"Future Trading: Your Guide to Profits and Success" is an invaluable resource for both aspiring and experienced traders looking to navigate the world of futures trading with confidence and achieve profitability. Authored by Lester A. Gray, a renowned expert in finance and investment, this comprehensive guide offers a wealth of knowledge, practical strategies, and expert advice.
The book begins with an exploration of the best platforms and tools available in the market, including TD Ameritrade, Tastyworks, Robinhood, E*TRADE, Charles Schwab, TradeStation, and Ally Invest. Gray provides insights into their features, functionalities, and suitability for different trading styles, enabling readers to make informed decisions about their trading platforms.
Next, Gray delves into the critical topic of timing trades effectively. He discusses various time frames and trading opportunities, such as the DAX Future at different intervals, the importance of the economic calendar, and strategies for trading the Mini-DAX and DAX pre-market opening. By understanding when to trade and when to stay out of the market, traders can enhance their chances of success.
Understanding historical data and backtesting are vital aspects of futures trading, and Gray devotes a chapter to demystifying these concepts. He addresses important considerations like trading a real dollar account and trading frequency, providing practical advice on leveraging historical data to inform trading decisions.
The book then moves on to proven futures trading strategies. Gray covers topics such as selling short, managing risks, trading like professionals, and different trading methods, including fundamental and technical trading. He explains technical analysis in detail, highlighting its significance and the types of traders who utilize this approach.
Recognizing the challenges of trading in bear market economies, Gray offers effective trading strategies supported by technical analysis. He provides insights on how to navigate and thrive in bear markets, including fleeing from or fighting against the prevailing conditions.
Forex trading merits and demerits are explored in another chapter, allowing readers to understand the potential benefits and drawbacks of this market. Gray discusses leverage, fast returns, easy short selling, liquidity, a variety of trading pairs, low capital requirements, and more. He also addresses the volatility, potential disadvantages for small traders, and regulatory considerations associated with forex trading.
Emotional control is essential for successful trading, and Gray provides a step-by-step guide on how to achieve it. From getting started and avoiding emotional decision-making to maintaining a disciplined approach and keeping trading journals, readers gain valuable insights into managing their emotions like seasoned professionals.
Finally, the book presents "The 11 Commandments of Swing Trading," outlining essential principles for swing traders. Gray emphasizes the importance of aligning trades with the overall market direction, considering long-term charts, formulating clear plans, integrating fundamentals into technical analysis, and mastering the psychological aspects of swing trading.
With its comprehensive coverage of essential trading topics, "Future Trading: Your Guide to Profits and Success" equips readers with the knowledge, strategies, and mindset necessary to thrive in the futures market. Lester A. Gray's expertise and ability to distill complex concepts into accessible language make this book an indispensable companion for traders seeking to achieve profitability and long-term success.