Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
“Motto” for the month: “Plan your trade, trade your plan”
Market has rallied significantly over the last few days right into tomorrows monthly unemployment report.
I wish I had a bias to share with you before the report comes out but I don’t….
My BIGGEST recommendation for all of you, regardless if you are favoring the short or long side is to do the following:
Visualize some different scenarios, good ones and bad ones. the good ones are easy…the bad ones are the hard ones and the ones you must be prepared for, just in case so you can have a plan and NOT try to make decisions in the heat of the moment. Try to calculate your trading size, the maximum risk you are willing to take, implement those decisions by placing stops if needed and then let the market do its thing.
I honestly think that if you try to this when the numbers come out and the market is going wild, you are pretty much gambling and not trading….
Follow the “motto” for this month and I wish all of you a GOOD trading day tomorrow.
Economics Report Source: http://www.forexfactory.com/calendar.php
Friday, December 3rd 2010 — All reports are EST time
Non-Farm Employment Change
Average Hourly Earnings m/m
ISM Non-Manufacturing PMI
Factory Orders m/m
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Company, 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!