What’s it like trading on the floor of the Chicago Board of Exchange? This is an inside look into the world of open outcry trading. The old school way of trading. Shoulder to shoulder, dripping in sweat, and fighting your way to get a trade with the market maker. In seconds, million are made and lost. Some survived and some bet the house and were sent home for good.
The Chicago exchange is the last of the open outcry system. New York’s Stock Exchange has followed suit of the NASDAQ stock exchange and has gone fully electronic. Chicago is going through the same transition and the traders must learn to adapt to the technological changes that are happening in their industry.
It’s interesting to see the type of personalities that are on the trading floor. The fight and flight mentality you must have to survive in this type of marketplace is illustrated in detail as you get first account from the people who work on the floor. It’s interesting to note the type of people that are on the floor of the exchange. Some are ivy league graduates, and most are not. They all come from different walks of life.
To get a position as a floor trader, you often have to know somebody. It’s somewhat of an exclusive club. A trading job on the floor is never offered in your typical job classified ads.