The Treasure HunterQ: More important than even the size is how many trades do
you do during those three hours? Are those quick succession of
trades? Or do are you usually building one position that you let go
at the end of that session?
A: No it’s quick. I’m getting in and out and doing things and
reacting to what’s going to on.
Q: So you’re moving between 20 to 100 round turns during that
three-hour period?
A: Oh easily, easily. Yes. It’s active and intense.
Q: You could be holding these trades for minutes at a time
literally?
A: Oh yeah. I don’t recall if it was last night or the night before,
but I got in and out in about two minutes on a trade.
Q: Do you feel like this is the same way you were trading when
you were in the pit? Very quickly? In and out scalping? Or have
you changed?
A: It’s very similar but the electronic element is slightly different
than open outcry. There are no computer, phone, or fax that can
react as fast as a human can react in an open outcry pit. I mean, I
could literally do three things at once in open outcry, and I’m lucky
to get one guy on the phone in electronic trading. So, I mean, I
could be hitting bids in the pit, yelling at my clerk to get another
guy who had an order that was resting, that I want to hit, and
hedging myself immediately in open outcry within a microsecond.
To do that electronically, to get one person on the deal, you got
to phone them, then you got to execute that, then you have to key