This was to have been part three of the Wave trading system, focusing on adjusting stops, but I am a little short on time this week, so I thought I would briefly mention a few resources that I have found very valuable in my futures education and trend trading. Two of them are contributors to TraderPlanet, and please note, I get nothing from these folks, and I pay for all the subscriptions and materials I am mentioning.
If you missed the Wave part 1, it can be found here.
1) I have been a reader of Jim Wyckoff’s Daily Market Updates as posted on TP for many months, and purchased a subscription about 4 months ago. Jim provides a nice daily review of all the key futures contracts, including grain, softs, metals, meats and currency. He gives you the important daily stats , some technical support and resistance levels, and the Wyckoff rating. A small sample of this is posted on this site in the commentary section daily. Subscribers get the full picture 4 days a week. On Friday, subscribers receive 3 of Jim’s Top Market ideas, and about every 2 weeks, the bi-monthly news letter. I strongly urge new futures traders to read Jim’s free postings here on the TP, and if you find them of value, the month service is reasonably priced, and can be picked up monthly and cancelled any time. Just as valuable as the material, is that Jim actually replies to e-mails.
2) Paul Brittain is a broker, currently at Whitehall Investment , and a sometimes contributor to TP. Paul is the co-author of the book Commodity Options, which I have read, and enjoyed, and if you are thinking about futures options , I think this is one of a few books I would recommend. What I like most about Paul, is he is currently putting out the Beast , a nice little trend trading system, on a daily bases. And he is giving it away for free to everyone for 30 days (e-mails it to you), although you can find it out on the web for free in a number of places, although sometimes a few days delayed. If that’s not enough, you can get a daily webinar (again free) where he shows you how he is employing the Beast, and on most Saturdays, he does an educational webinar on different aspects of futures trading. He is clearly doing this to attract customers, but anyone out there putting this much content out on the web for free, deserves kudos. The system actually produces a significant quantity of profitable trading ideas. If you are relatively new to futures and/or trend trading you need to at least check this out.
3) The CRB/ Bar Chart folks put out a ton of interesting materials for traders and a pretty decent website too. I have been a subscriber to TrendTrader report for about 2 months now. This is a trading identification service, delivered daily, covering all the major contracts, as well as a number of ETFs. Based on their system, they give buy, go neutral and sell recommendations, and the technical indicators they are using to make those calls. Their style is a bit aggressive, and The Wave tends to lag their calls. But if you are a starting trend trader with too little time, they can provide you with a selection of recommendations that you can vet yourself.
SO those are some of my favorite resources, would be great if others post some of theirs!
Until next time… trade patiently, be profitable.
