Day Trading Grain Futures: A Practical Guide To Trading For a Living
$17.36
| Author(s) | |
|---|---|
| Format |
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| Pages |
168 |
| Published Date |
2009 |
Day Trading Grain Futures provides you with everything you need to be able to day trade grain futures effectively. It opens with chapters explaining the author’s preference for the grain futures markets, and his reasons for preferring to day trade, before going on to explain the fundamentals of trading and the more specific knowledge required for his chosen approach.
Author’s Introduction:
This book is about trading soybean, wheat and corn (the “grains”) futures contracts. The contracts are traded at the CBOT futures exchange in Chicago (now part of the new CME Group). Only the electronic contracts are considered because these can be traded efficiently by anybody with a reliable internet connection, no matter where they are located. (Strictly speaking, soybeans are oilseeds, not grains. But rather than refer to the “grain and oilseeds complex”, which is a bit of a mouthful, I just refer to the grains.)
While the book does not discuss options, CFDs, spread betting, or any other derivative products, much of its content is relevant to people trading those instruments. Indeed, I have worked with traders who successfully apply these techniques to trading ordinary shares. This methodology is not market specific.
The focus is on day trading (not holding the positions overnight), but that is purely my preference. There is nothing preventing these same techniques from being used to find and manage trades in other time frames. In short, the book is all about how I day trade the grain markets. But the techniques employed are broadly applicable to most markets and time frames.
Some readers might wish for a broader description of trading techniques. There are, after all, an endless number of trading styles and systems out there. But this book was born out of a project to document exactly what I do, and why I do it, on a day-to-day basis as I trade the markets. It concentrates on the style I use, on the system choices I have made, and doesn’t make any attempt to discuss alternatives.
Contents:
- Why Trade The Grains?
- Why Day Trading?
- It’s All a Gamble
- It’s All About Managing Risk 6 – What Do I Trade?
- What a Speculative Trader Does 8 – Charts
- Support and Resistance
- Entry Rules
- Managing the Trade
- Implementing the Plan
- My Trading Calculator
- My Trading Screen
- A Case Study
- A Month at the Tables
- The Importance of Practice
- The Computer Set-up
- The Trading Ritual
Day Trading Grain Futures: A Practical Guide To Trading For a Living By David Bennett pdf
16 reviews for Day Trading Grain Futures: A Practical Guide To Trading For a Living
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Connor Bautista (verified owner) –
The writer believes in trading one set-up and getting out which guards against overtrading. No promises of riches and the trades look genuine. He only describes one trading method of price action, which makes the book feel very light. Good charts in good quality.I don’t think I would have bought it if I had seen it in a bookshop and browsed through the pages.
Colton Ramirez (verified owner) –
I bought this book to find some information about a category of futures contracts I’ve never traded before but I wanted to find out more about. This book contained a lot of information about futures markets generally which would be useful to a beginner, but not enough information about the grains symbols specifically or the fundamentals and mechanics of them in my opinion.
Delaney Anderson (verified owner) –
Save your time and money, this book just explains what futures are and how they work on grains. The other chapters cover simple Japanese candlesticks to determine his entries & exits. That’s all. No fundamentals on the global grain market, no weather data, nothing on the big players in the grain futures market. Just buy a book on technical analysis if you want to know on candlesticks. if you want to learn something about grrain futures, you’ll need to look elsewhere.
Carson Stuart (verified owner) –
I am very satisfied that this book is about real trading. I am trading like this right now. I highly recommend this book.
Natalia Cox (verified owner) –
Great book for intro level trading and risk management. I enjoyed the abundant amountof charts in this book which help to follow the topics discussed.
Veronica Bass (verified owner) –
Tell the truth, I have read a lot of trading books, this was the one book that drove me to go pro and trade for a living. I always toyed with the idea, and after many tries, techniques, wins and loses, I can say that this guide has put it all together for me for the first time.
So thank you David.
Stormi Peralta (verified owner) –
After reading this book, I’m done working a job for a living. This is the most powerful information I’ve ever read. All you need is this book, and to apply it’s principles to make a living in the grains futures market. Excellent job David Bennett! Anyone who gives this book a bad rating, obviously doesn’t understand how the grains move, and/or lacks the patience or ability to learn simple methodologies and pair them with sound money management.
Hayden Blackburn (verified owner) –
I am an advent believer that simple trading methods work best. The key is a hands on approach to trading not an academic one. Books that are written by professional traders not professional writers who make money by writing books on trading. This book is written in a very clear language. The author uses excellent illustrations and examples. The author comes across as candid and interested in helping other fellow traders. This guy clearly trades for a living. The book is about 150 pages and colored. Very quick read because most of the pages are examples.
Again simple yet powerful.
Antonella Becker (verified owner) –
I was a bit hesitant after seeing the size of this book. Thinking that I actually needed a big thick book in order to be successful at trading the futures market. This book focuses only in grains (Wheat, Corn and Beans). I have read many books before but the simplicity of this book absolutely revolutionized the way I trade now. Following this strategy I leave all emotions aside and focus on following simple rules. The risk management that David Bennett teaches is the KEY to being a successful trader. Your wins become 2 to 3 times more than your losses, which means that even if you have a 50-50 win/loss ratio you still make money! I have found that there are more wins that losses which makes for a nice hefty profit!
You can trade using this book with little or large capital…and be successful at it!
Landen Schneider (verified owner) –
David Bennett provides his simple, but complete trading strategy applied to the grain futures market in this book’s second edition (2017). He provides a step-by-step guide with overly sufficient charting examples. Using basic candlesticks with the grain’s support and resistance levels, and the daily range of specific price levels of certain bars, he is able to determine his entry and exit points. No technical indicators are used which is surprising. Using 2-minute charts for his analysis he makes a determination as to his opening trade based on the first few candlesticks.
Bennett indicates that his trading approach can be used on any market, and that the book should be used by those with some trading experience. His goal is to make 1 roundtrip trade a day – thereby keeping it simple, and leaving most his days free for other endeavors. Bennett chose day trading over swing or longer-term trading because he wanted to avoid any random market shocks that could decimate the market and any positions he held. Moreover, he wanted to know by the end of the day how he made out. So day trading worked out perfectly for his personality type and goals.
The book contains 19 chapters; with some are only four to five pages long. Chapters 15 (38 pages) and Chapter 16 (27 pages) provide a sample of the how the author trades over the course of a day and a month, respectively. The bulk of chapter 15 is composed of 42 sequential charts, as he works through the day providing commentary. This is overkill and gets to be tedious. There is no real discussion of the grain complex or how commodities trade, nor a discussion of seasonal tendencies which are more common than most trades realize.
Bennett covers the importance of using stop orders and taking small losses. He has developed a trading calculator worksheet that he uses to automatically trade on his behalf after he sets the parameters using Interactive Brokers trading platform. Throughout the book he offers useful comments about trading and risk management that he has experienced over many years of trading. These are well worth the reader’s time, since making too many mistakes and not focusing on the key elements of trading will result in an expensive failure. I found his commentary was more valuable, as a day trader myself, than his trading methodology. Most traders find their own way of trading that reflects their own personality and temperament.
Overall, the book does not provide the reader with the ability to necessarily trade profitably, as trading is unique to the individual, his/her personality, risk tolerance, perseverance, discipline and emotional stability. Also there is no data provided on how successful the author was using this strategy. There were no account statements or other data provided, so we have to take his word for the validity of his approach.
I consider this book to be an introductory look at how one trader makes money in the market. Whether his approach will work over time or for another trader is open to question. Moreover, successful trading requires years of experience in all types of market conditions for continued success. Trading is not as simple as it may look, and the newbie trader should definitely expand his education before putting a dollar on the table.
Mercy Rogers (verified owner) –
Don’t buy.
Lawson Sellers (verified owner) –
Not much is changed from original version. While the writer has moved on to add more strategies in his trading including trading with 24 hour round the clock market hours in mind. Book is still about 2 min candle strategy. Bottom line , in my view , it is not worth the money
Charles Houston (verified owner) –
I am new to trading futures (traded stocks for 2 years)
I started out trading corn futures because of the lower margin rates per contract. My first few trades I just tried to surf momentum but I didn’t have a solid plan. I bot this book on my ipad, read it in one sitting. The next morning I opened up thinkorswim, waited patiently for a setup as described in the book. took the trade and made $150 in 2 minutes. (i am only trading 1 contract until i get more comfortable)
Bottom line for me. I really like the book. I have already told about 5-10 friends about it. I have been profitable from the techniques in the book (been trading futures only 2 weeks now) and it has helped me elevate my game. I am about to read it for the 3rd time. I never review books but this one in my opinion is really helpful for a newer futures trader.
Thanks David for the book.
Mariana Rivera (verified owner) –
1. This trading strategy doesn’t work, another post deals with the backtesting that failed miserably.
2. The author admits the strategy failed, that he doesn’t even use it anymore, or really even trade grains.
3. This book will destroy someone, and their account.
4. The author does teach some basic trading strategy that is universal e.g. make more on winning trades that losers etc., but he completely fails to teach how to adapt the strategy or test it.
5. For a lot of reasons I really hate this book: The author is lazy, The author is a de facto liar, he just wanted to make some money off a few suckers, he could have written a new book that could really teach you how to adapt to grain markets but didnt, the whole book is just worthless as presented.
6. Money wasted on this garbage could get you a real trading book. Trading for a living , Trading day by day, or High Probability Trading.
Dangelo Hanson (verified owner) –
really enjoyed the book. Practical and direct to what matters: what is the system like and what are the results.
Results data for a longer period were lacking to get an idea of the “drawdown” of the system in the medium or long term.
Jacob Day (verified owner) –
This is the only futures day trading book I know of that deals exclusively with the grain futures markets – specifically corn, soybeans, and wheat.
The first few chapters of the book cover the basics of trading grain commodity futures. In the balance of the book the author explains and profusely illustrates his trading method, which is reasonably simple and straightforward.
What I especially like about this book: (1) you trade with the trend (“The trend is your friend” is such a bromide in futures trading that almost nobody follows it anymore. They should. It works.). (2) You execute a maximum of one trade a day. (3) You calculate your profit objectives on every trade, how many contracts you can trade, and how much risk you should take on each trade – all before you ever enter a trade. (4) You track your trades to make sure the average profits on your winning trades are larger than the average losses on your losing trades. (5) You constantly monitor your trading method execution to ensure that you’re winning more often than you’re losing.
Caveats: You should thoroughly review the examples in the book, practice reading intraday candlestick charts, and paper trade in real time before you begin live trading. Also, practice using the tools the author recommends for determining your profit objectives, position size and stop loss points.