- Hardcover: 288 pages
- Publisher: FT Press; 2 edition (December 29, 2012)
- Language: English
- ISBN-10: 013324783X
- ISBN-13: 978-0133247831
- Product Dimensions: 7.3 x 0.8 x 9.9 inches
- Shipping Weight: 1.4 pounds
- Average Customer Review: 24 customer reviews
- Amazon Best Sellers Rank: #1,061,527 in Books (See Top 100 in Books)
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A Trader's First Book on Commodities: An Introduction to the World's Fastest Growing Market (2nd Edition) 2nd Edition
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From the Back Cover
To Profit from Commodities You Will Need the Basics! The Practical, Plain-English, Up-to-the-Minute Guide for Every New Trader
“As an industry insider and active trader, Carley provides excellent perspective in trading commodities. She simplifies the process and explains in detail how to gain access to the markets and how to avoid the common mistakes for novice traders. This is a must read and one that has shelf life as an important resource in commodities trading.”
—Stephanie Link, CIO, The Street
“This easy-to-read introduction to futures trading provides a comprehensive overview while being honest about the risks. If you are as hard working as Carley is, it will surely whet your appetite to read more about the incredible business of trading commodities!”
—Linda Raschke, LBRGroup/FuturePath
“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, MrTopStep.com
“I own and operate one of the longest running independent brokerage firms in the industry. Take it from me, there is a lot more to futures trading than studying charts and reading the news; this book delivers what most commodity books are missing. Carley goes a long way toward shortening the learning curve for anybody that is serious at getting involved in the futures and options markets. A Trader’s First Book on Commodities is a must have for newbies or experienced traders looking for a fresh perspective.”
—Matt Zaner, Zaner Group LLC
“Carley does a masterful job connecting the rich history of commodity trading with the modern day trading markets. It’s not easy trading any market, but this book gives any trader a chance to advance their knowledge. While times have changed, the art of trading commodities has not; this piece is a must have for a trader getting started.”
—Bob Lang, Contributor, TheStreet.com, and Founder, ExplosiveOptions.net
You can make large profits by trading commodities. But commodities markets are unique, and they can be treacherous. Before you start, you need realistic, up-to-the-minute knowledge of the markets and their risks. Carley Garner’s A Trader’s First Book on Commodities, Second Edition delivers just that.
Garner offers specific and current guidance on accessing commodity markets cost-effectively, avoiding common mistakes, and improving your odds of successful, profitable trades. She covers the newest trading platforms, contracts, fees, and strategies—and offers a clear-eyed look at today’s realities, including the scandalous failures of MF Global and PFG Best.
Drawing on 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. She demystifies the industry’s colorful and fast-changing language, helps you clearly understand what you’re buying and selling, and walks you through the entire trading process. Along the way, she illuminates everything from trade logistics to building your psychological advantage…everything you need to succeed!
Know the players, language, and techniques
Master the basics painlessly and avoid today’s most common beginner mistakes
Understand today’s new choices, so you can pay only for what you need
Choose the right brokerages, services, trading platforms, and tools
Use mini contracts to cut your leverage, risk, and expenses
Capture the benefits of new technology and lower transaction costs
Don’t learn the hard way: what MF Global means to you
What you must know now to protect yourself and your investments
About the Author
Carley Garner is a senior market strategist and an experienced commodity broker with DeCarley Trading, a division of Zaner Group, in Las Vegas, Nevada. She is a columnist for Stocks & Commodities and the author of Commodity Options, A Trader’s First Book on Commodities, and Currency Trading in the FOREX and Futures Markets. Garner writes two widely distributed e-newsletters, The Financial Futures Report and The DeCarley Perspective. She is also a regular “Real Money” contributor at TheStreet.com.
Her work has been featured in multiple magazines, including Stocks & Commodities, Futures, Active Trader, Option Trader, Currency Trader, Your Trading Edge, Equities, and PitNews. She has been quoted in media ranging from Reuters to Investor’s Business Daily and The Wall Street Journal.
Garner provides free trading education to investors at www.DeCarleyTrading.com.
Top customer reviews
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The author does a great job of explaining what is considered a commodity, how the whole trading system works, and what sort of pitfalls to look out for in terms of the market itself and also within your own psychology. The book certainly provides enough information to get started with a good understanding of the market, of what to look for in a broker, and some basic strategies to use but of course everything falls short of actual experience with real transactions. At least this book provides the background needed to get an intelligent start rather than heading in on the advice of friends, etc.
That said, after reading this book I've concluded that the commodities market is not for me as it doesn't suit my nature or level of risk tolerance. If nothing else, this book was valuable and beneficial to help me arrive at that conclusion. I attribute that to the objective nature from which it is written, as opposed to another book that might have a "get rich with commodities" theme to it that doesn't present all the sides or issues.
Carley Garner, a Senior Market Strategist, is well-versed in all aspects of market trading. Garner wants to help the speculative investor gain the knowledge he or she needs to do the best they can in the marketplace, even in rocky times. Bandwagon investing should be left to the gamblers and feels it's "important to limit your trading activity to futures contracts with ample liquidity." In the first chapter the reader will receive a "Crash Course in Commodities." No, it isn't a sufficient enough education to strike out on one's own or strike it rich, but it's a start. You learn about the history of the market, the CME Group, the cash market, the futures, market, arbitrage, contract expiration, and on and on.
It may seem a bit simplistic to learn about call and put options, but if you are doing speculative trading without knowing what they are and how to use them, you might have a problem. You think you know what "the spread" means? It can come up in many contexts and if you don't know the definition of any one of them, you might find yourself on some forum asking stupid questions to cover up your ignorance. Hey, do I pay the spread twice? Duh. This book is very well-written and the overview of the commodities market is one that both can act as an introduction to the market or a review of it.
One of the most interesting chapters is "The Only Magic in Trading---Emotional Stability." In a nutshell the three main emotions are fear, greed, and frustration. I'd recommend reading this eye-opening chapter first. There really isn't any easy money to be had and, according to Garner, ""simply reading a few books on trading or subscribing to a signal service isn't going to ensure that you will trade profitably, but doing so could point you in the right direction." She claims if you want magic, head to Disney. If you want to take crazy risks strike out on your own, head to a casino. "A Trader's First Book on Commodities" is an excellent introduction to the market, but not the only book you should be reading in order to educate yourself.
Introduction: The Rise and Fall of Commodities
Chapter 1: A Crash Course in Commodities
Chapter 2: Futures Slang
Chapter 3: The Organized Chaos of Open Outcry and Electronic Trade Matching
Chapter 4: Account Access, Trading Platforms and Quote Vendors
Chapter 5: Hedging vs. Speculating
Chapter 6: Fundamental vs. Technical Analysis
Chapter 7: Choosing a Brokerage Firm
Chapter 8: Choosing a Broker and Service Level
Chapter 9: Full Service or Online?
Chapter 10: Making "Cents" of Commodity Prices
Chapter 11: Figuring in Financial Futures
Chapter 12: Order Types and Placing Trades with a Broker or Online
Chapter 13: Margin Calls
Chapter 12: The Trading Game Plan
Chapter 15: Three Emotions in Trading
Chapter 16: Applying What You Have Learned
Most recent customer reviews
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