4* book review posted on Amazon
David Bennett provides his simple, but complete trading strategy applied to the grain futures market in this book’s second edition (2017). He provides a step-by-step guide with overly sufficient charting examples. Using basic candlesticks with the grain’s support and resistance levels, and the daily range of specific price levels of certain bars, he is able to determine his entry and exit points. No technical indicators are used which is surprising. Using 2-minute charts for his analysis he makes a determination as to his opening trade based on the first few candlesticks.
Bennett indicates that his trading approach can be used on any market, and that the book should be used by those with some trading experience. His goal is to make 1 round trip trade a day – thereby keeping it simple, and leaving most his days free for other endeavors. Bennett chose day trading over swing or longer-term trading because he wanted to avoid any random market shocks that could decimate the market and any positions he held. Moreover, he wanted to know by the end of the day how he made out. So day trading worked out perfectly for his personality type and goals.
The book contains 19 chapters; with some are only four to five pages long. Chapters 15 (38 pages) and Chapter 16 (27 pages) provide a sample of the how the author trades over the course of a day and a month, respectively. The bulk of chapter 15 is composed of 42 sequential charts, as he works through the day providing commentary. This is overkill and gets to be tedious. There is no real discussion of the grain complex or how commodities trade, nor a discussion of seasonal tendencies which are more common than most trades realize.
Bennett covers the importance of using stop orders and taking small losses. He has developed a trading calculator worksheet that he uses to automatically trade on his behalf after he sets the parameters using Interactive Brokers trading platform.
Throughout the book he offers useful comments about trading and risk management that he has experienced over many years of trading. These are well worth the reader’s time, since making too many mistakes and not focusing on the key elements of trading will result in an expensive failure. I found his commentary was more valuable, as a day trader myself, than his trading methodology. Most traders find their own way of trading that reflects their own personality and temperament.
Overall, the book does not provide the reader with the ability to necessarily trade profitably, as trading is unique to the individual, his/her personality, risk tolerance, perseverance, discipline and emotional stability. Also there is no data provided on how successful the author was using this strategy. There were no account statements or other data provided, so we have to take his word for the validity of his approach.
I consider this book to be an introductory look at how one trader makes money in the market. Whether his approach will work over time or for another trader is open to question. Moreover, successful trading requires years of experience in all types of market conditions for continued success. Trading is not as simple as it may look, and the newbie trader should definitely expand his education before putting a dollar on the table.
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