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How To Make Money In Commodities
230 pages, Hardcover
First published October 1, 1960
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January 13, 2013
What makes this book "a fascinating read for commodity traders?" It is written by Chester W. Keltner, one of the nation's leading grain market analysts in the mid-20th century and a market wizard in his time. You might be interested in this book if you trade commodities, especially grains; if you find the history and origin of mechanical trading rules, technical analysis and pattern recognition of interest; or if you want to learn how an expert analyzes the fundamentals of the grain markets to make trading decisions. Keltner has a clear writing style that is conversational and easy to read. The book is well-organized and detailed. There are charts, graphs and tables to support his analyses and a good glossary of commodity market terms.
"How to Make Money in Commodities" was first published in 1960 for two purposes according to the author: 1) to explain how commodity markets function and how trades are made, for those with little knowledge of the commodity markets, and 2) to explain how to trade profitably in commodities. Keltner points out the strengths and weaknesses of both the price movement or technical approach and the fundamental approach to commodity trading.
My copy dated 1973 is the seventh printing of this book. Clearly Keltner's message resonated with many traders seeking more consistent results based on a methodical approach and modern techniques. He sums up the book with a chapter entitled "Rules You Must Observe If You Hope to Trade Successfully." These are:
1) Adopt and follow a definite trading plan, one suitable to both your temperament and circumstances;
2) Trade conservatively, with money you can afford to risk;
3) Never risk all of your trading capital on any one situation;
4) Never depend on trading profits to meet regular expenses.
I rate this book four stars. It has value as a well-rounded introduction to commodity market analysis, as a window into the mid-20th century grain markets and a succinct presentation of how markets work that is largely applicable even today. One star is deducted over the absence of a detailed discussion of risk management or position sizing (he does discuss the merits and drawbacks of using stops to limit risk).
"How to Make Money in Commodities" was first published in 1960 for two purposes according to the author: 1) to explain how commodity markets function and how trades are made, for those with little knowledge of the commodity markets, and 2) to explain how to trade profitably in commodities. Keltner points out the strengths and weaknesses of both the price movement or technical approach and the fundamental approach to commodity trading.
My copy dated 1973 is the seventh printing of this book. Clearly Keltner's message resonated with many traders seeking more consistent results based on a methodical approach and modern techniques. He sums up the book with a chapter entitled "Rules You Must Observe If You Hope to Trade Successfully." These are:
1) Adopt and follow a definite trading plan, one suitable to both your temperament and circumstances;
2) Trade conservatively, with money you can afford to risk;
3) Never risk all of your trading capital on any one situation;
4) Never depend on trading profits to meet regular expenses.
I rate this book four stars. It has value as a well-rounded introduction to commodity market analysis, as a window into the mid-20th century grain markets and a succinct presentation of how markets work that is largely applicable even today. One star is deducted over the absence of a detailed discussion of risk management or position sizing (he does discuss the merits and drawbacks of using stops to limit risk).
Displaying 1 of 1 review