A practical guide to trading for a living

By David Bennett

UPDATED & EXTENDED 2ND EDITION

This practical book provides you with everything you need to be able to day trade grain futures effectively. It opens with chapters explaining the author’s preference for the grain futures markets, and his reasons for preferring to day trade, before going on to explain the fundamentals of trading and the more specific knowledge required for his chosen approach.

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 complex mathematics are found here. Instead, the author builds a system based on tried and true trading principles, combined with sound money management strategies.

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 detailed illustrations and real life examples. He then goes on to explain exactly how, based on the initial market movement, he determines stop loss and target levels.

A key feature of the book is the 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 understanding of what the trading process feels like in practice – effectively giving you a fly on the wall view of the author in action.

Another highly illustrated chapter shows a complete month of trading charts with commentary on trades taken, giving the reader an appreciation of the longer term trading process. A 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 the practical points a home-based trader should attend to in their computer and internet set up.

The book’s focus is to highlight the exciting opportunities of grain futures and provide the vital detailed and hands-on information that will make it invaluable to all futures, equity, options or CFD traders.

David Bennett is a 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 futures - and I've never looked back!".

With an IT background, he developed software for his own use, and this is now sold to other traders under the TradeOnAUTO brand.

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.