Economic Reports and Trading Levels for February 6, 2013
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Wednesday February 6, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
Most Common Pitfalls To Avoid When Trading Commodity Futures
500 experienced futures brokers were asked what caused most futures traders to lose money.
Their answers reflected the trading experience of more than 10,000 futures traders. Download the PDF and find out what they said.
1.) Have a Plan
Many futures traders trade without a plan. They do not define specific risk and profit objectives before trading. Even if they establish a plan, they “second guess” it and don’t stick to it, particularly if the trade is a loss. Consequently, they overtrade and use their equity to the limit (are undercapitalized), which puts them in a squeeze and forces them to liquidate positions. Usually, they liquidate the good trades and keep the bad ones.
2.) News Factor
Many traders don’t realize the news they hear and read has, in many cases, already been discounted by the market.
3.) Trade Objectively
After several profitable trades, many speculators become wild and non conservative. They base their trades on hunches and long shots, rather than sound fundamental and technical reasoning, or put their money into one deal that “can’t fail.”
4.) Know Your Size
Traders often try to carry too big a position with too little capital and trade too frequently for the size of the account.
5.) Don’t Get Greedy
Some traders try to “beat the market” by day trading, nervous scalping, and getting greedy.
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.
|WedFeb 6||6:00am||EUR||German Factory Orders m/m||0.8%||-1.8%|
|10:30am||USD||Crude Oil Inventories||2.7M||5.9M|
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