My name is Ilan Levy-Mayer and I am the Vice President and Senior Futures Broker at Cannon Trading. I came up with the following personal observations after serving online traders worldwide for more than 18 years.
The following steps are guides to progress, and are not necessarily in sequential order. Some of them are always required, but each futures trader is different and will relate to these stages in their own ways. While attempting to learn and progress, one must keep in mind that futures trading is risky and can involve significant losses.
Hopefully if you are already trading you have completed your initial education: contract specs, trading hours, futures brokers, platforms, the opportunities as well as the risk and need to use risk capital in futures, and so on. Understanding this information is essential to futures trading. The second type of education is ongoing: learning about trading techniques, the evolution of futures markets, different trading tools, and more.
2. Find a System
I am definitely not advising you to go on the web and subscribe to a "black box" system (using buy/sell triggers if don't know why they are being generated). What I am advising is developing a trading technique: a general set of rules and a trading concept. As you progress, you may want to put the different rules and indicators into a computerized system, but the most important factor is to have a focus and a plan. Don't just wake up in the morning and trade "blank."
This is the key! Do what you need to do in order to survive this brutal business and give yourself the chance of being here down the road with more experience and a better chance of success. Survival is probably the biggest key for beginning traders. There is a saying in this business: "live to trade another day." It is so true!
4. Money Management
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2. Hot Market: Gold Sees Classic "Sell the Rumor, Buy the Fact" Scenario
The gold market had seen solid selling pressure the past couple weeks, on notions of an impending interest rate increase from the U.S. Federal Reserve.
When the rate hike from the Fed actually occurred, gold posted an impressive rally. This is a classic example of a "sell the rumor, buy the fact" scenario where by traders fully factor into a market's price structure a future expected event.
The big bounce in gold prices this week is a clue that the market has put in a near-term bottom.
8:15 AM CDT - Capacity Util & Industrial Prod(Feb)
9:00 AM CDT - Mich Sentiment(Mar)
LT: Mar E-Mini Dow(CME)
Mar E-Mini S&P 500(CME)
Mar E-Mini NASDAQ(CME)
Mar E-Mini Dow Options(CME)
Mar E-Mini S&P 500 Options(CME)
Mar E-Mini NASDAQ Options(CME)
Mar Russell Options(CME)
Apr Orange Juice Options(ICE)
2:00 PM CDT - Milk Production
7:30 AM CDT - Current Account Balance(Q4)
3:30 PM CDT - API Energy Stocks
LT: Mar Coffee(ICE)
Apr Crude Lt(NYM)
6:00 AM CDT - MBA Mortgage Purchase Index
8:00 AM CDT - FHFA Housing Price Index(Jan)
9:00 AM CDT - Existing Home Sales(Feb)
9:30 AM CDT - EIA Petroleum Status Report
2:00 PM CDT - Cold Storage
2:00 PM CDT - Honey
2:00 PM CDT - Dairy Products Sales
LT: Mar 10 Year Notes(CBT)
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly
9:00 AM CDT - New Home Sales(Feb)
9:30 AM CDT - EIA Natural Gas Report
3:30 PM CDT - Money Supply
FN: Apr Crude Lt(NYM)
7:30 AM CDT - Durable Goods-Ex Transportation(Feb)
7:30 AM CDT - Durable Orders(Feb)
2:00 PM CDT - Cattle On Feed
Disclaimer: This calendar is compiled from
sources believed to be reliable. Moore Research Center, Inc.
assumes no responsibility for any errors or omissions. It is meant
as an alert to events that may affect trading strategies and is not
necessarily complete. The release dates for certain economic
reports may have been rescheduled.
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.