- Language: English
- Published: September 2011
- Region: Global, Great Britain, United Kingdom
Day Trading Grain Futures
- Published: February 2009
- Region: Global
- 152 Pages
- Harriman House Publishing
This practical book opens with chapters explaining the author's preference for the grain futures markets, and his reasons for preferring to day trade.
In a concise, punchy style the reader is introduced to some timeless trading concepts, and shown how these ideas can be moulded into a trading system to attack the exhilarating grain markets.
No sophisticated indicators or fancy mathematics are found here. Instead, the author builds a system based on tried and true trading principles, combined with sound money management strategies. For this reason, the book will be of interest to all futures, equity, options or CFD traders.
The particular challenge for a day trader during the volatile market open is to quickly identify support and resistance zones, and form a view on trend direction, based on limited information. The author describes how he does this, with several illustrations and real life examples.
He goes on to explain exactly how, based on the initial market movement, he determines stop loss and target levels.
An interesting feature of the book is a chapter tracing the progress of a real life trading session. It shows the author's methods being applied in practice, with numerous screen shots giving the reader an appreciation of what the trading process feels like in practice.
Another richly illustrated chapter shows a complete month of trading charts with commentary on trades taken. The reader gains an appreciation of the longer term trading process, described by the author as "constant repetition of a simple plan, concentrating on implementation excellence".
Other chapters outline the author's views on the need for practice, and discuss practical points a home-based trader should attend to in their computer and internet set up. SHOW LESS READ MORE >
Chapter 1 - Introduction
Chapter 2 - Why Trade The Grains?
Chapter 3 - Why Day Trading?
Chapter 4 - It's All A Gamble
Chapter 5 - It's All About Managing Risk
Chapter 6 - What Do I Trade?
Chapter 7 - What a Speculative Trader Does
Chapter 8 - Charts
Chapter 9 - Support and Resistance
Chapter 10 - Entry Rules
Chapter 11 - Managing the Trade
Chapter 12 - Implementing the Plan
Chapter 13 - My Trading Calculator
Chapter 14 - My Trading Screen
Chapter 15 - A Case Study
Chapter 16 - A Month At The Tables
Chapter 17 - The Importance of Practice
Chapter 18 - The Computer Setup
Chapter 19 - The Trading Ritual
David Bennett is a grain futures trader living on the Gold Coast in Australia.
His formal career spanned computing, teaching and human resource management, but his passion is trading. "For many years I tried every trading technique I heard about, with indifferent results, but then I got into day trading grain futures - and I've never looked back!"
A citizen of three countries, UK, New Zealand and Australia, David has followed the sun. "The trouble is my body keeps adapting, and I have to go somewhere warmer!" However, a seven year old at school means staying put, for now at least.
David initially became interested in finance and trading when he was chairman of the trustees of a large superannuation fund, working closely with professional fund managers.
He believes that keeping the body fit keeps the mind sharp, and tries to spend as much time as possible jogging, swimming or hitting a ball on the squash court.
He has served as a Community Magistrate in New Zealand.