Michele Marano welcomes Scott Ickes, Sr Energy Trader on http://www.blogtalkradio.com/everythingrealestate. Both Michele and Scott come from the New York Mercantile Exchange and they share their views, backgrounds and experiences working in a highly competitive, fast-moving and dynamic marketplace. Not only are you forced to move and think fast, but you are put in a position to make accurate decisions on the fly. While you are answering calls, submitting orders, executing trades and communicating back to your clients, you have to do things carefully and articulately or there can be some costly mistakes. Not to mention, you are consistently on the phone with 2 clients at the same time. The floor is a compelling place to work. You either make it or you don’t. If you are not cut out for multitasking and speed learning, your job will not last long.
In addition, you are learning from some of the sharpest and largest traders in the world, while manuevering from one energy market to the next. All pits are positioned closely so that when a trade requires a “spread” transaction, you have to be able to grasp both markets and conduct business in multiple pits.
As the market is flying, in either direction, it is the responsibility of the floor broker and trader to be able to interpret what is happening. With the assistance of floor rumors and a ticker-tape flashing the latest news, you have to be alert with what is happening and better have good, accurate, reliable commentary of the market. The job’s requirements are to understand changing markets and be able to articulate why the market is reacting to news, whether it be technical data or fundamental news.
Both Michele and Scott point out that there may not be any other job in the world that compares to this. Not only do you exit the floor being tired and stressed, but you know what is happening around the globe within the energy sector. Learning the importance of risk and being exposed to high dollar positions forces you to learn and appreciate the cost of making competent decisions. When you walk away at the end of the day, you may need to take a big breath and a deep sigh, but you know that you have just acquired another day of essential learning skills that will translate to working in any other industry segment.