Educational Feature: Dealing With Losing Trade

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Futures Trading Levels and Economic Reports for October 10, 2013

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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 October 10, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

Short and to the point article written by my colleague,  


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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Futures Trading Levels

Contract Dec. 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1676.08 3214.50 14925 1066.03 81.82
Resistance 2 1667.17 3189.25 14853 1058.57 81.34
Resistance 1 1657.83 3161.25 14791 1049.63 80.91
Pivot 1648.92 3136.00 14719 1042.17 80.43
Support 1 1639.58 3108.00 14657 1033.23 79.99
Support 2 1630.67 3082.75 14585 1025.77 79.51
Support 3 1621.33 3054.75 14523 1016.83 79.08
Contract Dec. Gold Dec. Silver Nov. Crude Oil Dec. Bonds  Dec. Euro
Resistance 3 1349.0 2292.3 105.65 134 17/32 1.3714
Resistance 2 1336.1 2266.7 104.70 134  5/32 1.3661
Resistance 1 1320.3 2226.3 103.08 133 17/32 1.3593
Pivot 1307.4 2200.7 102.13 133  5/32 1.3540
Support 1 1291.6 2160.3 100.51 132 17/32 1.3472
Support 2 1278.7 2134.7 99.56 132  5/32 1.3419
Support 3 1262.9 2094.3 97.94 131 17/32 1.3351
Contract Dec Corn Dec. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 450.7 695.3 1301.83 418.20 41.07
Resistance 2 448.3 694.2 1296.92 416.30 40.94
Resistance 1 445.9 692.3 1292.33 414.00 40.80
Pivot 443.6 691.2 1287.42 412.10 40.67
Support 1 441.2 689.3 1282.8 409.8 40.5
Support 2 438.8 688.2 1277.92 407.90 40.40
Support 3 436.4 686.3 1273.33 405.60 40.26
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)


Date 4:47pm Currency Impact Detail Actual Forecast Previous Graph
ThuOct 10 2:45am EUR French Industrial Production m/m 0.7% -0.6%
4:00am EUR ECB Monthly Bulletin
EUR Italian Industrial Production m/m 0.6% -1.1%
8:30am USD Unemployment Claims 307K 308K
9:45am USD FOMC Member Bullard Speaks
10:30am USD Natural Gas Storage 96B 101B
12:20pm EUR ECB President Draghi Speaks
1:01pm USD 30-y Bond Auction 3.82|2.4
1:45pm USD FOMC Member Tarullo 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

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