Book Description

One of the most widely read books among active option traders around the world, Option Volatility & Pricing has been completely updated to reflect the most current developments and trends in option products and trading strategies.

Featuring:

• Pricing models
• Volatility considerations
• Basic and advanced trading strategies
• Risk management techniques
• And more!

Written in a clear, easy-to-understand fashion, Option Volatility & Pricing points out the key concepts essential to successful trading. Drawing on his experience as a professional trader, author Sheldon Natenberg examines both the theory and reality of option trading. He presents the foundations of option theory explaining how this theory can be used to identify and exploit trading opportunities. Option Volatility & Pricing teaches you to use a wide variety of trading strategies and shows you how to select the strategy that best fits your view of market conditions and individual risk tolerance.

New sections include:

• Expanded coverage of stock option
• Strategies for stock index futures and options
• A broader, more in-depth discussion volatility
• Analysis of volatility skews
• Intermarket spreading with options

Reviews (32)

Great book for prospective traders
With the popularity rise in options and option strategies, I must admit this is a great book to get started with. I am a clerk at the CBOE and have studied this book thoroughly, and in my experience it's the best options tutorial out there. I have also sampled the John Hull book and the official Options Institute book. The writing is very readable and it does not bog you down with overly complex derivations of each formula (there is an appendix that does derive and explain the details of the Black and Scholes model though.)

If you're serious about trading I highly recommend reading this book first - it'll be a useful tool. Working at CBOE I have seen many other clerks studying their Natenberg books during the slower times. Learning arb (hand signaling) and understanding what you are arbing are the keys for a successful options trader. This can be useful for someone just getting started in options as well or with prior experience.

Must reading in order to move up to the next level...
There is a reason why almost all of the reviews of this book are in the Excellent range. It simply is a must read for anyone who wants to be serious about trading options and making intelligent trades. While the book is designed for those on the technical side of trading, it is also a gold mine for those of us simply trading options to make money! Natenberg explains concepts that are essential for the layman to be aware of in order to understand the market. The book is well worth the price just for his discussion of the normal distribution and of how it relates to volatility and investing in options. College statistics teachers could learn how to present this important concept in a meaningful way just by reading this chapter! It is easy to take the information from this book and use Excel to write a program to figure the expected price swings for any stock option based upon its volatiltiy. While the average options trader will not need to master much of the detail in the book, the simple awareness presented here will make you a better and more confident trader. By combining the ideas from this book with those from Max Ansbacher's The New Options Market, you can be in a powerful position to deal effectively in the options market.

Great options book
Perhaps the most amazing success story in the markets and investing in the last 10 or 15 years is the growth of the options market, and the advent of inexpensive trading for derivatives such as options, allowing even the small and amateur investor to use these vehicles if he or she wants. I've read that the options market has grown more than ten-fold since the 80s, even more so than the stock market. This book will help you advance your knowledge of this important area of the market.

This is one of the few really high-level options books that are understandable without advanced math. I have a couple of other books on options and derivatives, and they require advanced calculus. It's still geared toward the professional, but as an amateur I still found it interesting and worthwhile reading. Be advised you'll probably still need to read an introductory book or two on options before tackling this volume, which is what I did. But after absorbing those two books, I found I had the background to read and appreciate Natenberg's book. Natenberg discusses all the advanced concepts so you learn such things as how to do butterfly option spreads, synthetic puts and calls, volatility spreads, how to remain delta and gamma neutral, and other such advanced concepts. Overall a great book and essential reading for anyone who wants a better understanding of this important area.

Option Volatility & Pricing: Advanced Trading Strategies and
Natenberg has done an excellent job in presenting this book on options. He has very successfully combined theory with practical ideas and examples in the most important area for users of options to get their head around, volatility. Natenberg does well explaining the differences between the different modelling techniques. An excellent book.

Good High Level book
This is a good book if you are just starting out and don't want a lot of mathematics. Gives strong high level understanding of how options work. Especially good descriptions of greeks and their behaviors. ... Read more

Book Description

Profitable Candlestick Trading

Pinpointing Market Opportunities to Maximize Profit

Misunderstood by investors for years, Japanese Candlestick charting and analysis has been described as too complicated to learn and too labor-intensive. Now, Candlestick trading expert Stephen Bigalow dispels these notions and demystifies the process of this valuable and successful technical analysis tool in Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profit.

In accessible and easy-to-understand language, this book bridges the gap between past wisdom and contemporary practice to give any level of investor a complete understanding of this proven, profitable, and time-tested investing technique.

"A superb exposition of Japanese Candlesticks: the oldest method of technical analysis developed more than 400 years ago. The book offers a thorough review and evaluation of this increasingly popular method of market analysis. A great source of information both for an experienced trader and a novice in this field."
–Vincent Kaminski
Managing Director, Enron Corp. ... Read more

Reviews (17)

Best Practical Candlestick Book
This book is the third Candlestick book that I have read cover to cover. The previous two were Steve Nison's two Candlestick books. While Nison's books were excellent and extremely easy to understand, this book concentrates on strategy for making money and gives more trading insights. I have been making money even in this bear market using the trading signals described in the book.

The system is simple...use stochastics to confirm candle signals to ensure that you always buy oversold stocks and sell short oversold stocks. If you are a disciplined trader and wait for confirmation of the signals you can be profitable more than 75% of the time and your losses from your losing trades will be minimal if you keep tight stops - A must in these market conditions.

There is a huge amount of overlap in Nison's and this book but I would still recommend all three as there is always some different points in each.

Top Trading Book
I have read at least 150 trading books in the last 5 years, jumping from one idea to another, looking for a plan I can feel comfortable with for short-term trading. Stephen Bigalow's book is at the top of my list. Steve supplies excellent descriptions and examples of the major and minor candlestick signals as well as a psychological explanation of them. In addition, this book, unlike other candlestick books I have read, provides a complete trading method for short, intermediate, or long-term traders/investors including money management techniques. A method (unique in my experience)for dealing with the trader's emotions is also described. The book makes candlestick charting understandable for both novice and experienced individuals. I believe the book provides a very readable and useful guide to profiting from the market.

Buy it for a lower price
If your commited to learning and using candlesticks in your trading this book is not as detailed as nisons book Japanese Candlestick Charting but is sufficient. The illustrations are good and the book is right to the point without alot of useless talk. Its a bit pricey as is nison`s book so i give it a 4.

Copycat Material
Another candlestick book that gets almost all of its material from Steve Nison's candlestick books.

Mr. Bigalow has taken Mr.Nison's work and ideas (Mr. Nison was the first to reveal candlesticks to the West) without so much as acknowledging this. This book just adds another indicator to the candlesticks without much new insight.

Mr.Nison's books are considered THE bibles of candlesticks. My feeling is if you are going to by a book on candlesticks, why not go to the master?

Better than others
Nisson wrote 3 books. all the same with different titles with a lot of useless talk. Anyway you would find many better candlesatick web pages if you want to save money like StockCharts.com. While these books and that web displays the main ones. There is actually hundreds of them and hundreds of web sites about them.
I bought this book to see trading strategy confirming Elliot waves with candle sticks pattern.. You could also use Key reversal. Open-Close reversal, Hook reversal, closing price reversals,pivotpoint and islands reversals only found at incrediblecharts.com. Tony Carbel book is out of print. Another sort term reversal/continuation pattern is gaps. Nisson thinks he invented candle sticks. I don't suggest ebook download with activation problem in Acrobat 6 web site. If it doesn't work, you don't get your money back. ... Read more

Book Description

Learn the art and science of trading systems from professional speculators. The authors share powerful long and short trading strategies that span all time frames, including over one hundred annotated charts with commentary and rationale. The book contains a complete implementation of a professional trading platform, including dozens of TradeStation strategies, indicators, and functions. Further, advanced trading techniques such as pair trading and float trading are explained. These systems are integrated into a fully automated framework for position sizing and trade management. Finally, follow the authors as they track their stock selections throughout the week in real time.

Note: All of the free EasyLanguage code needed to run the trading systems and indicators presented in each chapter is given in Chapter 11. TradeStation is required. ... Read more

Reviews (20)

Volatility trading system is good
I give credit to these guys for providing the complete system rules for entries and exits along with some position sizing algorithms. There are many, many books on patterns, and few of them ever give performance statistics. At least with this code you can import it into TradeStation and be up and running in a matter of minutes. That said, some of the systems are good and some are not so good. I suspect that the pairs trading system might have worked when there was intraday volatility but the market has changed since then. The linear regression system (V) is good and should be applied to momo stocks. It has been phenomenal in this market, don't think I'd use it in a bear market. There is another system in the book that is even better but I'm not gonna say here. It's my bread-and-butter, so there ;-).

Great book for system traders
If nothing else, get this book for its rich code base. I downloaded the code from the TradeStationWorld site to save myself the typing. Yes, you do need to subscribe to TradeStation to use the code (the code is written in a Basic-like language for trading called EasyLanguage).

I have been a subscriber to TradeStation for a long time. The authors are generous contributors of articles and free code to the TradeStation community and are well-respected. I would check out their article that uses combinations of sentiment indicators, taken from Chapter 8 in the book.

Enjoyable reading
It's an enjoyable book. Discretionary trading strategies are incorporated into a mechanical frame by means of a Tradestation platform. Most of the systems incorporate well-known price pattern concepts, with the exception of the float analysis system. The novice trader will obtain some good ideas on how to develop a trading system, with the exception on the issues regarding testing and optimization.

Most of the systems incorporate the concept of price contraction/expansion and trading performance is mainly dependent on price volatility. These types of systems are a natural consequence of the bubble trading environment where prices surpassed normal levels of historical volatility by leaps and bounds. The trading environment is quite different now, as the recent rise in the markets is marked by low price volatility. This environment tends to favor trend following systems, something that the book does not present.

Stock selection and stop placement is a bit confusing. First, the position modelling incorporates an ATR factor of 1. The entry/exit default models call for a 0.3ATR trigger above and below the high/low. From the get go, the max. loss potential is 2*0.3+body of the bar, which in most cases will be greater than 1ATR. The exception to the case will be in the narrow range models, where the body of the previous bar may be small enough to limit stop loss at 1ATR. The other dubious issue is stock scanning and selection. It is not clear whether the authors trade the system on a stock for an extended period of time, or whether they scan the markets for stocks that meet the filtering criteria and perform a quick test to determine performance. If the latter, then the trading system works as an automated discretionary system rather than "mechanical" on its true meaning. The latter approach does not take advantage of the statistical edge of a system when only traded a few times in a certain stock, and becomes a random event.

The filtering seems somewhat very restrictive and the ATR trigger rather than the high or low of the bar is not convincing. I have developed and traded narrow range systems where the high/low of the bar works as a better triggering mechanisms. This is because of the nature of the stocks that the authors tend to favor in their selection. The filtering on the narrow range system is restrictive, and when traded on a single stock for a considerable period of time on a daily timeframe, the user might be disappointed.

But overall, the book is an excellent addition to your trading library.

Excellent sampling of Tradestation-based systems
I like this book--even though I don't have TradeStation to actually try the source code out on. It's a great nuts-and-bolts look at the actual step-by-step coding of several different sample systems. I recommend this for any novice trading system developer using the TradeStation platform. For non-TradeStation owners, I don't particularly recommend it, as many of the useful tidbits found in the explanatory parts of the book are drawn from other famous trading books. Without TradeStation, most of the book is rendered useless. Still, I was able to make use of the book because I am a programmer and can convert the tons of provided source code into Wealth-Lab Developer or Amibroker's proprietary languages. And the sample systems gave me some great ideas on how I can improve my existing systems.

Commentary from Malaysia Trading Group
Our comments as follows.

- We computerised our trading floor with pattern code.
- Need Tradestation software
- Separate CD product has good intraday indicators for 3-line break and ACD code
- Rectangle pattern work very well daily and real-time.
- Lots of free code, book cheap for this reason ... Read more

Reviews (88)

Learn by losing or buy this book
I love this book. It has helped me understand myself in both the market and in life.

I sold a stock that wasn't acting right this week because of the way I've changed my mindset from reading this book. I know I did the right thing and I fully expect it to go down in the near future. This is something I wouldn't have admitted to myself before. I feel like a chain has been broken.

I really like the way he describes things. He tends to give a lot of examples and "in other words" type descriptions.

CANSLIM

Should be three chapters long
An OK book, but very repetitive. The last chapter is the most useful. There are better books, such as Trading for a Living.

Thank you Mr. Douglas
Anyone noticed that Mr. Douglas's detractors are NOT experienced traders? All I have to say is: THANK YOU 1000 TIMES MR DOUGLAS.

Written by a successful trader
It doesn't matter that Douglas is not a psychologist -- the book is about trading, and the mental processes involved in becoming a consistently successful trader. Since the early 1980s, Douglas has been, and still is, a successful trader -- not someone who makes his living writing books about trading -- as Mr. Kiev seems to do. Also, with regard to Mr. Kiev's book and the fact that he is a psychologist -- keep in mind -- Mr. Kiev is NOT a trader, never has been, so how could he write about being successful at something he has never accomplished himself??? But hey -- go ahead and buy Kiev's book -- if you need "degree" initials after an author's name to give a book validity. Myself -- I'll stick with a REAL trader's point of view and Douglas' books and talks -- he knows what he's talking about because he's been there in the trenches with us!

A MUST FOR SERIOUS TRADERS
It is apparent that Douglas exhaustively researched material for his book by talking and coaching other traders -- I see myself, and my fellow traders, in every chapter! It is great to know that even a successful trader like Douglas had problems in the beginning, like most of us, and learned how to overcome them. But more importantly, that he chose to share those ideas with the trading public. Thank you for your generosity! ... Read more

Book Description

Approaches trading from the viewpoint of market makers and the part they play in pricing, valuing and placing positions. Covers option volatility and pricing, risk analysis, spreads, strategies and tactics for the options trader, focusing on how to work successfully with market makers. Features a special section on synthetic options and the role of synthetic options market making (a role of increasing importance on the trading floor). Contains numerous graphs, charts and tables. ... Read more

Reviews (5)

Best introduction to options
I highly recommend this book for a basic, clean, non-pretentious presentation of option trading from a market maker's point of view. Baird can also write English: very clear, linear, simple prose. The man has no axes to grind or ego trips to take, and he knows what he's talking about, and gives very practical advice.

Excellent work
Although this book is not for beginners, it doesn't contain any formulas. Instead it focuses on all the complex aspects of making a market for options. I've read this book over and over again on a regular interval to remind me on the way market makers do their practice, and how to avoid the pitfalls in trading against specialists.

Excellent read for the high-level ops trader
Not for the speculative trader. Baird explains neutrality and hedging scenarios in great detail. Explains some esoteric concepts rarely discussed, such as time spread risk and delta drift. Very succinct explanation on arb spreads and combos, and the tendency to trade to the pin at expiration. Highly recommended.

not worth buying
10 or 20 pages of nice graphs worth copying and keeping on your desk, otherwise really generic, should be kept for reading in the subway

best book I know on options trading for real traders
Clear and to the point. Nice briefings on difficult subject. Especially useful because Baird let's you know about how to control your risk. ... Read more

Book Description

"The public thinks speculation is a game of knowing the future, of knowing that which cannot be known. They are wrong. It is a game of developing strategies with winning advantages, of getting the odds on your side, and then working those odds. Here's how I've done just that for the past 35 years.—Larry Williams.

Short-term trading is how most traders and would-be traders play the markets. While it offers the greatest financial payoffs, it also presents the greatest challenge, requiring constant attention and vigilance, as well as a very strict plan. Written by Larry Williams, the most recognized and popular technical analyst for the past three decades, this groundbreaking book—his first in almost a decade—provides the blueprint necessary for sound and profitable short-term trading, highlighting the advantages and disadvantages of what can be a fruitful, yet potentially dangerous venture.

Sharing his years of experience as a seasoned and successful trader, Williams offers his market wisdom on a wide range of topics, from chaos and speculation to volatility breakouts and profit patterns. With his expert guidance, you'll learn about such fundamentals as how the market moves, what are the three most dominant cycles, when to exit a trade, and how to hold on to winners until the end of your chosen time frame.

Along with in-depth analysis of the most effective short-term trading strategies and details on the best theory and implementation of money management, Long-Term Secrets to Short-Term Trading features Williams's winning technical indicators, as well as his thoughts on a broad range of topics. A sampling:

• "A short-term trader has one objective; to catch the current trend of the market. That's it. That's all you should try to do!"
• "The shorter your time frame of trading the less money you'll make." "You will never make big money until you learn to hold on to your winners, and the longer you hold the more potential you have for profiteering. . . . It takes time to make money regardless of the activity."
• "Wealth is not amassed with just good market calls. It also requires correct money management."
• "I think you need to fear the market and fear yourself. . . . Without fear there is no respect, if you do not respect the markets and fear yourself you will become one more dead body on the long trail of commodity market casualties scattered across the land." Filled with invaluable insight, precise rules and formulas, and helpful advice from one of today's most respected market players, this comprehensive and practical resource will serve as the basis for, if not indeed become, your short-term trading "gospel."

  "Having known Larry for 25 years, I can truly say that this is his 'magnum opus'; the culmination of a brilliant career; must reading for anyone who trades futures with success as their goal!—Jake Bernstein, President, MBH Commodity Advisors, Northbrook, Illinois. ... Read more

  Reviews (34)

  All Traders know One Thing!
  We know what risk is! We know that the markets are alive and constantly changing. We know the joys of a winning trade as well as the pain from losing trades. We know what it's like to have sleepless nights with a mind full of anticipation and constant thinking. Most of all, when it comes to fine tuning our trading skills, we absorb what is useful and discard what we don't need. 'Long-Term Secrets to Short-Term Trading' It's here, use it. I am a trader, and if you have ever traded, then you know that trading involves moving in and out of the market at the right time in order to make a profit. This book may help some people do that and others not. But you will never know unless you give the book a try! True traders don't have time to put down other traders in defense of a favorite "guru" or bias opinion against another. We are too busy trading! (Let's face it, our money is on the line!) If you have traded then you know what I mean! 'Long-Term Secrets to Short-Term Trading'- Use from it what you need, then keep on trading!- I did [ XenoWorld ]

  Bright market wisdom, but not secrets
  The content of the book deserves five stars. However, the author might have been so used to his newsletter style, that the book is a little bit disorganised and one star is deducted.

  Anyway, the book is well dosed with market anomalies, adages, technical methods and useful stuff. I dont mean that all the materials are useful. I do cast doubt on some of his program trading methods (which gave an ROE of over 10000%) which I think the calculation had been manipulated from hindsight. Nevertheless, what the author said is by and large applicable.

  Emphasis was placed on 1)trading system, 2) money management, 3) patience + knowledge + focus as the essentials for successful trading. Not secrets, right? Most of the trading books in the market talked about these. It's just that the author had more credibility and better story telling skills. I believe most traders would enjoy reading it, especially those chapters telling the author's failures or copying his past newsletters.

  p.s. I would like to quote two phrases here.

  "I have developed a powerful and profitable belief system: I believe the current trade I am in will be a loser... a big loser at that." (Stops are must)
  "If you cant follow it, what good is a system or strategy?"

  One of the few worth reading
  Although the author has "legendary" status in the trading world, every now and then one comes across biting criticisms of him and his work. One reason for this I'm sure, are the little inconsistencies which occur in his ouvre.
  For example, up until the publication of this book, he had written a few, which in hindsight, were all about longer term trading.
  It now seems he has been trading short term for years.
  Also, he says in Long Term Trading that he trades bonds and the S&P, and yet other quotes I've seen attributed to him say he trades the stock index only.
  For all that, this is a tremendous book. Very easy to read but the devil is in the detail.
  My only criticism is that at times the editing is very poor, and a simple literal when discussing trading systems can turn a winning system into a losing system.
  Also his results were attained using Omega/Trade Station and when the same systems are tested using a different software, the results can flucuate enormously, sometimes invalidating the original system tested. This point seemed to surprise Larry but is one he should have been aware of.
  However, it is undoubtedly the best book on trading I've read.

  Zero sum game.
  Trading can be a rewarding endeavor, this book is geared for the intermediate student of the markets who has at minimal a basic understanding of the markets. I reccommend this book over the numerous ones i have read and digested on trading, which includes making and losing money. This is one of the handful that stands out. Not in any particular method though it has a few that i have used profittably, but more in an understanding of the markets and some insight into making one's own trading system. The thought process into making one's own system(s) and following it is where i feel many people lack, and most traders are losers. This book shares some insight into various systems that if followed blindly you will never make it, but if seen as a thought process into developing a system one can stack the odds into one's favor in the hopes of turning out more winners than losers.

  Futures Broker gives it two thumbs up!
  I first discovered Mr. Williams when a client brought his book "Batting .800" to me. That was eight years ago. I was impressed then and I am still impressed now. Since he is the only one in a contest setting to take $10,000 to $1 million, when he writes I feel compelled to read it.

  This book wins on many points. Mr.Williams likes to use Tradestation to prove out his theory and that makes it accessible to many system developers. He also gives out specific times to trade contracts and he also compares his systems among multiple contracts. Delineating what markets work with what system strategies.

  Where the book fails, is that Mr.Williams quickly begins to talk "shop-talk" and will easily lose those investors that may have bought his tapes or seminars. He also fails in the disjointed way interjects his trading platitudes with his actual trading style.

  Novices beware. After being in the futures industry for the past 11 years as broker, investor, and the author of three books on the futures investing subject, this book I feel is a must have for the intermediate trader. ... Read more

Book Description

Written for both securities professionals and individual investors, the new edition clearly explains the core of underwritings, new and established trading markets, transaction processing, margin, while providing critical insights into the most recent wave of industry transitions and developments.

David M. Weiss, a veteran securities professional, traces the entire process of buying or selling a security--from order management totransaction processing through to thefinal posting on the firm's books and records. He illuminates the specialized attributes of each function in a typical brokerage firm, as well as their relationships with commercial banks, transfer agents, clearing corporations, and depositories.Weiss details the requirements fornew accounts and how the firms supervise established cash, margin, joint, and power-of-attorney accounts. The book also delves into the different types of securities, from common stock to corporate bonds to futures and options.Updated material provides the latest information on mutual fund processing, web-based trading, processing transaction in restricted securities, currency trading and trade processing, third market trading, and prime brokerage. Comprehensive, accessible, and completely up-to-date, After the Trade is Madeis the definitive resource for anyone eager to understand and confidently navigate the vast and often surprising world of securities. ... Read more

Reviews (8)

Learn about securities processing, if you stay awake.
If you manage to stay awake then you too can learn about securities processing from start to finish. This is a great book about how the sell-side brokerage firm works, although much of the information here is outdated; electronic systems have streamlined the process and made it more efficient. Still, this book has a great wealth of information in it. This book impressed me in its clarity and at the same time, its magical ability to be so boring.

Outdated
Has some factual and historical information, but now dated. Borrow it from the library.........

Incredibly boring, incredibly useful
Consider yourself warned: this book is really, really boring. Astonishingly so. I do this stuff for a living, and it still put me to sleep.

The reason it is so dull, however, is that it explains securities processing with great clarity and precision, without any mistakes or digressions. It is slightly outdated, so if the advances of the last seven years are very important to you (they won't be, to most people--the back office doesn't change as quickly as one would think), get Michael Reddy's book "Securities Operations" instead.

Comprehensive intro to back office operations
Publisher New York Institute of Finance (former training arm of the NYSE) has another hit book here! This book steps you through a fictional stockbrokerage firm: "Stone, Forrest & Rivers" and leaves no department out except the one we know so well: Sales.

You find out about the business of the Purchase & Sales department, Margin Department, Reorg Dept. and several others. This is the easy way for a newcomer to the securities industry to find out how the firm actually runs.

When I was a student at NASD "Phase" classes--training designed to get new examiners (the NASD is the largest regulator of the securities industry, with more examiners than even the US SEC) up to speed quickly on the working details of the stock brokerage and investment banking industry--I noticed an earlier edition of this book in the bookshelf in the classroom. I asked about it because another, veteran examiner told me to get the book. The training instructor said "There is no other book like it. . ." "It is the best there is for covering the entire operations of the back office of a stockbroker".

It is no wonder this book is a hit with Lehman Bros. or with CPA firm Deloitte & Touche (they need to audit stockbrokerage firms). If you are only investing, you don't need this book, but if you are charged with running a broker-dealer or auditing it, then this is the book to get you up to speed quickly!

Very interesting book
I was given this book to read when I started a contract assignment at a Securities Data-Processing service Company. I can't put it down, the world of finance and money trading is absolutely fascinating. I'm reviewing this book with absolutely no previous "money industry" experience. I'm just reviewing it based on it's "readability". The subject matter is very interesting, the author is very knowledgeable. For me, he explains things "just enough" so that I "get it" but I'm not overwhelmed. Very interesting book if you want to learn about the financial world or, if your involved, it doesn't hurt to refresh. ... Read more

Book Description

Sir Ernest Shackleton has been called "the greatest leader that ever came on God's earth, bar none" for saving the lives of the twenty-seven men stranded with him in the Antarctic for almost two years. Today the public can't get enough of this once-forgotten explorer, and his actions have made him a model for great leadership and masterful crisis management. Now, through anecdotes, the diaries of the men in his crew, and Shackleton's own writing, Shackleton's leadership style and time-honored principles are translated for the modern business world. Written by two veteran business observers and illustrated with ship photographer Frank Hurley's masterpieces and other rarely seen photos, this practical book helps today's leaders follow Shackleton's triumphant example. ... Read more

Reviews (23)

"Way" is Wonderful!
In 1914, Ernest Shackleton and 27 others started on a journey to be the first people to cross the Antarctic Continent. Their ship was caught in the ice, eventually crushed, and the story of how they all survived has become a classic. In this book, the story is retold with new insights and information. The authors focus on Shackleton as leader. The conclusions are very well drawn, and the connections and insights regarding "leadership" are true, valid, and extremely worthwhile. They make sense, they are useful, and they work! I've been to South Georgia and Elephant Island, and thus have some appreciation of the difficulties Shackleton and his men faced. His leadership skills came through for his team then, and the lessons learned are more than appropriate for leaders of today.

Great Leader, Great Leadership Traits
By now, most are familiar with the trials and adventures of the Irish, Antarctic explorer's failed attempt at reaching the South Pole. But what authors Morrell and Capparell focus on is Shakelton's leadership traits and skills in crisis management. Strength, endurance, flexibility, caring, fairness, patience, self-sacrifice, loyalty, duty, determination -- all take on an indelible meaning in the context of the unimaginable obstacles Shakelton and his crew faced ...and survived!

Each chapter not only reads like a part of a reveting adventure story but is summarized with a list of leadership skills followed by a contemporary story of an individual who was inspired and demonstrated those meaningful traits of character.

"Shakelton's Way" should be required reading for anyone with the responsibility of a handful of individuals much less a corporation-full. One wonders how different the outcome might have been had Shakelton been at the helm of Enron, WorldCom or Arthur Andersen.

Shackleton's Way
If you want an in depth analysis of Shackleton or any other leader, go take a course, read the volumes of books on the subject, invest the effort elsewhere. Don't expect to have an in-depth analysis effectively accomplished in 200 pages.

If you want a light, entertaining, interesting read of an incredible story, touching on various leadership points, then you will find this book worthwhile.

If you are looking for a bit of spark to investigate Shackleton a bit more, then you will find this book worthwhile.

Shackleton was a very capable leader of expeditions... not a Saint. If you are looking for a look into his personal life and any shortcomings in it, you won't find it in this book... but then again, I don't think it's called Shackleton's Family Way: A Critical Account of His Family Life.

Shackleton's Servant Leadership
Sir Ernest Shackleton's well-documented story of his ill-fated attempt to cross the Antarctic Continent and his heroic efforts to save his crew of 27 after the crushing and sinking of his ship Endurance is indeed the material for a major network mini-series. However, Shackleton's Way: Leadership Lessons from the Great Antartic Explorer, is an unglamorous and non-preachy lesson in leadership with authority, integrity, humor, and compassion.

I do have a slight criticism, an important lesson in leadership was skipped - balance. Shackleton's ability to coach and encourage, listen and build a sense of community, and focus on meeting the needs of others while developing and bringing out the best in them did not extend to his family. The authors Morrell and Capparell do mention his neglected family. However it was glazed over and they failed to offer insight on how we the reader might learn from this shortcoming. Clearly he was a self-directed and other-focused man, but he lacked balance. He devoted his life to his work and crew while his family settled for scraps of time and attention. It is important that we learn from success and failure, not just the stuff that makes for great TV and/or big screen movies.

While Shackleton's Way was admittedly a bit dry at times, I thoroughly enjoyed the mixture of history and practical applications of servant leadership in today's business world. The book provides a glimmer of hope in light of the recent corporate ethics scandals. I am impressed by Shackleton's pioneer sprit in exploration and leadership. He certainly did not have Covey, Greenleaf, Hunter or Autry to reference. How lucky we are to have Sir Ernest.

Whether you are searching for a historical biography, travel journal, adventure story or a desktop guide to servant leadership you just might find something more than you bargained for in Shackleton's Way.

Now I don't want to get off on a rant here, but...
Luckily I didn't buy this book; I only had the misfortune of reading through it at a bookstore. What a joke...did you know that Frank Worsley (the "skipper") remarked that Shackleton was "just never good at ordinary things." That includes business. Shackleton was constantly frustrated by his failure to be proficient in business, a fact which probably enticed him to take his fateful yet fitting final journey. Do I need to further explain the irony? I think not.
I'm not taking anything away from Sir Ernest. What he accomplished was far greater than any laughable "managerial success." Like all of the great ones, he is rightfully remembered for courage, leadership and staring down the seemingly hopeless and impossible, not for his ability to turn a profit. I would prefer if these management "gurus" stick to the Tom Peters, Stephen Coveys, Tony Robbins and other charlatans of that ilk and leave great men like Ernest Shackleton out of the sordid mix. This opportunistic garbage deserves ZERO stars. ... Read more

Book Description

Trading Spreads and Seasonals is a powerful, profit enhancing trading course based on Joe Ross' years of personal trading experience and remarkable trading success.

These days, it seems most traders are focused on outright futures or options trading strategies. You hardly ever hear of anyone who trades spreads or seasonal spreads, or outright seasonal futures - especially at the same time! That's because very few futures traders truly understand seasonality. This is why far too many never earn all they can from trading. Worse than that, they end up losing money.

Fortunately, Trading Spreads and Seasonals changes all that. It stacks the odds of winning in your favor. How? By giving you a complete explanantion of how to crack the markets using a novel approach that combines explosive profit potential of futures with seasonally measured risk. Plus you learn to protect yourself from the vagaries of market price action that serve to turn winning trades into losers.

You'll find out just what to look for before you enter a trade, such as how to spot trends that will affect you positively where it counts, your trading account. You will not only learn how to hedge your risk, but how to use it to explode your profits in a steady pattern of equity growth! You'll see which markets to avoid and which trades to avoid. You'll know when to get in and, MORE IMPORTANTLY, when to get out. Trading Spreads and Seasonals does it simply, without all the technical mumo-jumbo and mathmatical formulas of other approches. ... Read more

Reviews (6)

NOTHING NEW
Unfortunately nothing new at all: Bollinger Bands, RSI and typical chart patterns. Unprofessional lay out, a lot of unused space and many peripatetic explanations. Maybe some ideas for absolute beginners. I will short this book and rather spend the money on a new Harry Potter novel.

Where's the Meat?
I think Joe did an excellent job of describing what seasonal/seasonal spreads are, but gave me little in the way of new ideas for trading them, or new research into spreads that really work. Most traders would be much better off with a subscription to Moore Research if they already know they would like to trade futures in this manner.

I am a believer...again!
I have traded futures for almost 11 years, for my own account and as a broker. I have also written three books regarding futures investing. That being said I really do know how to separate the wheat from the chafe.

This book is all wheat. Ross, once again, breaks the silence on spreads and seasonal trading. Farmer, Hedgers, and life long futures traders, happily use spreads instead of options to limit their risk, market exposure, and margin requirements.

On the otherhand I have been looking at seasonal trades for years and their is only one realistic approach to them, don't believe they will work and plan accordingly. That means strong money management skills on your part. Great book. It made me believe in the seasonals once again and combined with my own money management strategies I am ready to give Ross the benefit of the doubt.

Closely Guarded Secret
"Secrets!"
If you have gotten this far by choice or accident, you have stumbled onto the most profitable way to make a living with the least amount of margin in the field of speculation.

Ross' refers to seasonal spreads as a "closely guarded secret." Many books about trading assume that you are starting out with many thousands of dollars earned somewhere else.

This little known facet of the commodities market is ideal for people who have a steady income and want to earn a second income trading a small amount of capital.

The key here is supplemental income. You have to find a way to keep your day-to-day needs for income separate from your program of wealth building. You have to find a way to keep your spending from increasing just because you are making a bundle trading. Seasonal Spreads are how many new traders build up a large trading account in a short time, starting with a hardly any capital in the commodities market.

In high school you should have become familiar with the "Ten Multiples." Let me refresh your memory. Mony grows geometrically. How much do you have when you double one thousand dollars ten times?

1. 2,000.00
2. 4,000.00
3. 8,000.00 etc.

If you can save $20.00 a week and you will have that first thousand dollars in less than a year.

Now the thing is this. People often talk about a Million dollars as being a lot of Mony. But really, do the math. Let's see what the flow-of-sums returns.

How much income per week will you have if you had one million dollars invested (not in spreads)?

You will find that you can easily exceed a Millionaire's income with a small amount of trading capital, perpetually in seasonal spreads.

Ok what is the minimum trail to your first successful trade. At a minimum

1. "Reminiscences of a stock Operator," "Reminiscences," gets into the details of Speculation and details you must thoroughly understand if you are considering making a living Speculating in securities.

2. "Ross's Spreads and Seasonals," for in-depth technical analysis and trading tactics.

With these tools, You should soon be able to enter and exit your first seasonal spread at a profit.

Best book for trading Seasonal Spreads.
Joe introduces filters and how to use technical indicators. You should update to Lane's %D Stochastics. This is a trading manual not a book about trading. ... Read more

Book Description

The Sniper Trading Workbook is the perfect complement to Sniper Trading: Essential Short-Term Money-Making Secrets for Trading Stocks, Options, and Futures. This workbook provides an invaluable opportunity to explore your understanding of the formulas and strategies covered in the main text–before you put them to use in real market environments.

Each chapter of the workbook is designed to stand on its own, so you can tackle one strategy before moving on to another.A brief description of the topic at hand is followed by a series of questions on that topic and their solutions.Test your knowledge on the concepts, techniques, and systems discussed in Sniper Trading, with realistic examples that are likely to occur during the normal course of short-term trading, including:

• The Two Major Daily Trends
• The 3-Day Difference: How to Measure Market Momentum
• Chart Patterns: Finding Symmetry in the Market
• Confirming Indicators
• Strategies for Getting Out of Trouble
• Seasonal Trends

With over thirty chapters dedicated to short-term trading, the Sniper Trading Workbook provides an honest answer to the question: Am I truly prepared to trade? ... Read more

Reviews (1)

sniper trading
Being a colllege professor for more than 3 decades, I have read too many books on money, market, investing , and trading. I found
George Angell's book one of the best. It tells as it is and reveals not only the in-and-out, the up-and-down of trading the market but also the philosophy of life, the psychology of trading, and the attitude of winning the games. I recommend this book to anyone who has interest in shot-term trading.
The Professor ... Read more

Book Description

Praise for Energy Convergence

"Another outstanding contribution to the understanding of risk management by Peter Fusaro. A useful work for the workplace, executive management training, and the classroom."
–Dennis O’Brien, Director, Institute for Energy Economics and Policy and John A. Brock Professor for Energy Economics and Policy
Sarkeys Energy Center, University of Oklahoma

"Energy Convergence identifies and addresses the key elements in the ongoing development and evolution of the energy trading markets. This book is an important addition to the literature on contemporary energy trading markets. It pulls together in one place thoughtful discussions about the way the energy markets are converging from different starting points."
–Andrea S. Kramer, Partner, McDermott, Will & Emery, and author of Financial Products: Taxation, Regulation, and Design

"Peter Fusaro is the worldly-wisest commentator on commodity markets and exchanges that I know and should have been listened to far more often than he has been. This new book provides everyone with a fresh opportunity. With several colleagues he has written the best up-to-date introduction to market risk management and energy trading which should be studied by both the new practitioner and the oldest hand on the exchange."
–Napier Collyns, Cofounder of Global Business Network, former Public Director of the New York Mercantile Exchange

"Peter Fusaro has once again assembled a team of energy professionals to provide their views on emerging commodity markets and evaluation techniques. The book provides an excellent overview of market developments and market interactions, as well as presenting the business case for convergence of commodity markets via online trading and the Internet. Overall, a very unique and insightful book."
–Wayne Moore, Manager, Risk Control, Generation and Energy Marketing, Southern Company

"Considering the recent upheavals in U.S. energy markets, from the California electricity crisis to Enron’s demise, this volume provides a timely introduction for anyone interested in developing a better understanding of the turbulent nature and complex interdependencies of energy markets."
–Riaz Siddiqi, President and CEO, Capstone Global Energy, LLC ... Read more

Book Description

In this revised and expanded second edition of the bestselling Encyclopedia of Chart Patterns,Thomas Bulkowski updates the classic with new performance statistics for both bull and bear markets and 23 new patterns, including a second section devoted to ten event patterns. Bulkowski tells you how to trade the significant events -- such as quarterly earnings announcements, retail sales, stock upgrades and downgrades -- that shape todays trading and uses statistics to back up his approach. This comprehensive new edition is a must-have reference if you're a technical investor or trader. Place your order today.

"The most complete reference to chart patterns available. It goes where no one has gone before. Bulkowski gives hard data on how good and bad the patterns are. A must-read for anyone that's ever looked at a chart and wondered what was happening."
-- Larry Williams, trader and author of Long-Term Secrets to Short-Term Trading ... Read more

Book Description

Focusing on price-forecasting in the commodity futures market, this is the most comprehensive examination of fundamental and technical analysis available. Treats both approaches in depth, with forecasting examined in conjunction with practical trading considerations. ... Read more

Reviews (8)

Classic, encyclopedic in scope.
Schwager is the starting point for any serious reading on futures and options trading. Disregard comments below on its being to quantitative. No, you don't need a Ph.D. in math nor high school calculus (there isn't a single integral or differential equation in the whole book). You should have a starting basis in statistics as well as some pre-existing intuition about markets.

It is well-written and clear,and truly encyclopedic in scope : every conceivable options trade, with all permutations thereof, is discussed and dissected, even inadvisable ones (they too are informative). A classic book whose age (mine is copyright 1984!) testifies to its enduring worth. To summarize, you can't really trade futures or options and expect to make money without it.

Schwager is intense!
Mr.Schwager is intensely passionate about the markets. This comes through in his thorough analysis of the markets. He has no problem dissecting the fundamental and technical aspects of the market as easily as Michelangelo would paint the Sistine Chapel. His style is heavily influenced by statistics and high level mathematics. His entire voice is centered around the belief that the market can be predicted through analysis of the numbers. Unfortunately, for most people that is not the case. It also seems not to be the case for Mr.Schwager as well, since he admits in his book that he is not a good trader.

That being said, his book is a great reference tool that gets the average trader to stretch himself mentally and look at the markets in a different way. This book ... can be invaluable for the trader that is simply looking for a new perspective besides simply "flags", "candlesticks", and "elliot waves".

Futures Textbook
Schwager's textbooks while not specifically about spreads are comprehensive and complete about futures. This book has a small section about trading commodity futures spreads.

A good reference for traders who like Math/Stat
This book could be renamed as "The Mathematics of Trading". The traget readers are traders who use lots of Mathematics and Statistics.

The experience of Schwager helped me a lot. He said he was good in analysis but not trading. Many people, including me, thought Mathematics, Statistics and Economics were essential for good trading. So they went to college, studied hard, got a degree and hope they could make money in the market. This simply never happen! Otherwise everyone should got a PhD before trading. You still need to develop a method or system. But what is vital is to control your ego. Admit mistakes quickly. This was the most interesting and useful conclusion that I got from Schwager.

pure analysis
An old Chinese Proverb states that a mind all logic is like a knife all blade- in otherwords, tough to grasp. Schwager, an extremely intelligent and successful analyst, is a quant- the type of individual who enjoys crunching long series of numbers, sifting through data with a fine toothed comb, and finding hidden statistical correlations for their own sake. His writing style reflects this mindset.

While an excellent reference overall, Schwager at times tackles subjects of mind numbing complexity and strays into the realm of the pedantic. His example of how to fundamentally analyze the hog market is such a case. I was amazed at the level of esoterica delved into in certain places in this book. After reading this book early on (a trader interviewed in Market Wizards recommended it highly), I was worried that I might have to learn some high level calculus if I were going to be a successful trader. (Don't worry, that's not the case.) One of the things the successful trader has to do is learn to separate valuable information from noise, wheat from chaff. If you try to read every report and analyze every detail you come across, you will freeze like a deer in the headlights of indecision, buried under an avalanche of information overload. My overall impression is that Schwager approaches the markets the way a mathematics professor would approach a particularly thorny geometry problem: with logic, rigor and an utter lack of passion. His strengths are in crunching the numbers and laying out basic facts and theories with precision and clarity. Schwager's weakness, and the weakness of this book, is in poorly communicating the psychological and emotional elements of trading, which are critical.

This is not to say Schwager's book isn't valuable! It is packed with information, and also points out a number of the fallacies committed by traders skilled and unskilled alike. It is a good reference book to have, something like an abridged encyclopedia of trading, one that can be referred to many times over to brush up on the finer points of a certain strategy or technical method.

I recommend this book for those seeking quantitative knowledge of the futures markets and mathematical breakdowns of the strategies. But just know that if you read and buy this book, be aware that not all traders are so statistical and professor-like in their analysis. Schwager humbly admits that he is not a good trader himself. I think this is because he tries to hide behind rigorous analysis rather than dealing with his emotions and psychology directly, and this book reflects that attempt on his part. In conclusion I would say that this is an excellent reference guide, but I cannot agree that it is "complete" because it glosses over the critical psychological and emotional elements and does not deal with them as "completely" as it should. ... Read more

Book Description

THE HARVARD BUSINESS REVIEW PAPERBACK SERIES is designed to bring today's managers and professionals the fundamental information they need to stay competitive in a fast-moving world.Here are the landmark ideas that have established the Harvard Business Review as required reading for ambitious business people in organizations around the globe.

From managing diversity to exploring alternative workplaces to debunking myths about compensation, the topics covered in this collection address how to build organizations with judicious and effective systems for managing people. ... Read more

Reviews (1)

HBR Managing People
Definitely one of the better books in the series. Discussion of common corporate issues. Provides good solutions. I've read 4 in the series and like this one the most. ... Read more

Book Description

"A joy to use. . . . [of] enormous value as a teaching tool for students, novice traders, and those who suddenly find themselves in need of a reference for option behavior."–Futures Magazine

"The animation is a good one. A deep insight into the price process pops out clearly. In my next semester course Black-Scholes Made Easy will be a useful tool for giving students the necessary intuitive view of the matter."–Professor Lucio Geronazzo, Mathematical Models for Financial Markets Il Dipartimento di Matematica per le Decisioni, Università degli Studi di Firenze

"[S]imply the best. It makes every part of Black-Scholes so understandable. I knew Black-Scholes’ option pricing model was important and use it every day in my trading, but never knew why or how it worked. [This] book and CD-ROM provided me with a clear understanding of the model, and best of all, all I needed to understand the model was a basic mathematical background and some common sense."–Dong-Wook Kim, Futures & Options Trader Equity & Derivatives Team, Hanwha Securities Co., Ltd

In 1997, the Nobel Prize in Economics was awarded for the work that led to the development of Black-Scholes Options Pricing theory. Black-Scholes has become the dominant way of understanding and exploiting relationships among option prices, stock forecasts, and expected stock market volatility. Now, this accessible book and CD-ROM tutorial provides traders, investors, and finance students with an intuitive, interactive approach to understanding and using the Black-Scholes model.

Integrating text and interactive computer animations and simulations that are presented in a straightforward manner, Option Pricing: Black-Scholes Made Easy teaches you the fundamentals of option valuation and dramatically shortens the learning curve for mastering and applying the theory and its analytic capabilities. Here is a sophisticated way of thinking made available to those who do not have the background necessary to do Nobel Prize—winning mathematics. You will be able to understand easily and intuitively the concepts that drive the Black-Scholes model.

From making it easy for you to see and understand that "every financial forecast is a probability distribution" to tackling myths about options pricing, calculating options’ expected returns, and providing a simple, low-risk options strategy, Option Pricing: Black-Scholes Made Easy demystifies this invaluable and profitable tool, shows you your investment odds, and teaches you how to take advantage of them. ... Read more

Reviews (5)

Outstanding!
Fantastic software!

The book is really a step by step tutorial on how to use the
probability forecasting software that is on the CD.

Excellent learning tool as well as a decision-analysis tool for investments.

Really great. Loved it. Learned a lot!

Many thanks to the author.

One Caution: It doesn't work on a Macintosh
(unless you have PC emulation software for your Mac).

Cheers,
---Freddy

Informative book read...
I was skeptical to buy it since there were more than 100 different books available on options... but I am glad I choose this book. Its easy and the software developed beats anything I have seen yet... All the free softwares available are excel based but do not offer such insight on the subject as this book.
I would strongly recommend it to anyone. Only hitch is that the software is bit slow to run but it performs...

Can't praise this interactive book highly enough
Any student or trainee having to study this topic really should buy this tutorial.

Having a degree in Mathematics and a professional accountancy qualification did not prepare me for the explanations of Black Scholes to be found in most text books.

They may have got a Nobel prize for their option pricing model but Black and Scholes were never going to get an award for clarity of explanation.

Having grappled with this area for a few months, I decided I needed a little more innovative help; hence my purchase of Jerry Marlow's interactive tutorial.

Two days later and I feel I could go for the next Nobel prize myself!

So many things click into place so quickly, it's marvellous.

Jerry gives his email address which I had to resort to for one query. He answered most helpfully within a couple of hours.

I suspect that it helps to have had an overview appreciation of the area before starting the tutorial but this shouldn't deter first timers from starting with this.

First Rate
The visual presentation the book offers combined with the interactive CD-ROM make this indispensable to anyone who really wants to understand how option pricing works. It's right here on my desk for easy and quick reference - which is my advice to everyone!

UNDERSTAND OPTION-PRICING TODAY!
From the beginning pages, the explanations are flowing and account for all levels of competency in options, the stock market and the computer skills needed to follow the animations. When you finish the very readable book, you will no longer need to depend on others for advice; you become your own advisor. The animations are excellent while the mathematical concepts are carefully explained. I now have confidence in my knowledge and my decisions. Hats off to Mr. Marlow! ... Read more

Book Description

"Pendergrast has served up a rich blend of anecdote, character study, market analysis, and social history...everything you ought to know about coffee is here."
-New York Times

The first comprehensive business and social history of coffee, which describes how coffee has dominated and molded the economies, politics, and social structures of entire countries. Pendergrast's scrupulously researched and lively anecdotal history provides a window through which to view broader themes of modern-day media and marketing, the rise of mass production, colonialism, women's issues, and international commodity schemes. ... Read more

Reviews (35)