Extension Course for Trading Commodities

Extension Course for Trading Commodities

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Overview

Extension Course for Trading Commodities by Daniel Pickell, D. M. Daniel

Back in the 1930s, studies of the methods of trading were rare. The law of supply and demand was quoted glibly—but there were few men who could prove in black and white that there was such a law, or that it actually had a function in governing prices. The causes of price swings were little understood by those in the terminal markets, and certainly not by the general public.

Made available to the finance community once again after a criminal absence, Extension Course for Trading Commodities provides outstanding coverage to the field of commodities and futures. It is based on a course originally launched in 1934 and, arranged in a unique course format style, starts by looking at the fundamentals such as the effects inflationary factors have on commodity pricing and supply and demand. It considers the effects of agricultural policies, rules, regulations, and orders, and discusses the effect that environmental events have on the commodities market. The authors study the technical aspects of this field, highlighting their theories with a generous supply of charts, tables, and worked examples, all of which are as relevant today as they were when first conceived.

Product Details

ISBN-13: 9780273649762
Publisher: Financial Times/Prentice Hall Books
Publication date: 06/27/2000
Series: Traders Masterclass Series
Pages: 432
Product dimensions: 7.67(w) x 9.96(h) x 1.25(d)

Read an Excerpt

PREFACE:

Preface

Back in the 1930s studies of the methods of trading were rare. The law of supply and demand was quoted glibly — but there were few men who could prove in black and white that there was such a law, or that it actually had a function in governing prices. The causes of price swings were little understood by those in the terminal markets, and certainly not by the general public.

Made available to the finance community once again after a criminal absence, Extension Course For Trading Commodities provides outstanding coverage to the field of commodities and futures. It is based on a course originally launched in 1934 and, arranged in a unique course format style, starts by looking at the fundamentals such as the effects inflationary factors have on commodity pricing and supply and demand. It considers the effects of agricultural policies, rules, regulations and orders, and discusses the effect that environmental events have on the commodities market. The authors study the technical aspects of this field, highlighting their theories with a generous supply of charts, tables and worked examples, all of which are as current today as they were when first conceived.

The purpose of this course is to assist traders in determining what is a balance between supply and requirement; how to determine whether the price has discounted bullish or bearish conditions; and then how to determine when and at what price levels to make a trade that will prove most lucrative.

Ever since the birth of speculative markets, forecasting future price movements has been the biggest of challenges for market participants at every level. We allcould easily throw up our hands in desperation because any attempt to predict the unpredictable seems a fruitless cause, or we could read Extension Course For Trading Commodities and make best use of the wisdom held within. Using the grain market analogy, this course is as valuable today as it was in the 1930s and 1940s. It provides the reader with a historical yet current treatment of the commodities market. Toddy's traders, financiers and students will find this work interesting, enthralling, and above all, enlightening.

THE TRADERS' MASTERCLASS SERIES

Great investment advice is a rare and timeless commodity.

The Traders' Masterclass series brings to the market a set of classic texts from the "golden age" of technical analysis - timeless trading wisdom, laying the foundations on which a growing body of investment literature has been built.

These original works from the pioneers of technical analysis contain uniquely insightful lessons, winning formulae and trading tactics that can be put to use in any market, at any time. Generations of investors may come and go, but the nature of speculation remains the same. For investors and market students alike, these masters represent the original formulae for trading success.

Some of these works originally took the form of correspondence courses, and have never previously been published as books, while others have existed only as rare manuscripts, available to just a handful of traders with the determination to track them down.

Over a twenty-year period, an experienced US trader and renowned investment book expert, Donald Mack, selected and tracked down these classics so that modern investors might benefit from their advice. Each book in the Traders' Masterclass series has been introduced and annotated to aid its application in today's markets. To the trading community these manuscripts will be rare and valuable sources of wisdom.

Table of Contents

The Traders' Masterclass Series xv
Editor's Introduction xvii
Introduction to First Edition xxv
The Relativity of Prices
1(18)
The Law of Price Relativity
4(4)
The General Trend of Commodity Prices
8(6)
Inflation
14(5)
The Law of Supply and Demand
19(28)
The Primary Price Law
23(24)
The Dow Theory Applied to Grain
47(16)
The Three Market Movements
49(1)
The Potent Price
50(1)
The "Line" or Congestion
50(1)
Averages Must Confirm Each Other
51(1)
Reactions Are Sharp
51(1)
Action Following Panics
52(1)
Market Like a Pendulum
52(1)
Speculation in General
52(1)
Manipulation
53(2)
Your Greatest Speculative Enemy
55(3)
Dow Theory Applied to Grain
58(5)
Gregory King's Law of Prices and Historical Effects of High and Low Prices
63(18)
The Money Theorists
72(3)
Practical Application of King's Law of Prices
75(6)
Daily Action
81(18)
A Mechanical Method of Market Analysis
95(1)
Definitions
96(3)
Trends
99(16)
The Movement Graph
102(6)
The "Coil" Formation
108(4)
Market Weights
112(1)
Definitions
112(1)
Conclusions
113(2)
Averages
115(12)
Get-Away Gaps
124(3)
Objectives
127(14)
The Circumscribed Objective
135(4)
Market Scale Weights
139(1)
Scale Weights
140(1)
Cycles and The Weather
141(18)
Ember Days
148(6)
Summary
154(1)
The Figure Chart
154(2)
Market Scale Weights
156(3)
Seasonal Trends in Grain Prices
159(16)
The Seasonal Grain Cycle
161(7)
Post-World War Markets
168(1)
Relationship of Cash and Futures Markets
168(2)
Actual Tops and Bottoms on Wheat
170(2)
Conclusions
172(3)
Examination
175(8)
Business Indices
178(1)
Reference List of Analysis Factors
179(4)
Corn
183(18)
The Dominating Market Influence
187(7)
Time and Distance of Extremes and Runs
194(2)
A Most Important Time of Year
196(4)
Top and Bottom Formations
200(1)
Oats and Barley (and Answers to Examination Questions)
201(16)
Price Characteristics
203(3)
Conclusion on Oats
206(1)
Barley
207(3)
Answers to Examination Questions
210(7)
Business Fundamentals and Grain Prices
217(12)
The Division of Labor
224(5)
The Basis of Prosperity and Advancing Prices
229(14)
New Inventions
234(1)
Building and Business
235(1)
The Record
236(2)
Fundamentals of the Depression
238(1)
Then Came the Turn
239(1)
The Building Deficit
239(1)
It Forecasts the Future
240(3)
Changing Aspects of American Industrial Economy
243(14)
We Become an Exporter
246(2)
A Changed Economy
248(1)
We Are Not Independent
249(2)
Changed World Conditions
251(3)
The Roosevelt Trade Policy
254(1)
Conclusions
255(2)
The Business Cycle and The Business Indices
257(14)
The Business Cycle
261(1)
Prosperity
262(2)
The Decline
264(2)
Depression
266(1)
Recovery
267(2)
A Business Index
269(2)
Grain Trading Methods of Big Operators
271(18)
A Plan of Operation
280(1)
Inside Information
281(8)
Trading Methods of Big Operators (Continued)
289(20)
Characteristics of His Trading
296(2)
Suggested Method of Trading Operations
298(3)
Trend Lines
301(4)
The Progressive Average Trend Line
305(4)
Suggested Method of Trading Operations
309(14)
Margins
311(3)
Steps in Trading
314(2)
Crop Scare Bull Markets
316(1)
Types of Grain Markets
316(2)
Trading in Various Types of Markets
318(5)
Application of Trading Methods
323(18)
How Should Profits be Used?
331(5)
Stop-Loss Orders
336(5)
Trading in A Narrow Market
341(16)
May Wheat and The Banking Holiday
357(14)
An Erratic Wheat Future in An Unusual Market
371(18)
Bids and Offers
379(2)
Minimum Prices
381(8)
Index 389

Preface

PREFACE:

Preface

Back in the 1930s studies of the methods of trading were rare. The law of supply and demand was quoted glibly — but there were few men who could prove in black and white that there was such a law, or that it actually had a function in governing prices. The causes of price swings were little understood by those in the terminal markets, and certainly not by the general public.

Made available to the finance community once again after a criminal absence, Extension Course For Trading Commodities provides outstanding coverage to the field of commodities and futures. It is based on a course originally launched in 1934 and, arranged in a unique course format style, starts by looking at the fundamentals such as the effects inflationary factors have on commodity pricing and supply and demand. It considers the effects of agricultural policies, rules, regulations and orders, and discusses the effect that environmental events have on the commodities market. The authors study the technical aspects of this field, highlighting their theories with a generous supply of charts, tables and worked examples, all of which are as current today as they were when first conceived.

The purpose of this course is to assist traders in determining what is a balance between supply and requirement; how to determine whether the price has discounted bullish or bearish conditions; and then how to determine when and at what price levels to make a trade that will prove most lucrative.

Ever since the birth of speculative markets, forecasting future price movements has been the biggest of challenges for market participants at every level. Weallcould easily throw up our hands in desperation because any attempt to predict the unpredictable seems a fruitless cause, or we could read Extension Course For Trading Commodities and make best use of the wisdom held within. Using the grain market analogy, this course is as valuable today as it was in the 1930s and 1940s. It provides the reader with a historical yet current treatment of the commodities market. Toddy's traders, financiers and students will find this work interesting, enthralling, and above all, enlightening.

THE TRADERS' MASTERCLASS SERIES

Great investment advice is a rare and timeless commodity.

The Traders' Masterclass series brings to the market a set of classic texts from the "golden age" of technical analysis - timeless trading wisdom, laying the foundations on which a growing body of investment literature has been built.

These original works from the pioneers of technical analysis contain uniquely insightful lessons, winning formulae and trading tactics that can be put to use in any market, at any time. Generations of investors may come and go, but the nature of speculation remains the same. For investors and market students alike, these masters represent the original formulae for trading success.

Some of these works originally took the form of correspondence courses, and have never previously been published as books, while others have existed only as rare manuscripts, available to just a handful of traders with the determination to track them down.

Over a twenty-year period, an experienced US trader and renowned investment book expert, Donald Mack, selected and tracked down these classics so that modern investors might benefit from their advice. Each book in the Traders' Masterclass series has been introduced and annotated to aid its application in today's markets. To the trading community these manuscripts will be rare and valuable sources of wisdom.

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