Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
For 2014 I would like to wish all of you discipline and patience in your trading!
As of tomorrow make sure you are trading DECEMBER stock indices and CURRENCIES…..
I know many of you have read this one before but many others have not….
While it is not a “magic formula” I think the steps outlined should provide you the trader with some what of a base/ foundation of what you need to have in order to succeed in day-trading:
8 Steps to succeed in futures trading:
Hopefully if you are already trading you have completed your initial education: contract specs, trading hours, futures brokers, platforms, the opportunities as well as the risk and need to use risk capital in futures, and so on. Understanding this information is essential to futures trading. The second type of education is ongoing: learning about trading techniques, the evolution of futures markets, different trading tools, and more.
2. Find a System
I am definitely not advising you to go on the web and subscribe to a “black box” system (using buy/sell triggers if don’t know why they are being generated). What I am advising is developing a trading technique: a general set of rules and a trading concept. As you progress, you may want to put the different rules and indicators into a computerized system, but the most important factor is to have a focus and a plan. Don’t just wake up in the morning and trade “blank.”
This is the key! Do what you need to do in order to survive this brutal business and give yourself the chance of being here down the road with more experience and a better chance of success. Survival is probably the biggest key for beginning traders. There is a saying in this business: “live to trade another day.” It is so true!
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.
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Futures Trading Levels
|Contract Sept. 2014||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||December Gold||Dec.Silver||Oct. Crude Oil||Dec. Bonds||Sept. Euro|
|Resistance 3||1265.9||19.35||97.29||137 28/32||1.3005|
|Resistance 2||1258.5||19.17||95.37||137 25/32||1.2979|
|Resistance 1||1250.2||18.93||94.28||137 12/32||1.2949|
|Support 1||1234.5||18.52||91.27||136 28/32||1.2893|
|Support 2||1227.1||18.34||89.35||136 25/32||1.2867|
|Support 3||1218.8||18.10||88.26||136 12/32||1.2837|
|Contract||Dec Corn||Dec. Wheat||Nov. Beans||Dec. SoyMeal||Dec. bean Oil|
|FriSep 12||2:00am||EUR||German WPI m/m||0.2%||0.1%|
|4:00am||EUR||Italian Industrial Production m/m||-0.1%||0.9%|
|5:00am||EUR||Industrial Production m/m||0.6%||-0.3%|
|EUR||Employment Change q/q||0.1%||0.1%|
|All Day||EUR||Eurogroup Meetings|
|8:30am||USD||Core Retail Sales m/m||0.2%||0.1%|
|USD||Retail Sales m/m||0.3%||0.0%|
|USD||Import Prices m/m||-0.8%||-0.2%|
|9:55am||USD||Prelim UoM Consumer Sentiment||83.2||82.5|
|USD||Prelim UoM Inflation Expectations||3.2%|
|10:00am||USD||Business Inventories m/m||0.5%||0.4%|
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