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Good call on the floor how is it possible that in the 21st century having people standing around in pits and yelling at each other can be considered a valid way of executing clients orders?

The answer is there is no way to screw people so floor traders can make easy money if its not done that way. Thats the only reason there is even an argument and you can take that one to the bank.

Dave

Thanks. And absolutely. And you know me. I'm in complete agreement. When I get my fills on limits anymore, I wait one day to make sure they don't try to 'readjust' the order (that happened 3 times last year). Next day I put in my profit stop. Grabbed my profits this morning at 1.3.

I've heard rumors of really shady stuff going on this last 12 months especially in the pits (not in OJ especially, but just the pits in general). I swear, open outcry is one step above people hanging out of windows, and calling down orders to guys at a bench.

I didn't mind it when I started out, and everyone was using full service brokers (Used Great Pacific Trading Company, and Ira Epstein). That's what full service did for me. They did all the back the forth on getting the fill. Like ya said Dave - it's the 21st century. When I buy and trade stocks, my screen (currently) isn't direct, and it's just milliseconds behind. And that's considered the 'slow' method. Then I have to turn around and try and guess what's going on in a pit 13 hours away from me? That's just insane.

- Dan