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TeachMeFinance.com - explain Pit trader historic definition... Pit trader -- A name applied to a grain broker who trades (speculates) for his own profit or loss on an exchange or board. The particular place on the floor of the exchange or board where trading in grain is conducted is called the pit; it is generally circular in shape with steps leading down from an outside raised platform to the clear space on the floor where the traders stand. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.