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Coping With Losses As A Futures Day Trader | Support and Resistance Levels

Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5. Economic Report for Thursday April 13, 2012

 

Hello Traders

Only one tip to share with you today….if you having a bad day as a daytrader, make sure it does NOT “kill” you and that you are disciplined enough to limit your losses. This way you still have risk capital in the account to be there for the good days. However, one mistake I keep seeing from traders ( mostly new traders ) is the inability to TAKE losses. Especially on a day like today where stock index kept going up, I saw too many traders try to counter trend ( which is a type of daytrading approach) but I did not see the risk mechanism in their trades, i.e “how much am I willing to risk”? That can end up being a day where one can lose 70% + of your account value and then you are left with no ammunition for the following trading day.

NO ONE HAS 100% winning record. You will have losing days, it is part of the game. Learn to control your losing days and you will have better chances of surviving and being there for better trading days.

GOOD TRADING!

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000

Contract (June 2012) SP500
(big & Mini)
Nasdaq100
(big & Mini)
Dow Jones
(big & Mini)
Mini Russell
Resistance 3 1407.90 2781.33 13162 828.00
Resistance 2 1395.95 2760.67 13048 818.00
Resistance 1 1389.60 2748.33 12992 811.60
Pivot 1377.65 2727.67 12878 801.60
Support 1 1371.30 2715.33 12822 795.20
Support 2 1359.35 2694.67 12708 785.20
Support 3 1353.00 2682.33 12652 778.80

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

Contract June Gold June Euro May Crude Oil June Bonds
Resistance 3 1718.7 1.3350 106.33 141 29/32
Resistance 2 1700.0 1.3284 105.28 141 15/32
Resistance 1 1688.4 1.3238 104.48 140 29/32
Pivot 1669.7 1.3172 103.43 140 15/32
Support 1 1658.1 1.3126 102.63 139 29/32
Support 2 1639.4 1.3060 101.58 139 15/32
Support 3 1627.8 1.3014 100.78 138 29/32

4. Support & Resistance Levels for Corn, Wheat, Beans and Silver

Contract May Corn May Wheat May Beans May Silver
Resistance 3 648.3 648.2 1460.67 3397.0
Resistance 2 646.2 645.1 1452.33 3327.5
Resistance 1 641.8 642.2 1446.67 3281.0
Pivot 639.7 639.1 1438.33 3211.5
Support 1 635.3 636.2 1432.7 3165.0
Support 2 633.2 633.1 1424.33 3095.5
Support 3 628.8 630.2 1418.67 3049.0


5. Economic Reports

2:00am EUR
German Final CPI m/m

4:00am EUR
Italian Industrial Production m/m

8:00am USD
FOMC Member Dudley Speaks

8:30am USD
Core CPI m/m

8:30am USD
CPI m/m

8:30am USD
Trade Balance

9:55am USD
Prelim UoM Consumer Sentiment

9:55am USD
Prelim UoM Inflation Expectations

1:00pm USD
Fed Chairman Bernanke Speaks

Tags: > > Posted in: Future Trading News  

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