"The Complete Guide to the Futures Markets - Jack D. Schwager" Perhaps its a bit of shameless self advertising but in his "The New Market Wizards" page 336-337, Mark Ritchie said he would advise any would-be traders to read this book and digest half of it before even considering. I don't know, I am tempted to take up the challenge... For those who have the book, what is your opinion of it? It IS rather pricy compared to the other books I have read. (Van K. Tharp's Trade your way to financial freedom, wizards, new wizards, put bull, reminiscenes...etc) Good buy or bad buy? I want to hear it from you guys before I run off to get it.
I read it in 1996 or early 97. I remember thinking wow, he says candles are computer tested bullshit. He likes measured moves and flag patterns. After my old style stopped working slearned about certain flag patterns, and measured moves which are all over the place. I really do not remember much more but at least the things I remember have held up.
I read it many years ago (got it from the library) and I didn't like it mainly because I'm more into psychological aspects of trading (how it affects us as traders and how it establishes support/resistance levels throughout the intraday)... Here's a quote I took from Amazon about the book... _________ I recommend this book for those seeking quantitative knowledge of the futures markets and mathematical breakdowns of the strategies. But just know that if you read and buy this book, be aware that not all traders are so statistical and professor-like in their analysis. Schwager humbly admits that he is not a good trader himself. I think this is because he tries to hide behind rigorous analysis rather than dealing with his emotions and psychology directly, and this book reflects that attempt on his part. In conclusion I would say that this is an excellent reference guide, but I cannot agree that it is "complete" because it glosses over the critical psychological and emotional elements and does not deal with them as "completely" as it should. ___________ If your going to read it...try to get it from your local public library or read it at your local college business school library. NihabaAshi
Besides his brilliant Market Wizard series, Schwager SUCKS big time as an author. If you're looking for a book covering the basics of all futures markets (not just interest rate and index-futures) then I can recommend "Understanding Futures Markets" by Robert W. Kolb - but it badly needs an update, especially regarding the F/X and Index futures sections.