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Before the advent of computers and charting software, pit traders and market makers used this method to figure out where the markets might be heading.
FORBES: The Most Powerful Pivot Level
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Some former pit traders are helping to throttle open outcry.
FORBES: Companies, People, Ideas
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Jump Trading , a firm founded in 1999 by two former pit traders (one of whom got his start trading for thrill-seeker Steve Fossett), has 50 traders buying and selling a variety of contracts by computer.
FORBES: It's Not The Pits