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Guide to Choosing a Broker + Futures Trading Levels & Economic Reports for Sept. 7th 2017

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A good piece, worth reading if you are in the stage of looking for a commodity broker for your new trading account or NOT happy with your current one and considering switching.....

How do futures traders go about selecting a futures broker they can be happy with?

By John Thorpe Senior Broker with Cannon Trading

  • History

A futures trader should find considerable comfort in doing business with a firm that is sound from a regulatory perspective. The Futures trader should ask for the regulatory history of both the firm and the Individual Registered Representative.

There would be a few red flags: 1) The firm is too new to have a history; 2) Several financial settlements in the past are assessed to the Firm; 3) Disciplinary actions have been taken against an Individual Registered Representative.

  • Availability

Another aspect that a firm should exhibit to a potential futures trading client is the availability of the Individual Registered Representative or the trading staff. Is the individual available while you havemarketrisk? Is the Trading desk available while the markets are open?

  • Knowledge

Market knowledge of the Individual Registered Representative is another important reflection of the firm. What is the quality of the help provided by the firm? This does not mean possessing a crystal ball that will provide market direction changes on a dime, but rather product knowledge with respect to how the markets work, what trading platforms are the most suitable to employ given a particular trading style, and exhibiting a clear understanding of futures contract specifications, liquidity, and tendencies.

  • Price

Price is ubiquitous and is representative of value. Just as the price of a particular commodity moves higher quickly due to a perception or real scarcity of the commodity, services are also priced in much the same way.

If you are a self-directed trader who trades a large number of contracts and is well versed inplatform, contract specifications, and risk management, you will in all likelihood find value in trading platform and pay more for that as long as your commissions are inexpensive.

As a broker-assisted trader, your value proposition aligns more closely with a high-quality Registered Representative who will work for you in determining risk management strategies, order placement, appropriate markets to trade, and also offer time. These arrangements on a continuum will offer commission structures that vary widely. Make sure you know what trading platform you are getting, what the cost of the platform is, the level of engagement with the firm and Registered Representative, and the commensurate commission for each trade that you will be charged.

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Futures Trading Levels


Contract September 2017SP500Nasdaq100Dow JonesMini RussellDollar Index
Resistance 32482.836033.42219611417.1392.79
Resistance 22475.925999.58219031412.4792.56
Resistance 12470.335976.92218571407.2392.40
Support 12457.835920.42217531397.3392.01
Support 22450.925886.58216951392.6791.78
Support 32445.335863.92216491387.4391.62
ContractDecember GoldDec. SilverOct. Crude OilDec. BondsSept. Euro
Resistance 31356.918.2350.43158 7/321.1998
Resistance 21352.318.1549.92157 26/321.1978
Resistance 11345.618.0549.53157 2/321.1950
Pivot1341.017.9749.02156 21/321.1930
Support 11334.317.8648.63155 29/321.1902
Support 21329.717.7848.12155 16/321.1882
Support 31323.017.6847.73154 24/321.1854
ContractDec. CornDec. WheatNovember BeansDec. SoyMealOct. Nat Gas
Resistance 3369.0456.8986.58315.303.11
Resistance 2365.5452.4981.67312.903.07
Resistance 1363.3449.1976.33310.803.04
Support 1357.5441.3966.1306.33.0
Support 2354.0436.9961.17303.902.93
Support 3351.8433.6955.83301.802.90

Economic Reports, source:

This is not a solicitation of any order to buy or sell, but a current market view provided byCannon Trading Inc. Any statement of factshere incontained are derived from sources believed to bereliable,but are not guaranteed as toaccuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their ownjudgementin trading.

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About the author

Ilan Levy-Mayer has been a commodities broker for over 15 years, and holds an MBA in Finance and Marketing from Hebrew University in Jerusalem. Ilan is currently the Vice President and a Senior Broker at Cannon Trading Company . He is also a CTA of Levex Capital Management and his daily blog was voted the #1 Futures Blog from Trader's Planet.

His experience in the industry dates from the beginning of online trading, and he has also developed several trading systems over the years. In addition, Ilan has written several articles about trading methods and trading psychology, and has been quoted and published several times in SFO magazine, Futures, and Bloomberg. He has been invited to speak at the Chicago Board of Trade, a significant distinction.

Ilan specializes in analyzing the markets based on timing methods, proprietary technical indicators, using support and resistance levels and looking at multiple time frames.

Take a step in the right direction and contact me today, Toll-Free: 800-454-9572 or direct: +310-859-9572. You may also directly e-mail me, Send mail.


Disclaimer: This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading. 

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