Being the trader of euro dollar futures in a hall of the Chicago commodity exchange, Angelo Reynolds considers as two major factors of success strong nerves and bravery. «I always knew that I wish to be connected with the markets», — he speaks. Having ended Pennsylvania University in 1984, Reynolds has started to work as the dealer (runner) at Philadelphia stock exchange.
After he has fulfilled on a trading platform, Reynolds has promoted the broker and began to attend to options of exchange. In 1987 the Chicago trading house has addressed to it with the offer to attend to trade in bonds in a hall of the Chicago trading exchange. But at that time, according to Reynolds, «the market in Philadelphia was good, and I was not ready to moving». Some years, however, the market of options of exchange in Philadelphia began to fall into decay.« As soon as the market has started to be braked, I began to think of moving to Chicago », — tells Reynolds. In June, 1991 Reynolds has got over to the Midwest and has attended brokerage in an exchange hall with euro dollar futures for firm Quantum.
Successfully having conducted in this quality three years, Reynolds began to think of becoming the trader: «I have studied the broker within eight years, and work as the trader grants more financial possibilities and it is more interesting». In June, 1994 Reynolds has taken decisive step and has passed in firm Deerpark Derivatives to a post of the trader in an exchange hall. «The first couple of months it was a little scary», — recognizes Reynolds.
He, however, adheres to several «key rules known for all» which have helped him to become successful. «In my type of trading – scalping – all time from red ink operations is necessary to leave and to rely on advantageous», — he speaks. Every day Reynolds together with other people squeezes into a euro dollar hall and searches for possibility of use of a short-term inefficiency of the market to own advantage.
Other key rule to which Reynolds follows, conducting trading within own financial possibilities is:« It is impossible to lead the trading exceeding the size of your capital, trading should be within 5 % of the capital ». Being a «scalping»trader, Reynolds uses average time frameworks within minutes.« As soon as figures come, it can be a fraction of a second for the bargain, and can be from two till three o’clock … on the average leaves about five about ten minutes ».
Answering to a question on what qualities are necessary for success in an exchange hall, Reynolds has told: «First, reliance. Secondly, strong nerves. Thirdly, ability to communicate with people. Fourthly, the understanding of bases of the market, and, fifthly, — availability of the sufficient capital, and is unessential in this order».
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