Details

Diary of a Professional Commodity Trader


Diary of a Professional Commodity Trader

Lessons from 21 Weeks of Real Trading
1. Aufl.

von: Peter L. Brandt

25,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 14.01.2011
ISBN/EAN: 9780470947265
Sprache: englisch
Anzahl Seiten: 304

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Beschreibungen

Trading is generally far more difficult in practice than in theory. The reality is that no trade set up or individual trader or system can identify profitable trades in advance with complete certainty. In <i>A Year of Trading,</i> long-time trader Peter Brandt reveals the anxieties and uncertainties of trading in a diary of his 2009 trades. He explains his thought process as he searches for trading opportunities and executes them. Each trade includes charts, an analysis of the trade, and a play-by-play account of how the trade unfolds.
<p>Acknowledgments xiii</p> <p><b>Part I </b><b>Foundations of Successful Trading 1</b></p> <p><b>Introduction 3</b></p> <p>The Invention of a Commodity Trader 3</p> <p>Why I Wrote This Book 7</p> <p>This Book’s Audience 9</p> <p>The Book’s Road Map 14</p> <p><b>Chapter 1 </b><b>The History and Theory of Classical Charting Principles 19</b></p> <p>My Perspective of the Principles 20</p> <p>Three Limitations of the Principles 21</p> <p>Summary 22</p> <p><b>Part II </b><b>Characteristics of a Successful Trading Plan 23</b></p> <p><b>Chapter 2 </b><b>Building a Trading Plan 25</b></p> <p>Trader Personality and Temperament 25</p> <p>Adequate Capitalization 29</p> <p>Overall Risk Management 30</p> <p>Points to Remember 32</p> <p><b>Chapter 3 </b><b>Identifying the Trades and the Trading Vocabulary 33</b></p> <p>Trade Identification 35</p> <p>Vocabulary of the Factor Trading Plan 35</p> <p>Points to Remember 54</p> <p><b>Chapter 4 </b><b>Ideal Chart Patterns 55</b></p> <p>Reversal H&S Pattern in Copper 56</p> <p>Reversal Rising Wedge in AUD/USD 56</p> <p>Continuation Wedge and Reversal Failure Top in Soybean Oil 57</p> <p>Reversal Triangle Bottom in Sugar 58</p> <p>Continuation and Pyramid Patterns in USD/CAD 58</p> <p>Reversal Top in Silver 59</p> <p>Continuation H&S Pattern in the Russell 1000 Index 60</p> <p>Continuation Rectangle in Kansas City Wheat 61</p> <p>Continuation Rectangle and Pyramid Triangle in Crude Oil 61</p> <p>Continuation H&S Top in the Dow Utilities 63</p> <p>Continuation Triangle, Reversal M Top, and Flag in the EUR/USD 63</p> <p>H&S Reversal Top and Three Continuation Patterns in the GBP/JPY 65</p> <p>A Reversal Symmetrical Triangle in the AUD/JPY 66</p> <p>Two Continuation Patterns in GBP/CHF 67</p> <p>A Triangle and Running Wedge in Sugar 67</p> <p>An H&S Bottom in Apple Computer 68</p> <p>A Major Continuation H&S and Symmetrical Triangle in Gold 68</p> <p>A Series of Bullish Patterns in Copper 70</p> <p>A Failed Ascending Triangle in the USD/CAD Crossrate 71</p> <p>A 12-Week Rectangle in the Dow Jones Transport Index 72</p> <p>A Rare Horn in Brent Sea Oil 72</p> <p>An H&S Bottom Launches the 2009 Bull Market in the S&Ps 73</p> <p>Summary 74</p> <p>Points to Remember 74</p> <p><b>Chapter 5 </b><b>How the Factor Trading Plan Works 75</b></p> <p>Trade Identification 75</p> <p>Trade Entry 84</p> <p>Trade Risk Management 85</p> <p>Trade Order Management 86</p> <p>Points to Remember 89</p> <p><b>Chapter 6 </b><b>Three Case Studies Using the Factor Trading Plan 91</b></p> <p>A Remarkable Technical Event in the Dow Jones 92</p> <p>A Year Trading Gold 94</p> <p>A Year Trading Sugar 104</p> <p>Points to Remember 113</p> <p><b>Chapter 7 </b><b>Characteristics of a Successful Trader 115</b></p> <p>Intimate Knowledge of Trading Signals 116</p> <p>Discipline and Patience 117</p> <p>Analysis of Self and of the Trading Plan 117</p> <p>It Takes a Leap of Faith 120</p> <p>Points to Remember 121</p> <p><b>Part III </b><b>A Five-Month Trading Diary: Let The Journey Begin 123</b></p> <p><b>Chapter 8 </b><b>Month One: December 2009 127</b></p> <p>Trading Record 129</p> <p>Summary 143</p> <p><b>Chapter 9 </b><b>Month Two: January 2010 145</b></p> <p>Identifying Trading Opportunities 146</p> <p>Amending the Plan 151</p> <p>Trading Record 152</p> <p>Summary 170</p> <p><b>Chapter 10 </b><b>Month Three: February 2010 171</b></p> <p>Sticking to the Plan in Choppy Markets 171</p> <p>Trading Record 173</p> <p>Summary 187</p> <p><b>Chapter 11 </b><b>Month Four: March 2010 189</b></p> <p>Trading Record 190</p> <p>Summary 201</p> <p><b>Chapter 12 </b><b>Month Five: April 2010 203</b></p> <p>Relying on Classical Charting Principles 204</p> <p>Trading Record 205</p> <p>Outlook for the Future 210</p> <p>Summary 214</p> <p><b>Part IV </b><b>The Wrap-Up 215</b></p> <p><b>Chapter 13 </b><b>Analysis of Trading Performance 217</b></p> <p>How the Trading Plan Performed 221</p> <p>How the Plan (and the Trader) Evolved 227</p> <p>Summary: Best Practices Going Forward 228</p> <p><b>Chapter 14 </b><b>The Best Dressed List 231 </b></p> <p>A Seven-Month Double Bottom in AUD/USD 231</p> <p>A 14-Month Coil and Nine-Month Descending Triangle in EUR/CHF 233</p> <p>A Six-Month Wedge in EUR/USD 234</p> <p>A 16-Week Horn in GBP/USD 235</p> <p>A Four-Month H&S in Bottom NZD/USD 236</p> <p>A Six-Month Ascending Triangle Failure in USD/CAD 237</p> <p>An Eight-Month H&S Bottom in the S&Ps 238</p> <p>A 14-Month Symmetrical Triangle in Sugar 239</p> <p>A Seven-Month Triangle in Gold 240</p> <p>A Series of Continuation Patterns in Copper 242</p> <p>An H&S Bottom in Crude Oil 243</p> <p>Summary 243</p> <p>Postscript 245</p> <p>Appendix A Factor Trading Plan Signals 249</p> <p>Appendix B Quick Reference to Charts 257</p> <p>Appendix C Recommended Resources 269</p> <p>Author’s Note 271</p> <p>Index 275</p>
<p><b>PETER L. BRANDT</b> has been a full time professional commodity and foreign exchange trader for over thirty years. He has worked as a broker to large industrial clients, traded for his own account, and was one of the early pioneers in the commodity hedge fund arena. Along the way, Brandt published a highly regarded newsletter called <i>The Factor</i>, and also collaborated with Bruce Babcock Jr. to publish the highly acclaimed book, <i>Trading Commodity Futures with Classical Chart Patterns</i>. Primarily devoted to trading proprietary capital in commodity and forex markets, Brandt has achieved a lofty average annual rate of return of 68 percent during his career.</p><p>The author can be reached at plb.factor@gmail.com</p>
<p>Becoming a consistently successful trader is a tough job. It's a craft that requires extensive knowledge of the markets—involving a whole lot more than just finding the next great trading opportunity—and a process that addresses many aspects of both the market's, and your own, behavior.</p> <p>Nobody understands this better than author and longtime trader Peter Brandt. During his thirty-plus years in this field, he has made every mistake possible and learned some major lessons along the way. He also developed a set of guidelines, rules, and practices—which he refers to as the Factor Trading Plan—that direct his trading decisions.</p> <p>Now, in Diary of a Professional Commodity Trader, Brandt shares the experiences he has gained trading price charts over the years, and through a real-time journal—which spans an arbitrary time frame of 21 weeks (from December 2009 to April 2010)—skillfully shows how he goes about the difficult endeavor of trading the commodity and forex markets using classical charting principles.</p> <p>Divided into four comprehensive parts, this personal and unique guide clearly reveals the uncertainty and emotions that surround trading and details an effective approach towards speculation that will give you an edge. Page by page, it:</p> <ul> <li> <p>Offers a real-time, play-by-play account of Brandt's trading activities—the good, the bad, and the ugly—during his 21-week journey, and provides valuable insights into market analysis, trade identification and selection, and risk management</p> </li> <li> <p>Highlights the basic building blocks of the author's Factor Trading Plan and examines how his plan continues to evolve with the markets</p> </li> <li> <p>Emphasizes the central role risk management plays in market speculation—an even more important role than market analysis or trade selection</p> </li> <li> <p>Reveals trading as a fundamental battle to overcome your basic human emotions</p> </li> <li> <p>And much more</p> </li> </ul> <p>Unlike most books on this subject, which try to tell you how to trade, Diary of a Professional Commodity Trader offers a rare look at the realities of this discipline and provides you with a firm understanding of what it really takes to improve your performance over the long term.</p>
<p>Becoming a consistently successful trader is a tough job. It’s a craft that requires extensive knowledge of the markets—involving a whole lot more than just finding the next great trading opportunity—and a process that addresses many aspects of both the market’s, and your own, behavior.</p> <p>Nobody understands this better than author and longtime trader Peter Brandt. During his thirty-plus years in this field, he has made every mistake possible and learned some major lessons along the way. He also developed a set of guidelines, rules, and practices—which he refers to as the Factor Trading Plan—that direct his trading decisions. <p>Now, in <i>Diary of a Professional Commodity Trader</i>, Brandt shares the experiences he has gained trading price charts over the years, and through a real-time journal—which spans an arbitrary time frame of 21 weeks (from December 2009 to April 2010)—skillfully shows how he goes about the difficult endeavor of trading the commodity and forex markets using classical charting principles. <p>Divided into four comprehensive parts, this personal and unique guide clearly reveals the uncertainty and emotions that surround trading and details an effective approach towards speculation that will give you an edge. Page by page, it: <ul><li>Offers a real-time, play-by-play account of Brandt’s trading activities—the good, the bad, and the ugly—during his 21-week journey, and provides valuable insights into market analysis, trade identification and selection, and risk management</li> <li>Highlights the basic building blocks of the author’s Factor Trading Plan and examines how his plan continues to evolve with the markets</li> <li>Emphasizes the central role risk management plays in market speculation—an even more important role than market analysis or trade selection</li> <li>Reveals trading as a fundamental battle to overcome your basic human emotions</li> <li>And much more</li></ul> <p>Unlike most books on this subject, which try to tell you how to trade, <i>Diary of a Professional Commodity Trader</i> offers a rare look at the realities of this discipline and provides you with a firm understanding of what it really takes to improve your performance over the long term.

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