A Trader’s First Book on Commodities: Everything You Need to Know about Futures and Options Trading Before Placing a Trade
$16.66
A Trader’s First Book on Commodities aims to fill the void in trading literature that overlooks the importance in making the right decisions before ever placing a commodity trade such as fully understanding market mechanics and logistics, choosing a proper trading platform, understanding order types, being aware of market data fees and policies, how to quote and calculate profit or loss in each of the commodity markets, preparing for margin calls, and the only magic in trading–humility.
Author’s Note:
Throughout this text you find what I believe to be a realistic and candid view of the commodity markets. My intention isn’t to deter you from trading commodities. In fact, I am a broker that makes a living from commission and would love nothing more than to attract traders into what I believe to be some of the most exciting markets available to speculators. However, as a broker, it is also my job to ensure that you are aware of the potential hardships and, accordingly, will properly prepare yourself before putting your hard-earned money at risk.
If you walk away from this book with something, I hope it is the realization that anything is possible in the commodity markets. Never say never because if you do, you will eventually be proven wrong. Additionally, the markets, and trading them, is an art not a science. Unfortunately, there are no black–and-white answers nor are there fool-proof strategies—but that does not mean that there aren’t opportunities.
I am often asked what is the best technical tool or indicator to use when speculating in a market. My answer is always the same; there isn’t a “best tool,” only a best way to use the tool. The paramount approach to any trading tool, whether technical, seasonal, or fundamental, is to use it—or better yet, a combination of a few—to form an educated opinion in your expectations of market price. With their findings, traders should approach the market with a degree of humbleness and with realistic expectations.
Remember, as a trader you compete against the market, specifically each participant in that particular market. Therefore, assuming that you can always beat the markets is assuming that you are somehow smarter and better informed than all other participants. Not only is this arrogant, it also might be financial suicide. Instead, you should approach every trade with modesty and with the understanding that you could be wrong. Having such an attitude might prevent you from sustaining large losses as the result of stubbornness or a lack of ability to admit to being incorrect in your speculation.
With that in mind, in its simplest form, trading is a zero sum game. Aside from commissions paid to the brokerage firm and fees paid to the exchange, for every dollar lost in the market, someone else has gained a dollar. Becoming a consistently profitable trader isn’t easy, but it isn’t synonymous with chasing the proverbial end of the rainbow either. With the proper background, hard work, and the experience that comes with inevitable tough lessons; long-term success is possible. I hope that this book will be the first step in your journey toward victory in the challenging, yet potentially rewarding, commodity markets.
Contents:
- A Crash Course in Commodities
- Hedging Versus Speculating
- The Organized Chaos of Open Outcry and the Advent of Electronic Trading
- Account Access, Trading Platforms, and Quote Vendors
- Choosing a Brokerage Firm
- Finding a Broker That “Fits” and Choosing a Service Level
- Order Types and How to Use Them
- Making Cents of Commodity Quotes
- Figuring in Financial Futures—Stock Indices, Interest Rates, and Currencies
- Coping with Margin Calls
- The Only Magic in Trading—Emotional Stability
- Trading Is a Business—Have a Plan
- Why You Should Speculate in Futures
- Futures Slang and Terminology
A Trader's First Book on Commodities: Everything You Need to Know about Futures and Options Trading Before Placing a Trade By Carley Garner pdf
| Author(s) | |
|---|---|
| Format | |
| Pages | 259 |
| Publication Year | 2010 |
19 reviews for A Trader’s First Book on Commodities: Everything You Need to Know about Futures and Options Trading Before Placing a Trade
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Antonio Barnes (verified owner) –
It is an realist approach to explaining futures.
Joziah Phillips (verified owner) –
This is a great read for those who wish to transition from trading in equities markets or new to trading and wish to explore commodities. The author takes careful aim and explaining the fine details that often get overlooked when starting out to trade. The only thing that becomes a bit annoying in this publication is the constant reminder of another publication this author has out there. While there is room to redirect to such a publication for more insight and better strategies in trading commodities, it eventually becomes a tad excessive throughout this publication.
Devin Ross (verified owner) –
Don’t trade unless you read this book. If you’re already trading, read it anyway. Very clear and worth the time.
Laila Glover (verified owner) –
Read this book first before you even think about trading futures and commodities it will give you a good grounding in preparing to trade in the futures and commodity markets.
Ledger Johnston (verified owner) –
Excellent first book on commodities, futures, and options if you know nothing about them. The book is comprehensive on many investments such as Commodities, Stock Index Futures, Interest Rate Futures, Currency Futures, and other investments. But, it only goes into depth on a few.
The author suggests that novice traders choose their broker wisely.1 The author warns “some of the most successful traders report account-draining losses on numerous occasions before gaining the experience needed to be among the estimated 20% of profitable traders.”2
If you’re new to commodities, you probably should do more research: read other books, magazines, movies, newspapers, podcasts, television shows, websites, etc. before making any trades. I believe that someone with a business background, or business degree(s), is more likely to do well trading commodities, than someone without such qualifications.
This book is filled with many technical terms, which makes it difficult to read. But, if you keep on reading, using brute force if necessary, the book starts to make sense, sort of. In the end, the buyer should beware when trading in the commodities market.
Mack Roman (verified owner) –
I’ve wanted to trade futures for a very long time and have read many books that gave the basics. This book gave the basics and a lot more. I really felt after reading this book that I could realistically do it without putting up a fortune to open an account.
Peyton Leach (verified owner) –
it is really for beginners and tell the facts. If you look for other books to improve your trading, better look for other.
Madeleine Fox (verified owner) –
good book for people that don’t know much about the commodity market. written in a way that is interesting even if you are more into stocks than commodity. I highly recommend this book for someone that wants to start trading commodity’s or just know more about it.
Adeline Valentine (verified owner) –
While the chapter on broker selection was overlong for my tastes, this book is full of useful information on the various futures products in the market and the background knowledge required to trade them properly.
Naomi McCarthy (verified owner) –
This is a great introduction to trading futures. Covers a lot of basics and does not sugar coat the challenges or massive losses that are involved in trading futures. Highly recommend as premier.
Mavis Fitzgerald (verified owner) –
Keep in mind that Carley works for DeCarley Trading, which is a firm created by Carley and her partner. So I feel compelled to take this information with a grain of salt, particularly after reading her Chapter 5 on “Choosing a Brokerage Firm,” since DeCarley Trading is an IB and not an FCM. This may offer some advantages, but it just tells you that being an IB, she is “small” and lacks the backing that certain FCMs might have, but this could be made up by her potential “promise” of customer service. This book has much useful information nonetheless — her analysis are well-founded and very sound. I would love to open an account with her firm to see if the service is “as promised.”
Roland Jimenez (verified owner) –
The book is a great starter guide for futures and options trading. The rest comes from practice and experience.
Liliana Hull (verified owner) –
A great resource on commodities. Thanks Carly. Very interested in trading futures. Made me subscribe to the authors Youtube channel. Thanks Carly.
Mario Lloyd (verified owner) –
Carley Garner has written a masterpiece !
Martha Morton (verified owner) –
It’s like 3 books. Normally it takes me 2-3 days to read a book but this one took about 9 days. There is a lot of info in there. The author is super knowlegable about the subject. She goes over everything you can imagine. I was super impressed by this. If you want to learn commodities, futures, options or anything like that, then this is the book to get. However, she also mentions a TV guy and an ex-president in the beginning as if that makes her look good (It doesn’t. I mean it REALLY doesn’t). Then she has reviews from traders in quotes everywhere. These are normally signs that material is sub-par and needs testimonials for you to read it. The other thing is throughout the book she keeps telling you how you need to pay for people like her to work for you (she has a broker firm) and not use online cheap brokers. There is even an entire chapter that does that over and over. Enough already. Take all of that nonsense out and the book is really good. But I got to knock off a couple of stars because of that.
Astrid Lambert (verified owner) –
I seriously cannot understand why people have given good reviews to this book. I can safely say that reading this book has provided minimal value. It includes a handful of pages with explanations on basic concepts, while the vast majority of the content is just repetitive examples the basic formula “if you buy X at Y1 with 100 multiplier and sell at Y2 you have a profit/loss of…”. The author wanted to fill pages, I don’t see any reason for this book to exist. No insight, no helpful tips, nothing. A clear waste of my time.
Peyton Christian (verified owner) –
Great book, Well written and easy to read. This book covers futures trading in an way that is interesting for the reader and instructive for the trader that wants to get involved with trading futures contracts. By including a history of the commodities market, the author holds the readers interest beyond providing just technical information.
Nadia Johns (verified owner) –
This book explains everything very simple and easy. If are still a little confused how options and futures work after reading this book then you’re just too stupid to ever trade successfully anyways. Maybe take up baking 🤷🏻♂️
Demetrius Mack (verified owner) –
The author acknowledges that successful trading goes beyond technical indicators and trendlines, emphasizing the potential risks associated with choosing the wrong trading platform, brokerage, or order type. By stressing the importance of mental stability in trading, the book underscores the need for a profound comprehension of futures and options markets and the ability to remain composed in high-pressure situations.
This book is suitable for beginners and offers good value for the price. However, if you are seeking more in-depth knowledge, you may want to explore other resources.