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Direct Access Futures A Complete Guide to Trading Electronically
ISBN: 0471121991     Date Published: 2001-12-21     Author(s): David I. Silverman
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288 Pages
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Editorial Review - Book Description:
Make optimal use of the new futures trading technologies
Direct access, the democratizing force that transformed stock trading in the 1990s, has come to the futures industry in a big way. With the advent of a new electronic futures trading infrastructure, everyone-from the former pit boss, to the hedge fund manager, to the individual investor working from home-has equal and instantaneous access to futures markets in six continents. To survive and thrive in the futures markets, experienced and novice futures traders alike need to educate themselves with the ins and outs of the electronic trading environment. Silverman, former board member of the Chicago Mercantile Exchange who has successfully made the transition from trading on the floor to trading electronically, acquaints readers with his proven strategies for playing both the long and short sides of the futures market and profiting in all market conditions.

From the Inside Flap
Like stocks, futures are moving off the floor and onto electronic platforms, so everyone can have direct access to them. Both novice and experienced futures traders must master this new way to trade if they expect to survive in the fast-moving, highly competitive "pit" of the future. Whether you’re an individual investor, a former pit trader, or a hedge fund manager, Direct Access Futures contains everything you need to use the new technology of direct access for planning and profiting from futures.

For more than twenty years, David Silverman has traded futures and consulted on issues concerning them. As a longtime member of the Chicago Mercantile Exchange, he has been part of the electronic revolution taking place around this important financial vehicle. In Direct Access Futures, Silverman teaches you how to profit from futures by taking advantage of direct access trading and its new technologies. First you will learn about direct access: what it is, why it is important, and how to use it. From interviews with market professionals including the president of a large futures commission merchant, a network technician, and a floor-trader-turned-electronic-trader you’ll hear firsthand accounts of the benefits of direct access trading. You’ll also come to understand the functionality that can be expected from an electronic trading system by taking a close look at the CME’s GLOBEX®2.

Basic information about futures markets–how they work, who uses them, and how–will help you understand the vital role that the exchanges play in the development of futures. Various major exchanges, both foreign and domestic, are highlighted so you can see the products, hours of operation, and pricing information associated with each. The strategies and approaches that you’ll learn to trade direct access futures are complemented by extensive coverage of the software you’ll need to set up a trading system.

Building on the foundation of how direct access works, this complete guide also discusses futures products themselves. Direct Access Futures offers a thorough analysis of major trading products–the e-mini currency and long-term interest rate futures contracts–so you can trade the market like a professional.

With the inevitable changes in futures trading, you will encounter great opportunities, but one thing will remain the same: if you are unprepared, you will continue to lose money to the market professionals. If you’re serious about capitalizing on the opportunities ahead, it will be necessary to learn about market dynamics, technology, and strategy in the direct access world of futures. After reading Direct Access Futures, you’ll have the best chance of reaching your goals and becoming a successful trader.

Customer Review:
Total Reviews: (4)
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10 of 10 People found the following review helpful.

direct access futures, March 1, 2002 By A Customer This review is from: Direct Access Futures: A Complete Guide to Trading Electronically (Wiley Trading) (Hardcover) I have bought a lot of books about futures trading and after reading them I usually feel like I have wasted my money. That's why this book was such a delightful surprise. In addition to providing useful and understandable information about electronic trading, the author, Mr. Silverman, can really write. It was really interesting to learn about life on the trading floor and how it compares to trading electronically. His anecdotes about his 20 year career in the futures markets really brought to life the pressures and rewards of being a professional trader. I especially appreciated his insight into e-mini trading. For the first time, I understood the shenaningans that the traders on the floor and on the screen pull to provide themselves with an edge over the retail trader. The great thing about electronic trading, as Silverman argues, is that it allows someone like me who cannot trade on the floor of an exchange to compete on a level playing field. By opening a window into the...
4 of 4 People found the following review helpful.

"Your all purpose guide" ???, August 8, 2004 ByChris Jaronsky (NJ, the garden state) - See all my reviews Amazon Verified Purchase(What's this?) This review is from: Direct Access Futures: A Complete Guide to Trading Electronically (Wiley Trading) (Hardcover) I fell for the "Your all purpose guide to this versatile investment vehicle" and the title "A complete guide to trading electronically". It was a good book about the different exchanges but seemed to be more a history lesson than trading guide. If you want to know basics about the exchanges then it may be a good book. If you are looking for a nuts and bolts direct access futures trading book then keep looking. I did enjoy the book, it just wasn't what I thought it would be based on the reviews.
2 of 3 People found the following review helpful.

Too institutionalized., March 26, 2004 By A Customer This review is from: Direct Access Futures: A Complete Guide to Trading Electronically (Wiley Trading) (Hardcover) Disappointed. Another review by a major brokerage employee trying to drum up business. I do not care about the history of the investing world or how the good old boys operate on the floors of the major exchanges. They are irrelevant to the little guy at home who wants to know HOW, not WHAT. Short on specifics, long on "Boy, do I know a lot that you will never know, but if you try really hard and have the perspicacity of a saint and minimize your losses and maximize your gains, you will maybe do ok". Give me a break! Save your money and time!
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