Investor's
Library 
Review of
How to Become a Real-Time Commodity Futures Trader…From Home
by Scott Krieger
Here’s good news for new or hopeful traders in the futures markets: A book that offers a thorough overview and substantial insight into the fascinating and potentially profitable world of futures trading. It is, perhaps, the best book to provide a succinct education in the business of futures trading. Its effectiveness is born of excellence in the use of language, unambiguous descriptions and discussion of only the most useful and effectual methods.
I agree with virtually all of the author’s conclusions and advice, with the notable exception of his approach to the use of options, which he treats most briefly and about which he admits to being something of a novice. The author, Scott Krieger, is an active real-time day trader and is well qualified to provide helpful advice to the new (as well as seasoned) trader.
The book is a soup-to-nuts treatment of futures trading, which omits no area of import, from the organization of which futures to trade to a detailed description of specific trading techniques. Krieger devotes the most space to subjects related directly to decisions about trading. It is eminently practical. It even contains a fine section on the best web addresses available to traders -- a worthwhile contribution.
Krieger explains his own trading approach. He goes far enough in the description of specific indicators and their use to get the reader enthused about the obvious good sense that underlies his methodology. One does learn late in the book that the author has something to sell, other than books. He provides a “package” for which you can only find the price by contacting his company. Although such tactics may seem a disappointment on the surface, they do not mitigate the excellence of this fine book, and the “pitch” is a soft sell and held to a minimum.
Krieger consistently calls them like he sees them, calls a spade a spade and refuses to buckle to conventional wisdom. For example, contrary to the advice of numerous writers who recommend trading before certain holidays (the “Santa Claus” effect), he views these times as illiquid and recommends avoiding them.
Another example relates to the identification of pivots. Some writers espouse the prediction of market turns in an attempt to enter as close as possible to a top or bottom, whereas others have decried this practice, preferring to enter only after a trend is well established. Krieger recommends identifying market turns, not for the purpose of entry, but because turning points identify the beginning of trends, and the entire purpose of the exercise is to get a piece of the ensuing trend.
The book’s concentration is skewed toward day trading, the author’s particular bent, but also covers longer time frames. The approach presented is one that should be valid in any time frame.
This is a book that every novice futures trader should read and study. I believe it will also benefit the great majority of seasoned traders as well because it covers advanced topics such as Keltner analysis (alone and with other indicators), trading synergy, Gann time, multiple time frame trading analysis and many others.
Edward Dobson, President
Traders Press, Inc.
Greenville, SC
More details and full table of contents are available at http://www.traderspress.com
