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 Thursday April 10, 2014
For 2014 I would like to wish all of you discipline and patience in your trading!
I wrote a good article a few years back about day trading money management and one of my points was that it is my personal opinion that if a day trader sets a daily target profit and walks away when he or she achieves that target, they will fare better in the long run.
I might be wrong but think about it, if you are trading a $10,000 account and have a daily profit target of $500. How many times were you there intraday? Would your account equity be in a better shape now if you walked away each day when you made $500 ( in addition to implementing a daily stop level?)
The profit level will be different for each trader based on account size, trading style, aggressiveness level etc. but from talking with many different clients and observing many different clients I think that setting daily profit AND daily money management will help most traders financially as well as emotionally.
If you want to read the full article and you are a client, simply email me your name and account number and i will email the PDF to you. If you are a prospect, please share with me your trading experience and software you are using and I will be happy to email it to you as well.