<p>“This is bs.”</p>
<p>And you know this because?</p>
<p>The guy that mentioned it to me has made 9 figures trading. So I tend to pay attention when he talks.</p>
<p>A very cool chart is at this link. Shows them sum of all of the Fed and Treasury machinations to keep our financial engineering economy going since 2000. The numbers for 2008, are, of course, mind-boggling.</p>
<p>[ClearStation</a> : Member Discussion : _COMPX](<a href=“Page Not Found”>Page Not Found)</p>
<p>Well, because I was a floor trader. ;)</p>
<p>[ClearStation</a> : Member Discussion : _COMPX](<a href=“Page Not Found”>Page Not Found)</p>
<p>That chart is pretty amazing.</p>
<p>“Well, because I was a floor trader.”</p>
<p>Do you feel qualified to speak for the floor traders yesterday?</p>
<p>Yes. I do…</p>
<p>BCEagle91, Have you ever read the following? You can pick it up used for almost nothing.</p>
<p>Floor trading is a dying business, but this book captured floor trading very well.</p>
<p>[Amazon.com:</a> The Traders: Sonny Kleinfeld: Books](<a href=“http://www.amazon.com/Traders-Sonny-Kleinfeld/dp/0934380228/ref=sr_1_1?ie=UTF8&s=books&qid=1226001669&sr=8-1]Amazon.com:”>http://www.amazon.com/Traders-Sonny-Kleinfeld/dp/0934380228/ref=sr_1_1?ie=UTF8&s=books&qid=1226001669&sr=8-1)</p>
<p>"This review is from: The Traders (Paperback)
I read this book when I was about 19 years old and it changed my life. I had no idea what a trader was or what they did. ( I only knew what Stock Brokers did) This book eventually lead me to New York where I actually called Stanley Katz and started working on the AMEX as a market maker clerk. This book is exactly what it says. All the feel of what it’s like to be a trader are in here as well as a little history of the various exchanges. My copy is a closely held favorite with various signatures from several people in the book. Comment | Permalink | Was this review helpful to you? (Report this) </p>
<p>2 of 2 people found the following review helpful:
Well Written Book!, September 6, 2006
By Michael F. McPartlan (Buffalo, NY USA) - See all my reviews</p>
<p>The Traders by Sonny Kleinfield is a well-written excursion onto the trading floors of The Merc, The NYSE, The NYMEX, and other financial markets. Although you will not find tips in here to include your trading or investing, this book is an excellent way to spend the afternoon if you ever wondered how and why floor traders endure the chaos in their chosen market. My only quarrel is that this book was originally written in 1983, before computers changed the landscape of the floor. A good read anyways! Comment | Permalink | Was this review helpful to you? (Report this) </p>
<pre><code>Enjoyable, December 23, 2007
</code></pre>
<p>By NewMexicoKid - See all my reviews </p>
<p>Quite an enjoyable read. I picked this up because, as someone who trades commodities electronically and has never visited an exchange, I was interested to read what it’s like. This book does a good job of describing it. It gives me a better idea of what goes on “behind the scenes.” Perhaps subconsciously this may even help my trading. I would recommend this book."</p>
<p>No, I only have a few trading books. Much of what I’ve learned is from other people willing to work with me and lots of reading and, of course, trading. I’ve spent a ton more time doing volunteer work for Open Source projects. Much more rewarding work. I only do the trading stuff for the mundane purpose of making money. I would just assume park it someplace and not worry about it. Sadly, that approach doesn’t work in certain kinds of markets.</p>
<p>I still see a ton of traders buying the dip at or near support and then getting stopped out.</p>
<p>One guy I play tennis with was up about 30% into the late summer shorting. Then he went long on margin. He’s down 80% right now. He didn’t get the benefit of the recent market bounce because his broker kept selling some of his shares as the market went down. I don’t use margin - market’s dangerous enough without it. He’s learned his lesson. Fortunately it was only his trading account. He’s the uber-frugal type with everything paid off and other accounts.</p>
<p>“I would just assume park it someplace and not worry about it. Sadly, that approach doesn’t work in certain kinds of markets.”</p>
<p>Me too. :)</p>
<p>What rally? It was a head fake. Anyway, if they do away with 401K, there will be more reverse rally. </p>
<p>[Bear</a> Market Puts 401(k) Under Microscope at SmartMoney.com](<a href=“Personal Finance Advice - Personal Financial Management - MarketWatch”>Personal Finance Advice - Personal Financial Management - MarketWatch)</p>
<p>The regulation really looks like token stuff. If you want the government option, just buy a TIPS fund or long-term bonds.</p>