A Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles (Wiley Trading)

A Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles (2nd Edition), by: Jack D. Schwager and Mark Etzkorn, ISBN: 978-1118853757, c2017, 720 pages, Wiley, publ. There is talk in the reviews that the printed paper in this book is super-thin, like scriptures. I was happy to receive my copy in huge textbook format, in great condition (thanks!). I'm happy with my purchase. In terms of content, I really like the straightforward coverage on Optimization parameters, and the Optimization myth (pp. 297-310), which I think is one up for the investor know-how, skill, and competence argument. Book states, "In summary, contrary to widespread belief, there is some reasonable question as to whether optimization will yield meaningfully better results over the long run than randomly picking parameter sets to be traded....this statement is not intended to imply that optimization is never any value....however, the degree of improvement provided by optimization is far less than generally perceived and that traders would probably save a lot of money by first PROVING any assumption they are making about optimization rather than taking such assumption on blind faith" (p. 310), such as by trend following. I think this is thoroughly true, and the authors give clear examples of why they support this view. I agree with the authors’ view that regardless of whatever system of optimization employed, it still has to be tested and PROVEN to be significantly effective beyond extrapolation to prior performance, or some trending price movement, which is still quite a challenge. Case and point: can one prove that a hurricane or tornado will not fully wipe out next season's grain? Inferentially, a more reliable system of grand analyses of all variables should be considered for every single trade; otherwise, one has to be thinking about variables for every single trade or portfolio asset at all times. Where is the work-life balance in that? Nonetheless, the authors do not leave you empty handed based on their views. It is by what the authors point out and discuss that we find what we advisably should and should not do. Perhaps all the solutions and answers to PROVING more reliable trading methods lie in quantitative reasoning (algorithms, ML, DL, AI, etc), and I think this book adds value to that perspective, especially by offering a clear understanding of the pros and cons of technical and fundamental analyses. This book arms you with a useful knowledge about fundamental and technical strategies, thereby pushing forward quantitative reasoning, machine learning, deep learning, and AI approaches. I am only hoping that, in all my grasping and learning more and more about tech and quantitative strategies -- on the basis of the details in this and other books -- I can create and utilize a trading system that is PROVEN effective. I think the book is definitely worth at least 4 stars for the insights on tech and fundamental analyses alone. In fact, I would more accurately put it at 4.5 stars for that aspect, if it were possible. Finally, this book lets you know that you can be successful on previous and current mainstream trading approaches (tech/fundamental methods, spreads, discretionary/empirical trading, etc) -- but my view on that is perhaps a more reliable system of trading can be attained through a well-defined trading philosophy (Chapter 36), stop-loss know-how (Chapters 13 and 14), and skill and competence in computational (quantitative) approaches in futures trading (e.g., Kevin J. Davey's books). This view is further supported in Dr. Avci's book, "Performance, Managerial Skill, and Factor Exposures in Commodity Trading Advisors and Managed Futures Funds," c2019, ISBN: 978-1612334738. I also think this book goes undeniably well with – and should be read in accompaniment with – Omar Bassal’s book “Swing Trading for Dummies (2nd Edition)”, c2019, ISBN: 978-1119565086. Don’t underestimate the title; it’s a “Dummies” book but it’s actually a very good one and quite useful as a strong reference book – it is all about what and what not to do in fundamental analysis and technical analysis. In closing, Schwager and Etzkorn's book is quite helpful and I think it merits 5 stars for what it does. There is much to be gained from all books mentioned here because these guys know what they’re talking about, and one can succeed on their guidance with the encouraging outlook of doing well in today’s digital capital markets industries.

No investment library is complete without this book. Excellent reference that gives you insights on futures markets.

Well this literally is the bible of the Futures Marker... UPDATE 3/15/2017: The printing company has updated the material of the book, the paper is much stronger and readable. The book gain about half inch taller, not a problem IMO. I'm not sure if is here available in Amazon but I got my copy from the printing company, the author also was running a discount (to match the price in Amazon) I'm not certain if still available but you can get it @jackschwager twitter handle. My Review on the content: First thing to know is that this is a text book, there no storyline or anything like that, is right to the point with tons of chart to demonstrate the concept. Also the very first chapter is for beginners, I personally highly recommend this book to beginner because in this book nobody is selling you anything, he goes in detail about all sorts of concept. Now this book does not teach you to trade, what it does, it will provide you with all the tools so you can build your own trading strategy base on your personally, style or whatever makes you engage in trading. Example; I am a trend follower which mean that when the market doesn't trend I pretty much set still, I then decide, well let me look on how I can build a strategy to trade in sideways markets and this book will provide with those tools to achieve your goal. The book materials: I have never write a review about the materials of the book because that is not the reason why I bought the book, but this book is really disappointing on that department. I have to asume the following; Wiley Trading Series book have to have the same size and shape hence if you build a book with 700 pages and you what to keep the same form factor the company has to use BIBLE PAPER..... and that really sucks. Second: I don't think Jack had much to say on the matter.. IMO I can't do any markings because it will show on the next page, I can't use highlighter either, only sticking notes. Also is very fragile it feels like you are going to break it on every page turn. I even attach a photo of another book in the same series, and that book uses paper pages instead of wax (or glossy pages) the text is crispy on Trend Following vs A Guide... Since the materials part is a personal opinion and preference all I can tell you is buy it and if you don't like it returned and buy the eBook on kindle they are same price. The content is spot on and just a mine of information and references, I don't believe you can find all the information from one source hence having this book is ideal for that reason. I personally will keep my copy because I like to mark and make note and keep it in my desk, maybe in the futures ill get the ebook but not for now.

Jack is the man, and this book can be very helpful to have in your library. It is not a get rich free card - no book is! But, I feel it has definitely helped my trading.

Technical Analysis: Charting techniques, technical indicators, and trading systems.

UPDATE: Per the author's request I am changing my review to 5 stars as a judgement on the content. Jack is one of the best author's in the industry and I always enjoy the quality work he puts out. Unfortunately the book quality definitely deserves a 1 star review. Buy the digital if you can stand it, or write a letter to the publisher requesting a copy that you can actually highlight and use. ORIGINAL REVIEW: I hate to review a book based off of the material it is made of, but this is really weird and horrible. I love Schwager's books, and I'm going to guess this one is great as well. Problem is I just got this today and the quality of the book is really unacceptable at any price, but especially given the price of this book. The pages are some weird, super slick material that are about 0.001" thick (seriously I did the math) and all stick together, even after you have separated them they re-stick. I literally have to use both of my hands to turn the page, as the normal method of thumb and forefinger won't separate the pages down to one. I have hundreds of books and never one like this. Hard to explain...buyer beware. I plan to return mine and buy the digital version. 704 pages long and less than 0.75" thick including the cover!

Grande libro. Ben scritto, chiaro really usefull. It would have been fantastic if the author had added some real scheme to test a strategy through excell.

Excellent guide into basics and more advanced areas of Futures markets and trading. Makes a great delve into technical aspects of markets and its dynamics, as well as provides great step by step material for more advanced methodologies. If you have a strong grasp of mathematics and have time to fully digest the material it is invaluable even for an experienced trader or analyst.

Um es auf Deutsch zu sagen: das schlechteste Buch, das ich in Bezug auf Futures Trading gelesen habe! Die Aufmachung: miese Papierqualität und zu viele völlig unleserliche und viel zu kleine Schwarz-Weiss-Charts ! Der Inhalt: Total am Thema vorbei. Wer glaubt, AUS DIESEM BUCH das Futurestrading zu erlernen, hat sich total getäuscht! Das Buch ist voll mit - technischer Analyse (krieg ich bei John J. Murphy aber besser aufbereitet) - altklugen Sprüchen und Tipps (z.T. hat Mr. Schwager ganze Kapitel aus seinen "Market-Wizards" einfach überneommen und einkopiert) - methematischen Formeln, die KEINEN Trader jemals interessieren (vllt. einen Doktoranten in Harvard, der Volkswirtschaft studiert) Dem Buch fehlt: - Grundlegende Information über Futures selbst und den fundamentalen Einflüssen auf deren Preisentwicklung - Grundlegende Information über das Trading von Futures (kein Wort über Margin, Settlement und was terminmärkte noch ausmacht) - Grundlegende Information über die Futuresmärkte, deren Bedeutung (was eine wesentliche Auswirkung auf das Trading mit Futures hat; Futures sind eben KEINE AKTIEN, KEIN FOREX) und der Marktteilnehmer (kein Wort über die Commercials, deren eigentliches "Playfield" der Terminmarkt ist oder über die Hedgefonds, die ebenfals den Preis eines Futures beeinflussen) Lediglich das allererste Kapital, das J. Schwager etwas abschätzen "für den 'blutigen Anfänger' " bezeichnet, gerät in die Nähe dessen, was der Titel verspricht: ein Guide für die Futuresmärkte zu sein. Hier wird mit einem bekannten Namen Geld gemacht. Aber: - Schade ums Papier (800 Seiten graues, holziges Papier in der einer Qualität, die eine Tageszeitung nicht einsetzen würde) -Schade um die Zeit, wenn man es ganz lesen würde (ehrlicherweise muss ich gestehen, dass ich nach ca. 500 Seiten davon abgekommen bin) und vor allem -Schade ums Geld! Dieses Buch ist alles mögliche, nur kein "Guide für die Futuresmärkte". Wer wirklich ein Buch sucht, mit dem er sich ins Trading an den Futuresmärkten einarbeiten kann, greift zu - George Kleinman (für den Anfänger) - Stephen Briese (umd die Märkte tiefer zu verstehen) - Larry Williams (für die profitable Strategie) - Alexander Elder — der hat zwar NICHTS MIT FUTURES am Hut, ist jedoch der überragende Tradingpsychologe und schaut sich im Internet um!

The book is a storehouse for valuable insights for trading. I would suggest you read it slowly to digest amazing knowledge it offers.

This book is a great overview of the futures market, but goes beyond just the core of what a futures contract is and how to trade them. The book covers a great deal of information relating to both fundamental and technical analysis and gives a solid background on numerous topics before building up to different techniques of trading. I found myself learning additional details on subjects that I thought I already had a good understanding off. In addition I have to respect Jack Schwager's support of his readers, when I received a different print of the book than intended he stepped in personally and had the publisher send the proper print.