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A TRADER'S FIRST BOOK ON COMMODITIES: AN INTRODUCTION TO THE WORLD'SGARNER C. / FASTEST GROWING MARKETwydawnictwo: PEARSON ED, 2010, wydanie Icena netto: The Simple, Practical, 100% Useful How-To Guide for New Commodities Traders You can make large profits by trading commodities--but you’ll need significant practical knowledge of the associated risks and market characteristics before you start. That’s where this book comes in. You won’t find boring theory or bewilderingly complex trading strategies here. You will find specific guidance on accessing commodity markets cost-effectively, avoiding common beginners’ mistakes, and improving the odds of successful, profitable trades. Drawing on her 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 for your needs. Garner demystifies the industry’s colorful language, helps you clearly understand what you’re buying and selling, and walks you through the entire trading process. She concludes with a refreshingly new look at topics such as trading plans, handling margin calls, and even maintaining emotional stability as a trader. Know the players, know the language, know the techniques Master the basics painlessly and avoid beginner’s mistakes Choose the right brokerages, services, trading platforms, and tools Get what you need; don’t pay for what you don’t need Make sense of confusing commodities quotes Know what you’re buying, what it costs, the returns you’re earning, and the risk you’re taking Build a flexible trading plan that works Predict price, manage risk, and make trades that reflect your analysis 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. Table of Contents
Introduction The Rise and Fall of Commodities 1 A Commodity Rally for the History Books 1 A Day of Reckoning 7 The Speculators’ Role 8 Fortunes Made and Lost 10 Conclusion 13 Chapter 1: A Crash Course in Commodities 15 How It All Began 15 The CME Group 17 Evolution of the Forward Contract into a Futures Contract 18 Cash Market Versus Futures Market 21 Contract Expiration 23 The Mechanics of Futures Contracts 25 Futures Spreads 32 A Brief Introduction to Commodity Options 33 Chapter 2: Hedging Versus Speculating 37 Commodity Hedgers 37 Commodity Speculators 42 Chapter 3: The Organized Chaos of Open Outcry and the Advent of Electronic Trading 45 The Pit 46 Electronically Traded Markets 47 “Side by Side” 48 Costly Commodity Quotes 54 Open Outcry Quote Reporting and Access 54 Electronic Quote Transmission 56 Subscribing to Quotes 57 Charting 58 Free Trading Platforms and Market Access 58 Paid Trading Platforms 59 Auto Approval Versus Manual Approval 60 Order Desk (“The Desk”) 62 Is It Worth Paying Platform Fees or Subscribing to Quotes? 63 Chapter 5: Choosing a Brokerage Firm 65 Introducing Brokers, Futures Commission Merchants, and Broker/Dealers 66 Fill Quality 69 Behind the Scenes of Transaction Costs 70 Discount Brokerage or Full-Service Specialization 71 What You Should Know About Commission Structure: Blanket or Variable Rates? 72 Market Access 75 Beyond Your Broker 77 Conclusion 79 Chapter 6: Finding a Broker That “Fits” and Choosing a Service Level 81 Understand Your Broker’s Business 83 Get to Know Your Futures Broker 84 Full Service Broker or Self Directed Online? 88 Why Using a Broker May Be a Good Idea 90 Conclusion 93 Chapter 7: Order Types and How to Use Them 95 Order Types 95 Placing a Trade with Your Broker 108 Placing a Trade Online 111 Chapter 8: Making Cents of Commodity Quotes 113 Quoting Grain Futures 115 Not All Grains Are Created Equal 119 The Meats 122 Foods and Fiber 125 Precious Metals Futures 130 Gold, Platinum, and Palladium Futures 131 The Other Metal Futures 133 Chapter 9: Figuring in Financial Futures–Stock Indices, Interest Rates, and Currencies 137 The Boring but Necessary Basics 137 Stock Index Futures 138 Dow Jones Industrial Average Futures 141 NASDAQ 100 Futures 143 S&P 500 Futures 146 Russell 2000 Futures 151 Interest Rate Futures 151 Treasury Bond and Note Futures 153 Eurodollar Futures 164 Currency Futures 167 Conclusion 170 Chapter 10: Coping with Margin Calls 171 What Is Margin? 171 Day Trading Margin Versus Overnight Margin 172 How to Handle a Margin Call 173 The Margin Call Countdown 175 Accepting Margin Calls 177 Chapter 11: The Only Magic in Trading–Emotional Stability 179 Three Emotions in Trading: Fear, Greed, Frustration 181 Revengeful Trading Is Counterproductive 187 Capital Preservation aka Risk Management 188 Chapter 12: Trading Is a Business–Have a Plan 189 The Trading Game Plan 190 A Trading System Alone Isn’t a “Business Plan” 191 Constructing a Business Plan in Trading 195 Price Speculation (Ideally Prediction) 196 Choosing a Trading Vehicle 198 Risk Management 199 Chapter 13: Why You Should Speculate in Futures 207 Speculating in Futures Versus Speculating in Equities 208 Risk Capital Only 214 Conclusion 215 Chapter 14: Futures Slang and Terminology 217 Bull Versus Bear 217 Spread 219 Contract Month Slang 220 Red Months 220 Fill 221 Blow Out 222 Blow Up 222 Keypunch Error 222 Busted Trade or Moved Trade 223 Net Liq 224 Equity 224 Beans 225 Commodity Currency 226 Dead Cat Bounce 226 Bottom Fishing 227 Chasing the Market 227 Limit Moves 228 The Tape 228 Trading Solution and Front-End Platform 229 Proprietary Trading 229 Running Stops 229 Short Squeeze 230 Babysitting 230 Scalp 231 Slippage 231 Working Order 232 Unable 232 Handle 232 Overbought/Oversold 233 Debit/Account Debit 233 Round Turns 233 Trading Environment 234 Index 235 256 pages, Hardcover
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