1 comments about Trading and Hedging with Agricultural Futures and Options.

1. I had great expectations of this book and thought that it would be a good primer to understanding ags futures, their behaviour & ideas (seasonality, calendar spreads, etc) on how to exploit them. However, it is more the traditional academic introduction on how to hedge ags futures, and the knowledge is very similar to any other options book. It is a good book for beginners & has some interesting intermediate strategies to explore. Well written but as an advanced options user, it adds little to persons who already knows futures & options in depth.

5 comments about The Ultimate Trading Guide.

1. This important book offers unique price pattern recognition and set-ups not found in trading books by any other authors. These patterns and set-ups are the direct result of John Hill's over 50 years of trading experience.
   This book is currently one of the most valuable addition in my trading book library.



2. I would normally give this only 4 stars but people have been giving Mike Covells poor book on trend following 5 stars (I would give it 1) so Hill gets 5.

   This is a good review of a range of approaches to the market. It also gives you (free) a number of workable systems that you would pay a lot for elsewhere. If you email them with questions they will also answer.

   Their work on Commoditity Channel Index is limited but so what. I use CCI possibly in the same way that Howdy does but I dont find that missing one (of so many) ways to make or lose money in the markets is much of an issue. There are lots of great strategies in here ... look up Woodies Club on the net if you want a CCI based one as well.

   Good book John.




3. This is my first Amazon review, I just couldn't believe any reputable publisher or reviewer would embrace such a horrible book!

   I am a self-taught trader of 15 years, I love reading traing books, there are currently more than 2,000 traing books in my trading library. Of all the books I have read, this is one of the worst!

   The trading strategies/methods presented in this book were poorly researched and the presentation is even worse. Take the indicators section for example, the authors wrote approximately half a page about Commodity Channel Index, barely even scratched surface of this indicator, then presented a table showing their back test result on over 21 individual markets, the results indicated that 20 markets were negative and 1 was about break even. If you are unfamiliar with Commodity Channel Index indicator, you would be missled to believe it is a poor indicator based on their back testing results, but in fact, their testing was based on their incorrect interpretation of how CCI can be used as trading strategy. My onw real trading result using CCI indicator for the past two years averaged over 78% win-loss ratio; I pick CCI as an example because CCI happened to be the best indicator I know. There were just too much poorly researched information presentled in this book, it made my stomach sick when I was reading them, I couldn't help but to write this review, take it whichever way you prefer, my advice to you: run, don't walk, away from this ultimate rip-off!




4. This book gets straight to the point and works almost as an encyclopedia of trading methods, theories and systems. Written by John Hill of Futures Truth fame, you would expect a lot of backtesting and system development info - which there is. As an experienced trader, I did pick up numerous new ideas that might be applicable to my own trading methods and that's really all you can really hope for in any trading book.

   Some minor gripes are the somewhat lack of clarification and examples at times, relying only on a single chart for an example before moving on to the next idea. This can be quite difficult to follow for a new trader. Also, the Drummond Geometry chapter is just a verbatim article that can be found on the Tedtick webpage.

   Otherwise, this is an excellent keeper book.




5. No news here. these guys are purely technical. Hill, Lundy and Hill have written their book from years of experience with mechanical trading systems that have made them highly regarded experts. In black and white, what works and what doesn't, will be made clear to the reader from the knowledge of its authors.

   It is estimated that 80% of the 30 billion dollars in the managed futures industry is traded by systematic methods. It is also estimated that 80% of the traders lose money. This book was written to allow traders to recognize and exploit an edge in the markets. Examples in both the futures and securities are made to prove the authors' point.

   In the beginning, there is the almighty bar chart and a whole chapter devoted to its proper interpretation. According to these guys, all you need to know is in the charts and nowhere else. And with those bar charts a very simple and complete take on the Elliot Wave Theory will demystify even the most obtuse of the technically impaired. Walk-through examples of trading styles and applications of chart patterns are engaging and relevant to all kinds of markets.

   The book contains an introduction to mechanical trading systems. Tips on what to look for and where not to look for a system will be very valuable to the inexperienced. Advice on hardware, software, data and testing are also covered, making it a worthy read for anyone interested in mechanical trading.

   The authors bring precious bits of wisdom with their experience. Though systems are mechanical in design, the mental toughness required to achieve success is important, and much can be learned from the experienced. Make no mistake, this book is not about easy money, but about the reality of achieving success. As the authors put it:

   "There is a giant chasm between knowledge and a successful trader. Few of us are able to make the leap, and those that do must be on the alert or they will fall back into the abyss."

5 comments about An Elementary Introduction to Mathematical Finance: Options and other Topics.

1. Sheldon M Ross in his book "An Elementary Introduction to Mathematical Finance" navigates the reader through at least 3 methods of option pricing. These include arbitrage, Black-Scholes and autoregressive models. I read the book twice to fully comprehend the authors perspective.
   The problem with the book is that the author is unable to convert the mathematical rationale of pricing into words. For example, on page 136 in the context of estimating a population mean and variance he obtains a sample variance by formula but states:
   "It is because we wanted the estimator to be unbiased that we changed its denominator from n to n-1"
   A better explanation of the formula can be found on page 168 - 169 and of the null hypothesis on page 175 of "A Complete Guide to the Futures Market" by Jack D. Schwager.
   Further, the author includes exercises at the end of each chapter but does not provide the answers and the answers cannot always be found in the preceding chapter. In other words the questions are not genuine revision questions.



2. Another good book from Dr. Sheldon Ross. Beginning with basic probability, discusses the concepts of options, Arbitrage, Black-Scholes equation, Geometric Brownian Motion, Utility values, Dynamic Programming etc in a very easy-to-understand manner. This is a very good book for an intro to financial engineering.



3. Does anybody know whether the book has a students' manual or solutions to the exercises of each chapter.



4. I was unfortunate to have taken Dr. Ross's graduate level class. He taught directly from his book which was not an elementary introduction to mathmatical finance. If you do not have a strong background in finance or math....buy another book.



5. This is a pretty good book for whom doesn't have strong background in financial engeering. It begins from probability and I think this is a very good point to start. On the other hand, you also can know the where the formula comes from because the author use a small space to explain it. It is pretty funny!
   One problem, this book doesnot cover all of the importnat topics such as Ito calculus but it is still a good book.

5 comments about Profit with Options: Essential Methods for Investing Success.

1. The book is for a reader with some degree of investment and trading experience. Unlike the previous books by the author (Options as a Strategic Investment and McMillan on Options), this one covers each phase of the options trading process step-by-step, reinforces individual concepts, and thus allows you to hone and refine skills--in essence, a workbook or study guide. In other words, the aim of this book is study in repetition. You will revive in memory what you already new, and will probably pay attention to some minor new tips.
   
   The unique characteristic of this book is that each chapter ends with a set of review questions and answers that will assist you in absorbing and implementing the material covered.
   
   Chapter 1 moves right into the components of option price, using historical and implied volatility
   to formulate your option trading strategy, and understanding the advantages an option model can provide. Plus, LEAPS, futures, and trading technology are each treated in detail.
   Chapters 2 and 3 explain how to use options as both direct and contrary indicators, with examples showing how each can predict market direction and help you decide which options to buy under both scenarios.
   Chapter 4 teaches you how to incorporate system trading into an overall options game plan and illustrates the value of taking the system approach. A variety of systems types are outlined that are applicable for both short-term and long-term investors.
   Chapter 5 presents powerful methods for using options as "insurance" and portfolio protection, which is one of their key strengths.
   Chapters 6 and 7 conclude with various strategies for profiting from trading volatility. I start by viewing volatility as a strategic indicator, and then move into both forward and reverse "skew" and spreading strategies. I then provide a more in-depth look at volatility analysis, the reasons behind volatility changes, and highlight the author's favorite strategy plus personal criteria for buying straddles, "follow-up" action, and selling naked options.
   Each chapter of the workbook can stand on its own, but taken together, they form the basis of a well-rounded options trading program. With the end-of-chapter questions provided, you can test your knowledge of the concepts, techniques, and systems featured in Profit with Options before you need to put them into action in the real trading world. And this learn-by-example workbook should prepare you for making the right moves at the right time, while reacting swiftly to opportunities that arise in the fast-paced options arena.
   
   As a conclusion, this hands-on guide will complement the previous two works by the author. If you didn't complete these two works, I don't recommend to start with this one.



2. This book could probably be considered the Chevy in McMillan's fleet, with McMillan on Options and Options as a Strategic Investment standing as the Cadillac and Corvette, respectively. It's a worthwhile addition, but if you're new to McMillan, you'd probably be better-served by one of his more well-known works.
   
   This is a relatively short book that provides some tools for using options as direct or contrary indicators, and actual strategies for employing options to profit off expected movement in price or volatility. The book also provides some good guidelines for evaluating indicators like the put/call ratio (index and equity-only), VIX (old VIX, now VXO), and how to interpret volume in an options chain for possible signs of predictive insider trading. Later chapters get a little more complicated, covering some strategies for volatility buying and selling, etc.
   
   The "workbook" end of this volume is rather thin, basically comprised of 12-20 questions at the end of every chapter covering what you've learned, with an answer index in back.
   
   If you're a McMillan fan or new to options, you'll probably like this book. Otherwise, check into his better-known volumes first.



3. I am jsut wondering why many people take this book as another 'Bible' leveled book. It sounds exactly like an insult to all those real 'Bible' books.
   
   Some other reviewers are right: the editting is lousy, the graphs are irresponsible,...., and some other over a thousand flaws. One can expect to learn more by simply browsing Optionetics forum.



4. I have read McMillan's other books and found them interesting and educational. But this book does not have any eyeopening material. If you are a beginner in options then this is not for you; if you are not a beginner then this book is not for you also. You probably know how volatility affects option prices etc., The author has just filled the pages with many historical charts of stocks. Instead he could have just illustrated his points with a couple of charts for each topic. Instead of a book this just deserves to be a booklet.



5. Profit with Options seems to have been thrown together from a series of talks, with little attempt at editing. The book is replete with mistakes that render the book useless to a novice options trader and frustrating to read for an expert.

   The figures are particularly bad, with incomplete or incorrect legends. On page 9, for example, are shown profit graphs for puts and calls. One problem is that the graph for calls is labeled "Put purchase" and the graph for puts refers to buying a call. This is worse than useless to a beginner because it is flat out wrong, and makes the expert wonder whether anything else in the book is sufficiently reliable to trust. Another problem with this figure is that neither graph has any numbers on the axes.

   Poor labeling of figures renders indecipherable many of the figures in Chapter 2, which deals with options as direct indicators. Figure 2.1, for instance, does not provide dates on the X-axis, so when the text says something about what happened on July 29, it's difficult to know where to look on the chart. Many of the charts in this chapter include several data plots, apparently including price and option volume, but the plots are not labeled. Sometimes the text refers to put volume and call volume, but the charts don't indicate which is which.

   The text often is no more clear than the figures. The discussion on stops on page 133, for example, states: "So you gave back a lot by waiting for your stop to be hit. Or did you Will, in this case you did, but what if the S&Ps had gone on to 1335?" Who the heck is Will, and what does he have to do with anything?

   The "review" questions are not really review questions. I expected them to review subject matter that was covered in the preceding chapter. However, the questions are directed to material is not covered in the chapter.

   I'm going to try a different book on options. It's just too frustrating to get anything useful out of this one.

5 comments about Lessons from the Pit, A Successful Veteran of the Chicago Mercantile Exchange Shows Executives How to Thrive in a Competitive Environment.

1. Joe Leininger provides great insight in his daily efforts to be both a good and Christian person with his success as a commodities trader.

   Few businessess are as brutally competitive as trading in Chicago exchanges. However, with great faith and works, Joe obviously holds to his strong Christian values in this tough environment.

   This book helps me come to grips with striving for success while hoping to maintain the fundamental value of helping and loving one's fellow man (or woman).




2. Lessons From the Pit was a very fasinating and involving book. It is obvious that Joe Leininger spent a lot of time thinking and planning this book. This book is not one where the first chapters are interesting. The whole story is interesting. I kept saying to myself "at the end of the chapter, I will go to sleep, but I just couldn't put it down! He talked about personal subjects also, making you feel like you were just talking to him, alone. I highly recommend this book, and I think that Lessons From the Pit was the best book I have read so far.



3. An excellent picture of how to live a balanced life and besuccessful at it. Especially applicable to those in the financialfield, but applies to all of us who desire to excel in our field. Joe's personal experiences in such a high pressure environment serve as poingant lessons. Take advantage of this book as a roadmap on the path to success.



4. Under the guise of being about trading securities, this is an excellent book about life, about observing what work gives you and what it deprives you of. About making changes that lead to a richer life and how to know when work costs too much. It also offers wonderful insights into the life of a trader and the paradox of being a good trader and trying to balance that with being a good Christian.



5. Joe has done a good job of taking interesting stories from his life and distilling an excellent life-lesson from each. Joe's life comes through clearly in this well written collection. He is transparent and engaging. Not only does it draw us to examine our inner health and values, but to look to our own stories for the lessons hidden in them. Worth a plane flight to read it.

1 comments about Monte Carlo Simulation and Finance.

1. I have an advanced degree from physics, and found that the contents in this book are well balanced between mathematics and physical models. The author definitely knows how to cut short at various points where very advanced math is needed. Instead, the author smartly explained only some fast results or theorems. This makes them very easy to go through, and lets readers focus on the models instead of rigorous math. The MATLAB codes are helpful as well. Problems are well designed too.
   
   Downsides: Typos are terrible. In a few pages, typos make it impossible to read. Also, at several points, the author used very confusing symbols, such as he used "j" for the maturity time of option (pg 108). Also, in some sections, the logic of writing was very vigorous, i.e., you will read some results without knowing what they are here for, but you will see that they are used at the end of the section. Then you have to come back to the beginning and go through the whole section quickly to organize the content in a correct order in your head.
   
   In conclusion, I will NOT recommend this book if you have other choices.

5 comments about Optimize Your Trading Edge: Increase Profits, Reduce Draw-Downs, and Eliminate Leaks in Your Trading Strategy.

1. Bo is a nice guy, but he doesnt have the foggiest notion of statistical analysis. And my friends, if you want to optimize your edge...you better know some stats and understand forward testing.



2. Excellent.
   For those who have not had their `eureka' moment in trading yet, this book should do it. If you don't find yourself saying, "Wow! Is that all there is to trading profitably", start over and read it again. The book might be more appropriately titled `discovering your edge', rather than `optimizing'. The first seven chapters are very good; there is a little filler material at the end.
   
   This is a short book, because the secret to successful trading is pretty simple and does not require a massive tome. Only a handful of published `trading' books explain that successful trading is all about using a tested edge with correct position sizing and risk control, this is one of them. Yoder knows the subject and writes well.
   
   Successful traders will probably not find anything new here, but sometimes it's nice to reinforce your thinking from a fresh source. I'm deducting one star because he does succumb to including some chart setups, which are an unnecessary distraction from the main message.



3. In my humble opinion this book is one of the best
   books about "successful" trading.
   The authors explains in detail that a favorable risk/reward
   ratio and not a special setup is the key to making
   money. Two or three things are surely rehashed from
   the author's previous book, but I like his latest book
   much more.



4. Although the initial reviewer is right in a sense, there is material covered in his first book, Mr Yoder is one of only a handful of authors who write about truly relevant issues in trading. Risk to reward issues,
   trade management, having a trading plan are the keys to success. Most books focus on trading set-ups with no discussion of the probabilities involved etc. We all have to do our own research to find the type of set-ups that are comfortable for us to trade. There is no escaping it, if you want to profit you have to do your own studies to determine proper rsk/reward strategies according to how often your desired set-up succeeds.
   His advice is exactly what the title implies. He imparts the reality of how traders really make money in the markets. Not with big hit trades, but rather with consistent set-ups , proper risk/reward and scaling up as the account increases. Want to make 200,000 a year trading? Then you need to be risking roughly 2000 a trade, which takes roughly a 100k account.
   He's worth a read.



5. Not as good as his first book.
   
   Master Futures Trading.
   
   Basically a re-hash of the first one.
   
   Buy the his first book INSTEAD of Optimize Your Trading Edge, it's a much better book

3 comments about Options. Plain and Simple: Successful Investment Strategies Without the Rocket Science.

1. In preparing for the Series 7 General Rep Securities Exam one of the most covered topics is on Options. This book did a much more thorough job of explaining the idiosyncracies of options trading than anything else I tried. Made a very complex topic easily understandable. Thanks for helping me get licensed!!



2. This is book is that damn good!
   Better than Courtney Smith's, Better than McMillian (unless you want the math). Better than ...

   Thanks Lenny. Pick up a couple of good pointers.




3. This book has recently crossed the 5,000 sales mark, despite distribution problems and minimal advertising. The reason is that private investors and market professionals find that it clearly explains what options are, and especially, what they do. It is practical, the language is straightforward, and the math is basic.

   I wrote OPS after trading options for ten years in Chicago and London. I have also given many training seminars over the years. The trainees found that all the options books were either too advanced, too theoretical, or poorly written. I finally got fed up and wrote my own.

   This book has sold well because it supplies a demand. If you want to read what other investors have said about it, check out amazon.co.uk. And yes, it covers bear market strategies.

   Good luck in your trading.

   Lenny Jordan

No comments about The Business of Options: Time-Tested Principles and Practices.

No comments about Selling Short: Risks, Rewards, and Strategies for Short Selling Stocks, Options, and Futures (Wiley Finance).