A Diary of a Professional Commodity Trader
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A Diary of a Professional Commodity Trader : Lessons from 21 Weeks of Real Trading

By (author) Peter L. Brandt

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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 A Year of Trading, 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.

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  • Hardback | 304 pages
  • 154.94 x 231.14 x 33.02mm | 498.95g
  • 18 Feb 2011
  • John Wiley and Sons Ltd
  • John Wiley & Sons Ltd
  • Chichester
  • English
  • 0470521457
  • 9780470521458
  • 82,508

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Author Information

PETER L. BRANDT 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 The Factor, and also collaborated with Bruce Babcock Jr. to publish the highly acclaimed book, Trading Commodity Futures with Classical Chart Patterns. 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. The author can be reached at plb.factor@gmail.com

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Back cover copy

Praise for "Diary of a Professional Commodity Trader" "We've all read about the high rollers who go boom and bust, but this book is different. With straightforward prose, practical knowledge and honest counsel, Peter Brandt methodically explains what no one has before: how a dedicated individual can trade for a living. If that is your destination, this is your ticket." --Robert Prechter, Elliott Wave International "This book is insanely great. The refreshing clarity this book brings to the table is brilliant. I think this is an amazing, excellent book, one that could help a whole new generation of traders." --Jack Sparrow, MercenaryTrader.com "This is the most honest trading book of the last decade. Peter tracks recent trials and tribulations on his path to success dating back to the 1980s. He shares numerous insights into the emotional and technical challenges of trading, right down to his track record over the years. His ultimate success reflects the importance of staying true to a process while still allowing flexibility to modify rules as market conditions change. Anyone desiring longevity in the business really needs to read this book." --Linda Raschke, trader, President of LBRGroup, Inc., and coauthor of the bestselling book, "Street Smarts: High Probability Short Term Trading Strategies" "Almost every book about trading for a living is either fraudulent or boring (or both). This book is neither. Not only is it a good read for anyone seriously wanting to know what trading is really like, it is also very interesting, mostly due to its real-time, diary format. As someone who has done myself what he describes, I highly recommend it." --Robert Zellner, independent trader, former director of the Chicago Mercantile Exchange and former CEO, Citicorp Futures Corp. "Trading is not what most people think it is, as you will find out in this real-life experience from Peter Brandt, a well-seasoned trader. You will learn what he looks for in trades, what tells him to hop aboard and how to get out. Well worth reading!" --Larry Williams, author and trader, www.ireallytrade.com "Anyone interested in trading--and not just commodity trading--is going to cherish this book. Brandt's detailed diary is like a great novel, revealing the inner life and character of a trader, revealing the kinds of inner understanding we all need if we hope to navigate an ultimately unknowable future.?Traders would do well to try to become, as individuals, more like Peter Brandt." --Lowell Miller, President and CIO, Miller/Howard Investments, Inc., author of "The Single Best Investment" "Insights, observations, and practical information gleaned from over two decades of consistently successful trading performance. A must-read for anyone wishing to enter the world of risk." --Daniel Chesler, CMT, President, Chesler Analytics LLC "This book is a must-read for anyone who contemplates being an effective trader.? His exquisite use of charting techniques is spot on." --Eero Pikat, President, Barchart.com Inc. "A great book for advanced and beginning traders! The professional trading insights that Peter shares can help traders speed up the progress of their own trading by light years." --Glen Larson, President, TradeNavigator.com

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Flap copy

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. 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. 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. 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: 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 Highlights the basic building blocks of the author's Factor Trading Plan and examines how his plan continues to evolve with the markets Emphasizes the central role risk management plays in market speculation--an even more important role than market analysis or trade selection Reveals trading as a fundamental battle to overcome your basic human emotions And much more 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.

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