My last trade in the pit. The machines had just about won. It’s 25k up in the second month euros. I’m just standing there and Mike Perry taps me on the shoulder and sells me 8k. I’m on a headset to my globex guy and tell him to sell 2k ( the bid ) 4 times. All these pissant spreaders are screaming at Mike and me a out not getting any of that trade. I’m filled on the 8k on globex the dorks are still yelling and we broke 3 ticks. I asked the carp how many they wanted now? Silence. It all took 20 seconds. I was flat. Lost nothing on the trade other than 4k in globex fees. The game ended for me on that day. The risk reward became untenable. I still miss it tho
Another great post and a fantastic trip down memory lane. I did make that transition to corporate life after my pit days. I can say without question I would give anything to turn back the clock. I always find it difficult to explain to non-exchange people what it was like down there. Your post is the best I've heard.
Great story, clearly taking many of us back to those great pit days!
Once in my broker days I was filling a big sell order for ADM in beans. I got a little over 500 done when I realized that it was MAY contract written (sloppily) on the order and not JAN. Gulp, now I’m short 500+ beans in a hot market.
I quietly slipped down towards the middle of the pit and found a big local who was offering beans, and VERY quietly signaled that I want to buy 500 front month contracts. He looked around for one half second and nodded “sold”, and I spent the next week spreading my way back to a scratch.
He had about 3 minutes to get them in, which he mostly did, before the market jumped 15 cents.
Dec 30, 2022·edited Dec 30, 2022Liked by Jeffrey Carter
Yup...me too...BNRD Was a great guy...loved buying and selling limit in Cattle. You never forget the big up and down days. My first high five figure day was better than anything else on this planet....yes, even that. Problem was that the big down days eventually won. Got stuffed on 500's more than i would have liked and like all of us, made and lost more than many will make in a lifetime,....but walked away even and loved every minute of it. We were fortunate to have been a part of the last days of open outcry.
I never knew this world although I walked past CME on the way from Union Station to North Michigan every day for 19 years. The fact that you all traded on your wits, spoke and signaled in a secret language and made split-second decisions with so much money on the line is highly commendable, fascinating. No MBAs necessary. The exchanges are part of what made Chicago Chicago in that era. I think it’s sad that open outcry trading is gone or going. End of an era.
My last trade in the pit. The machines had just about won. It’s 25k up in the second month euros. I’m just standing there and Mike Perry taps me on the shoulder and sells me 8k. I’m on a headset to my globex guy and tell him to sell 2k ( the bid ) 4 times. All these pissant spreaders are screaming at Mike and me a out not getting any of that trade. I’m filled on the 8k on globex the dorks are still yelling and we broke 3 ticks. I asked the carp how many they wanted now? Silence. It all took 20 seconds. I was flat. Lost nothing on the trade other than 4k in globex fees. The game ended for me on that day. The risk reward became untenable. I still miss it tho
Jeff, thanks for the trip down memory lane. I really miss that place.
Keep at it, Jeffrey. Your writing gets better and better. This piece put me right on the floor of the CME.
Bobby was an amazing spreader! Loved that guy! Great story. The cattle pit was a bit more accommodating to the new players or so I thought it was.
Jeff,
Another great post and a fantastic trip down memory lane. I did make that transition to corporate life after my pit days. I can say without question I would give anything to turn back the clock. I always find it difficult to explain to non-exchange people what it was like down there. Your post is the best I've heard.
Great story, clearly taking many of us back to those great pit days!
Once in my broker days I was filling a big sell order for ADM in beans. I got a little over 500 done when I realized that it was MAY contract written (sloppily) on the order and not JAN. Gulp, now I’m short 500+ beans in a hot market.
I quietly slipped down towards the middle of the pit and found a big local who was offering beans, and VERY quietly signaled that I want to buy 500 front month contracts. He looked around for one half second and nodded “sold”, and I spent the next week spreading my way back to a scratch.
He had about 3 minutes to get them in, which he mostly did, before the market jumped 15 cents.
I never forgot that guy.
Yup...me too...BNRD Was a great guy...loved buying and selling limit in Cattle. You never forget the big up and down days. My first high five figure day was better than anything else on this planet....yes, even that. Problem was that the big down days eventually won. Got stuffed on 500's more than i would have liked and like all of us, made and lost more than many will make in a lifetime,....but walked away even and loved every minute of it. We were fortunate to have been a part of the last days of open outcry.
Are you aware of any foreign exchanges that use open outcry? The only one I can think of is the LME.
Dave Schutt used to get me out of bad spread positions better than I could, especially when I was new. He was like my guardian angel.
Steve Goldberg did all my spreads from 1988 to the end of the pit. Loved your article
I never knew this world although I walked past CME on the way from Union Station to North Michigan every day for 19 years. The fact that you all traded on your wits, spoke and signaled in a secret language and made split-second decisions with so much money on the line is highly commendable, fascinating. No MBAs necessary. The exchanges are part of what made Chicago Chicago in that era. I think it’s sad that open outcry trading is gone or going. End of an era.