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Trader's First Book on Commodities, A: An Introduction to The World's Fastest Growing Market, 2nd Edition

By Carley Garner

Published by FT Press

Published Date: Dec 19, 2012

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Earn consistent profits trading commodities, even if you're a newcomer to the commodities markets! Carley Garner's A Trader’s First Book on Commodities, Second Edition is today's most practical and realistic introduction to successful commodities trading. More than any other primer, it recognizes that the most important trading decisions are made long before the first trade is executed. Drawing on years of dealing with retail traders from all walks of life, experience levels, and amounts of risk capital, Garner answers the most pressing questions newcomers ask -- and the questions they haven't realized they need to ask. This extensively updated Second Edition reflects major changes in the market over the past three years, including new trading challenges, platforms, tools, data resources, and risks. Garner presents a hard-eyed look at the collapses of MF Global and PFGBEST, their failure to honor the sanctity of “Customer Segregated Funds” accounts, the implications for investors, and techniques for mitigating these new risks. She has added new charts and example trades throughout; new coverage of commodity impacts arising from recent events in Europe; important information about new technological improvements and competitive intraday position margin standards; and much more.

Table of Contents

Introduction: The Boom and Bust Cycles of Commodities...and Now Brokerage Firms     1

Chapter 1: A Crash Course in Commodities     19

Chapter 2: Hedging Versus Speculating     43

Chapter 3: The Organized Chaos of Open Outcry and the Advent of Electronic Trading     51

Chapter 4: Account Access, Trading Platforms, and Quote Vendors     59

Chapter 5: Choosing a Brokerage Firm     77

Chapter 6: Finding a Broker That Fits and Choosing a Service Level     99

Chapter 7: Order Types and How to Use Them     113

Chapter 8: Making Cents of Commodity Quotes     131

Chapter 9: Figuring in Financial Futures—Stock Indices, Interest Rates, and Currencies     157

Chapter 10: Coping with Margin Calls     193

Chapter 11: The Only Magic in Trading—Emotional Stability     201

Chapter 12: Trading Is a Business—Have a Plan     211

Chapter 13: Why You Should Speculate in Futures     229

Chapter 14: Futures Slang and Terminology     239

Index     259