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What all
does your service include?
Is trading futures an easy way to riches?
What is the most important component of a trading strategy?
What are your trading "secrets?"
If you are such a good trader, why don't you just trade; why do you
sell your service?
How much money does it take to get started trading futures?
What kind of a trader are you?
How do I go about choosing a broker or brokerage firm?
Should I trade futures with my "grocery and rent" money?
What are some good books to read, regarding futures trading and
success in the business?
Why should I choose your service over the others in the industry?
Who are the people in this industry you respect the most?
Who are the people in this industry you respect the least?
1. What all does
your service include?
“Jim Wyckoff on the Markets” includes a comprehensive
Daily Markets Update that is emailed to you Monday through
Thursday. Every major futures market traded in the U.S. is covered
and analyzed in this report. I also give each futures market my
special rating. Every Friday, you will receive via email
Wyckoff’s Top Trading Opportunities, whereby I provide my top
three trading opportunities for the upcoming new week, including
specific entry points, stop placement points, support and resistance
levels and other important analysis. Twice a month, you will also
receive via email my bi-weekly newsletter, which includes
about 10 markets (including their unique analytical charts) that I
have chosen to focus upon. In the bi-weekly newsletter you will also
find an educational feature that will help move you up the
ladder of trading success. My mission is to provide you with these
important components: comprehensive yet easy-to-understand market
analysis, specific trading opportunities, and continuing education
so you can become a better all-around trader in your own right. (See
real samples of each part of my service in the left-hand column of
this page.) The price for my service is $34.95 per month, or
$89.95 per quarter, or $299.95 per year. You save about 25% if you
sign up for the yearly subscription.
2.
Is trading futures an easy way to riches?
No. Like any profession, obtaining success in futures trading
requires hard work, patience and discipline. And like other
professions, futures trading is not for everyone.
3.
What is the most important component of a trading strategy?
Money-management. You must limit your losses on losing trades,
use protective stops and not succumb to the temptation of pulling a
protective stop to let a losing trade ride "just a little while
longer." What many do not realize is that during most years
even the best professional futures traders in the business will have
more losing trades than winning trades—but still be profitable.
The key is to cut losses short on the more numerous losers and let
the profits on the winners ride.
4.
What are your trading "secrets?"
I don't have any. What I do have is a strong work ethic, years
of experience and sheer determination to succeed in a very
challenging, yet fascinating business. Be wary of anyone that tries
to sell you "secrets" in this business.
5.
If you are such a good trader, why don't you just trade; why do you
sell your service?
I am a journalist by formal training, and I truly enjoy the
communication aspects of publishing a newsletter and daily report. I
enjoy the interaction with my customers—and I think those who have
talked with or emailed me would agree that I enjoy discussing
trading and markets. I also enjoy being a mentor to those seeking
more knowledge. Sure, I love trading, but that's only part of the
reason I do what I do.
6.
How much money does it take to get started trading futures?
You can start trading with $5,000 or even less if you use strict
money management and a very conservative trading approach, including
purchasing options on futures or trading on the Mid-American
exchange, a division of the Chicago Board of Trade, which employs
smaller-size futures contracts.
7.
What kind of a trader are you?
I am a very conservative trader who believes that survival in
this very challenging arena is my first objective. After survival
comes success. I rely mostly upon technical analysis, but also
follow the fundamentals in markets. I don't have any specific number
of trades I have to make during any given year. I'm from the
"old school" of traders who rely upon traditional chart
analysis. "Getting back to basics" is the key to trading
success, in my opinion. Jesse Livermore, Richard Wyckoff, W.D. Gann,
R.N. Elliott and Charles Dow never needed powerful computers to
achieve trading success. Thus, any computer-generated technical
signals I employ in trading are "secondary" trading tools,
as opposed to my "primary" tools that include the basic
chart patterns and trend lines.
8.
How do I go about choosing a broker or brokerage firm?
That depends on what you want in a broker. If you want
fundamental market research, personal interaction and counsel, then
a full-service brokerage is probably your ticket. If you have access
to market data and don't need the research and the more personal
touch, a discount brokerage is probably the way to go. As for an
individual broker with a full-service or discount brokerage, make
sure you interview him or her before you sign on. Remember, it's
your money and they are there to serve you. Your broker should not
make you feel uncomfortable in any way, including asking any types
of questions. And if your broker does make you feel uncomfortable,
it's time to find another broker. This industry is chock-full of
high quality brokerage firms and individual brokers. But like in any
industry, there are a few "bad apples" around.
9.
Should I trade futures with my "grocery and rent" money?
No. Psychology plays a big role in trading success. When a
trader has the huge pressure of producing winning trades right away,
in order to pay the bills, that creates a very negative
psychological environment for the trader. Success will be very
difficult, if not impossible, to achieve under those circumstances.
You should only trade futures with money you can stand to lose.
10.
What are some good books to read, regarding futures trading and
success in the business?
For the beginner, there is a book called "Starting Out in
Futures Trading" by Mark Powers. A fun book to read about
successful traders is "Market Wizards" (2 editions) by
Jack Schwager. The two best textbooks on technical analysis and
trading are: "Technical Analysis of the Futures Markets"
by John J. Murphy, and "Technical Analysis of Stock
Trends" by Edwards and Magee.
11.
Why should I choose your service over the others in the industry?
You should choose my service because I take pride in my work ethic and in my honesty.
Because for the money you pay for my service, you get high quality
and quantity—and you have easy access to me via a phone call or
email. Because I broke into this industry by working right on the
futures trading floors, and learned by interviewing (as a
journalist) the best traders and analysts in the world. Because I
won't sidestep or "sugar coat" the tough questions that
are sometimes asked by customers. Because I'm a regular guy. I work
very hard at my job, but I do have a life outside of work. I'm not
some "pencil-neck" with pop-bottle glasses that sits and
stares at his computer screen 24 hours a day. Finally, if anyone
does not like me or my service, I'll refund the unused portion of
their subscription.
12.
Who are the people in this industry you respect the most?
I respect the people in this industry who are honest and that work
hard. Just to name a few: Glen Ring, Ken Seehusen, Darrell Jobman,
Steve Moore, Stewart Taylor, Steve Briese, Linda Bradford Raschke,
Joe DiNapoli, John J. Murphy, Jack Schwager. These are all people I
know work very hard to be successful in this challenging field. I
worked for Merrill Oster for over 15 years, and he is also a man of
integrity—and also one heck of a futures trader. And I cannot
forget William T. Wooten, the man who brought me into this business
right out of college. Last but not least, Merlyn VandeKrol has
helped me tremendously on the business and marketing aspects of this
business.
13.
Who are the people in this industry you respect the least?
The people I respect the least in this industry are the ones who
cheapen the craft of futures trading, the ones who make this
business out to be some easy "get-rich-quick" scheme, and
the ones who are "slick" or dishonest.
If
I've missed one of your questions, drop me an email. I answer any
and all email from my readers. My email address is jim@jimwyckoff.com. |
