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Volatility and liquidity are the two elements independent trader George Angell looks for in a market to trade. Currently, angell exclusively trades the S&P 500 futures, putting on intraday trades only, never holding positions overnight. "liquidity and volatility are the two things you have to have. You can’t day-trade something like oats–it wouldn’t work" angell said. Back in the early 1970s, angell first became interested in the commodities markets. "I bought sugar and it went limit up … then I bought copper and it went limit up, so I bought some more. Then it went limit down. I called my broker and told him to sell and he said to whom?" angell said. "That’s when I realized I had more to learn,” angell added. In the early 1980s, angell headed for the Chicago trading pits. He was a local trader at the MidAmerican Commodity Exchange, focusing primarily on gold. While angell now trades for himself, off-floor, from a screen, he called trading on the floor "an invaluable experience.” "People on the floor are very short-term oriented" angell said. "It taught me to get in, capture the trend, get your money and leave" he said. Now, however, angell prefers off-floor trading. "I’m alone in a room trading. When I’m on the floor there are thousands of people. It’s a social event. People want to talk about their positions, they want to have coffee. You lose your concentration… you can’t see the forest for the tress," angell said. Technology has revolutionized the capability of off-floor traders in the past 10 years, according to angell. "The playing field has been leveled," angell said, explaining that technology has decreased the advantage the floor trader was once seen as having over an off-floor trader. "The key beneficiary is the public trader. The public can’t scalp, but they can day-trade," he explained.

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