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Monday, October 3, 2016 - Weekly e-Newsletter - Issue No. 725

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Economic Calendar
Date
ET
Release
For
Consensus
Prior
Oct 3
10:00 AM
ISM Index
Sep
NA
49.4
Oct 3
10:00 AM
Construction Spending
Aug
NA
0.0%
Oct 3
2:00 PM
Auto Sales
Sep
NA
4.91M
Oct 3
2:00 PM
Truck Sales
Sep
NA
8.52M
Oct 5
7:00 AM
MBA Mortgage Index
10/01
NA
-0.7%
Oct 5
8:15 AM
ADP Employment Change
Sep
NA
177K
Oct 5
8:30 AM
Trade Balance
Aug
NA
-$39.5B
Oct 5
10:00 AM
Factory Orders
Aug
NA
1.9%
Oct 5
10:00 AM
ISM Services
Sep
NA
51.4
Oct 5
10:30 AM
Crude Inventories
10/01
NA
NA
Oct 6
7:30 AM
Challenger Job Cuts
Sep
NA
-21.8%
Oct 6
8:30 AM
Initial Claims
10/01
NA
254K
Oct 6
8:30 AM
Continuing Claims
09/24
NA
2062K
Oct 6
10:30 AM
Natural Gas Inventories
10/01
NA
49 bcf
Oct 7
8:30 AM
Nonfarm Payrolls
Sep
NA
151K
Oct 7
8:30 AM
Nonfarm Private Payrolls
Sep
NA
126K
Oct 7
8:30 AM
Unemployment Rate
Sep
NA
4.9%
Oct 7
8:30 AM
Hourly Earnings
Sep
NA
0.1%
Oct 7
8:30 AM
Average Workweek
Sep
NA
34.3
Oct 7
10:00 AM
Wholesale Inventories
Aug
NA
0.0%
Oct 7
3:00 PM
Consumer Credit
Aug
NA
$17.7B
 
This Week in History

10/3/1776 - Congress approved its first loan of $5 million dollar with 4% interest to finance American Revolution

10/5/1814 - George W. Campbell, the nation's fifth Secretary of the Treasury, served his last day in office

10/6/1995 - Boeing machinists went on strike and earned themselves a deal that included $19,200 in salary and benefits

10/7/1997 - Both the S&P and NASDAQ climbed to new record highs NASDAQ rose to 1,736.10 points while S&P climbed to 983.12

10/8/1990 - Congress compromised and passed a budget plan through both houses; just in time to avert a government shutdown

10/9/1996 - In midst of the 1990's bull run, mutual fund popularity emerged; investors pumped $16 billion during previous months

TRADING INSIGHT
Seeing the Big Picture

To know a trading methodology really well is important. So too is the capacity to trade in a disciplined manner. But these two areas of knowledge are not enough. Unfortunately, many newbie traders limit themselves to knowing one or a few trading methods that they find to be effective, and they try to follow these methods in a disciplined manner. What happens if the system stops working (for an extended period of time, or permanently)?

There are three general areas of knowledge every trader should be exposed to. First, a trader should truly understand the system s/he is trading and the markets s/he trades. This is the area that most retail traders focus on. But focusing solely on this area leaves a trader at risk without a second general area of knowledge: knowing how to evaluate trading methodologies. You don’t have to be an expert statistician or mathematician to learn how to quantitatively analyze the performance of a method or system. Here are a few ideas to get started (there are more of course, but start with a few basics). The third general area of knowledge is general industry knowledge. This covers several things from market trading hours, to margin requirements, to regulations. Seeing the big picture will not only help you become a well-rounded trader, it will give you the knowledge needed when facing risks that originate beyond a given trading methodology.

 

 

 

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