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The Complete Guide to Spread Trading (McGraw-Hill Trader's Edge Series) Hardcover – July 15, 2005


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Product Details

  • Series: McGraw-Hill Trader's Edge Series
  • Hardcover: 320 pages
  • Publisher: McGraw-Hill; 1 edition (July 15, 2005)
  • Language: English
  • ISBN-10: 0071448446
  • ISBN-13: 978-0071448444
  • Product Dimensions: 9.1 x 6.4 x 1.3 inches
  • Shipping Weight: 1.6 pounds
  • Average Customer Review: 3.4 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #1,337,741 in Books (See Top 100 in Books)

Editorial Reviews

About the Author

Keith Schap is a former senior writer for the Chicago Board of Trade and senior editor with Futures. The coauthor of Seven Indicators That Move the Markets, Schap has contributed hundreds of articles to Futures, Treasury and Risk Management, Derivative Strategies, and other trade journals.


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Customer Reviews

3.4 out of 5 stars
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Most Helpful Customer Reviews

28 of 36 people found the following review helpful By -oo0(Delete me)0oo- on January 6, 2006
Format: Hardcover
My name is -oo0(GoldTrader)0oo- Amazon will not let me hook up this post with my other lists. So when you do a search add this one to those. Amazon sucks!!

Complete Guide to Spread Trading by Keith Schap

ISBN: 0071448446

The greatest American chess champion still alive once wrote a book on how to play chess. After explaining the game, he simply teaches you how to kill. Similarly Ross's Spreads & Seasonals teaches the game simply, and dives straight to the heart of how you can place your first winning seasonal spread trade.

Mr. Schaps textbook is much more complex. It is written for the already active trader, who may want to switch to or try new spreads. Advanced traders, practicing spread traders, mathematicians, and employees of hedge funds and financial firms, will find this book useful. As a result it covers everything, and updates the older spread books into this century. Mr. Schaps works for the CBOT. He does not see a conflict of interest is suggesting that traders rely on brokers for research, I do.

The author explains spreads from the left hemisphere of the brain. Anything that can simply be shown to both sides of the brain in a picture, graph or chart, is instead reduced to a complicated array of digital formulas and intricate equations.

"Spreads ... produce better results than outright trades in futures or stocks."

General principles as well as advanced ideas in the various ways to spread are taught. You do not have to read it straight through, but you can move to the areas that address your current interests. Besides futures, he goes on to cover Option spreads.

"Spreads trade around long term means ... they work back towards the mean.
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20 of 25 people found the following review helpful By Su on September 29, 2005
Format: Hardcover Verified Purchase
I have been trading futures for about 3 years, and wanting to learn more about spread trading. This book is very dry reading, and difficult for a beginner to go through. No color graphs. Just boring tables with numbers, and many words. Not an easy book for a visual learner. Seasonality is hinted upon, but no good charts provided, and he does not really tell you when to do what, or what triggers or conditions to look for to enter a position. His section on spread options trading is perhaps easier to grasp, and I did learn a bit from that. A more advanced trader might perhaps glean more from this book than I did, but I do not recommend it for the beginner.
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5 of 5 people found the following review helpful By Excimer on September 2, 2013
Format: Hardcover
Not perfect, and by no means an easy read, but quite likely the single most useful reference on commodity futures trading ever published.

A very well-written book on the subject of an elegant, powerful, old and obscure futures trading technique. You are always short one contract and long a related contract. In this way you are trading on the change in price difference between two contracts. This offers significantly improved positional stability, among many other advantages.

Most books on spreads say something along the lines of, "If you buy lean hogs and sell live cattle on X date and close out on Y date, then over the past 10 years this spread worked Z% of the time and make $C on average." The information is superficial and the material doesn't really teach you anything. Schap on the other hand explains, in each of his examples, how the underlying market works and how to approach the spread trade, and think about what you're actually doing.

I don't agree that "The Complete Guide to Spread Trading," or spread trading itself, is for an "advanced" trader. To me, spread trading is for someone who has never traded a futures contract in their life but wants to learn to speculate in commodity futures the right way, starting with their very first trade.

Insofar as the book itself is concerned, then, it's accessible to a college-educated person who is interested in learning to trade futures but who has never traded before. There is the occasional arithmetic error that escapes the editors. I guess things haven't changed since I was in university back in the 1990's. Also, the analysis in the chapter on the Kansas City Wheat-Corn spread uses a standard deviation calculation that is mathematically incorrect.
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Format: Hardcover Verified Purchase
That is right, the trade setups he details worked in their time, but no longer function now. You can read this book as entertainment, or read it as a historical perspective. But if you are looking for spread trades that works, skip this book, just go to cme website. They have lots of examples that work in modern time.
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