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Review:
The commodity market is the biggest money business in the world (multiple trillions of dollars per year - that's with a 't', and an 's').
This is a beginner's book on commodity trading. FUTURES 101 explains how money is made and lost on the commodity futures market and how the huge financial business works. The subject is a business that comparatively few know about, yet it is many times larger in dollars than the stock market.
Examples, explanations, sources, warnings and occasional trivia are all done in a friendly, easy-to-read style. Whether you are a new trader, never traded, or just financially curious, you can get something out of FUTURES 101. This is because commodity prices affect each of us every day whether we know it or not: through our use of food markets, gas stations, or any product at all. Every tangible product has at least some component related to the commodity market, and that means that price changes in commodity futures end up costing or benefitting everyone.
Written by an independent commodity trader without any hidden agenda or bias, FUTURES 101 is neither an expose nor a drumbeat rally - just an understandable explanation. If you would like to know more about price trends (they are not always moving up, it just seems that way), or how prices sometimes seem to suddenly increase (do gasoline prices ever DECREASE suddenly?), then this book is for you.
And if you are thinking of investing in futures, then this book is DEFINITELY for you. You will understand how it works, learn the rules and definitions, and perhaps most important, learn what to watch out for. There are dangers that zealous brokers looking for new clients do not explain too thoroughly, if at all, and can cost a new trader money if he or she is not careful. That cost can range from a cup of coffee to losing his house, and anywhere in between. Profits also have the same range of results.
Perhaps the best way to describe FUTURES 101 is through the use of some testimonial e- mails and letters received from readers in 13 countries and all 50 states.
From the monthly magazine Technical Analysis of Stocks and Commodities:
"... (Futures 101) provides 208 pages of explanations and examples, plus tips, costs and
pitfalls. An overview and background of commodity trading start off the course, then the
terminology of commodity trading is explained, and last, the mainstay tools of technical
analysis are described. Sources of further information, from books to trading courses to
trading systems, are listed at the end of the coursebook. Humorous snippets and trivia
questions break up the workbook."
- Technical Analysis of Stocks and
Commodities
- The Traders' Magazine (June 1996)
Readers' comments in e-mails and letters:
"... You did a great job and I want to congratulate you on taking a complex subject and
making it understandable for the layman."
... Pennsylvania
"... Easy to read. Will be good for people who don't know anything about commodities, and
also for some who have commodity accounts but really don't know what's going on."
... A Broker
"... I've read your book twice. I've found that good books are worth reading twice. Your
concise, lucid style made many aspects of futures trading much clearer for me, especially
compared with most other books on the market."
... Massachusetts
"... At first I found your book surprisingly simplified, yet it was exactly what I
needed."
... Florida
"... your book. Just what I needed plus more. I enjoyed your humor. I had purchased a
video course that didn't include any of the basics of your book, and I was lost until I read
your book. Also found your list of resources in the Appendix helpful."
... Maryland
"... I received my book today and spent a couple of hours tonight reading it. It's
excellent! Thanks."
... Texas
"... Down to earth reading. Very informative. User
friendly."
... Colorado
"... Terrific. I needed a primer on commodities and this filled the bill. I also thought that
the chapter on Hillary Clinton was very fair and well explained."
... Illinois
"... I love the book - it seems to sum up all the rest of the books I've read and simplifies it
too."
... Washington
"... It is very good, very enlightening, and written in a very plain and understandable
language. I just finished reading it for the second time."
... New York
"... I really like it. Lot of good information - especially for the
price."
... Minnesota
"... I ordered your book and thought it was great. Any thoughts of doing a book on
options?"
... Wisconsin
"... Received your book today, looks interesting. Already got glued into the introduction
part."
... California
"... about the chapter on margins: Love your opening. You should get an award for
exquisite understatement."
...Connecticut
(he was referring to Page 59 [17] Margins and Margin Calls: "Margin calls are
calls from your broker to send more money. They can ruin your day.")
Finally, from a book review published on the Internet by a cyberspace financial magazine based in London, Applied Derivatives Trading:
"... The author appears to enjoy creating rhymes as well as mixing metaphors and forcing the odd pun. Given this style, in some ways this book reads how I imagine the late Dr. Seuss would have treated the same subject matter. Chapters are succinct and deal with various aspects of the futures markets in turn.
" ... Throughout the book there is a distinct lack of jargon and no complex mathematics to frighten off the casual reader. Indeed, if you really are a novice in the futures markets, I could think of a lot worse places to start. This book isn't likely to win any Pulitzer Prizes but it does have a fair perspective, doesn't over-emphasize the winners or the losers and fails to get sidetracked by dogma or pedantry."
- Applied Derivatives Trading, Ltd.
London, England
monthly Internet
magazine: April, 1996
