BOOK REVIEW: Commodity Market Money
by John Sweeney
Commodity Market Money Management
by Fred Gehm
John Wiley & Sons, 1983
One Wiley Drive
Somerset, New Jersey.
There are really two sides to trading: the idea and the execution. The idea to trade, we get from a
system or from our imagination. The management and execution of our activity (goal-setting, planning,
controlling) is an area few pursue. Commodity Market Money Management covers this neglected side of
trading, and it's a long-overdue treatment. Properly seen, money management covers the entire program
of trading, as well as integrating it with one's other financial activities. Thus, it supersedes and
encompasses any one trade or series of trades. It is the master plan for making money, a plan that sets out
goals, acceptable means, constraints, measures and monitoring standards.
Naturally, all of that is not what attracts us to speculation. However, all of it will get done in some fashion if we intend to remain active speculators. The odds against us, over time, are too great otherwise.
The trouble is that, until now, there's never been a practical approach to learning this, just an academic
one. I say this as one who has been through all the academic side of it.