I know this is a stupid question, but my son has a masters in finance and he has accepted a job in Chicago as a trader. He will be trading commodities. Can anyone help his poor momma understand this. He’s tried, but he speaks in another language…I don’t get. I was an English major and not very tecnically inclined. Appreciate it.
Comments
Your son will work on the floor of (my guess) The Chicago Board of Trade. He, or his firm holds a “seat” on the floor of the exchange. He will buy and sell contracts for commodities such as pork bellies, orange juice, etc. He will buy and sell these contracts on behalf of many brokers who places an order on my, and other peoples, behalf to buy or sell commodities.
I cannot deal directly with a trader so I go through my broker who is my interface with the exchange floor. If you have ever seen the “open outcry” system or auction with people waving hands and fingers and paper scattered about or have seen “Trading Place” with Dan Akroyd and Eddie Murphy, then you know what your son will be doing.
On many exchanges, the open outcry system has been replaced with electronic trading which matches buy and sell orders via computer.
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