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What skills do you develop as a floor trader that you can't develop in an office environment?
Reading this as you're asking for the difference between doing trading and a traditional office environment. I think it's just the rapid pace aspect of it that is not really created in a lot of environments. We have 7 guys on one wire during the day, all communicating different information, so you develop a keen sense of selecting what information to pass, all while making decisions with only a few-seconds wide window to execute a decision.
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What are the benefits and drawbacks of being a floor trader?
Benefits - Pay is good, I work a strict 50 hours per week and don't have to work weekends ever.
Drawbacks - I've had one non-holiday day off all year and will probably get around 3-4 all of next year. Job security isn't great as if you don't perform and improve you are not guaranteed anything. External market influences can really mess with your yearly bottom line if you get caught in a bad spot (Thanks Bernanke!)
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Why is volume so light today?
Today I'm not sure. Volume for us has been light because our underlying future just hasn't moved very much. When we have very low volatility, there is very little trading. Just seems like in today's market, everybody is just waiting from headline event to headline event rather than trading on normal market conditions. First it was Europe resolution, then Quantitative Easing, now the Fiscal Cliff. I'm sure after the Fiscal Cliff it will be something else.
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What date do you think a deal will get done on the fiscal cliff?
I think something will get done in 2 weeks or so. Might get some help from the Fed here I guess. For us, we don't really care as we don't do enough size of trades to take a stand on the market one way or another. We try to make sure we're hedged well and take on minimal risk while still making money no matter where our product moves.
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Who do you think was responsible for the 2.36 million share block trade on AAPL this morning?
Don't really pay much attention to the equity markets, so I have no idea. PIMCO maybe?