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Tables of Contents for Profit in the Futures Markets!
Common Misconceptions about Futures Trading
3
3
Evolution of the Futures Markets
6
4
Origins6
1
More Recent Developments6
1
The Single Stock Futures Market7
3
How a Hedge Works10
2
How Do the Players Benefit?12
2
Additional Uses of the Futures Markets
17
1
Part One Getting Started: Myths and Realities of the Futures Markets
Building Blocks and Basics
21
16
Complexity and Simplicity
21
3
Grist for the Mill23
1
Information: Is Less More?23
1
Define Your Objectives
24
3
Can You Make the Commitment?25
1
How Will You Achieve Your Objectives?26
1
Not a Get-Rich-Quick Scheme
27
4
Take the Test28
1
Should You Borrow Your Starting Capital?29
1
Pooling Your Funds29
1
Attain Your Objectives by Stages29
1
Bank Some Profits30
1
Other Important Issues
31
4
Should You Trade Alone or with a Partner?31
1
Should You Trade for the Short Term, Long Term, or Intermediate Term?32
1
Should You Take a Fundamental or a Technical Approach to Market Analysis?33
1
How Much Risk Do You Want to Take on Each Trade?33
1
Selecting a Broker34
1
Are Futures Options Your Answer?
35
1
The Two General Approaches: Fundamental vs. Technical Analysis
37
14
Does Your Analytical Approach Really Matter?
37
1
Supply and Demand39
1
Economic Roots39
1
Some Shortcomings of Fundamental Analysis40
2
Its Value in Spite of the Limitations42
1
The Pragmatics of Fundamentals43
2
Technical Trading and Analysis Systems
45
3
Technical Analysis and Short-Term Trading46
1
Some Limitations of Technical Analysis46
1
Advantages of Technical Analysis47
1
Hybrid Approaches to Market Analysis
48
1
What You Should Know About Trendlines
51
12
Trading Using Trendlines
55
6
Trendline Trading Rules58
3
Using Trendlines on Intraday Data
61
1
What You Should Know About Cycles
63
14
Many Markets, Many Cycles
68
1
Variability of Cycle Lengths
72
1
Limitations of Trading with Cyclical Indicators
75
1
What You Should Know About Moving Averages
77
12
How Moving Averages Give Buy and Sell Signals on Price Charts
78
5
Pros of Using Moving Averages
83
1
Cons of Using Moving Averages
84
1
Rules for Trading Using Moving Averages
84
1
What You Should Know About Seasonality
89
22
Time Frames for Seasonals
89
1
Seasonal Price Tendency Charts
91
4
Seasonality in Futures Prices
95
2
Daily Seasonal Futures Tendencies
97
1
Seasonality in Futures Spreads
97
2
Implementing Seasonal Trades
101
8
What You Should Know About Computers and Computerized Trading Systems
111
18
Computerized Quote Systems
112
1
Pros and Cons of Trading Systems
113
1
Buying versus Developing a Trading System
114
2
Questionable Ethics and Questionable Results
116
4
Fallacy of the Vast Historical Database117
1
The Selective Data/Selective Market Trick118
1
What's the Drawdown?118
1
Stable versus Unstable Systems119
1
Dealing with Limit Moves119
1
Computerized Testing of Trading Systems
120
4
Why Test a Trading System?121
1
Test for Key Results122
2
Part Two Discipline and Trading
Discipline: Your First Key to Success
129
10
Why Discipline Is Important in the Quest for Success
130
2
How Lack of Discipline Can Become a Chronic Problem
133
1
How to Improve Your Discipline
134
2
The Self Evaluation Checklist
136
1
The Art of Contrary Thinking
139
10
Reality, Economics, and Prices
140
1
What Is Contrary Thinking
140
1
Daily Sentiment Index
146
2
Theory of DSI146
1
Guidelines for Using DSI147
1
Commitments of Traders Reports
148
1
How to Trade Like a Pro
149
20
Attitudes and Behavior
149
3
How to Identify Incompetence
152
2
How to Overcome Weaknesses
154
4
Tools for Successful Trading
158
7
Part Three The Mechanics of Trading
What You Should Know about Market Information Services and Brokers
169
12
Types of Market Information Services Available to Futures Traders
170
6
Information Services170
2
Advisory Services172
1
Evaluating an Advisory Service173
3
What Type of Trader Are You?
176
1
Full-Service Brokers178
1
Discretionary Accounts178
1
Discount Brokers178
1
Online Brokers178
1
What You Should Know About Order Placement
181
10
Traditional Order Entry and Execution
181
2
Online and Electronic Order Entry
183
2
Market Order183
1
Market-on-Close (MOC) Order184
1
Market-on-the-Open Order184
1
Market-If Touched (MIT) Order185
1
Buy Stop185
1
Sell Stop185
1
Stop Loss185
1
Good-Till-Canceled (GTC) Order/Open Order
187
1
Different Rules at Different Exchanges
187
1
Part Four Advanced Trading Strategies and Techniques
Advanced Concepts in Moving Averages
191
12
Moving Average Methods
191
2
Simple Moving Average192
1
Weighted Moving Average192
1
Exponential Moving Average192
1
Triangular Moving Average193
1
Best Performing Moving Averages193
1
The Mewing Average Channel (MAC)
193
3
The 3 High/3 Low Moving Average Channel for Short-Term Trading
196
6
Aspects of Intraday Trading
203
10
Advantages of Intraday Trading
203
2
Prerequisites to Intraday Trading
205
1
Using Price Objectives and Stop Losses
206
1
Using Price Objectives207
1
Using Trailing Stops207
1
Systems for Intraday Trading
207
4
``The Old Standbys''207
1
The Tick Chart Method208
3
Websites and Chat Rooms
212
1
Are Futures Options Right for You?
213
8
Advantages of Futures Options
215
1
Liabilities and Limitations of Futures Options
216
1
Strategies for Using Options
217
3
Artificial Intelligence and Neural Networks: Myth or Messiah?
221
6
Artificial Intelligence
221
1
Characteristics of Neural Networks
222
1
Neural Networks and Trading
223
1
Part Five Putting It All Together
Developing Your Own Trading Plan
227
8
Begin by Listing Your Limitations
228
1
Choose Your Trading System
230
2
Plan Your Time and Make a Schedule
232
1
Evaluate Your Progress Regularly
233
1
Managing Risk: A Major Key to Success
235
6
Keep a Trading Record
236
1
Study the Record Regularly and Frequently
237
1
Learn from Your Profits
237
1
Calculate How Much Capital You Should Risk
238
1
Stand Aside When You re Confused
239
1
Don't Take Losses Personally
239
1
Know Your Competition
240
1
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