Volatility and liquidity. George Angell

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George Angell focuses on volatility and liquidity. the
Volatility and liquidity - two issues that drew the attention of the independent trader George Angell when trading. Currently Angell leads trading exclusively futures S&P 500, concluding only intraday transactions and never hold positions overnight. "Liquidity and volatility are two things without which can not do. To trade something like oats within one day fail," he says.

In the early 70-ies of the Angell first became interested in commodity markets. "I bought sugar and it had skyrocketed in price... then I bought copper and it has skyrocketed in price, then I bought some more copper. Then prices fell. I called my broker and told him to sell, and he asks - who? recalls Angell. - That's when I realized that I need to study more". In the early ' 80s, Angell headed for the Chicago Board of exchange halls. He was a local trader for mid-America commodity exchange (MidAmerican Commodity Exchange), doing mostly gold. Although now the Angell leads trading for themselves, not in the hall, and from the monitor screen, he believes in a traditional auction hall of "invaluable experience".

"people in the audience are focused on the short term," says Angell. - I learned in time to enter, to grasp the trend, make money and leave." Now, however, he prefers to conduct trading outside the exchanges. "I'm in the room one trade Forex. When I enter the hall, there were hundreds of people. It is a secular event. People want to talk about their positions, to drink coffee. This makes it impossible to focus... as they say, because of the trees of the forest is not seen". In his opinion, over the last ten years technological progress has revolutionized the possibilities for trading. "All players have leveled the odds," says Angell. According to him, technology has eliminated the benefits, as previously thought, a trader in the hall had compared to OTC. "This above all won the bulk trader. The General public does not know how to speculate with a small profit," he explained. Angell rejects the basic knowledge, absolutely relying on technique. He has developed two proprietary trading systems: LSS and Spyglass, which it uses in its daily operations along with "care and personal experience".

"All need some automatic help. It allows you to take on difficult transactions, for which no one would take with a pencil in hand," said Angell and added: "Every day I go to work without any opinions, drawn up in advance... the market tells me himself, where he seeks... opinions is what fails you". Although "many people lack the discipline to trade without stops", according to Angell, he doesn't use them. "The problem with stop trading is that you go out in the worst moment of all. Instead of stops, I use action points. This means that when the market reaches a certain point, I'm out, but I'll wait jump (if the market falls)," explained Angell.

Angell was engaged in trades and in the bond market. In its assessment of the markets it relies on two key elements: the volatility and liquidity. "Sometimes the market just dying for you. For example, in 1980 there was a major gold market. The price has risen to $ 850 per ounce, but the volatility disappeared, and then disappeared and liquidity. At this point I switched to bonds," says Angell. When at the Chicago Mercantile exchange launched the contract in the S&P 500, Angell began working in this market. However, as he noted after the stock market crash in 1987, the liquidity of the S&P has disappeared, and Angell returned for a while to bond. "Bonds are trading large companies, and each mark (tick) you can buy and sell thousands of them. No one can play with this market. No one can manipulate it. That's why orange juice all the time comes to upper limits because there is no one to sell it," he says. When asked about trades in the GLOBEX system, Angell said, "I don't pay any attention to them, because there is no sufficient liquidity. In Eurodollars, there is a huge liquidity, but not enough volatility to make money."

Regarding the differences between markets, Angell noted that "all markets have different characteristics, and you need to know your market. Man in the hall selling a forest, will not conduct trading on the S&P. And traders behave in different markets in different ways. People know by the way they are trading. This guy is a scalper. This remote sells for months (months back - months, most distant from the expiration of the futures contract, or option). This guy specializiruetsya on the spreads. This is a day position. Novice trader need to know that it needs a specialty."

When he was asked why many futures traders do not succeed, Angell pointed to three main factors: "first, the lack of discipline. Secondly, the lack of Finance. Thirdly, they do not understand anything. They can not even imagine the paradoxes". The dictionary definition of paradox is "apparent contradiction", but, as Angell explains, applicable to this situation. For example, "in the market the whole game is to sidestep of the foot. Everyone thinks that the price goes up, but not everyone earns money".

advice for beginners? "Keep sufficient funding. You must have risk capital that you can afford to lose. Do not think about money, think about the market, and the money will take care of themselves".

Tips novice traders from the most successful: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

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