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Besides, what is a trading pit?

The pit is a specific area of the trading floor that is designated for the buying and selling of a particular type of security through the open outcry system. In the pit, brokers match customers' buy and sell orders through shouting and hand signaling.

what do the guys on the stock market floor do? A floor broker executes orders for their clients. To put it simply, a floor broker is someone who represents client orders at the point of sale on the NYSE floor, our source explained. Almost all NYSE floor brokers trade on an "agency" basis, meaning they don't trade for themselves or their firm like market-makers do.

Also know, do trading pits still exist?

Since the 1980s, the open outcry systems have been being replaced by electronic trading systems (such as CATS and Globex). As of 2007, few exchanges still have floor trading. Even though over 82 percent of the trades take place electronically, the action on the floor of the stock exchange still has its place.

How much do stock floor traders make?

Floor traders eat what they kill - they have no salary other than their account PNL. However, floor brokers have a median average salary of $145,090 according to Salary.com. With bonus, the average goes to $221,708.