Day Trade Futures Safely For Reliable Profits

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David Bennett. Day Trade Futures Safely For Reliable Profits

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Preface

Chapter One: The Way I Trade. Different traders, different approaches

Why futures?

Why day trade?

Automation to defeat addiction

Chapter Two: Planning. Shortcut to penury

What’s in a plan?

Guiding principles

Automate for perfection

Planning template

Simulation

Chapter Three: Trading Style. Introduction

General approach

A typical trading session

Entry types

Aggressive entry

Normal entry

Defensive entry

Difference between the normal and defensive entries

Risk management

Placing a stop loss

Calculating the risk per trade

Calculating the trade size in terms of contracts

Money management

Two cautions

The asymmetric effect

Trading a large number of contracts

Trade management

The stop loss

End of session exit

The target order

The close trail

The loose trail

Trading style is NOT a black box

Chapter Four: Details of the Trading Plan. Introduction

The trend

Time to start trading

Charting time frame

Period to continue the search

Type of trend bias

The pullback

The entry

Risk/reward

Trade management

Chapter Five: Researching Optimal Strategy Settings. The best time for analysis

What I analyse

The simulator

The simulator input form

The simulator results

The design process

Example

Simulate it!

Chapter Six: Traps for Unwary Traders. Costs can kill

Commissions and exchange fees

Slippage – the silent killer

Don’t day trade

Use limit orders

Smarter entries

Where an offset is involved

Conclusion

Curve fitting

How to counteract curve fitting

Chapter Seven: Last thoughts. Not typical day trading

Where are the indicators?

Good Luck!

Отрывок из книги

When I talk about day traders I think of them falling into two main camps – intuitive traders and system traders.

If you watch markets long enough (some people watch every tick for years), you begin to get a feel for what is about to happen. If you enter and exit trades based on this feeling, you are an intuitive trader. Some of the most successful traders are intuitive and we can only envy their talent and skill.

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The third reason I am a day trader is that I hate worrying about work at night and at weekends. That’s family time. As a day trader, I hold no positions at the end of each and every trading day, so there is nothing to worry about during my leisure time.

I have traded daily since I retired from my corporate career in 1998. For about half that time I traded manually at my computer, making trading decisions in real time. It was exciting, tiring and psychologically draining.

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