All in all, I thought this was one of the good documentaries in Netflix. As I am learning everything I can about money, this movie naturally made it into my queue. Finally got to watch it – You can see my live comments as I watched the movie below where it says “live blogging.”
Much like Queen of Versailles does, this movie illustrates how easy it can be to be on top and just as easily tumble down to the bottom overnight. The documentary covers the life and rise of floor traders in Chicago. Before computers were around, these guys were the shiznit! They earned and lost millions of dollars in seconds. One day you’re up, the next you’re down.
The documentary itself is well made, with a decent production value. Sound quality is good and the story is well narrated. The casting was really great too, you get to see those people that are on top and were able to see the changes coming and either quit the “game” or adjusted, and you also get to see those that were too arrogant to accept that change was underway.
Nowadays most of the trading happens via the internet, there are no more floor traders. Well, maybe a few but they’re going away fast. Most commodities and markets transact over the internet nowadays and so this will be the way all trading is done in the very near future.
If you’re up for it, watch this documentary. It’s good, it will show you to be humble even when you’re winning or when you’re up and to save for a rainy day. The changes that the computer industry and era brought to this industry were devastating to some people. Always be on the look-out for something that could eliminate your value. Keep hungry and learn more every time. With that, head over to netflix to watch it if you’re into this kind of thing.
Live Blogging Floored, a documentary about the trading floors in Chicago.
01.27
Trading is just like any other business. You need a business plan, you need a vision, plan, strategy and educated decisions need to be made instead of letting emotions take over. But you MUST plan ahead.
01.21
Men used to have an edge by being faster thant the other guy. Now the computer takes care of it in nanoseconds.
01.14
Kenny Ford calls the computer, the most “vile thing ever” LOL — Bitter much? He’s bitter that the computer changed his world.
01.09
Now watching one of the more “successful” traders, but success is defined in many ways and he actually seems like a sad person. Can’t even talk straight he’s so drunk or high.
01.00
Thin slicing comes into one of the topics. You trade as fast as things move, but when things slow down, you start thinking. Thinking isn’t good.
00.49
It’s not what you make, it’s what you don’t loose that determines what you have at the end of the year.
00.48
You’re only as good as your last trade. It’s about what you keep.
00.45
The nature of trading is you buying for one price and trying to sell it for a better price.
00.43
It’s a misunderstanding that the traders manipulate the market. It’s all about supply and demand.
00.41
Traders came to be in order to fill an economic need. The need to balance supply and demand. They would use their own money to buy extra inventory, hoping it would be on demand later on. Seems like this started with a lot of commodities.
00.36
Rob Prosniewski – Floor Trader. Says it’s like sports, when the bell rings. “boom” game on.
00.34
The physicality in the pit was ridiculous.
00.33
Jon Najarian – Co-founder Optionmonster. — claims Chicago is different from NY because it is a lot more physical in Chicago.
00.32
Robert Wroble – Former Floor Clerk. Opens up with his comments.
00.32
Music is good, nice shots of Chicago landscapes and some historical footage along with a narrator’s voice open up the movie.
00.30
Film by Traderfilm, James Allen Smith.
00.30
The documentary has a nice production feel to it. Good.
Opens with some dramatic scenes of trading on the floor.
For over 150 years, the Chicago trading floors have been home to the most primal method of buying and selling
In 1997, more than 10,000 people traded on the floors.
Now, less than 10% remain. That same year, computer trading emerged and that seems to have made those numbers nosedive to about 1000 people.
16.09
Rotten Tomatoes gives it a 60% — That could be an indication of a poorly done documentary, or a lack of understanding by the audience. I’ll make sure to clear things up for you when I watch it.
16.08
I found Floored on Netflix. It’s about the trading industry in Chicago and how technology, computers and the internet have changed the landscape of the industry. I’ve added this to my queue and I’ll be reviewing it shortly. Hopefully tonight.
Documentaries have come a long way. Compared to what they used to be, they’re both educational and entertaining now. I’m going to have to check this one out.