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“IT’S A FIGHT TO SURVIVE”

Aug. 11, 2011 10:28 AM ET
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mrtopstep's Blog
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Wednesday started off to a roar as I witnessed my first fight in the S&P 500 futures pit right at the open of the market. It started because a trader in the pit had a disagreement with a filling broker, and ended when the trader jumped up to the outer ring of the pit and received a swift elbow to the trachea by the filling broker. This, however, did not deter my enthusiasm to jump into the pit. In fact, right after this I began practicing executing the hand signals more quickly and accurately. In no means do I encourage violence, however, I understand the need at times to stand firm on your position. It is after all potentially tens of thousands of dollars if not more on the line, and as a trader in the pit is your job to stand up for your client’s best interest.
Today did not see nearly as much action as yesterday or Monday, but the vibe in the exchange was clearly stressed as reflected by a rise in the VIX by 20%. Today I focused on learning from the girls next to me and the vision clerk about what exactly that job entails. It is a lot of checking for human errors on the tickets given to them, and then making sure to enter in these orders correctly into the computer. I then followed the Vision clerk upstairs where the carbon copies of orders are taken. From them and other collected sources, I also learned a lot about floor politics which is an entirely new area of study I did not even know existed, but is vital to your survival if you hope to land a permanent job as is the case with me.
It is no surprise to anyone that this is a male dominated domain, and you run into many unsavory characters that are crude, smelly, and chauvinistic. As a female, it is important to network with everyone that has a badge and use charm to “make friends.” It is unfortunate that it is not your brain that will get your foot in the door but your persuasive feminine appeal.
- Taylor Maid Trades

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