What can you tell me about floor traders in the stock exchange?

Question

Can anyone tell me a little about the floor traders that can be seen shouting and yelling on cnbc during the day? I'm interested in thing such as:

Their official title

Their avg. salary

Their job duties

Job informationa and trends

And the qualifications required.

Answer 1

The only people permitted to trade on the floor of an Exchange are the members,  Membership is the exchange is extremely costly and to have the membership and trade you are looking at least one million dollars,

There are various types of "traders" on the floor, the most important are the specialist who have the task of maintaining an orderly market

Next we have market makers, these are traders that are required to help support the market by taking down positions for their own account, they are supportive of the specialist functions

There are other individuals who trade either for their own account or the account of their company.  

All of the above traders are paid based on the income that they generate.  They do not get paid salaries but rather draws against profits.  Not only do they share in the profits that they generate, they also share in the losses.

There are many on the floor who act as clerks but trying to get orders executed for their member firms or for other brokerage firms that they are to service with floor executions and other floor inquiries.  

There are some on the floor that are employed by the Exchange, they do not and can not trade, but they are their to assist members with any regulatory or procedural questions that come up, to settle any disputes, and to provide technical support to the members.

There are many technicians on the floor either working as employees for the exchange or the members.

All traders, other than fixed income traders, have the same basic makeup, they are all above average intelligence, good at math, have out going personalities, and are not wrapped too tight,

Many have college education but this is not a requirement by most firms, jobs are usually obtained by word of mouth or referrals from other members. Yes it's not what you know but rather who you know,

Some of those on the floor without contacts have gotten by working in the offices of the member firms, since there is no such thing as a trainee.

Answer 2

They go gray by 30 years of age and are bald by 40.

Answer 3

Correct me if i'm wrong but I believe you have to pay millions in membership fees to work on the floor.  Most of these guys are day traders and have to pay these fees because they have an advantage over the general public.  Not for sure though.