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A Complete Guide to the Futures Markets: Fundamental Analysis, Technical Analysis, Trading, Spreads, and Options (Wiley Trading)
 
 
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A Complete Guide to the Futures Markets: Fundamental Analysis, Technical Analysis, Trading, Spreads, and Options (Wiley Trading) [Paperback]

Jack D. Schwager (Author)
4.2 out of 5 stars  See all reviews (9 customer reviews) |
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Book Description

Publication Date: June 1984 | ISBN-10: 0471893765 | ISBN-13: 978-0471893769 | Edition: 1
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.

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A Complete Guide to the Futures Markets: Fundamental Analysis, Technical Analysis, Trading, Spreads, and Options (Wiley Trading) + The Futures Game: Who Wins, Who Loses, & Why + Market Wizards: Interviews with Top Traders
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From the Publisher

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.

Product Details

  • Paperback: 760 pages
  • Publisher: Wiley; 1 edition (June 1984)
  • Language: English
  • ISBN-10: 0471893765
  • ISBN-13: 978-0471893769
  • Product Dimensions: 9.8 x 7.4 x 1.6 inches
  • Shipping Weight: 3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Best Sellers Rank: #146,123 in Books (See Top 100 in Books)

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More About the Author

› Visit Amazon's Jack D. Schwager Page
Jack D. Schwager
Jack Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients. His prior experience includes 22 years as Director of Futures research for some of Wall Street's leading firms and 10 years as the co-principal of a CTA.

Mr. Schwager has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last two decades: Market Wizards (1989), The New Market Wizards (1992), and Stock Market Wizards (2001). The latest book in the series, Hedge Fund Market Wizards is due to be released in May 2012. Mr Schwager's first book, A Complete Guide to the Futures Markets (1984) is considered to be one of the classic reference works in the field. He later revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading (1996). He is also the author of Getting Started in Technical Analysis (1999), part of John Wiley's popular Getting Started series.

Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics including the characteristics of great traders, investment fallacies, hedge fund portfolios, managed accounts, technical analysis, and trading system evaluation. He holds a BA in Economics from Brooklyn College (1970) and an MA in Economics from Brown University (1971).

Customer Reviews

Most Helpful Customer Reviews
44 of 46 people found the following review helpful
Format:Paperback
Very comprehensive book. Much if it is difficult to understand. Excellent writing, the clearest in the business, but author gets into some complex info. I feel he is not always fair in giving credit to other authors.

One side issue, a book this costly and technical should have a durable binding. Mine fell apart the first time I opened it. It's glued together like a paperback novel.

All in all it's the most complete single source I have seen in the commodities trading field, even includes chapters on economic theory. It's worth the price. Info on fallacies in fundamental analysis (reading the news) is unique and helpful. Also lots of very wise trading tips

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22 of 22 people found the following review helpful
By A Customer
Format:Paperback
Information for the beginner, then moves into detailed examples and explanations for the advanced trader. Covers futures, options, analysis, spreads and more. Well written, concise, easy to understand. An excellent book for reading and ongoing reference if you're serious about the commodities markets.
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14 of 15 people found the following review helpful
Pure analysis April 6, 2001
Format:Paperback
An old Chinese Proverb states that a mind all logic is like a knife all blade. (In other words, tough to grasp.) Schwager, an extremely intelligent and successful analyst, is something of 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 informative 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... or otherwise find yourself buried by an information avalanche.

My overall impression is that Schwager approaches markets the way a mathematics professor would approach a particularly thorny problem: with logic, rigor and a visible lack of passion. His strengths are in crunching the numbers and laying out basic facts and theories with precision and clarity. His weakness, and thus the weakness of this book in my opinion, is in poorly communicating the psychological and emotional elements of trading.

This is not to say the book has no value. 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 if you buy and read 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 suspect this is because he tries to hide behind rigorous analysis rather than dealing with his emotions and psychology directly, and this book reflects some of that attempt. In conclusion I would say that this is an excellent reference guide, but cannot agree that it is "complete" because it glosses over the critical psychological and emotional elements.
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Most Recent Customer Reviews
A Complete Guide to the Futures Markets
This book is a must read for anyone interested in starting a trading business. While it is an old book it provides an excellent and objective look at the different methods of... Read more
Published on October 21, 2008 by Bobby L. Burns
A "must-read" for any investor
Schwagers book is captivating and informative. The discussion on regression provides useful insight for people interested in fundamental and technical analysis but may offend... Read more
Published on October 1, 2007 by G. Burnett
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. Read more
Published on July 1, 2004
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.
Published on November 6, 2001 by -oo0(GoldTrader)0oo-
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. Read more
Published on August 7, 2001 by Robert Goodman
Nice Book, Jack, but I need a PhD in Math...
It's a nice book, Jack, but you need a PhD in Math to appreciate it. I've only read part 4, the part on charting, technical analysis and trading systems. Read more
Published on September 6, 1998 by James Lor
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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First Sentence:
As explained in the Preface, the focus of this book is on analysis and trading. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
stock index spreads, trade entry date, intracurrency spreads, ending stock level, weakness period period, constant forward series, hog slaughter level, crossover moving average system, nearest futures price series, planned trading approach, simple gain measure, price forecasting model, interest income effects, average percentage method, simple moving average system, slaughter projection, disappearance ratio, synthetic futures position, link relative method, continuous price series, disappearance level, subsequent price action, maximum retracement, stock index level, equity fluctuations
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Commodity Research Bureau, Jersey City, Commodity Chart Service, Montgomery Street, New York, Premium of August, Federal Reserve, Dollar Amount of Premium Paid, Dollar Amount of Premium Received, Value of Call, Never Last, Buy August, John Wiley, Value of Put, None Last, Sell August, Jacob Bernstein, The Handbook of Commodity Cycles, United States, Value Line, Chicago Mercantile Exchange, Local Time, May June July Aug, Expiration Last, Chicago Board of Trade
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