Customer Reviews

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

5 star:		(14)
4 star:		(2)
3 star:		(2)
2 star:		(2)
1 star:		(1)

 

 

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.

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!

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.

This book was very easy to understand and read. Being an experienced stock trader, for my own account, I may have more of a "jump start" on the markets than someone who has never seen a breaout pattern or heard of support/resistance. This book is for both the beginner and advanced trader. Good illustrations, etc.

Spend $30 bucks on this book and you will agree.

George Kleinman does a fantastic job of explaining the Commodities and Futures markets. Further, he does a great job helping a new trader get some 'legs' to stand on. He provides valuable insight into developing a trading methodology, and helps the beginning trader 'find his way' in the plethora of trading solutions out there. He demystifies how trading is done, and provides solid "Western" and "Conventional" trading practices so that the beginning trader has an excellent foundation to expand their knowledge. I would say that George's suggestions and lessons in the book are the basis for my knowledge (book smarts at this point) and provided the grounding necessary for expanding my knowledge base into Fibonnaci, WD Gann, Candlesticks, and so much more. Basically, it is my opinion that every beginning trader (not stocks but Commodities and Futures) should read this book. He does an excellent job explaining how trades, stops, support, resistance, MACD, Stochastics, Trend Lines, many other various methodologies can aid a trader into making good trades. I highly recommend this book.

Excellent, thorough and clear coverage of the title topics.
The best of a dozen books I have on the topics.
Full of clear explanation, without being dull and boring.
Recommend highly.

This is a book esp. for begineers. You can find every detail about futures & options. The stories and examples makes the book even much valuable.

Chapter 12 (Traders Psychology), Chapter 13 (Trading Secrets) and Chapter 14 (Jesse's Secret) are good to read even for experienced traders.

The worst part of the book is technical tool TMVTT.

It's a book that you can use as reference anytime. Good to have one.

Great reading if you are interested in getting your feet wet in the world of futures and commodities. Kleinman goes through all the basic of fundamental and technical investing. There is no silver bullet presented in this book (as none is really thought to exist) but there are strategies presented to help turn the odds in your favor to win in this game, which is essentially what investing is all about. Not for all, but if you have the drive, it's a great read.

First of all, the book is fun to read, unlike many dry technical or superfluous introductory books on the subject. There are funny short stories to reflect the crucial points (I wish there were more of those in the last few chapters in the book), and useful examples to clarify terminologies. Most of the important trading terminologies, concepts, and technique were well defined, with the implication explained. It feels easy and intuitive to follow.
I view this book as a valuable concise guide for futures trading. Of course, do not expect to profit from this book alone in your trading. That requires far more work, as mentioned in the last few chapters of the book.

I've found that most financial books are either overly simplistic overviews that are rarely more informative than a pamphlet or are filled with arcane academic information that is not put into any useful/practical context. This book does a fantastic job bridging the gap. It begins with an excellent overview on how the markets work, then moves into practical strategies, with an emphasis on which indicators are likely to be most helpful. It's easy to read, in part due to the author's personal touch. Definitely not dry.
To call this book "largely pedestrian" is pompous and petty. If you're new to futures or at an intermediate trading level, do yourself a favor and buy this book!