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Weekly Newsletter 1080: 5 Big Mistakes Beginners Should Avoid Making & Futures Support and Resistance Levels for the Week ahead

December 31st, 2021 Filed under Future Trading News, Weekly Newsletter | Comment (0)

Cannon Futures Weekly Letter Issue # 1080

Dear Traders,

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Here are some great reminders to start the trading year of 2022.

Trading 101: 5 Big Mistakes Beginners Should Avoid Making

Trading Futures Is A Tough Business, But If You Are One Of The Very Few That Can Succeed, This Could Be A Lucrative Business As Well
Ilan Levy-Mayer |SmallCapPower I have seen quite a bit since I became a broker in 1998. Some war stories to share about the markets, some crazy moves and much more in between. I was trading futures with clients on the sad Sept. 11th 2001 day when the planes hit and the markets were plunging before they were closed for almost a week. I witnessed the meat contracts making limit up and limit down moves over the years and much more…..
As a commodity broker I have observed MANY traders, many of them were new traders, and this allows me to share with you some valuable observations I hope will help you start your futures trading journey on a much smoother road than most.
Here are the FIVE CRUCIAL MISTAKES you need to avoid!
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WorldCup Trading Championships 2022

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 when it comes to Futures Trading.

 

Futures Trading Levels

01.03.2022

 

Weekly Levels

 

Reports, First Notice (FN), Last trading (LT) Days for the Week:

https://mrci.com

Date Reports/Expiration Notice Dates

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 here in 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 judgement in trading


Guide to Choosing a Broker + Futures Trading Levels & Economic Reports for Sept. 7th 2017

September 6th, 2017 Filed under Future Trading News | Comment (0)

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!! 

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A good piece, worth reading if you are in the stage of looking for a commodity broker for your new trading account or NOT happy with your current one and considering switching…..

How do futures traders go about selecting a futures broker they can be happy with? 

By John Thorpe Senior Broker with Cannon Trading

  1. History

A futures trader should find considerable comfort in doing business with a firm that is sound from a regulatory perspective. The Futures trader should ask for the regulatory history of both the firm and the Individual Registered Representative.

There would be a few red flags: 1) The firm is too new to have a history;  2) Several financial settlements in the past are assessed to the Firm; 3) Disciplinary actions have been taken against an Individual Registered Representative.

  1. Availability

Another aspect that a firm should exhibit to a potential futures trading client is the availability of the Individual Registered Representative or the trading staff. Is the individual available while you have market risk?  Is the Trading desk available while the markets are open?

  1. Knowledge

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Random Trading Thoughts shared by your Futures Broker….. 7.21.2017

July 20th, 2017 Filed under Future Trading News | Comment (0)

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!! 

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Some thoughts I wrote down the last few days….Random but may help some traders….

1. Why do so many traders ONLY trade the mini SP? There are other markets out here to trade  …
2. Do some new traders understand that certain markets have LIMIT UP and LIMIT DOWN moves??
3. Wow…the way many of the markets are trading today is quite different than how they traded 7 years ago….
4. I wonder how many of my clients know about the weekly options ( the mini SP actually has Monday, Wednesday and Friday expiration…) – some traders who complain about getting stopped, should pick up the phone and learn more about these options. Read the rest of this entry »


FOMC Notes & Economic Reports 7.31.2014

July 30th, 2014 Filed under Future Trading News | Comment (0)

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

FOMC notes from Econoday.com:

Policy rates are unchanged. Taper remains on schedule to end with the October FOMC meeting. Policy rates are to remain low for a “considerable time” after the end of taper. Plosser dissented, objecting to “considerable time” phrase.

Emphasis was on the labor market which was upgraded with the comment, “Labor market conditions have improved , with the unemployment rate declining further.” But it was also noted, “a range of labor market indicators suggests that there remains significant underutilization of labor resources.”

The economy is seen as having rebounded from the anemic first quarter with household spending rising moderately and business fixed investment advancing. Housing is seen as remaining slow.

Inflation is closer to the Fed’s long-term goal and longer-term inflation expectations have remained stable.

Due to continued progress in the labor market, the FOMC decided to take a further measured reduction in asset purchases.

“Beginning in August, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $10 billion per month rather than $15 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $15 billion per month rather than $20 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction.”

Read the rest of this entry »


FOMC Interest Rate Decision Tomorrow & Economic Reports 7.30.2014

July 29th, 2014 Filed under Future Trading News | Comment (0)

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, July 30th ).

FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.

If you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.

The following are suggestions on trading during FOMC days:

  • Reduce trading size.
  • Be extra picky = no trade is better than a bad trade.
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 1965.00 with a stop at 1959.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1959.75 and place a stop a few points below in this hypothetical example.
  • Expect the higher volatility during and right after the announcement.
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues.
  • This is another great example why a trading journal would be an asset, as you can go back and check your notes from previous FOMC days.
  • Be patient and be disciplined.

Read the rest of this entry »

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