Futures Trading Levels & Economic Reports 9.24.2014

Hello Traders,

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

After a frustrating trading day, I read this one again and thought it is worth sharing:

Educational Feature: Dealing With Losing Trades

By www.JimWyckoff.com

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.

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.

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. Past performance is not indicative to future results.

If you like Our Futures Trading Daily Support and Resistance Levels, Please share!

Futures Trading Levels

Contract Dec. 2014 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1998.33 4083.00 17212 1136.40 85.37
Resistance 2 1993.17 4072.00 17161 1131.30 85.12
Resistance 1 1982.83 4054.75 17062 1121.40 84.95
Pivot 1977.67 4043.75 17011 1116.30 84.71
Support 1 1967.33 4026.50 16912 1106.40 84.54
Support 2 1962.17 4015.50 16861 1101.30 84.29
Support 3 1951.83 3998.25 16762 1091.40 84.12
Contract December Gold Dec.Silver Nov. Crude Oil Dec. Bonds Dec. Euro
Resistance 3 1257.8 18.37 93.67 138 9/32 1.2957
Resistance 2 1247.4 18.18 92.88 137 28/32 1.2932
Resistance 1 1235.5 17.99 92.16 137 22/32 1.2899
Pivot 1225.1 17.80 91.37 137 9/32 1.2874
Support 1 1213.2 17.61 90.65 137 3/32 1.2841
Support 2 1202.8 17.42 89.86 136 22/32 1.2816
Support 3 1190.9 17.23 89.14 136 16/32 1.2783
Contract Dec Corn Dec. Wheat Nov. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 330.7 476.7 944.67 315.77 32.88
Resistance 2 329.3 476.3 942.08 313.83 32.74
Resistance 1 327.4 476.2 939.17 311.37 32.53
Pivot 326.1 475.8 936.58 309.43 32.39
Support 1 324.2 475.7 933.7 307.0 32.2
Support 2 322.8 475.3 931.08 305.03 32.04
Support 3 320.9 475.2 928.17 302.57 31.83
Economic Reports

source: http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

 

Date 4:17pm Currency Impact Detail Actual Forecast Previous Graph
WedSep 24  4:00am EUR German Ifo Business Climate 105.9 106.3
9:00am EUR Belgian NBB Business Climate -7.1 -7.3
10:00am USD New Home Sales 432K 412K
10:30am USD Crude Oil Inventories 0.7M 3.7M
12:05pm USD FOMC Member Mester 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 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 judgment in trading.

 

Tags: > > > Posted in: Commodity Brokers   | Commodity Trading   | Currency Futures  

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