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The Three Categories of Players in the Futures Games and their Roles -------------------- 7
Producers ---------------------------------------------------------------------------------------- 7
End-Users --------------------------------------------------------------------------------------- 8
Speculators -------------------------------------------------------------------------------------- 8
Why Traders Trade -------------------------------------------------------------------------------- 9
Additional Uses of the Futures Markets -------------------------------------------------------- 10
Dealing with Basic Issues First ------------------------------------------------------------------ 11
How Will You Achieve Your Goal? -------------------------------------------------------------- 11
The Vehicle ------------------------------------------------------------------------------------- 11
The Fuel ---------------------------------------------------------------------------------------- 12
Don’t Borrow Your Starting Capital ------------------------------------------------------------ 12
Reach Your Goal in Stages ----------------------------------------------------------------------- 13
Other Important Issues -------------------------------------------------------------------------- 14
Trade Alone or With a Partner? --------------------------------------------------------------- 14
Too Many Cooks Spoil the Broth------------------------------------------------------------- 14
Who’s Responsible? --------------------------------------------------------------------------- 14
Sharing the Profits ----------------------------------------------------------------------------- 14
Do You Want to Share Your Research? ------------------------------------------------------- 14
Slower Decision Time ------------------------------------------------------------------------- 14
Trade for the Short Term, Long Term or Immediate Term? -------------------------------- 14
Factors You Should Consider in Making this Decision --------------------------------------- 15
Trading System -------------------------------------------------------------------------------- 14
Time Availabiltiy ------------------------------------------------------------------------------ 15
Commissions----------------------------------------------------------------------------------- 15
Personality ------------------------------------------------------------------------------------- 15
Health ------------------------------------------------------------------------------------------ 15
Data --------------------------------------------------------------------------------------------- 15
Fundamental or Technical ----------------------------------------------------------------------- 15
How Much Risk do You Want to Take on Each Trade? -------------------------------------- 16
Lesson #1 Quiz --------------------------------------------------------------------------------17 - 18
C1L1-3
© 2000 MBH Commodity Advisors, Inc.
Jake Bernstein’s
Course #1 -- Basic Training/Getting Started
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