Book Description
Reprint of 1973 classic in which legendary futures trader Stanley Kroll describes his trading adventures and discusses philosophy.
It is a first person look-over-my-shoulder account of his trading campaigns during the wild and woolly markets of 1973, and a close look into his trading philosophy and techniques.
Kroll's primary focus is on trading only with the major long term trend, and he favors entering trades only during significant reactions against the trend, and holding positions until either his long term price objectives are met, his protective stop loss level is violated, or it becomes apparent that the primary trend has changed direction.
The book is filled with charted examples of Kroll's actual trades in various markets. He discusses at length the reasoning and timing behind the decisions involved in entering, adding to and liquidating each position. Most positions were idle for weeks or even months, which will be hard to imagine for today's quick in and out day trader.
Kroll quotes throughout from the classic Reminiscences of a Stock Operator, which chronicles the trading experiences and philosophy of immortal speculator Jesse Livermore. The key sections to which Kroll refers are those in which Livermore advises that the big money is in the big move, and that his biggest profits were made simply by sitting tight. Kroll kept a copy of Reminiscences at his desk at all times for inspiration, whenever he felt tempted to exit a profitable position prematurely or to try scalping the market for small moves.
Of special interest is the time period under study (1973) which was the wildest and most unforgettable year in memory. That's the year in which beans went from 400 to 1290 and back down to 500, wheat went from 140 to 645, and other markets made huge moves as well. While Kroll grabbed the bull by the horns and realized huge profits in these runaway bull markets, others cringed in fear and withdrew from trading, petrified by the risk inherent in huge moves consisting of strings of locked-limit days in both directions.
Kroll's narrative is made credible by the inclusion of a summary detailing the track record of 38 individual accounts which he managed during the 1971-73 time period, which shows 37 of the 38 with net profits, with most showing annualized returns well in excess of 200 percent. The one loser lost less than 2 percent. In the aggregate, about $600M of capital was parlayed into almost $3 million during this period.
The Professional Commodity Trader is fascinating reading for futures traders interested in formulating a viable, long term approach.
Customer Reviews:
Boring and dated.......2007-01-11
I agree with the last reviewer who said this is a "sleeper" but for very different reasons. I had to force myself to read through this, hoping that something unique would emerge, but it never happened. Everything in it is dated, but it doesn't have the charm of say Darvas's books. There's no "bad" advice here, but little good advice after determine the trend, wait for a reaction, buy or sell and hold on. Worst of all, the book literally fell apart in my hands with pages coming out of the binding (and this was a new copy) so I can't even sell this dog.
trading legend in action.......2006-03-11
Kroll colorfully describes a series of trading campaigns that really bring the challenge of commodity specualtion to life. I found the accounts of his conversations with investors interesting in how they llustrated the average trader's dilemma and explained why, in the end, the majority of market players have always surrendered their funds to the disciplined minority. The suggestion to trade with the major trend and against the minor trend is a primary example of the discipline that seperates the winners from the losers.
Excellent. This one is a sleeper........2005-11-12
This one must be in demand because I got it several years ago for around 10 bucks, now its $20.
Not an "Introduction to Commodities Trading" by any means, but if you have been trading for awhile you will appreciate this book a lot. You will relate to his experiences, success and failure, and will realize nothing much has really changed! We have the same joys and frustrations, emotional highs and lows, insight and bewilderment, successes and failures, we are geniuses one day and idiots the next, and so on. This book contains all the best trading wisdom you will find in all the best trading books, albeit, his language is slightly different.
He quotes Reminiscences of a Stock Operator quite a bit and reinforces the advice contained in that book with his own experience. Kroll was basically a Trend Follower, but this is easier said than done. He even says on page 21 that identifying the trend is only half the job (I would say it is far less than half the job) because you can still get killed if you get in on the trend at the wrong time. Isn't it easy to look at a 5 year old chart and see a clear trend? But it's a little harder to look at a current chart and buy at the right spot, then hang on to a position during those "minor" retracements.
This book was published in 1974, but "Reminiscences" is much older than that and no one seriously questions the soundness of that book. Keep in mind, Professional Commodity Trader was written primarily from the standpoint of a traditional commodity trader (corn, cattle, coffee, gold, and some currencies, etc. but not the numerous financial and stock index futures we have today). Here is a quote from the book:
"The secret of success: knowledge of the markets and of particular commodities, an understanding of both the fundamental and technical aspects of each market, fast reflexes and a good sense of timing, a bit of luck, and a great deal of patience and courage. Add lots of experience, a few `burns', and a goodly number of `killings', and you're on your way."
Does anyone who has been trading awhile question the truth of that statement?
Ch. 16 "Tiptoe into my office and be a fly on the wall" is excellent. It could have been written last week. He really takes you to the inside of the process here and gives you some insight into market activity, how it really works and how the mass of public commodities speculators get hurt. The whole book makes you feel like you are on the inside of the deal, but even more so in this chapter. In this chapter he gives a good example of a statement he makes in chapter 7: "Riding a winning commodity position is a lot like riding a bucking bronco. Once you manage to get aboard, you know what you have to do-hang on and stay hung on; not get bumped or knocked off till the end of the ride. And you know that if you can just manage to stay in the saddle, you're a winner. Sounds simple? Well, that's the essence of successful trading." That may sound like he is advocating staying in losing positions, but if you read the context of this quotation and the book as a whole, you will see he is saying nothing of the sort. In fact, the chapter entitles "The Most Important Chapter in the Book" is about "keeping losses small". Sound familiar?
Kroll apparently used technical analysis, but his approach is not overly technical or complicated, neither is his writing. He tells you the way it is and what it takes to succeed. Books that are nothing but charts and indicators and obscure calculations, are nearly worthless in my opinion. I look at charts constantly and use some indicators, so don't get me wrong, but a book that tells you about the reality of the market, how unpredictable it can be, how contrary it can behave at times, what rules you need to follow, gives sound advice, etc. are much more helpful in my opinion.
I could say much more, but to close this is a very, very good book, in my opinion one of the best. High Probability Trading, The Professional Commodity Trader, Trading in the Zone, and Reminiscences of a Stock Operator have been the 4 books that have been the most helpful to me. They all offer much of the same trading advice, they deal with reality, and they concentrate more on the trader than the trade.
Good for serious trader, though some figures are outdated.......2005-02-22
I borrowed this book from public library. This is the second book from Kroll I read. I think two chapters, one is talking about cutting losses, the other is talking about running commodities business, are the worthest chapters of the book.
I think it's better to read with "Reminiscence of Stock Operator".
Superb! Best for the veteran traders.......2002-09-22
You seldom find in the universe of trading books that a trader will use more passages to cover stories about his failure than success. This is just a rare breed. Perhaps Kroll was confident enough to do so with the backup of his outstanding trading record, and his determination to write a superb trading book.
To me, this is a modern day Reminiscences Of a Stock Operator ROSO. Of course, Kroll and his book are not as "great" as Livermore and ROSO. However, the tone/style of the books are not so distant, and so are their values. In fact, Kroll had voiced out his admiration for Livermore.
In short, cut loss short, keep profit run, plan your game well, focus on the major trend and buy on its minor retracement, keep absolutely calm and relaxed, see lights across the board and not just of what you trade, trade opposite to the news on mass media, mind the single/double day reversal, the sardine story (some commodities are for trading and not for eating), not to be worried about the beginning of a big trend coz it always lasts longer than most people expect, go along with the technical when it clearly shows something at variance with the psychology of the market, and much more wise words are present in this book.
As a value added service, I would like to quote one passage here for your reference.
"There's a great tendency to get carried away by the prevailing market psychology at that time and not doing any liquidating. But you've got to resist that tendency. When the market attains that major price objective, where you had projected closing out, say, half the position, do it. If you dont, you will probably regret it later."
In a word, a must read.
p.s. The only bad thing of this book is the exceptionally poor front cover design.
Book Description
Sophisticated technical futures trading techniques are presented for timing market entries and exits.
Product Description
Most investors do not get involved in speculation or commodities, but speculators play a vital function in financial markets by absorbing and managing risk. Technical traders practically ignore business results within specific companies, instead focusing on broad market indicators such as price trends, trading volume, and rate of change in major stock market averages.
The Secrets of the Great Investors series is a collection of presentations that explain, in understandable language, the strategies, tactics, and principles that have produced great wealth, and how you can improve your financial future. History's greatest investors used powerful investing philosophies to produce superior results, and you can learn from their successes and mistakes.
Book Description
97% of options traders lose money. Professional trader Larry Connors shares his best options trading strategies with you to help you avoid being just another losing trader. By exploiting stock splits and pricing inefficiencies as well as applying his own strategy, the Connors VIX Reversal, Larry delivers 4 powerful options methodologies that move the odds decidedly in your favor. In addition, Larry also provides you with the latest research on the little-known, but powerful indicator, historical volatility. From concept to action, Larry explains to you step-by-step how to best use historical volatility to conquer the futures, stock, and options markets.
Average customer rating:
|
A Handbook for Professional Futures and Options Traders
Joseph D. Koziol
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback
 General
| Popular Economics
| Business & Investing
| Subjects
| Books
Public Finance
| Economics
| Business & Investing
| Subjects
| Books
General
| Business & Investing
| Subjects
| Books
Futures
| Investing
| Business & Investing
| Subjects
| Books
General
| Investing
| Business & Investing
| Subjects
| Books
Options
| Investing
| Business & Investing
| Subjects
| Books
General
| Finance
| Accounting & Finance
| Professional & Technical
| Subjects
| Books
ASIN: 047187423X |
Book Description
This is a strictly no-nonsense text for professional futures and options traders. The book presents a framework that emphasizes the probabilistic nature of decision-making for trading and hedging programs. Equally, the text strives to quantify criteria that in many organizations are assessed qualitatively for actual trading situations. It details various analytical approaches by offering applications-oriented techniques. While the book distinguishes between historical results and expected values, it also demonstrates the critical interdependence between the two. Eschewing the simplistic and folksy wisdom of many investment books, A Handbook for Professional Futures and Options Traders is an astute and sophisticated guide for the serious trader.
Customer Reviews:
A truly awful book that entirely misses any potential audience.......2007-08-30
If you know anything about trading or commodities, this book will not enlighten you with any new insights -- and if you don't know anything about commodities, there are better introductions (actually, if you don't know anything about trading commodities, don't get started now: today's volatile markets are too treacherous for neophytes).
Introduction 101.......2007-07-28
This is an excellent book to begin with if you are thinking of dipping your toes into the commodities arena. The broad range of topics discussed will open the beginner's eyes to commodities trading.
However, I will recommend Jim Roger's 'Hot Commodities' for a more in-depth discussion on fundamentals and Jack Schwager's 'Market Wizard' series on trading psychology. Good luck!
Not sure who this book is intended for.......2007-06-27
He explains all the basics in the book, which seem to make me think it's for the newbie. But he doesn't get into details about cutting loses / risk management. He just says that we should and leaves it up to us to figure out how. And this book is too basic for the intermediate or advanced trader.
Kevin, you could have done better...........2007-06-10
I purchased this book looking for some insight from a long time success in the commodities markets; what I got was some boilerplate list of "do's and dont's" - - a few anecdotes (entertaining mostly) - - - and not much else.
This Kevin Kerr is one smart guy - - he just should have put a lot more meat on the bones in the whole effort.
Maniac Commodity Trader.......2007-05-16
A must read for all new-b's. I have made so much money I can't believe it. I keep it buy my side for reference.
Average customer rating:
- REAL TRADING IN THE JUNGLE
|
Eating the Loser
Trader X
Manufacturer: Speculative Holdings Publishing Division
ProductGroup: Book
Binding: Audio CD
General
| Business & Investing
| Subjects
| Books
Commodities
| Investing
| Business & Investing
| Subjects
| Books
General
| Investing
| Business & Investing
| Subjects
| Books
General
| Books on CD
| Audiobooks
| Formats
| Books
ASIN: 096728371X |
Customer Reviews:
REAL TRADING IN THE JUNGLE.......2006-09-06
Very complete package.Markets are zero sum games where predators and prey can interchange their status in seconds.Funny book and booklet containing author insights about trading and life.The MEAT of the package are the audio series plus workbook where you will find first a way of thinking that will allow you to clear the fog of the market and second a specific tecnique for entries and exits in your chosen markets.Paradoxically ,I recommend it for advanced traders,since my belief is that a novice will not be able to absorb the material before he is digested by the predators roaming every financial market in search of tender prey.
Book Description
Most investors do not get involved in speculation or commodities but speculators play a vital function in financial markets by absorbing and managing risk. Technical traders practically ignore business results within specific companies instead focusing on broad market indicators such as price trends trading volume and rate of change in major stock market averages
Average customer rating:
- What We Need to Understand About the Stock Market
- Teaching through a Good Story
|
The Inheritance : A Stock-Picking Story
Pamela Ayo Yetunde
Manufacturer: Marabella Books
ProductGroup: Book
Binding: Paperback
General
| Business & Investing
| Subjects
| Books
Introduction
| Investing
| Business & Investing
| Subjects
| Books
General
| Personal Finance
| Business & Investing
| Subjects
| Books
ASIN: 1928775047 |
Book Description
The Jamison family inherits stock in a company but does not know what to do with it. With the promise of more stock if they prove they are good investors, twin brothers Isaac and Ishmael begin a seven-year contest to determine who is the better investor. Using a unique mix of storytelling, financial concepts and pictures, financial consultant Pamela Ayo Yetunde (author of the popular book "Beyond 40 Acres & Another Pair of Shoes") entertains and instructs the reader about investing in stocks. Whether you have inherited stock or want to create an inheritance for your family's future, The Inheritance is a "must" read for anyone interested in building wealth and a family legacy. In this engaging and insightful story, Pamela Ayo Yetunde provides practical guidelines for building a stock portfolio and understanding the stock market. This book helps you understand:
How the stock market works
How to research a company in an afternoon
How to build and manage a stock portfolio
When to buy and when to sell
Customer Reviews:
What We Need to Understand About the Stock Market.......2003-05-16
I found this a very interesting book. The sons of the late Reverend Jamison and his wife have come across a stock that he purchased and go to seek the advice of B.B. Freeman, an African-American financial advisor. The three are both skeptical of the idea of investing. At each year, all three are to decide whether to sell or keep the stock and learn about the stock market and money management. This book is specifically targeted towards the African-American community but it is worth reading for anyone who doesn't have any idea of what stocks are and how to invest.
Teaching through a Good Story.......2001-04-17
Finally, a financial book that speaks directly to the African-American family! This book is so incredible because it approaches our culture in the manner we love the most--through a good story. The teaching tone is so soft, you don't realize that you're learning about investing.
Average customer rating:
- Interested in loving your work? Read this book!
- read this book in book store to pass some time its a easy re
- Uses theatrical metaphors
- Opportunity to operate from higher ground in the workplace
- The Tragedy In The Workplace - Timely Truth For Our Day
|
The Tragedy in the Workplace: The Longest Running Show in the Country
Danna Beal
Manufacturer: Luminary Media Group
ProductGroup: Book
Binding: Paperback
Workplace
| Organizational Behavior
| Business & Investing
| Subjects
| Books
Leadership
| Management & Leadership
| Business & Investing
| Subjects
| Books
Ethics
| Business Life
| Business & Investing
| Subjects
| Books
General
| New Age
| Religion & Spirituality
| Subjects
| Books
ASIN: 1930580053 |
Book Description
The drama occurring in today's workplace is causing incredible suffering and insecurity due to intensely battling egos. It is the "longest running show in the country and is seen not in your local theaters but in every business in America." This book illuminates a "theater" model which brings clarity to the tightly woven web of intertwined egos that are currently operating in businesses and industries throughout the country.
The goals of this book are short term--healing the pain, and long term--healing the soul. As leaders understand this new model they can replace the current environment of fear with trust and compassion.
Customer Reviews:
Interested in loving your work? Read this book!.......2004-03-21
Danna Beal explores issues close to anyone's heart who is of working age and is working! Ms. Beal, who spends much of her time traveling the country talking to professional groups as well as doing work with companies, asserts that each of us have an essence of who we are, hidden underneath the protective layer of our ego. This essence is fundamentally protected by the ego, but that which protects it actually suppresses it. We are then, ego driven, forced to play our role at work. This role requires that we are the star of the show and feel powerful by doing things like gossiping or not taking responsibility for our actions.
What's the answer? Find your role, as ego, mine is Rocky! (Always almost producing the result, looking good in the process, with a big heart, getting screwed by the man! Should have won, really!) Once you recognize your role and the part your ego plays in the production of work you can move beyond it and allow you natural talent and joy take over.
Tired of that feeling on Sunday of dread about going back to work? READ THIS BOOK.
read this book in book store to pass some time its a easy re.......2001-05-30
and you can clearly get her message that runs through- out the book.What I found most helpful was she defines the ambiguous game playing and ego roles that go on in a work enviroment. You can by reading this book get a birds eye view of this -process- and build your confidence knowing these people are trapped in roles they may not even be aware of but with this book you have insight and awareness to rise above it and see your own ego at work-this book is freedom.Rather than feel slighted next time by a co-worker keep in mind this person is trying to live up to some primetime expectation-and its your job to help them live it because corporate culture is full of these hopeless gyrating pychopaths-my opinion-but on a kinder note once -u-instill this authors advise into yourself your human essence of compassion will transfer nonvebally-real confidence-to your co-worker and they will begin to relate to you from the same level.Although big ego's can be intertaining they often follow unconcious and unreal ambitions blindly-only to end up as lonely lost souls on death beds chasing desperate gods and expiring in teriffied last gasps.My advise is find a talent and to discover that you need to know who you are and that takes looking at yourself from a dynamic perspective because what you are looking for you will never see but only glimpse.Once your remove your status expectations about your primetimed self your talent will surface and lead you to prosperity. Good luck my friend.
Uses theatrical metaphors.......2001-05-22
To write her ground breaking book, Tragedy In The Workplace: The Longest Running Show In The Country, Danna Beal draws upon her more than twenty years as a professional business consultant and trainer working in all kinds of industries to create a new model for understanding how the modern workforce is besieged with envy, fear, battling egos, power competitions, office politics, cliques and power struggles, personal agendas, dishonesty, managers disempowering employees, co-workers sabotaging one another, as well as the general and pervasive atmosphere of insecurity in today's workplace. Using theatrical metaphors, Beal shows readers how they can cast others in roles to play out their own workplace dramas and by doing so, come to grips with workplace problems, issues, and personalities in order to minimize anxiety, resolve disputes, increase job satisfaction levels, and enhance productivity and the corporate bottom line. Tragedy In The Workplace is very highly and invaluable reading especially recommended to business owners, managers, personnel directors, and anyone caught up in the age old games of office politics.
Opportunity to operate from higher ground in the workplace.......2001-02-13
In a world starved for heart-centered, spirit-reviving insights, Danna Beal takes center stage with her book that spotlights leadership problems and offers practical, workable solutions. Her corporate background helped to flesh out the "actors", so identifiable on our own stages of life. As a Licensed Massage Therapist for over 12 years, I see and touch the "fallout" from the workplace daily and, am delighted to point my clients in the direction of this compelling book.
The Tragedy In The Workplace - Timely Truth For Our Day.......2000-12-21
I had the opportunity of reading The Tragedy In The Workplace, by Danna Beal during the Thanksgiving Holiday period. Reading it gave me another reason to be grateful. I found it to be full of truths which can be discovered in various venues by thoughtful people who are willing and able to listen to their inner voice. Although "Tragedy" is billed as a business book, I found it to be of a profoundly spiritual nature, which would help anyone with relationships of all kinds, e.i., business, family, and personal. In particular, I enjoyed the uplifting nature of the book, wherein the author took the high ground when it came to discussing sensitive issues, and no vulgarity or unseemly discussions were utilized, but at the same time anyone should have been able to relate the principles taught to their own situations, of whatever nature. In other words, Danna communicated well without resorting to the lowest common denominator, as is prevalent in much of today's writings. I was specifically impressed with the teachings of principles regarding: Synergism to achieve worthwhile goals, Focus on our spiritual cores which have unlimited potential, Accepting personal responsibility for results, How to break out of self-imposed prisons, Recognizing the spiritual nature of our fellow beings, An excellent treatment of the power of forgiveness - both for yourself and others, and The problems associated with judging. Reading Danna's book, reminded me of a phrase I have been using for years: "There are no rewards and no punishments, only consequences." Like this thoughtful book, it is apparent that its author, Danna Beal is a winner.
Sincerely, Laurence H. Keim
Book Description
Why were Federalists at the 1787 Philadelphia convention--ostensibly called to revise the Articles of Confederation--so intent on scrapping the old system and drawing up a completely new frame of government?
In Redeeming the Republic, Roger Brown focuses on state public-policy issues to show how recurrent outbreaks of popular resistance to tax crackdowns forced state governments to retreat from taxation, propelling elites into support for the constitutional revolution of 1787. The Constitution, Brown contends, resulted from upper-class dismay over the state governments' inability to tax effectively for state and federal purposes. The Framers concluded that, without a rebuilt, energized central government, the confederation would experience continued monetary and fiscal turmoil until republicanism itself became endangered.
A fresh and searching study of the hard questions that divided Americans in these critical years and still do today, Redeeming the Republic shows how local failures led to federalist resolve and ultimately to a totally new frame of central government.
Customer Reviews:
taxes, yeah!!!.......2005-11-19
The book gives a plausable and reasonable understanding which led to the Constitution. This is much more in keeping with the narrative of history than a more simplistic merchant vs. farmer approach in disucssion of the post-revolutionary period.
It is certainly very different from today where the rich seem determined to avoid taxation - even to the sacrifice of the national stability.
Books:
- The Rules of Risk: An Investor's Guide
- The Ultimate Safe Money Guide: How Everyone 50 and Over Can Protect, Save, and Grow Their Money
- The Wall Street gang
- The Young Investor: Projects and Activities for Making Your Money Grow
- Tourism Demand Modelling and Forecasting (Advances in Tourism Research)
- Trading by the Minute
- Trading With The Odds: Using the Power of Statistics to Profit in the futures Market
- U.s.-canada Free Trade Agreement: Factors Contributing To Controversy In Appeals Of Trade Remedy Cases To Binational Panels
- Ultimate Service: The Complete Handbook to the World of the Concierge
- Veterinary Public Health and Control of Zoonoses in Developing Countries
Books Index
Books Home
Recommended Books
- History: Fiction or Science
- God on Mute: Engaging the Silence of Unanswered Prayer
- A Visual Dictionary of Architecture
- Bent Ply
- Death by Black Hole: And Other Cosmic Quandaries
- Execution: The Discipline of Getting Things Done
- Epitaph of a Small Winner: A Novel
- Project Management for Business and Engineering, Second Edition: Principles and Practice
- Casa California: Spanish-Style Houses From Santa Barbara to San Clemente
- Boon Island: Including Contemporary Accounts of the Wreck of the *Nottingham Galley*
Kroll on Futures Trading Strategy
Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders
Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets
Entries & Exits: Visits to 16 Trading Rooms (Wiley Trading)
Trading Commodities and Financial Future: A Step by Step Guide to Mastering the Markets (3rd Edition)
