Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Tuesday January 14, 2014
For 2014 I would like to wish all of you discipline and patience in your trading!
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Educational Feature: Dealing With Losing Trades
(Note: This feature is a favorite of mine, and I believe all traders need to address this issue every once in a while.)
A main tenet of success in futures trading is the ability to accept losing trades as part of the overall trading process. This is not an easy undertaking–especially since many futures traders tend to be of a more competitive nature in the first place. Traders certainly don’t have to enjoy losing trades, but they must accept the fact and move on. Those who can’t accept the fact that losing trades are a part of futures trading usually don’t stay in the business very long.
My wife is a school teacher, and one of her favorite acronyms–ADM–can be applied to losing futures trades. “Accept” it. “Deal” with it. “Move” on. (This is a part of the important psychological aspect of trading, and deserves much more discussion than I can provide in this feature.)
I had lunch with one of my trading mentors a while back. We discussed losing trades. I asked my mentor how many losing trades in a row he has had to endure during his long and successful trading career. His reply was 13 in a row. I asked him how he coped with that. He said that while it was certainly not easy, he knew that losing trades are a part of the business and that he was in the business “for the long haul,” and that his trading methodology was sound. He added, “Ninety-percent of futures trading profits are made on 10% of the trades, which means most of the other trades are either small losers or break-even-type trades.” This is an important fact for all traders to keep in mind.
My lunch meeting with my mentor was good for me because, even though we made no “break-through” discoveries on the path to increased futures trading success, we did reaffirm our own philosophies on trading and markets. My passion for trading and market analysis is fed immensely every time I talk with people in my profession, or attend the quality trading seminars.
For many of you, the futures trading arena can be more fulfilling (and more fun) if you have someone, or some support group, with which to share your thoughts and strategies. If you are passionate about futures trading and markets, finding someone who shares that passion is a great trading tool within itself!
That’s it for now. Next time, we’ll discuss another important issue on your path to trading success.
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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.
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|Contract March 2014||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||Feb. Gold||Mar. Silver||Feb. Crude Oil||Mar. Bonds||Mar. Euro|
|Resistance 3||1270.8||2113.7||93.99||132 2/32||1.3742|
|Resistance 2||1263.1||2080.3||93.44||131 21/32||1.3713|
|Resistance 1||1258.5||2062.2||92.54||131 12/32||1.3694|
|Support 1||1246.2||2010.7||91.09||130 22/32||1.3646|
|Support 2||1238.5||1977.3||90.54||130 9/32||1.3617|
|Contract||March Corn||March Wheat||March Beans||March SoyMeal||March bean Oil|
|TueJan 14||2:00am||EUR||German WPI m/m||0.4%||-0.2%|
|2:45am||EUR||French CPI m/m||0.4%||0.0%|
|5:00am||EUR||Industrial Production m/m||1.6%||-1.1%|
|7:30am||USD||NFIB Small Business Index||93.2||92.5|
|8:30am||USD||Core Retail Sales m/m||0.4%||0.4%|
|USD||Retail Sales m/m||0.2%||0.7%|
|USD||Import Prices m/m||0.3%||-0.6%|
|10:00am||USD||Business Inventories m/m||0.4%||0.7%|
|12:45pm||USD||FOMC Member Plosser Speaks|
|1:20pm||USD||FOMC Member Fisher Speaks|
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