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Trading Commodities, Commodity Options and Currencies (Collection) by Carley Garner, Paul Brittain

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Chapter 3. The Organized Chaos of Open Outcry and the Advent of Electronic Trading

The futures markets are the birthplace of a method of communication between trading professionals known as open outcry. Open outcry is an exciting form of trade execution in which shouting and hand signals transfer the details of intent to buy or sell a commodity and in what quantity. You might also hear this method of execution referred to as pit trading for reasons discussed later in the chapter.

You have likely been exposed to open outcry via the media and in movies such as Trading Places. After all, the energy projected from the trading pits is thrilling and can make for good television. Those who have had the opportunity to experience the trading floor will ...

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