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A Trader's First Book on Commodities: An Introduction to The World's Fastest Growing Market 1st Edition

3.8 out of 5 stars 65 customer reviews
ISBN-13: 978-0137015450
ISBN-10: 0137015453
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Editorial Reviews

About the Author

Carley Garner is Senior Market Analyst and Broker with DeCarley Trading and a columnist for Stocks & Commodities. The author of Commodity Options, Garner writes two widely distributed e-newsletters, The Stock Index Report and The Bond Bulletin.

 

Her work has been featured in Stocks & Commodities, Futures, Active Trader, Option Trader, Your Trading Edge, and PitNews Magazine. 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.decarleyrading.com.

 

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Product Details

  • Hardcover: 256 pages
  • Publisher: FT Press; 1 edition (January 17, 2010)
  • Language: English
  • ISBN-10: 0137015453
  • ISBN-13: 978-0137015450
  • Product Dimensions: 7.4 x 0.9 x 9.4 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (65 customer reviews)
  • Amazon Best Sellers Rank: #1,175,379 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover Vine Customer Review of Free Product ( What's this? )
On a 1-10 scale I would give my own knowledge of stocks a 7, bonds a 5 and commodities a 3. I am in the steel business, but steel is not traded like a commodity (though there have long been efforts to change that). I understand the general theory of how the commodities markets are supposed to work, but I ordered this book because I wanted to get a deeper understanding of how they function on a day to day basis. I was very pleased with the scope of this book and would recommend it to people who are considering getting involved, in a modest way, with commodities.

Please note though that one book, no matter the author's skill or breadth of knowledge, is NOT capable of turning anyone in to a professional commodities trader. Some of the negative reviews are both amusing and scary because they seem to be written by people who figured that they would just buy X commodity and suddenly become millionaires. I guess every market (and poker) relies to some extent on Darwinism - it's the amateurs that end up making the pros rich.

I think that Ms. Garner manages to successfully steer a course down the middle in terms of providing enough broad, general, information for newbies, while still including some actionable technical information which would allow you to start trading immediately (if unsuccessfully).

At the end of the day, commodities trading isn't for me. Between a full-time job and other activities, I don't have the time left to devote hours and hours to do the research that might possibly allow me to be a successful dabbler in commodities. Nor do I have the ability to constantly watch the markets to catch the rapid rise and falls that provide brief trading opportunities. This book helped to convince me that commodities trading is best left to others. It is this conclusion that perhaps is worth far more than the purchase price of this book.
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Format: Hardcover Vine Customer Review of Free Product ( What's this? )
Just like stocks - you can trade on fundamentals or on technicals & psychology
- Fundamentals as in What affects cotton prices ? Which are the international markets, consumers, producers, plant diseases, climatic conditions... how to sense the demand ... Can be a huge thesis in itself.
- Technicals as in Charts, moving averages, Candle stick charting (Infact Candle stick charting first originated from Rice trading in Japan in the 1800s)

Well, that is not what this book is about - this book is exactly what it says in the title - it is an introduction to what you are getting into, what you need to be cautious about and what are the different terminology, futures, options, hedging.

The book starts off on a cautious note on the rise of Commodity prices in 2007-2008 and the crash there after - the F&O market led the oil prices spike to $147 in mid of '08 and came crashing to $31 in less than an year. Nobody could have predicted this and traders whom we see on CNBC are probably who have just caught this by a streak of luck rather than intelligent predictions - so for most of us, it is better to be conservative and hedge our risks and play by emotional discipline rather than moving with bold predictions.

Then the book gets into details of hedging risks, 5-year, 10-year notes, bit on the technical analysis, then about individual commodities.

Overall, if you are starting off on commodity trading - this is definitely a book to begin with and you will end this book with a thirst to read more
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Format: Hardcover Verified Purchase
It's a good "first book" for those interested in commodities, but it's about a mile-wide in breadth and maybe an inch deep, so even complex topics, instead of being clearly explained and saying "do more research to understand X better" you instead just get the basic, dumbed down explanation, which misleads those newer to commodity markets into thinking they grasp at least 50% of the topic. In reality, it teaches 100% of the basic concept, and ignores 95% of the complex parts. All commodities aren't thought of, analyzed, traded, stored or leveraged the same - and the book doesn't really go into depth on this, which is pretty critical.
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Format: Hardcover Vine Customer Review of Free Product ( What's this? )
Then... look into future trading but read this book first to decide whether this is your kind of an activity.

I began my reading as a skeptic because, let's face it, there aren't too many truly useful tomes that would actually help a would-be speculator as opposed to trying to sell some specific 'system' or selling the reader some narrow market philosophy or simply filling a couple hundred pages with mostly platitudes and truisms. But Carley Garner's book is one of the few exceptions in my view.

Not necessarily a 'how to' guide, even though there is some 'meat' when it comes to commodities and financial futures or order types, Ms. Gartner produced a cool, level headed, intelligent primer on trading futures that almost any aspiring individual trader should find useful. While, obviously, an experienced and successful market analyst and broker, the author is capable to come down to the beginner's level and provide the reader with the ABC's and with good advice without sounding condescending or patronizing.

The book starts with a brief history of commodity exchanges and an explanation of why future trading is needed beyond making the speculators rich or bankrupt and then it goes, step by step, into presenting the fast-paced, highly-emotional, risky, sometimes profitable world of 'futures'. We are given an overview of the trading pit, she discusses the merits of trading platforms vs. brokers, provides good advice on how to pick a brokerage firm and a broker, the mechanics of trading, what to do when you get a margin call (don't panic) and even the 'why' are some of us doing it in the first place.
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