Futures 101 explains the basics of the commodity futures market and how ordinary investors trade. Examples using trivia and wit illustrate steps used trading in this financial arena that's bigger than the stock market. Readers from 50 states and 17 countries have found the unusual writing and explanations helped them understand commodities.
“This book provides the type of information every trader needs to know and the type of information too many traders had to learn the hard and expensive way. Carley offers practical need-to-know, real-world trading tips that are lacking in many books on futures. It will help not only the novice trader, but seasoned veterans as well. This book will serve as a must-have reference in every trader’s library.” --Phil Flynn, Vice President and Senior Market analyst at PFGBest Research, and a Fox Business Network contributor “Refreshing–It’s nice to see a broker who has actually been exposed to the professional side of trading and who bridges that chasm between exchange floor trading and customer service. Carley takes the time to explain verbiage, not just throw buzz words around. A good educational read in my opinion.” --Don Bright, Director, Bright Trading, LLC “This book has the perfect name, the perfect message, and the necessary information for any beginning trader. Take this book home!” --Glen Larson, President, Genesis Financial Technologies, Inc. “As a 35-year veteran of the CME/CBOT trading floor, I can tell you…those who think they can begin trading commodities without knowing the less talked about topics that Carley discusses in A Trader’s First Book on Commodities are sadly mistaken. Anyone who trades their own account, or would like to, should read this book.” --Danny Riley, DT Trading The Simple, Practical, 100% Useful How-To Guide for New Commodities Traders You can make large profits by trading commodities--but you’ll need significant practical knowledge of the associated risks and market characteristics before you start. That’s where this book comes in. You won’t find boring theory or bewilderingly complex trading strategies here. You will find specific guidance on accessing commodity markets cost-effectively, avoiding common beginners’ mistakes, and improving the odds of successful, profitable trades. Drawing on her extensive experience teaching traders, Garner shows how to calculate profit, loss, and risk in commodities, and choose the best brokerage firm, service level, data sources, and market access for your needs. Garner demystifies the industry’s colorful language, helps you clearly understand what you’re buying and selling, and walks you through the entire trading process. She concludes with a refreshingly new look at topics such as trading plans, handling margin calls, and even maintaining emotional stability as a trader. Know the players, know the language, know the techniques Master the basics painlessly and avoid beginner’s mistakes Choose the right brokerages, services, trading platforms, and tools Get what you need; don’t pay for what you don’t need Make sense of confusing commodities quotes Know what you’re buying, what it costs, the returns you’re earning, and the risk you’re taking Build a flexible trading plan that works Predict price, manage risk, and make trades that reflect your analysis
"We've all read about the high rollers who go boom and bust, but this book is different. Packed with straightforward prose, practical knowledge and honest counsel, Diary of a Professional Commodity Trader delivers far more than the title promises. Peter Brandt methodically explains what no one has before: how a dedicated individual can trade for a living. If that is your destination, this is your ticket. "- Robert Prechter, Elliott Wave International "This book is insanely great. The refreshing clarity this book brings to the table is brilliant. I think this is an amazing, excellent book, one that could help a whole new generation of traders."-Jack Sparrow, MercenaryTrader.com "This is the most honest trading book of the last decade. Peter tracks recent trials and tribulations on his path to success dating back to the 1980s. He shares numerous insights into the emotional and technical challenges of trading, right down to his track record over the years. Peter candidly documents a recent trading period. His ultimate success reflects the importance of staying true to a process while still allowing flexibility to modify rules as market conditions change. Anyone desiring longevity in the business really needs to read this book."- Linda Raschke, trader, President of LBRGroup, Inc., and co-author of the best selling book, Street Smarts-High Probability Short Term Trading Strategies. "Almost every book about trading for a living is either fraudulent or boring (or both). This book is neither. Not only is it a good read for anyone seriously wanting to know what trading is really like, it is also very interesting, mostly due to its real-time, diary format. As someone who has done myself what he describes, I highly recommend it."- Robert Zellner, Independent trader, former director of Chicago Mercantile Exchange and former CEO, Citicorp Futures Corp "Trading is not what most people think it is, as you will find out in this real life experience from Peter Brandt, a well-seasoned trader. You will learn what he looks for in trades, what tells him to hop aboard and how to get out. Well worth reading!"- Larry Williams, author and trader, www.ireallytrade.com "Anyone interested in trading---and not just commodity trading---is going to cherish this book. In a world that tends to become intoxicated with "magic formulas" Peter Brandt provides the necessary sobering balance: the "secret," if there is any such thing, is in recognizing your basic human weaknesses and strengths and working with them, in the context of some relatively simple rules that are effective if you are persistent. The light that Brandt shines on the inner monologue of trading is of incalculable value. There are many ways to extract profits from the markets, but none of them matter if you can't control yourself---for that we need self recognition and self analysis: Brandt's detailed diary is like a great novel, revealing the inner life and character of a trader, revealing the kinds of inner understanding we all need if we hope to navigate an ultimately unknowable future. Traders would do well to try to become, as individuals, more like Peter Brandt."- Lowell Miller President & CIO Miller/Howard Investments, Inc., author of The Single Best Investment "Mr. Brandt takes the reader far beyond mere descriptions of classical trading patterns. His book offers insights, observations and practical information gleaned from over two decades of consistently successful trading performance. A must read for anyone wishing to enter the world of risk."--Daniel Chesler, CMT, President, Chesler Analytics LLC "Peter provides a fascinating real-world look at commodity trading. This book is a must read for anyone who contemplates being an effective trader. His exquisite use of charting techniques is spot on. And, of course we could not agree with him more regarding the importance of charts in the trader's perspective."- Eero Pikat, President, Barchart.com, Inc. "A great book for advanced and beginning traders! The professional trading insights that Peter shares can help traders speed up the progress of their own trading by light years." - Glen Larson, President, TradeNavigator.com A top trader takes you through the markets and revels how he succeeded In Diary of a Professional Commodity Trader, Peter Brandt provides a play-by-play diary of his 2009 trading, offering an inside look at the difficult process and what it takes to excel at such a demanding endeavor. A long-time trader, Brandt clearly explains his thinking as he searches for the right opportunities and executes trades for 21 weeks. And by utilizing a diary format, he reveals exactly what it's like to trade, communicating the uncertainty that surrounds every trade and the discipline required to make tough decisions in the face of losing money. Along the way, Brandt touches upon his philosophy on speculation, market analysis, trade identification and selection, risk management, and much more. Fully discloses the methods and rules the author has used to trade so successfully for so many years Each trade include charts, an analysis of the trade, and a play-by-play account of how the trade unfolds Brandt examines all his trades and keeps a running account of his profits and losses Unlike most trading books, which tell people how to trade, this reliable guide will reveal the reality of this discipline and provide you with a firm understanding of what it takes to make it work. Amazon Exclusive: Q&A with author Peter Brandt Author Peter L. Brandt To what do you attribute your long-term success as a trader? The irony is that in real time, I never fully feel like I am trading successfully because I am always aiming for performance that is higher than I am attaining. I am generally my own worst critic and constantly set the bar higher than my last jump. The result is that it is difficult for me to crow about the “successes” of my trading career. But, to the degree I have been consistently successful through the years, I believe it is due to three factors. First, I am obsessed with risk management. I spend more time and mental energy focusing on risk control protocols than on anything else. Managing losses and losing periods is my number one priority. If I can just tread water during the inevitable tough periods, sooner or later I will find myself caught in a favorable tide. Second, my trading approach is overly simple by design. The result is that I know with as much certainty as is possible with a discretionary approach when there is a trade entry in my program. It does not mean that the trade will be profitable – only that the trade is there. Third, I have tried to engage market speculation systematically, breaking down the process of trading into every conceivable component. What flows from this is an understanding of what components of trading are controllable and measurable and what components are uncontrollable. By the way, whether the next trade or series of trades will be profitable is not a controllable factor. Once a trader learns this -- it is then possible to remove ego from the equation. Why do you think the majority of traders struggle? It is not just the majority of traders who struggle – the reality is that ALL traders struggle, both professional traders and novice traders – but the struggles for each group are of a different variety. The struggles (perhaps the word “challenges” is a better description) of the professional trader are with minimizing asset volatility, handing the mental dimensions of drawdown periods and doing what he or she knows he must do to be successful (the upstream swim against human nature). Novice traders struggle, at least for a couple of years, in the same way a dog struggles to catch its own tail – always chasing it, never catching it! The struggle comes from playing a game without knowing the rules. More specifically, I think that most of the problems faced by novice traders originate from three sources. First, novice traders place a priority on finding winning trades rather than on managing losing trades. The difference between the two things is enormous. Novice traders bring to the markets an ego urge to be right on every trade. This often leads them on a never-ending search for a magic combination of technical indicators in order to be right 80% of the time. Second, novice traders employ leverage that is dooming. Whereas professional traders seldom risk more than a few percent of capital on each trading event, novice traders may risk five, 10 or even 20 percent of trading capital on a trade. Third, most novice traders have not determined exactly what a trading event is for them. If the practical definition and components of a trade are not clearly understood, then it is impossible to develop patience, discipline, trading processes, performance metrics and feedback loops. The exact process a trader employs can evolve and change over time, but there must be a definable starting point. Unfortunately, the majority of novice traders run out of trading capital or hope before they figure out the rules of the game. Why do you prefer pure price-based analysis versus technical indicators? I need to give ample credit to those traders who successfully use technical indicators. I know and respect a number of traders who make heavy use of indicators. But for me, I have no time for technical indicators for a number of reasons. Mainly, my problem is that technical indicators are nothing more than a derivative of price. When I can study price directly on a bar chart – and it is price that I must trade – then why would I want to study a derivative of price. For example, I trade gold – there is no market for trading the stochastic measures or relative strength index of gold. Second, I am a minimalist. I want my trading plan to be a simple as possible. Indicators would have a way of complicating my trading plan. Third – and not finally, because I could go on and on about this subject – reliance on technical indicators can be counter productive. For example, the most profitable bull markets are those that become and remain obscenely overbought. So, the traditional use of RSI and stochastics can predispose a trader to the wrong side of a massive price trend. Again, I honor those traders who make money with technical indicators, but as a general rule I think the “indicator industry” is a sham. Do you have strict rules for taking losses and profits? Absolutely! Positively! Yes! Without Question! No doubt about it! At the time I enter a trade I know precisely what price (or set-up) will result in the trade being closed, for a profit or for a loss. To put a trade on without knowing these things is simply insane. What advice would you give aspiring traders? My initial advice would be to tell them to forget the idea. I would recommend against becoming a trader. Trading is hard work. I would suggest that they give their capital to a professional trader with a history of very small drawdowns. But if they simply could not be dissuaded, then my advice would start with the following items: 1. It takes a minimum of two years to learn enough to put real skin into the game. Trade a simulated account in the meantime. 2. Don’t take specific trading advice from anyone under any circumstance. 3. Don’t take general advice on trading concepts or themes from anyone who cannot produce an actual track record of successful trading. 4. The overwhelming majority of books and seminars on trading are a deterrent to success trading. 5. No two successful traders trade the same way – and every successful trader has developed a style unique to his or her own personality, risk tolerance and skill sets. 6. The markets are a great teacher. Be prepared to confront character traits you didn’t know you had. 7. Your opponent to successful trading is not the markets nor other traders, but yourself. 8. Understand that there is no magic bullet – or holy grail. Successful trading is a result of hard work. 9. Have realistic expectations. Traders who think they can turn $10,000 into a million will likely fail. Most really successful traders average around 30% annually on proprietary funds. 10. If, after a year or two, you find that you are not enjoying the voyage, jump ship immediately.
This fascinating book is loaded with practical information designed to help you in the commodity market. The author's method...proven by his million dollar success...does not involve complicated math or subjective evaluation. There are two completely systematic methods; %R and Momentum. The essence fo these methods is that they tell you if the super powers are long or short; when the super powers expect a major move to start; what commodities are in true bull or bear markets; when to start buying and when to sell for gargantuan profits. This book is a must if you're a stock or commodity trader. It will expose to you an exciting new approach to trading and thinking—the same approach that has made Larry Williams a millionaire.
The next bull market is here. It’s not in stocks. It’s not in bonds. It’s in commodities –and some smart investors will be riding that bull to record returns in the next decade.Before Jim Rogers hit the road to write his bestselling books Investment Biker and Adventure Capitalist, he was one of the world’s most successful investors. He cofounded the Quantum Fund and made so much money that he never needed to work again. Yet despite his success, Rogers has never written a book of practical investment advice–until now. In Hot Commodities, Rogers offers the lowdown on the most lucrative markets for today and tomorrow. In 1998, gliding under the radar, a bull market in commodities began. Rogers thinks it’s going to continue for at least fifteen years–and he’s put his money where his mouth is: In 1998, he started his own commodities index fund. It’s up 165% since then, with more than $200 million invested, and it’s the single-best performing index fund in the world in any asset class. Less risky than stocks and less sluggish than bonds,, commodities are where the money is–and will be in the years ahead. Rogers’s strategies are simple and straightforward. You can start small–a few thousand dollars will suffice. It’s all about putting your money into stuff you understand, the basic materials of everyday life, like coal, sugar, cotton, corn, or crude oil. Once you recognize the cyclical and historical trading patterns outlined here, you’ll be on your way.In language that is both colorful and accessible, but Rogers explains why the world of commodity investing can be one of the simplest of all–and how commodities are the bases by which investors can value companies, markets, and whole economies. To be a truly great investor is to know something about commodities.For small investors and high rollers alike, Hot Commodities is as good as gold . . . or lead, or aluminum, which are some of the commodities Rogers says could be as rewarding for investors.From the Hardcover edition.
“The essential training manual for anyone who expects to profi tably engage the energy market while avoiding the devils lurking in the details.”Kurt Yeager, former President and CEO of the Electric Power Research Institute and coauthor of Perfect Power Shrinking fossil fuel supplies, volatile prices, deregulation, and environmental conservation have transformed the energy market into a major arena for making money. In response, an unprecedented amount of capital and investment manpower has fl ooded into the energy market. Older utilities are finding that their quiet, safe business has changed dramatically in a short period of time. Now, Energy Trading and Investing provides a big-picture introduction to the industry along with the trading know-how and fi nancial details that every market participant needs for success. This hands-on guidebook covers all types of energy markets—from the big-three markets of electricity, natural gas, and oil to the growing markets for liquefied natural gas, emissions, and alternative energy. It provides useful information on the interdependence of the different energy markets, who the major players are, and how Wall Street trades energy products. Energy Trading and Investing features: An overview of the entire energy market In-depth descriptions of all of the major energy commodities Financially oriented discussions of how chemistry, physics, accounting, and option pricing affect trading Primers on load forecasting, tolling agreements, natural gas storage, and more A practical introduction to risk management Written by a pioneering quant in the energy market, Energy Trading and Investing provides a highly disciplined and organized approach to profi ting from energy investments. This potent combination of detailed, up-to-date information alongside expert know-how thoroughly prepares you to invest and trade with confi dence in the energy market. If you’re a serious trader, you need to understand the energy markets, and Energy Trading and Investing is the only book you need to trade successfully in this growing sector.
A common denominator among most new traders is that, within six months of launching their new pursuit, they are out of money and out of trading. High-Probability Trading softens the impact of this "trader's tuition," detailing a comprehensive program for weathering those perilous first months and becoming a profitable trader. This no-nonsense book takes a uniquely blunt look at the realities of trading. Filled with real-life examples and intended for use by both short- and long-term traders, it explores each aspect of successful trading.
This great "how to" book covers the various mechanics of natural gas trading, including the physical (cash) market for natural gas production, transportation, distribution, and consumption. The heart of the text is the definition and demonstration of financial trading tools and techniques. It closes with discussion of more complex structures of trading and the author's philosophy on how a risk management department should function within a natural gas trading company.
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