can't tell much change in profitability to right now.

I actually think it is easier to trade profitably now with forex. More choices, and you have much more variability in position size options.

Peter


Wow. Welcome aboard FF. It's good to get experienced traders here from all markets. We have a collective of information, strategies, theories and overall insight can be found in this little community. Plus a few jokes every now and then, Keep it on the DL, don't let the boss know.
Just Trade It
Quoting PeterCrowns
A1)I was in the Pit for 8 years. Traded the Swissy and DM primarily. I traded directional breakouts. Actually I trade the same way now from electronic terminals with less hassle.

A2)I would trade the "hot hand". The strongest/weakest market got my business. Still does.

I traded simple, robust breakout setups that I had to wait for. I can't tell much change in profitability to right now.

I actually think it is easier to trade profitably now with forex. More choices, and you have much more variability in position size options.

Peter
Hi Peter, are you interested in having the ability to post in the Trading Room?

I'm sure you would have little trouble in aswaying any doubts any member may have.

As an incentive {to you} I have already offered my vouch because I feel anyone who says they "Traded the DM." has been around a while.

I see BWR beat me to it but that's OK. 2 more to go Unless you say NO.

edit
Ohhh, wouldn't it be nice to see an Unclutered thread named...

"Experiences of a Pit Trader."
end edit
Quoting Bemac
I see BWR beat me to it but that's OK. 2 more to go Unless you say NO.
Got mine, whether he says no or not.

I'd love to hear more also, do deffo start a thread if you have time.
{which you should, waiting for break-outs ala Donchanian-stylie }
I never had the "privilege" of being in the pit, any pit for that matter.
Closest I got was telephone orders to the pit.

I was also going to comment on the DM mention above, but Bemac beat me to it. Damn, DM, old-school! {not sayin' you're old or anyting!} I was a proper kid when that was around
Carpe Divitiae
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