In This Issue
Futures Traders New Years Resolution
2008 - 2009 New Years Trading Schedule
Economic Reports and Expiration Notices
by Cannon Trading staff
Trading futures is an alluring business that allows an individual a lifestyle filled with many freedoms not available to most working people. This business requires traders to posses a unique set of qualities. The most critical quality a trader needs to have is discipline.
Discipline trumps knowledge. It trumps experience. In fact, without discipline very few traders survive to have enough experience to draw upon as an asset in their trading. The need for discipline is amplified by the very structure of futures trading. The leverage available in futures trading amplifies every decision that a trader makes. Every decision, good or bad!
Everyday life requires us to constantly make decisions. Do I buy the chicken breasts at $4.95 a pound, or do I buy the hamburger at $3.95 a pound. These types of decisions are non-leveraged decisions, so the impact overall is minimal. We are not buying or selling 400,000 pounds of hamburger as we do when we trade 10 contracts of cattle, while "paying" (margins) only a fraction of its total value.
In trading futures, one needs a trading plan. Some of these plans can be purchased for thousands of dollars. Some can be learned after attending a trading school for a week or so. Some can be developed by the individual trader after months or years of research. However one comes to his or her trading plan it is useless without discipline. Traders who have their plan and then stop using parts of it during the trading day are doomed to having increasing losses, usually large ones as typically the most discarded part of a trading plan is one of the risk control components.....stop orders and/or position size. A trading plan that is implemented with the proper discipline 75, 85, or even 95% of the time is doomed. For whatever reason, traders seem to have a breakdown of discipline at the most critical and damaging times. This is damaging to their equity and their psychological balance. The greatest trading strategy ever developed will prove to be disastrous to your account if it is implemented with a lack of total discipline.
This factor is what makes or breaks traders. We all know the difficulty in maintaining discipline in our everyday lives. Be it a diet, or an exercise plan, or even keeping toxic people out of our lives, constant discipline is very difficult to achieve. This is the key reason most traders are not realizing profits in their trading. As stated earlier in this article, futures trading amplifies our decisions in a way not seen in the rest of our everyday lives. Discipline is the single most important component in a successful trading strategy. So, rather than spending another $5000 on a new "black box" trading ideas, spend some time, and money if necessary, to learn more about yourself as a person so that you can better develop the strength to maintain trading discipline 100% of the time. This is a challenge to say the least but the difference in your life and in your trading account will be staggering! Good luck with making the change. The efforts in achieving this high level of discipline will be efforts that are exciting and rewarding. Let 2009 make your trading all that it can be!
IMPORTANT PLEASE NOTE: TRADING COMMODITY FUTURES AND OPTIONS INVOLVE SUBSTANTIAL RISK OF LOSS. THE RECOMMENDATIONS CONTAINED IN THE LETTER IS OF OPINION AND DOES NOT GUARANTEE ANY PROFITS. THERE IS NOT AN ACTUAL ACCOUNT TRADING THESE RECOMMENDATIONS. THESE ARE RISKY MARKETS AND ONLY RISK CAPITAL SHOULD BE USED. PAST PERFORMANCES ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
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E-Futures International
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* All times listed in Central Time
CME Group
Floor:
12:00 pm close: Foreign Exchange and Interest Rate products
* All other products regular close
GLOBEX
3:15 pm close: Foreign Exchange and Interest Rate products
* All other products regular close
NYMEX/COMEX
Floor: Regular Close
NYMEX Electronic Trading and Clearport
Regular Close
ICE
3:15 pm Close: Index products
4:00 pm Close: Financial products
OneChicago
Regular Close
NYSE
Regular Close
CME Group
Floor: Closed
GLOBEX
Closed
NYMEX/COMEX
Floor: Closed
NYMEX Electronic Trading and Clearport
Closed
* Trading resumes at 5:00 pm for next days trade date
ICE
Closed
* Regular evening open for Soft products
OneChicago
Closed
NYSE
Closed
CME Group
Floor:
Closed: Dairy Products
* All products regular close
GLOBEX
Closed: Dairy products
5:00 am Opening: Commodity, Economic Event, Equity Index, Foreign Exchange, Interest Rate, Real Estate and Weather products
* All products regular close
NYMEX/COMEX
Floor: Regular Close
NYMEX Electronic Trading and Clearport
Regular Close
ICE
Regular Close
OneChicago
Regular Close
NYSE
Regular Close
*All times listed in Central Time
The above calendar is compiled from sources believed to be reliable. Cannon Trading assumes no responsibility for any errors or omissions. It is meant as an alert to events that may affect trading strategies and is not necessarily complete. The closing times for certain contracts may have been rescheduled.
If you have any questions please contact us at your earliest convenience: 800-454-9572.
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Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 12/31 Wed |
7:30 AM CDT - Initial Claims-Weekly
8:45 AM CDT - Chicago PMI(Dec) 9:35 AM CDT - API & DOE Energy Stats 11:00 AM CDT - EIA Gas Storage |
FN: Jan Copper(CMX)
Jan Platinum(NYM) Jan Palladium(CMX) Jan Silver(CMX) Jan Gold(CMX) LT: Dec 2,5 & 10 Year T-Notes(CBT) Dec Live Cattle(CME) Dec Fed Funds(CBT) Jan Heating Oil(NYM) Jan RB Gasoline(NYM) Jan Lumber Options(CME) |
| 01/01 Thu |
New Years Day Holiday
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| 01/02 Fri |
7:30 AM CDT - USDA Weekly Export Sales
9:00 AM CDT - ISM Index(Nov) 12:00 PM CDT - Dairy Products Prices 3:30 PM CDT - Money Supply |
FN: Jan Orange Juice(ICE)
LT: Jan Live Cattle Options(CME) |
| 01/05 Mon |
9:00 AM CDT - Construction Spending(Nov)
|
FN: Jan RB Gasoline(NYM)
Jan Heating Oil(NYM) |
| 01/06 Tue |
9:00 AM CDT - Factory Orders(Nov)
|
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| 01/07 Wed |
9:35 AM CDT - API & DOE Energy Stats
|
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* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** 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!