Understand that even Blue Chips carry no guarantees; the bottom can fall out for them as for everything else. No one, in short, is protecting your investment except you. Stay alert and pay attention. How the Exchange Operates Physically, the trading arena of the New York Stock Exchange is a huge, cavernous, high-ceilinged room, in which activity centers around 18 horseshoe-shaped trading posts. Twelve of these are regularly spaced about the main trading floor, and six are located in an annex. Actually, each is a counter across which the traders on the outside pass notations of their completed transactions to the clerks stationed inside.

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