A Complete Guide to the Futures Markets: Fundamental Analysis, Technical Analysis, Trading, Spreads, and Options

by Jack D. Schwager

Focusing on price-forecasting in the commodity futures market, this is the most comprehensive examination of fundamental and technical analysis available. Treats both approaches in depth, with forecasting examined in conjunction with practical trading considerations.

Genres: Finance, Business, Nonfiction, Unfinished

760 pages, Paperback

First published June 1, 1984

About the author

Jack Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients. His prior experience includes 22 years as Director of Futures research for some of Wall Street’s leading firms and 10 years as the co-principal of a CTA.

Mr. Schwager has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last two decades: Market Wizards (1989), The New Market Wizards (1992), and Stock Market Wizards (2001). The latest book in the series, Hedge Fund Market Wizards is due to be released in May 2012. Mr Schwager’s first book, A Complete Guide to the Futures Markets (1984) is considered to be one of the classic reference works in the field. He later revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading (1996). He is also the author of Getting Started in Technical Analysis (1999), part of John Wiley’s popular Getting Started series.

Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics including the characteristics of great traders, investment fallacies, hedge fund portfolios, managed accounts, technical analysis, and trading system evaluation. He holds a BA in Economics from Brooklyn College (1970) and an MA in Economics from Brown University (1971).

Reviews

[Pat Murphy · Rating 4 out of 5]

This is supposed to be one of the investment bibles that the millionaire investors require their employees to read. I am not well versed enough in probability, and investment and economic terminology to just up and read and get this book right away. It is a heavweight, but it requires a certain amount of knowledge to be able to take advantage of its content.

[Bookich Store · Rating 5 out of 5]

Mr. Schwager does it again. Here's a no-nonsense guide on how to really approach commodity trading, outlining both technical and fundamental approaches. Since ultimately we are the ones who have to figure out which strategy works best for us his decades-long experience in the sector - along with dialogues and relationships with the world's top traders - provides an invaluable toolbox for novice and experienced traders alike. Very much recommend the book.

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A Complete Guide to the Futures Market

[Kurishin · Rating 4 out of 5]

Designed to be an intro guide to futures markets, and more specifically commodity futures markets, this book provides valuable factual insight as well as trading advice. Few traders will find all if the information relevant but skipping amonst chapters is easy.

[Sjors · Rating 2 out of 5]

A rather monumental effort: 906 pages (in my kindle format anyways) of which 42 pages consisting of front matters such as tables of contents / author bios etc. Most of the Parts in this doorstopper volume are steeped in charting and technical analysis and even the ones called "fundamental analysis" are fundamental in name only.

Since I do not believe in the efficacy of charting or technical analysis, Part II "chart analysis and technical indicators", Part III "applying chart analysis in trading", Part IV "trading systems", and all the appendices A-F were , while competently written and well-presented, of scant use to me. Part I "preliminaries" and Part VII "practical trading guidelines" were of some use, while Part V "fundamental analysis" was not really very fundamental, soon resorting to technical arguments after the briefest of discussions regarding supply / demand / price dynamics, and Part VI "options on futures" was just the bog-standard 'options 101' that I knew from elsewhere. So mwah Yawn.

So, readers who share my scepsis re. "technical analysis" in all its forms - leave this book be. Others may find this opus of use - the authors write clearly and at length about the various technical tools.

[Serhii Kushchenko · Rating 3 out of 5]

I am disappointed with this book.

I was hoping to gain insight into the fundamental factors influencing commodity prices. Yet to my disappointment, the book barely addressed this topic.

Its introduction to regression analysis is impractical. To learn this tool, you must get your hands dirty. In most cases, people use Excel or Python for that. However, the book does not provide any practical tutorials.

The chapters on technical analysis and general trading principles are OK.

[Javier Villar · Rating 3 out of 5]

A consultation guide. Very detailed.

[Shravankumar · Rating 4 out of 5]

good book