Let’s address the elephant in the room. George Angell’s original Winning in the Futures Markets (published by Prentice Hall Press) is typically a 300+ page book split into 15-18 chapters. There is no official "PDF 9" released by the author.
Before delving into the specific mechanics of the book, it is essential to understand the author. George Angell is not merely a theorist; he is a veteran of the trading trenches. A former member of the Chicago Board of Trade (CBOT) and the MidAmerica Commodity Exchange, Angell cut his teeth in the era of open outcry—a time when trading was a visceral, physical battle of wits and wills in the "pits." winning in the futures markets by george angell pdf 9
In the chapters often discussed in trading forums, Angell outlines the "Martingale" vs. "Anti-Martingale" strategies. He vehemently advises against doubling down on losing positions (Martingale), a trap that has ruined countless traders. Instead, he champions the idea of risking only a small percentage of capital on any single trade, allowing the law of large numbers to work in the trader's favor. Let’s address the elephant in the room
This is arguably the most cited rule from PDF 9. In the 1980s and 90s, Angell traded the big S&P 500 contract (worth $500 per handle). He famously used a . Before delving into the specific mechanics of the
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While pivot points are common knowledge today, Angell was instrumental in popularizing their specific application in futures. He teaches traders how to calculate the daily pivot based on the previous day’s high, low, and close. This provides a roadmap for the day: trade long above the pivot, short below it. It is a simple, elegant, and brutally effective strategy that requires discipline rather than complex software.