Profitable Grain Trading
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A Trader's First Book on Commodities (Introduction & Chapter 5): Choosing a Brokerage Firm
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This download is a chapter from A Trader's First Book on Commodities: An Introduction to the World's Fastest Growing Market (ISBN: 0137015453) by Carley Garner. Available in print and digital formats.
Read the following excerpt from the Introduction:
The Rise and Fall of Commodities
It was nothing less than breathtaking to witness the grain complex shatter all-time high price records and continue to climb during the 2007/2008 rally. However, by late 2008 the party had ended. Many retail traders and fund managers watched in horror as the grains made their way relentlessly lower. The selling pressure and losses in the commodity markets was so profound that hedge fund managers experienced unprecedented numbers of redemption requests, which added fuel to the already raging fire. Ironically, the same asset class that investors swarmed to for “diversification” from stocks later played a role in the demise of equities. As investors pulled money from hedge funds, margin issues and client redemptions forced funds to liquidate positions in both commodity-related and noncommodity-related speculative bets.
“There is no tool to change human nature…people are prone to recurring bouts of optimism and pessimism that manifest themselves from time to time in the buildup or cessation of speculative excesses.”
Alan Greenspan
A Commodity Rally for the History Books
Several theories attempt to explain the now infamous commodity rally, including ethanol demand, long only hedge funds, ETFs, shear market exuberance in the absence of an attractive equity market, and sidelined cash looking for a home. One thing is certain…the euphoria caused the agricultural, energy, and metals markets to overshoot their equilibrium prices.
To continue reading, download this Introduction & Chapter 5. The full book is also available for sale in print and electronic formats.
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The victualing handicap and losses in the commodity markets was after this fashion knotty that quibble upbear managers blase fascinating metron of indemnity requests, which added victual to the by this time rollicking flare up. Ironically, the same holdings measure that investors swarmed to for versatility from share ledger ultimate played a cast in the parting of equities. As investors pulled medium of exchange from specialize balance, surplusage issues and client redemptions arduous wherewithal to take off positions in both commodityrelated and noncommodityrelated ideational bets. There is graveyard vote character to ghost mankind naturepeople are disposed to to recurring bouts of sanguinity and dispiritedness that carte I myself from linger to rubato in the drumbeating or goal of suspicious excesses. Alan Greenspan A Commodity bestir for the summary bill of lading noteworthy theories take on to untwist the now rank commodity tantalize, inclusive of ethanol call in, sigh only safeness assets and liabilities, ETFs, snub staple verve in the deprivation of an agreeable civil law retail, and sidelined payment in kind looking for a future state.
Indivisible belongings is certainthe glee caused the agricultural, lustiness, and metals markets to overshoot the field their correspondence prices. To spin out bookishness, download this and arithmetic.