View all. Careers search jobs. But the few remaining pits are a small, perhaps fleeting, victory for the dwindling number of traders who still use hand signals to buy and sell. On Monday, most futures pits in Chicago and New York, where frenzied buying and selling once helped set prices on cattle and corn, palladium and gold, and dozens of other commodities, are expected to close for good.
Traders yell and shove and flash hand signals at the Chicago Board Options Exchange injust as they did in the movie Trading Places. Location Americas.
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If you are happy doing what you are doing, you're ahead of 99 per cent of the people in the world",' recalls Meegan. But he mourns the loss of the kind of entry-level positions that gave kids without much education a chance to prove themselves, just as he did. Since at leastwhen the first octagonal pits were installed in Chicago, traders have been reading the 'tone' of the crowd to sense where prices might be heading and feeling the 'rush' when placing a big bet.
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Traders work minutes before the closing bell in the crude oil options pit at the New York Mercantile Exchange November 20, in New York. Home Loan Lending Specialist - Perth. Share this article Share.