Reviews (5)

The most useful book on Futures Trading
In my view the best book about commodity trading I have seen so far. Easy to read, and with many examples, it offers an excellent guide for the beginning trader, and a valuable reference source for the experienced.

George Kleinman's vast experience in the markets, enables him to focus in his book on those aspects of trading, analysis, and money management, that really matter to become a successful trader. I trade for quite a few years now, and still take his book to hand regularly.

The stories and anecdotes that George offers us throughout the book would be a reason in itself to buy it, and could only come from somebody who knows the exchange floors.

My favorite book on commodities
Let me preface this with the fact that George and I had a falling out a few years ago and haven't spoken since.

With that said, if you want a solid fundamental understanding of how and why the futures markets work - this is the book for you. George has an uncanny ability to break down the market into vey easy and understandable terms. He even throws in some stories that not only make this an educational read but a fun one.

I really wish this book was around before I studdied for my Series 3.

Kevin Cotter, former publisher of the Cents Financial Journal

PS As to the dummies comment that was made by another reviewer - big words and fancy formulas do not make for substantial portfolios.

Very Basic - Title should be Commodity Futures for Dummies
An extremely basic treatment of futures and options. Hedging strategies explained are inadequate at best with no explanation or regard to the cost of the hedge as it would relate to risk vs. return. Author tries to tell you that if you have an overnight position you should hedge so that you can sleep better. Author also describes the 30 or so different commodity contracts very briefly with no fundamental insight whatsoever. You can get more from looking at the exchange web sites. I recommend that you skim the book in the bookstore and then leave it there !

Excellent Book
This book is very well written and the information is very useful for trading stocks and futures. I am surprised that it doesn't have more reviews. I recently read it and was surprised at how much useful information it has. I guess the best kept secrets are not well advertized!

commodity futures and options
Easy to read, packed with vital information. Using the author's methods I paper traded my past losing trades, and reversed many of the losses..(on paper only alas!)..works on shares too. The book is clear in its explanations, gives lots of examples and the author gives his email address, so you can clarify points that you find unclear. What's more George Kleinman replies to his emails promptly. An impressive work. ... Read more

Book Description

A 192 page guide to trading physical commodity markets such as wheat, corn, cattle, crude oil and more than a dozen other markets on the futures exchanges of Chicago and New York. Appropriate for both beginning as well as experienced traders, this book describes in detail how the author, Angelo Namrevo, went from losing trade after trade to winning trade after trade. In the back of his book you will find copies of actual brokerage statements showing his $5,000 account growing to $11,735 in 4 months' time through 17 successive winning trades.

Mr. Namrevo does not guarantee this will be every reader's experience, but certainly each reader will understand why he switched from standard commodity trading approaches to an unconventional approach known as "scale trading." Every technique the author used to accomplish 17 successive winning commodity trades is explained in detail, including: how to know which markets to trade and which to stay away from; how to determine exactly when to buy and when to sell; and how to trade without daily charts or computers.

Some unsolicited comments from readers include:

"I love your approach to trading, and I know full well that with proper money management and controls (as you know to do per your writings and analysis), traders could and should become long-term accounts instead of here today and gone tomorrow."[J.C., a futures broker who started in 1977.]

"I read The S.I.M.P.L.E. System in one sitting and couldn't put it down. It was funny, informative, fast paced, and thoroughly enjoyable!"[J.K.]

"I applaud your insight...Congratulations on a most interesting and well-written book."[R.C.] ... Read more

Reviews (3)

Ask questions...
The previous review was blatantly induced by the author. Please be aware of this.

What is SIMPLE?
In this book he never really puts together what SIMPLE really means . The story about how he became a trader are a little hard to believe. He couldn't recognize that he was being scammed twice,turning his life upside down then all of a sudden he understands the futures market in a few months . He had such a brief trading history and then writes a book about a technique that is not exclusive . Much too pricey for the content!

The best book on commodities.
Throw away all your other books on commodity investing. This is the only book you will ever need. The book is easy to understand, and it works! Most commodity investors- about 90% lose money. With this system 100% of the investors will make money. Just stick with the system. It is easy, no technical analysis and fancy shmancy mathematics. All you need is a little bit of money , discipline to stick with the system, and patience. I have made money with this system every time. And I will use this system for the rest of my life, because it makes money every single time. It is the best book on commodities there is. I am not buying any other books because they don't work. This book tells you how to make money and it takes very little of your time. ... Read more

Book Description

First imported to America more than five hundred years ago and propagated on a small scale until the eighteenth century, cocoa is now one of the most heavily traded food commodities in the world. While potentially very lucrative, trading in cocoa remains a highly complex—and risky—venture, rendered even more so today by a sweeping tide of changes that has dramatically altered its landscape. In The International Cocoa Trade, the first comprehensive resource of its kind, commodity expert Robin Dand provides an all-encompassing guide to the global cocoa industry, delineating and clarifying its various intricacies for all who operate and trade within it.

Far more sophisticated than it was just a decade ago, the cocoa market has undergone major shifts—low prices, a decrease in the number of companies trading, and an increase in risk levels—that have not only altered the manner in which its key players conduct business, but have necessitated a better grasp of industry fundamentals by all those involved in the production, trading, and distribution of cocoa. As Dand points out, "The requirement of understanding the cocoa trade is not limited to those in the string of buyers and sellers. There are others outside this chain that now have larger roles in cocoa than in the past, in particular the banks, but also the shipping companies and warehousekeepers."

In this complete resource, Dand helps all links in this "chain"—exporters, dealers, brokers, bankers—achieve a better understanding of the market by providing a complete and accessible survey of all its essential components. Casting a wide net, The International Cocoa Trade offers a wealth of information on a variety of important topics, including the history and agronomics of cocoa, exchange rules, trading procedures, prices, and contract specifications. Here's where you'll find in-depth coverage of:

• Cocoa production—its history, evolution, and recent trends
• Quality assessment—the cut-test, fault definition and standards, methods of achieving quality cocoa
• The actuals market—export marketing, trade associations, marketing boards, processing
• Terminal markets—organization of futures markets, players, trading techniques, options, strike prices, regulatory bodies
• Contracts—weight and delivery terms, physical option contracts, forms and performance
• Consumption and stocks—the uses of cocoa, factors affecting consumption, assessment of stock levels, visible and invisible stocks, the International Cocoa Organization and the Buffer Stock.

Packed with numerous charts, graphs, and tables, and supported by a complete appendix that covers such vital cocoa contracts as AFCC, CAL, and CMAA, The International Cocoa Trade provides an up-to-date and incisive overview of a market that has grown and changed considerably over the past few years. An indispensable resource for everyone involved in the international trade of cocoa.

"Over the past few years the cocoa market has had to alter its manner of operation. . . . [A]ll those in the chain of trade, from the exporter, dealer, broker through to the factory not only have to improve their understanding of the market but also some of the difficulties faced by others in the commodity. It is hoped that this book will help all involved in the international trade of cocoa to achieve this."—from the Preface.

The first comprehensive guide of its kind, The International Cocoa Trade provides an in-depth overview of one of the most heavily traded and lucrative commodities on the market, with complete details on:

• The history and origins of cocoa
• Agronomics and production
• Consumption and stocks
• Physical and terminal markets
• Trade and contract rules
• Quality assessment of beans
• Cocoa bean processing
• The manufacture of chocolate.

Book Description

Written by an experienced private trader who trades his own account -- real-time from home -- this comprehensive 328 pg. guidebook clearly shows the advantages and highly-lucrative techniques of "off-the-floor" trading from home. It covers A to Z: from complete home computer setup and how the futures industry works to trader psychology, expert timing techniques and advanced trading strategies. Fully-illustrated and written for both beginning and experienced traders, this highly-acclaimed guidebook clearly and methodically progresses through all of the trading concepts and procedures.Stressing a prudent business approach with the application of proven money management, risk management, and trading confirmation techniques, it is specifically designed to show you that once you learn how to intelligently trade from home, you will truly need no other occupation for making money! ... Read more

Reviews (7)

Outstanding! No real trader should be without this book.
Krieger has managed to pack into this book (he calls it a "guidebook" and I see why) everything from incredibly accurate day trading reversal techniques (using heretofore unexamined uses of WD Gann's genius), to detailed analysis of the amazing Keltner Channel, in which the price bars predictably move day after week after month (a true leading indicator). And this is just a tiny portion of the very practical and profitable technical analysis techniques thoroughly discussed throughout the book. It also goes into the most fascinating discussion of the natural forces which underlie the markets and how you can use them. It also details excellent money management and risk management methods, and has the most comprehensive overview of the entire business I have read. And it really does show how to trade as a business and not a gamble, which is of critical importance to our consistent success as traders. An entire chapter details how to best deal with news and government reports. The list goes on and on. It is, in a word, Practical. Although I think you have to be an actual trader to really appreciate just how good and useful this book is, it does start from a beginner's perspective. This book gets my highest recommendation. A brilliant work!

Don't buy much better out there for much less $.
This book only covers the very basic information needed. And all of the info he gives you in this book is free on the internet. He hypes excellent results from his system but that is another purchase, a very expensive software purchase. It boils down to this...you are paying him for an advertisment to buy more of his product.

nothing new in this book .
If this will be your first book on commodity trading, it's a fair introduction. However, if you've read anything before, then save your money and invest it in a real-time system.

A glorified sales pitch!
This book is a glorified sales pitch for Mr. Kriegers analysis tools. It falls way short of being a how to guide. While his writing is good and the information is helpful, it stops at the most critical point...How To! The book should be priced at $19.95 based on the infomation provided and that they hope to make money on the other end as well. The information can be found elsewhere and you won't feel fleeced when your done.

The best, most practical, profitable guide I have ever read.
Why do I recommend this book so highly? My ever-growing trading account has something to do with it! This is no joke folks. The detailed knowledge presented in the pages of Scott's book has ultimately translated into significant trading profits for me, often on a daily basis. And I have definitely "paid my dues" as a trader so I know what I am talking about. I had been trying to trade successfully (both daytrading and position trading) for almost three years, and during that time I acquired a library of about 45 trading books. I learned a bit here and there, but ultimately they didn't help make me any money at all (and often to the contrary, I lost a great deal trying to follow their poor directions in the rough, no nonsense, real world of trading). It got to a point where I thought I could never succeed at the "dream" of being an independent trader at home.

Well, I can happily tell you that UNLIKE any of those other books, Scott's is overflowing with the real, practical "How To's" of trading (from A to Z, just like it says), and it actually shows you how to make serious money at this. It turned my trading around 180 degrees to the plus side! Finally! To be a successful trader you really do need knowledge (just like Scott says) and this book has it in spades. It is also extremely easy reading, even when it gets very technical. It's amazing how it actually turns you into a successful chart analyst without your even realizing it.

Bottom line is it works! But don't just take my word for it. Check out all the other trader and professional reviews of the book at Amazon and at the book's own web site, and then just get it! Sorry this review was so long people, but I am very excited about all this, and if I can help you to shortcut all the useless time, frustration and loss of money that I went through then it is all worth it, right? Go for it and Happy New Year!! ... Read more

Book Description

In today's fast-paced global business environment, the conventional model of the corporation and its management principles no longer deliver results. Economic upheaval, changing demographics, and technological revolution have forever altered the requirements for running a business today. Now, in response, The Centerless Corporation presents a radical new corporate model -- designed for your organization's survival, growth, and prosperity.

Drawing on groundbreaking research they conducted at Booz • Allen & Hamilton, Bruce A. Pasternack and Albert J. Viscio offer a comprehensive strategy for managing in turbulent times. To deal with increasing complexity, they contend, leaders must abandon their command-and-control mentality and establish a model in which responsibility and accountability are distributed throughout the organization, employees are regarded as valued resources, and knowledge flows freely. Illustrating their ideas with invaluable real-life examples, Pasternack and Viscio explain how to attract and develop leaders, build coherence to unite all parts of an organization, and restructure business units and corporate roles to add value rather than overhead. ... Read more

Reviews (7)

A few interesting ideas, but caveat emptor
I worked as an internal consultant in a large US federal agency where Booz Allen & Hamilton used this book as the "Bible" for their restructuring effort. While some of the ideas have merit, the book is overly prescriptive without enough regard for the nature of the underlying organization and its environment. Woe to the government executive who thinks he or she can manage a "centerless" agency, with its scary implications for accountability to Congress, the head of the agency, and citizens. Perhaps this review is more a reflection on how the book was used by BAH, but the lack of caution I saw in its application leads me to advise readers to be careful about applying its guidance. I would hazard a guess that similar dangers confront private sector consumers of this book's prescriptions.

A good business book
Although I am a little biased, as my father is the main author of this book, this is one of the better business books I have read. At school I gave a copy of it to each of my economics professors, and each one of them decided to use an excerpt in their lectures. This book provides a clear and simple solution to many problems the business world faces today. This book wasn't written as a money maker; anybody who works for Booz Allen needn't worry about money, and this book was a way to offer a much cheaper way of hiring a consultant. And in conclusion, this is a succint way of improving a business, and could end up saving millions on consulting.

Nothing but Fluff
This book was written solely as a money-maker, rather than a real information and strategy provider. As a consultant, I bought this book to provide background on corporate organizational issues. Much to my dismay, the book offered me nothing--and I mean NOTHING! The book is simply a recap of what any consultant should already know about corporate strategies, business models and organizational development. I believe that these writers began to think that they were in the wrong business, and therefore, tried to earn a little extra money by putting down what they already knew rather than researching, analyzing and providing something that is truly innovative and transforming. A good read if you want to know the basics and are new to business, otherwise, a waste of time!

Innovative and Informative
This book provided real world solutions to the issues facing the large 21st century corporation. It is clear that the authors have an enormous amount of experience and they share the lessons they have learned in an easy-to-understand manner. I have recommended the book to the chairwoman of my corporation.

Extremely good, but a little repetitive
I enjoy reading "The Centerless Corporation" more than almost any other business book. It provided me with a lot of good applicable ideas based on a visionary perception of the corporate organizations for the next century. ... Read more

Book Description

This book is a gold mine of information for systems-oriented traders and should be regarded as a major contribution to the body of literature on the topic.

Most books on systems deal primarily with the steps and procedures involved in developing your own system, such as data selection, issues of optimization and curve-fitting, testing procedures, and evaluation of performance.

In contrast to others, this book is a collection of 82 systems already developed, with precise entry and exit rules already established.

The editors provide a short, detailed summary for each system.They leave no ambiguity whatsoever:Every step of the process for calculating signals is shown with exact mathematical precision and clarity.Many of the systems discussed come from well-known system developers and authors, amont them Larry williams, Don Worden, Richard Arms, Benjamin Crocker and Welles Wilder.

Of special note are eight systems developed by the late Richard Donchian, who never published his methods in any formal fashion and on whose work there is no reference material available in any form.I believe the systems detailed in this work encapsulate most of the technical work that Donchian developed, with the exception of such moving-average methods as his well-known 5-and 20-day system.

Many of the systems described herein were actually developed years ago, but in most cases, the original publications are no longer available in print.These would include such examples as William Dunnigan's Thurst Method, George Cole's Method, the Midian-line Method popularized by Dr. Alan Andrews and Gerald Appel, and the volume-based methods of Joseph Granville. ... Read more

Reviews (3)

System Traders Only
This book describes trading systems and I'm very happy to have found it. I have been trading futures for about a year now by the seat of my pants. I realized that it is extremely important to have a system to give you the necessary indicators to buy and sell, but none of the literature I've read up to this point described the system in enough detail to actually put it to use. I've read many futures trading books that describe money management, risk management, the importance of having a trading plan and system, but they never went into enough detail about specific systems. This book is a how-to book on trading systems. I'll admit there are only several main trading systems described with different "twists" to them, but if you are looking for the details regarding the main trading systems in use today this book is for you. This book contains the recipes required to implement a trading system.

Mediocre / unorganized
If you consider 10-day, 20-day and 40-day Donchian channel breakouts as 3 "different" systems, then yes, this book offers ~80 "different" systems. What peeved me was the fact that there were only 30 or so unique systems in the book. The other 50 were variations on the same theme. Half the book deals with various sorts of funky moving averages... not interesting, and not very useful. Also, the readability is extremely poor. It's a good buy at $15, but definitely not worth $50.

It depends what your looking for.
The book gives the formulas for over 70 trading systems to be put into your computer. If that is what you are looking for then the book is great. Myself,I was looking for more how to stuff then math formulas of trading systems. I wanted to know how the systems worked and to have an explaination for them. The book does not do this. Again it gives you the formulas for some trading systems. For me that was way over my head considering I dont have a clue in how to program that stuff into my computer. So again it depends what your looking for. ... Read more

Reviews (7)

Too Many Mistakes!
This could be a good book if it weren't for all of the errors. The typos, inconsistent formulas, and algebraic mistakes make you wonder if the author was awake when he wrote this book.

Excellent review of extoic options
I have read P.G. Zhang's extoic options with great interest. It provides the readers with overview of the extoic options commonly seen in the markets. However, most readers will be turned off by the complicated calculation of the pricing of the extoic options. But it's still give you an overview of the extoic options. It's a good buy

Lots of promise but flawed.
This could have been a very valuable addition to my growing list of books on derivative pricing. As many other readers have mentioned, there are so many typos as to make it nearly worthless to the reader. The author, publisher or editor owes every purchaser of this book a complete errata sheet (could be as large as the book itself). I did find the section on the distribution of the correlation coefficient very interesting.

Too much errors !!!
Hello, I bought the book "Exotic Options of Zhang" few days ago. I'm a french reader working in a big french Broker firm. I note some mistakes in the two first parts of your book. Here is the list. Page 8: In the table MQTIF -> MATIF Marche A Terme International de France Page 11: In the footnote CAC 40 (or 240) is now for "Cotation Assistee en Continue" instead of "Compagnie des Agents de Change" Page 28: "Fisher Black... now a partner at Goldman Sachs..." In fact, I think he is resting in peace now ! Page 35: In the footnote A wrong "r" replaces the greek letter sigma, and confusion in the stochastic process between the Brownian and the process dz(t). Page 51: In Appendix (A2.4) dz(t) instead of z(t) Page 60: Equation (3.5) No "S" term in the pricing formula of the future option. Page 66: I think that the model of Heston for stochastic volatility is more accurate to deal with. Page 75: "An option's theta is always positive because there is always more possibility..." I think it's only true for call option, indeed the case of deep in the money put is different. Page 100 & 101 : Figure 4.6 & 4.7 Confusion in the trees between payoffs and values of option. Text says .." $5.61 because it is larger than the corresponding value $4.78.." and the tree shows in fact a value of 5.16 at node G. In Fig 4.6, the node in the first step with the value $5.61 is inferior to the value of the european case $6.04 (Fig 4.5) ? In fig 4.7 , no final price for the option, the final node is blank. Page 102 : "In Example 4.3 and 4.4, the European and American Put option prices are..." instead of "Example 4.4 and 4.5" Page 114 : At the top of the page "...asset price in (2.4) or (4.3)." instead of "...asset price in (2.4) or (5.3)." Page 118 & 119 : In example 5.4 & 5.5 1) "+ N(0.1372) " instead of "x N(0.1372)". 2) exp(-0.07) = 0.9324 and not 0.9236 ?! 3) Finally the price of the call C is not $20.117. 3 bis) Missing sign equal "=" (replaced by a minus "-" ?!) 4) Same problem for the put. 5) In Example 5.5 reference to example 5.3 and 5.2 instead of 5.4 ! Page 120 : Equation (5.13) "t* - s" instead of "t* s" in the denominator Page 121 : Example 5.6 I think the same kind of problem in the numerical application of the formula. Page 123 : "The Asian call option prices become higher with more frequent obsrevations as shown in Table 5.1" obsrevations -> observations higher -> lower ... I think ?!! Page 124 : Example 5.7 You note "yield on the undelying asset is zero" but you write next "g = 0.03" You write twice T sa_mu,n-j ? Impossible to find your result for the correlation 0.883 ???? except if in (5.18) the second term (r-g-.5*s*s) is not squared ! Page 125 : Example 5.9 WRONG ONE MORE TIMES How do you find 0.4583 for te ??? Page 126 : Example 5.10 The value of Dcg1 and Dcg2 are swapped in the price of the call. Idem for the put , where the litteral equation and its application are false (Minus sign, exponential disappears,...) ! Page 127 : In Equation 5.22 Miss a starting parenthese "(" Page 135 : In Equation 6.2, the second SUM sign is in fact a MULTIPLICATION sign, isnt'it? I continue my interested [and careful ;-) ] reading... Michel KUREK EMAIL: MKUREK@COMPUSERVE.COM

Peter Zhang's e-Mail address?
I read the first draft of this book and I like to talk to the author Peter Zhang. If any one has his e-mail please let me know, thanks. It is the second time to send the e-mail request. ... Read more

Book Description

Buy Low, Sell High

This one-of-a-kind book outlines a highly successful alternative approach to trading commodity futures that is specifically tailored to today’s low-priced commodities markets. Unlike technical analysis, which uses statistics to derive trading strategies, scale trading utilizes fundamental analysis to make a plan to slowly buy as prices reach bottom and sell as they climb back up. Here, top trader and author Hal Masover describes scaling techniques that work in every commodity market and supplies you with a scale trading system that generates a complete rundown of how much money will be needed, when, and where. Learn when to begin a scale-down buying program, how to choose a broker, and the facts and benefits of scale trading.

• Scaling works in every kind of commodity, including metals, energies, and agricultural commodities
• Scale trading is a fairly conservative methodology that uses big trader strategies but on a much smaller scale
• Value Investing in Commodity Futures includes a disk with the scale program–

...all you have to do is input the data and the program will show how much money is needed, when, and where

Take advantage of the only complete guide to an increasingly popular approach to futures trading. In these times of amazingly low commodity prices, the method presented in this comprehensive and invaluable book works best. ... Read more

Reviews (2)

This can make you broke
Who is to determine when prices are low or high. You can scale trade your way to oblivion very easily. The other question is how long is your money. If you have a lot of cash and you are in a market that doesn't fluctuate a lot it may work, but if you are trading the Dow Jones Futures or the S&P Futures, you are going to lose money every time.

After trading for 11 years and writing three books on the subject I can only say that I am not impressed with this strategy and anyone who promotes it as an alternative to technical analysis.

Trading on common sense
Finally there is a well-tested method for investing in commodity futures with reduced risk, based on the logic of fundamental factors rather than the fancy footwork of technical predictions. This book is well-written and clear, and brings us the straight-forward trading system successfully developed by Robert Weist in the 1970's. ... Read more

Book Description

The single most comprehensive source of commodity and futures market information available

Since 1939, professional traders, commercial hedgers, portfolio managers, and speculators have come to regard The CRB Commodity Yearbook as the "bible" of the industry. Here is a wealth of authoritative data, gathered from government reports, private industry, and trade and industry associations, all compiled by the Commodity Research Bureau, the organization of record for the entire commodity industry itself.

Absolutely essential for identifying changing trends in supply and demand and for projecting important price movements, the Yearbook gives the investor:

• Worldwide supply/demand and production/consumption data for all the basic commodities and futures markets–from A(luminum) to Z(inc), including all the major markets in interest rates, currencies, energy, and stock index futures
• Over 900 tables, graphs, and price charts of historical data, many of which show price history dating back to 1900
• Concise introductory articles that describe the salient features of each commodity and help put the quantitative information in perspective
• Articles by prominent professionals on key markets and important issues concerning the commodity industry. The 2001 Yearbook features "Techno Trading: New Markets, New Rules, and New Technology" by Philip Gotthelf; and "Understanding and Analyzing the Cocoa Market" by Walter Spilka

For anyone dealing in commodities, The CRB Commodity Yearbook 2001 offers an abundance of valuable information and indispensable guidance for decision making. ... Read more

Reviews (1)

Good general information reference.
This treatment provides a good synopsis for various management issues faced by many of us on a daily basis. Obviously, it is difficult to be detailed on each and every aspect, as well! Tom Lambert does an excellent job of funneling out what's important and what's not! For those who need a more detailed treatment, this is not for you ... Read more

Book Description

The small guy is up against tough competition when it comes to making money consistently on stocks or commodities. This book gives you the essential keys to making consistent money on the markets in your spare time! "I wrote the book I wish I'd had when I started to trade," the author tells people. "Charts and technical analysis provide the only real edge available to the average, small investor. This book provides you with a simple, yet brilliant strategy that can provide you with the money-making skills that will serve you for a lifetime."

Find out:

• methods for selecting the most profitable trades used mainly by professional traders;

• detailed entry and exit strategies and techniques;

• how to minimize risk and maximize profits.

Reviews (1)

Trading System's a $$Money$$ Maker
George Sranko's approach to trading is one of the best & easiest to comprehend that this reviewer has ever had the pleasure to study. Well written, direct & to the point, the author has a knack of making the most complex situations readily absorbable & uncomplicated. ... Read more

Book Description

From an international authority on futures trading, the definitive primer on the futures market--thoroughly expanded and updated to reflect the hottest new trends in futures trading.

In jargon-free language, backed by explicit and lucid examples, this authoritative primer demystifies every aspect of futures trading.Step by step, investors will come to master the basics of a futures contract, the purpose of the exchange, and the tools of fundamental and technical analysis.They'll also learn solid strategies for choosing a broker, placing orders, finding effective timing indicators and developing their own trading systems.

Features include: A close-up of key players in action--the buyers, the sellers, the speculators, and the brokers; an overview of the multiplicity of markets; a detailed comparison of domestic and international commodity exchanges; the lowdown on the rational, impact, and drawbacks of 24-hour and electronic trading; an incisive look at key factors affecting futures markets, including politics and the weather; the pros, cons, and vital differences between "day" and "position" trading; the secrets to futures markets success, with the do's and don'ts of commodity trading.

Comprehensive and empowering, How The Futures Markets Work opens up a world of prosperous possibilities for today's investors. ... Read more

Reviews (7)

Great primer
There is a lot of information here. It can be a little overwhelming, but the complete details that Mr.Bernstein gives on the futures market are absolutely accurate. He really knows how to bring the complexity of futures trading to the masses.

I am a 11 year veteran of the futures market, and an author of three futures investing books, but I still find myself referencing back to some of Mr. Bernstein's books, this one included.

Too shallow to be of any real use
The problem with this book is that it adresses too many points, providing little or no detail on each of them. All the book does is merely tell you there is something like Fundamental Analysis, Technical Analysis, etc., but it is too shallow to really learn something useful about all these fields.

Personally, I ordered this book because I wanted to learn more about the inner workings and the behind-the-scenes aspect of the futures markets. However, despite the title, the book offers very little information about how the Futures markets actually work.

A Textbook for the Futures Markets
"How The Futures Markets Work" is precise, honest, and informative. Consistent with other works by Jake Bernstein, this book is objective: written solely to educate and inform the reader.

This book does not attempt to convince an unsuspecting or uninformed reader to trade futures. Nor does it form an opinion about whether investment in the futures markets is "good" or "bad". Instead, it arms the reader with enough information to make an informed, intelligent decision about whether or not to trade futures.

This is a textbook. It provides an objective, base-level understanding of the futures markets, including: the history of the futures contract, the purpose of the Futures Exchange, how to chose a broker, market forces affecting futures prices, and trading strategies. You will not necessarily be able to jump right into futures trading after reading this book, but you will have acquired a firm foundation on which to become more informed should you wish to do so.

This book works towards leveling the playing field in the investment community, something much needed. Void of marketing and sales hype, this book provides a refreshing, candid, and honest description of what should be expected from trading futures, both from the market and from you as a futures trader.

The most important chapter in this book is chapter 9: "The Psychology of Investing". Mr. Bernstein makes it very clear, there is no quick way to achieving success as a futures trader and that success will most like be achieved based not on our trading system but rather by our ability - as people - to properly implement our trading system. This chapter alone makes the book a worthwhile purchase.

How The Futures Markets Work
I had a friend tell me that he was going to start trading futures. After he told me how exciting it was, I needed to learn more. I knew nothing about futures trading. That same friend recommended three books by Jake Bernstein, How The Futures Markets Work, Strategies For The Electronic Futures Trader, and The Complete Day Trader II. I started my education with How The Futures Markets Work. This book gives an outstanding overall picture of the futures markets. Everything from the trading floor to the basics of technical analysis to the psychology of investing is covered in this one book. This is the introductory textbook for the amateur futures trader. If you're wondering where to begin, I highly recommend this book to be you're starting point.

A Book for Gorks
I have read some nonsense in my time... Wha? But this book is just dreadful. Only a complete jackass would put this book on their X-mas list... Wha? My friend Celine who is a complete nerd... Wha? would love this book, but that is it... Wha? ... Read more

Book Description

This Sourcebood is an easy-to-use guide to seasonal price movements for commodity futures, providing the statistics necessary to time entry and exit points, set stop-loss orders, and establish realistic goals. Provides details of dozens of seasonal price trends in the futures markets with over 80% reliability. These extremely useful charts and tables offer traders and hedgers insight into the profit potential and risk involved at any given time of the year, enabling readers to avoid trading against the seasonals. Includes charts and tables for T-bonds, T-bills, soft commodities, metals, etc. The layout of the book enables readers to see the historical trends in both tabular and graphic detail, making this a very easy reference to use. ... Read more

Book Description

An A to Z Primer which gives a complete description of the 12 most popular commodity option strategies.Learn about time value, premium, option pricing and trading months for each commodity. The Primer shows how to use options in conjunction with futures of risk abatement and profit enhancement.Great for getting started. ... Read more

Reviews (3)

Commodity Options Spectacular Profits with Limited Risk
As a beginning commodity futures trader and options trader, I found this book extremely helpful. The first section goes through all the basics, giving definitions you need to know. The second section gets into using options. Yes there are some typographical errors, so what? My point is the information itself is very helpful for a beginner like myself. On each different option strategy the author states at what point in a market it could be useful, the risk, the potential profit, and then goes into an explanation of the strategy itself including graphs. I think anyone who is new to commodity options trading would find this a useful tool and extremely easy to read. I do recommend this book and plan on using it when developing my future trading strategies. It contains lots of information in an easy readable format.

The author should apologize....
Years ago, Paul Newman took out an ad in the L.A. Times, apologizing for the film (and his performance in), "Paris Blues."

The apology was most necessary and appropriate....

Larry Spears and his publisher should do the same---not merely in the Times, but in every financial publication in America....

I have started this book six times and have never gotten past page 20. The typographical errors are beyond counting.... Even students in a remedial Community College writing course could do better editing....

Sadly, the title was exactly what I wanted. The book, however, is an insult to Financial Writing....

Skip this book
This book is replete with typographical errors - even the words "call option" written as "can option" - numerous times in an options book ??? !!! Shoddy publication! ... Read more

Book Description

Analyzing & Forecasting Future Prices is and advanced and highly practical guide to the latest methods of analyzing and predicting futures prices and applying them to hedging and speculation. Requires minimal mathematics. ... Read more

Reviews (2)

Forceasting Futures prices
The Book has detailed explanations and examples of futures trading techniques and a lot technical analysis. One of the few forecasting books that is not lost in mathematics . The spread sheet examples purred like a kitten in excel. This in turn can be used to judge the significance of cycles or trends. The spread sheet are a great help to sort and mange data to see what you are really looking at. Easy to follow real world examples. It's the kind of book you wish for in MBA classes but never seem to see

Just another system
The author does a fine job of presenting his system, however, he forgets to explain how he goes about his analysis. A comprehensive book would inform the reader how the author conducts analysis. Besides, one would expect for the price of the publication, a print date of Jan 2001 may offer an updated version of the original print: no luck. Much of the print dedicated to computer application uses old Lotus language - it is clear this edition could care less about users in Jan 2001 - it also seems to pass over the 90s as well. In all, it seems the author presents his notes on a system of looking for cycles, but the path is not clear and the guide not up to date. I am a commodity hedger and I find little use with book. ... Read more

Reviews (1)

nice & interesting
i like this book... it is one of the best i bought on points and figures...

but there are not enough good examples... ... Read more

Book Description

Most commodity traders try to identify and profit from price trends in the market. Given the fact that markets rarely move in a straight line, a trading method that exploits the natural tendency of markets to oscillate up and down is far more in keeping with the market's natural behavior. The Intelligent Speculator unveils a revolutionary technique to exploit this tendency and make consistent profits in the commodity markets. Called "interval trading," the technique consistently generates profits of 30 to 50 percent per year. Professional traders Ralph J. Fessenden and John d. McDivitt clearly explain every aspect of interval trading, from the theoretical foundations to actual examples from the marketplace. A rational, commonsense approach to commodity speculation, The Intelligent Speculator will appeal to all traders who are looking for a low-risk method to generate big returns. Specific topics include: The principles of intelligent commodity speculation; Identifying interval trading opportunities; Setting up interval trades; Diversifying to reduce risk. ... Read more

Reviews (2)

A value approach to commodities investing...
This book will teach you how to buy and sell commodities at prices near their all-time lows. What this book will not do is teach you how to be a day-trader or short-term trader. Also, this book is for traders who are looking for slow and steady gains and not outsize gains. If you are looking for a book that will teach you how to conservatively invest in commodities, and you are comfortable with a large financial drawdown while trading, pick up a copy of this intersting book.

Intelligent Speculators will Avoid this Book

This work describes a system for commodity speculation called Interval
Trading. The premise and system are simple. Because the value of a
commodity will never go to zero, any downward trend will
eventually bottom out and reverse. To take advantage of this behavior
the authors suggest buying futures contracts at fixed intervals as the
price drops, and then reselling them at fixed intervals as the price
recovers.

This system requires the knowledge or faith that prices eventually
will recover, and tremendous capital to cover accumulated losses while
waiting for a price recovery that may take months, years, or decades to
materialize. This advice violates several of the tenets of successful
trading in that it requires trading against the trend, holding losing
positions forever, and only taking small, fixed profits. Small
traders following this advice should expect to go broke.

The authors' credibility is fatally damaged when then spend several
pages arguing that if you are long a contract, and then sell and
immediately re-buy the contract, then this is somehow different
from simply holding the original contract. Where I'm from,

(- X) + X = 0.

Furthermore, the authors never suggest that they or their clients have made
any money from this extremely risky scheme.

This is a highly risky speculation system, and its
exposition here is mathematically unsound. Intelligent speculators
will avoid this book. ... Read more