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NFP Tomorrow, Do You Have a Trading Plan? + Levels for June 2nd

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Plan Your Trade, Trade Your Plan

By Mark O’Brien, Senior Broker

Not to sound fat-headed, but trading futures is challenging. What’s even more challenging: trading without a plan. You can paper trade for days, weeks, months; you can study the latest, or greatest trading platform, charting, indicators, signals etc. You can take in volumes of educational material: courses, webinars, academic resources, news. All of these are most worthy of preparing you for the rewards and risks that come with trading futures, but when you’re a mouse click or a phone call away from placing an order to enter a trade, without a plan, you’ve essentially put the outcome of that trade in jeopardy – and every other trade after that.

 

No trader looking to succeed over the long term enters the market without following a trading plan. At the most basic level, it can – and should – be as simple as designating when to exit the trade if the market moves against the trade, as well as when to exit the trade if the market moves favorably. If you’re given to making adjustments to those outcomes mid-trade, make it part of your plan before entering the market.

 

Certainly there are other components to trading futures. For example, plenty has been heralded that traders should firm up their general mental preparedness before embarking in trading futures. Traders should also have a general familiarity with the markets they’re trading, such as contract specifications, trading hours, margin requirements, any daily price limits, etc. Theses are also necessary for successful trading. But, these ingredients by themselves, even if fully accumulated, will yield disappointing results if the key ingredient is not added: trade with a plan.

 

 

 

Plan your trade and trade your plan. 

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 when it comes to Futures Trading.

Futures Trading Levels

6-02-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

 

 

Economic Reports, Source: 

Forexfactory.com

 

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 judgement in trading.