The Futures Trader's Destination for Over 25 Years. Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog. The following is taken from a guide I have written that helps subscribers to my daily chart service.

At any given day, one must understand the trading environment that specific day has to offer and adjust their trading style accordingly. In our case it relates more to the size of stops and target based on volatility. Some days the market gives us many opportunities; some not as much; and some days it provides us with mostly risks……. I think if a trader understands early enough what type of trading day it is, he or she can choose which tools from the webinar are most suited for that days trading.

If one can do that successfully which is not easy , I think that is half the battle. Trading on Economic Numbers: Most traders prefer NOT to trade on a release of numbers and would rather wait for the markets reaction first.

You should have a daily email I send with what economic reports come out and what time. One thing I recommend is to keep a trading journal. Make notes so when and if you are still trading next year which will mean that you have increased your chances to succeed in trading tremendously you can go back and refer to market behavior during the different times.

I keep notes for FOMC, holidays, monthly unemployment reports, and different half days etc. Trading is SO MUCH MENTAL, once you have a concept you believe in, have confidence in it. After that there is a lot of psychological work….

Being a hard worker and keeping a journal after certain trading days can only be beneficial for yourself. I WILL SAVE THIS LITTLE LIST AND ADD TO IT AS DAYS PROGRESS.

If I had to choose only one factor that is most important for success of a day-trader, I must say it is the ability to set daily stop levels and daily profit levels, be disciplined enough to follow it and say thank you and walk away when you have a good day and vise versa, say thank but no thanks when you have a bad day and hit your daily stop level.

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S&P Futures: Day 3 Of Trading Days In | lazuxyderonav.web.fc2.com

Cannon Trading Company, Inc. Futures Trading Levels, Types of Trading Days. Trader's Profile Demo a Platform Contact Us. Day Trading Webinar General Notes: Not taking a trade is better than a bad trade. My opinion is that there are 3 main types of trading days.

How Many Days Is the Stock Market Open a Year? | Finance - Zacks

Most common is two sided trading action with swings up and down — this type of trading day is most suitable for the main aspect of this model, which is taking trades based on the arrows. Strong trending day, mostly one directional — this type of trading day is the least common, many times this will happen on Mondays and maybe times a month at most — this type of trading day is most suitable for using the color scheme I have on the charts.

Green bars mean strong up trend, red bars mean strong down trend. If you determined that this is a trend day, then use pull backs to enter with the direction of trend and use the parabolic little dashes as you trailing stop. Assessing the Type of Trading Day A good question is how can one assess what type of trading day we will have while the market is still trading?

I am doing some work about it and will be happy to hear feedback via email, but here are some initial observations: If you use the stops described and stay disciplined, you will have the confidence of taking those trades. The nice thing about this model is that it allows you to use tight stops.

It is MORE than OK to get stopped out, you will have plenty of signals each day. Again, there are plenty of signals every day and the key is capital preservation so you have the ability and confidence to catch the good trades. This model does VERY well on days where we see two-sided, volatile action.

It does not do very well on strong trend days OR slow, choppy, low volume days. First read the notes and rules. Second observe for a day or two to get a feel. Third try to implement in demo mode for at least 10 days so you can experience good days, bad days and in between and last, then decide if this is something that can help you and if so then and ONLY then start trading live.

Quick Pointers on the Vast Subject of Trading Psychology Trading is SO MUCH MENTAL, once you have a concept you believe in, have confidence in it.

Ability to take losses and know not every trade will be a winner and not every day will be a winner Ability to stay patient and NOT feel that if you are NOT trading, you are NOT doing your job….

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