Trading Commodities and Financial Futures: A Step by Step Guide to Mastering the Markets, 3rd Edition (Hardcover)

by George Kleinman (Author) "A floor broker who is a friend of mine once told me the following story; he swears it's true..." (more)
Key Phrases: most valuable technical tool, futures primer, minimum price fluctuation, United States, New York, Feb Mar (more...)

Editorial Reviews

Product Description
"Thanks to his wealth of experience, George Kleinman has written a user-friendly guide to trading futures that no trader can afford to ignore." --Patrick L Young, author, New Capital Market Revolution and Chairman, erivatives.com "Congratulations to George Kleinman for writing a comprehensive futures compendium that should be mandatory reading for anyone considering futures trading. Kleinman dispels the myth that the individual trader always loses against the Goliaths in the markets." --Mary Cashman, Head of International Operations, Global Commodity Intelligence "Discipline and execution are the two most important and difficult aspects in trading. George Kleinman offers the solutions to the problems, and they are superb. Clear, crisp writing that will keep you reading and help you become a superior trader." --Yiannis G. Mostrous, Editor, Wall Street Winners, Financial Advisory "Without a doubt the best book I have read on the industry! Perfect for the novice speculator, yet comprehensive enough for the seasoned veteran to refer back to time and again. The trader who has been around awhile will enjoy reading the stories. Believe me, they are true!" --Joseph M.Orlick, The Chicago Board of Trade More fortunes are made and lost more quickly in the commodity futures markets than anywhere else. It is a game of consequence where profits won by one player are lost by another. The stakes are high, but for those who know how to play well, the rewards can be immense. Trading Commodities and Financial Futures shows you how to play the game to win. In this book, one of the world's most experienced traders introduces a new step-by-step methodology built on more than twenty-five years of success. George Kleinman begins with the basics--including a complete primer on how futures and options trading works, how traders' psychology impacts the markets, and how to avoid the pitfalls that trip up so many traders. This edition offers updated coverage of electronic trading, the latest contracts, and state-of-the-art trading techniques you won't find in any competing book. Previous editions of Kleinman's Commodity Futures and Options became international best sellers. This one offers even more insight for winning the commodities game--and winning big.Winning in a zero-sum game For every commodities winner, there's a loser: here's how to be the winner The trend is your friend How to use techniques designed to generate profits in a trending market The fundamentals: supply and demand in every key market Mastering the markets, from crude oil to soybeans, gold to coffee, foreign exchange to stock index futures TMVTT: The most valuable technical tool A unique trading methodology--how it works and how to use it When to get in, when to get out How to recognize the beginning--and end--of major market moves Twenty-five trading secrets of the pros A lifetime's experience, distilled into twenty-five crucial tips George Kleinman is President of Commodity Resource Corp. , a well-established futures and options advisory, brokerage, and trading firm headquartered in Lake Tahoe, Nevada. Kleinman has been trading for over twenty-five years on behalf of individuals and commercial commodity users. He entered the business in 1977 as a futures broker with the commodity division of Merrill Lynch, becoming a member of its "Golden Circle," its top ten commodity brokers worldwide.In 1983, he founded CRC, a firm that has been highlighted repeatedly in national publications for its trading performance. Kleinman has been an exchange member for over twenty years, currently a member of the New York Mercantile Exchange (COMEX Division) and the Minneapolis Grain Exchange (former board member). He is a member of the National Futures Association, executive editor of Trends in Futures, and contributing editor to Trading Floor Pro. Winning big in commodities and financial futures: The insider's guide for beginners and experienced traders alike *Profit from the new commodity bull market! *Outstanding quick-start guidance for new traders...proven techniques for every trader *What you need to know about trading psychology *Riding market trends: rules for when to get in and when to get out *Expert insight from one of the world's most experienced traders A(c) Copyright Pearson Education. All rights reserved.

From the Back Cover

"Thanks to his wealth of experience, George Kleinman has written a user-friendly guide to trading futures that no trader can afford to ignore."

–Patrick L Young, author, New Capital Market Revolution and Chairman, erivatives.com

"Congratulations to George Kleinman for writing a comprehensive futures compendium that should be mandatory reading for anyone considering futures trading. Kleinman dispels the myth that the individual trader always loses against the Goliaths in the markets."

–Mary Cashman, Head of International Operations, Global Commodity Intelligence

"Discipline and execution are the two most important and difficult aspects in trading. George Kleinman offers the solutions to the problems, and they are superb. Clear, crisp writing that will keep you reading and help you become a superior trader."

–Yiannis G. Mostrous, Editor, Wall Street Winners, Financial Advisory

"Without a doubt the best book I have read on the industry! Perfect for the novice speculator, yet comprehensive enough for the seasoned veteran to refer back to time and again. The trader who has been around awhile will enjoy reading the stories. Believe me, they are true!"

–Joseph M. Orlick, The Chicago Board of Trade

More fortunes are made and lost more quickly in the commodity futures markets than anywhere else. It is a game of consequence where profits won by one player are lost by another. The stakes are high, but for those who know how to play well, the rewards can be immense. Trading Commodities and Financial Futures shows you how to play the game to win.

In this book, one of the world's most experienced traders introduces a new step-by-step methodology built on more than twenty-five years of success. George Kleinman begins with the basics–including a complete primer on how futures and options trading works, how traders' psychology impacts the markets, and how to avoid the pitfalls that trip up so many traders.

This edition offers updated coverage of electronic trading, the latest contracts, and state-of-the-art trading techniques you won't find in any competing book. Previous editions of Kleinman's Commodity Futures and Options became international best sellers. This one offers even more insight for winning the commodities game–and winning big.

Winning in a zero-sum game
For every commodities winner, there's a loser: here's how to be the winner

The trend is your friend
How to use techniques designed to generate profits in a trending market

The fundamentals: supply and demand in every key market
Mastering the markets, from crude oil to soybeans, gold to coffee, foreign exchange to stock index futures

TMVTT: The most valuable technical tool
A unique trading methodology–how it works and how to use it

When to get in, when to get out
How to recognize the beginning–and end–of major market moves

Twenty-five trading secrets of the pros
A lifetime's experience, distilled into twenty-five crucial tips

George Kleinman is President of Commodity Resource Corp., a well-established futures and options advisory, brokerage, and trading firm headquartered in Lake Tahoe, Nevada. Kleinman has been trading for over twenty-five years on behalf of individuals and commercial commodity users. He entered the business in 1977 as a futures broker with the commodity division of Merrill Lynch, becoming a member of its "Golden Circle," its top ten commodity brokers worldwide. In 1983, he founded CRC, a firm that has been highlighted repeatedly in national publications for its trading performance.

Kleinman has been an exchange member for over twenty years, currently a member of the New York Mercantile Exchange (COMEX Division) and the Minneapolis Grain Exchange (former board member). He is a member of the National Futures Association, executive editor of Trends in Futures, and contributing editor to Trading Floor Pro.

Winning big in commodities and financial futures: The insider's guide for beginners and experienced traders alike

• Profit from the new commodity bull market!
• Outstanding quick-start guidance for new traders... proven techniques for every trader
• What you need to know about trading psychology
• Riding market trends: rules for when to get in and when to get out
• Expert insight from one of the world's most experienced traders

© Copyright Pearson Education. All rights reserved.

See all Editorial Reviews

Product Details

• Hardcover: 288 pages
• Publisher: FT Press; 3 edition (October 28, 2004)
• Language: English
• ISBN-10: 0131476548
• ISBN-13: 978-0131476547
• Product Dimensions: 9.1 x 7 x 0.9 inches
• Shipping Weight: 1.6 pounds (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars See all reviews (18 customer reviews)
• Amazon.com Sales Rank: #15,251 in Books (See Bestsellers in Books)

  Popular in these categories: (What's this?)

  #8 in	Books > Business & Investing > Investing > Commodities
  #31 in	Books > Business & Investing > Investing > Options
  #52 in	Books > Business & Investing > Investing > Futures

Customer Reviews

Most Helpful Customer Reviews

75 of 83 people found the following review helpful:

3.0 out of 5 stars A sincere effort, but largely pedestrian, February 18, 2006

By	W. Robertson (Texas) - See all my reviews (REAL NAME)

Too much novice information, considering this is the internet age and three quarters of the book can be found for free by just looking a little which is what the internet/search is for. Hardly anyone that knows "nothing" about investing is going to start trading commodities first, which it seems the book is addressed to.

This book would have been hot about 1985, helping you calculate a simple moving average with a pencil and paper. It really needs updating to remove anachronisms.

The big illustrated trading system TMVTT should be taken with a pound of salt. I have tested these kind of algorithms using trading software on historical data and their results are unimpressive in my opinion. I wrote special code to test the "trend reversal day trading system" as published, and ran it against two years of U.S. Dollar / Swiss Franc through February 2006. Doesn't work. As a concept these systems have their merits as serious reminders of how important it is to trade with the trend, but mechanically they don't work in real markets in general. This has surprised me every time I test mathematically the actual results of these approaches, since I do believe the author is correct in saying they are commonly used in markets, and frankly it could be a big reason why technical analysis has a bad name for a lot of people with casual exposure.


If your trading plan is to hold a contract for a fairly long period (many weeks, months), or you want to be convinced to, this is where the wisdom of the book shines.

The book does have its appeal in the oddest places (some comments on contract terms, agricultural trading rules from the grave) that make you aware of the sincerity of the author and appreciate him overall for the effort.

It took me 2 hours to get through the whole book, and another hour to write the code and test the algorithm. And I'm pretty much done with it. But I'm no novice. But then, you probably aren't either.

35 of 38 people found the following review helpful:

5.0 out of 5 stars Great introduction to commodities trading!, February 27, 2005

By	Vahania63 (Michigan United States) - See all my reviews

The book gives a very good overview of commodities trading and mostly intended for somebody, who is totally new to this field but has at least some background in stock trading (like myself). It doesn't provide a complete coverage of the matter. In other words, you will not be able to start trading futures (at least with some probability of success) after reading this book. Nonetheless, the book is a first step towards understanding of this very complicated subject and does it very well. I found a second half of the book, where the author shares his personal (very extensive) experience, especially useful. A lot of this insight could apply to stock trading but there are also a lot of nuances, specific to commodities. Overall, highly recommended!

14 of 14 people found the following review helpful:

5.0 out of 5 stars Excellent Book For All Types of Trading, October 29, 2005

By	David Rankin (Ashland, Ky. United States) - See all my reviews (REAL NAME)

If you're interested in how the commodities and currency markets work, this is definitely the book to read. If after reading this book you decide to stay with stocks, then you still benefit by getting a better handle on money management. If you're in stocks, you may think to yourself that since you never or rarely trade on margin you are a good money manager, but after reading this book you may reconsider your opinion. For example one of your bad practices might be putting so many eggs in one basket that you won't or can't get out if the trade goes against you. Another one might be buying against the prevailing trend, failing to use stops, averaging down, or cashing out profitable trades to chase losing ones. Money management is the central theme of the book and you had better make sure you're good at it before moving from the fairly forgiving stock market to the totally unforgiving commodities market.