All about Commoditites: From Inside Out

I just started a job as a reporter for the New York Cotton Exchange and knew next to nothing about commodities and futures. After reading this book I felt I had a solid foot in the door and now feel ready to dive further into the complicated subject of commodity trading. Excellent choice for a thorough introduction to the subject. In fact, I just purchased McCafferty's All About Options: From the Inside Out. Recommended read.

Warsendorf and McCafferty have written a well organized primer for the beginning commodities trader. As a rank beginner myself, I truly appreciated the glossary of terms. The nomenclature of this subject is considerable; however, the authors introduce the subject on a level that most will be able to understand. The title is somewhat misleading as this is not "all" there is to know about commodities, but the authors do not profess to have covered the subject in its entirety. They even give a fairly extensive list of books for further reading. What they have done is to cover the major aspects of commodities trading in a comprehesive, well-written manner. Though even as a beginner, I would have liked to have had a more thorough explanation of the various trading systems (many are covered). Or, perhaps just more examples showing how the systems work in actual practice. This is about my only criticizm. Warsendorf and McCafferty's philosophy on developing your own trading system was refreshing to me. Instead of saying that one should follow their system, they say that you should study many trading systems and then develop your own. It reminded me of Bruce Lee's "Tao of Jeet Kune Do." Much of the book is filled with this sort of sound, common sense advice. All in all, it was a good read. I feel well grounded in the subject and ready to tackle more detailed books. If you're a beginner, this is a good place to start; if you're a veteran, try the tests at the end of the chapters and see how your knowledge of commodities and trading stacks up!