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A Day In The Life Of A NYMEX Trader
Not a bad documentary, although almost like something out of Wall Street Warriors, except these guys actually do make money and have little to no implants (yet arguably do not study quantum physics in their spare time).
A better report would have been the measurement of the Blood Alcohol Content of a random NYMEX trader starting at 6 pm on any given day, and continuing in half an hour intervals until brain death or lifting a $145 offer in WTI (the two may or may not be interchangeable).
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Where is the documentary video link??
Is the real volume traded at the NYMex?
Options trade volume on the floor still but the futures are all on the screen
That CNN correspondent..
great video. wish i were there.
Funny how they talk about the real world as an abstraction.
LOL - hand signals? A $500 server can do more contracts in a second than that clown does all week. Welcome to the 21st century.
hail HAL9k!
idiot! technology sometimes breaks, and it's thanks to the fact that there are still floors that trading can get done.
NYSE floor ain't going away either anytime soon. If anything, I'd expect there to be more floor action as lately it seems ARCA seems to have been failing more and more.
Sanitation Worker's on Meth..
Ben Mezrich wrote "Rigged" last year about the Merc..it follows the life of a Brooklyn rags to riches guy as he works to set up the Dubai Merc exchange...Kevin Spacey is producing the movie...good read and entertaining.
book wasnt that good. kevin spacey involvement in movie confirms my opinion.
Some people have good taste and some just taste bad...opinions are like....fill in the dots!
Summary of book: guy starts new job. Finds some resistance from senior levels when he rises quickly through the organization. Finally consummates unlikely transaction.
Yawn. Mezrich specializes in the anticlimatic snoozer, particularly when anyone who reads the news knows the ending.
Rigged was garbage.
It seems that I have solutions for everything. Can anybody explain the rationale behind a person being able to buy(or sell)a $70k worth of oil for only $5000?Why should I or anybody sitting at home be able to buy and sell oil while sitting at home with absolutely no business relation to that commodity. And while we are at it,why don't we make a market for clothing,computers,electronics,and evry other product on earth like the commodity market. this way,we can all sit at home and speculate on prices and don't have to actually produce them. Great life for everybody...........
Why not? Who cares what people buy and sell. They're contracts, not slaves.
Perhaps there is a logical purpose in the way markets ration supply of commodities and capital. Better traders in a free system than government bureaucrats.
As regards the margin requirements, the denominator is a fractional reserve currency. M2 is multiples larger than M1, M3 larger than M2. The ratio of M1 to M3 is roughly the same as the crude futures margin requirement that you're complaining about.
Oil futures are a sideshow, the problem is that $100k of government debt can be held with $1800.
I think Ben and the Boys would like that one. Think how many more bubbles we could create. An underwear bubble...
There is, it's called eBay. Welcome to the 21st century...nice to have you with us.
The guy i am buying my apples from has no relationship to this business except he is buying and selling them. Same thing. So what are you complaining about?
Ghost town ..sad to see . Used to be a an amazing vortex of intellect , testosterone, and money.
I agree. The Nymex floor is aghost town these days. Most of the contracts are traded electronically on Globex. Mainly options and spreads are traded on the floor.
How come he talks about trading his own capital but he's BROKERING orders?
Locals can trade for their own account and broker flow on NYMEX...
Only a lawyer would translate them reading a layman quantum physics book into "taking up quantum physiscs"
Richard Quest is a total dork. He filed a report explaining quantitative easing and all it's glory, which was so off it was scary. Why people still listen to mainstream media beats the living hell outa me.
@ XRIS #57099 - It's because there are no front running rules in commodities. If you are a broker you are also trading prop. Goes like this:
Step 1) pick up the phone order from your client, oh yippee it's size to buy
Step 2) start buying for your own account
Step 3) buy sloppily for your client
Step 4) flip your position
Excuse me. This trader gets his information from the New York Times? Hello? He relies on the paper whose devotion to 'all the news that's fit to print' produced Jayson Blair? Jeesh. If THIS is the source for truth that this trader depends on, no wonder the jerk earns his living by making hand signals like a puppet.
I can not wait for the day NYMEX closes, should be soon. That place is full of the biggest thieves and assholes you can imagine. Thank God computers made the place obsolete.
There is something good to say about the computers trading, asshole NYMEX traders now have now future.
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