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 15 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.
1. Education
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."
3. Survival
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!
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2. Hot Market Review - Soybean Bears Quickly Gain Firm Technical Advantage
Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at www.jimwyckoff.com click on image below to enlarge
The soybean futures market has taken a sharp bearish turn the past week. The bears are now in firm near-term technical control and are looking for more on the downside in the near term. See on the daily bar chart for November soybeans that prices have just hit a fresh three-month low. A push below the strong technical support level seen on the chart would produce more serious chart damage to then suggest a challenge of the $11.00-a-bushel level.
6:00 AM CDT - MBA Mortgage Index
9:30 AM CDT - API & DOE Energy Stats
2:00 PM CDT - Consumer Credit
3:00 PM CDT - Dairy Product Sales
08/08 Thurs
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly
9:30 AM CDT - EIA Gas Storage
3:30 PM CDT - Money Supply
LT: Sep Sugar-16(ICE)
08/09 Fri
9:00 AM CDT - Wholesale Inventories(Jun)
FN: Sep Sugar-16(ICE)
LT: Aug Canadian Dollar Options(CME)
Aug Currencies Options(CME)
Aug US Dollar Index Options(ICE)
Sep Coffee Options(ICE)
08/12 Mon
11:00 AM CDT - WASDE Report & Crop Production
1:00 PM CDT - Treasury Budget(Jul)
* 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.