Average Reviews:
(More customer reviews)An easy to read, enjoyable book, it offers interesting trading rules that can be adopted to trading any instruments - equities, commodities, futures - yes, even today.
For me, the book is intriguing because of its historical documentation of how far along the development of trading rules, with back testing, had advanced, by 1932-1933.
Some of the specific dollar values of the trading rules are no longer valid, but simply change those to reasonable variables.
Author writes about what we now call breakouts, reversals, congestion and channeling trading strategies, in clear English. He examines whether stop losses work or not. He demonstrates, for his day and age, that because of commissions back then, that scaling in losing trades was a great way to blow a trading account away. He presents tables and copies of trading receipts to demonstrate how well various rules worked back then. Considering that his research was all by hand up through 1932,
his efforts were amazing.
I bought and read the book, looking for clues as to what led Chester Keltner to create Keltner Channels. Ainsworth employed Keltner 1934-1938, after this book was written, to help test various trading rules submitted for Ainsworth's contests, and to help Ainsworth write his newsletter. I did find things in this book that could be forerunners to Keltner Channels.
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A classic on grain trading, this book is a virtualencyclopedia on all facets involved.Contains many technical tradingsystems and much market wisdom.Among Ainsworth's proteges wasChester Keltner, still one of the best-known grain fundamentalanalysists in the country.Just as other trading books from the era offer, Ainsworth gives astraight forward commentary of his own trading experiences and ideas.Ainsworth, basically a fundamentalist, provides mostly technicaltrading material.Some of the rules in the book apparently came froma contest in which Ainsworth offered $500 for the best trading rulessubmitted by his subscribers.One method, Year Around Trading Plan inwheat and corn, increased a $30,000 account to more than $500,000 over33 years, a return averaging $14,000 per year.He also gets intoseasonal trends, short swing trading, the two-cent stop and many otherrules that will interest traders.Some of the material is out-of-date and price ranges today might makemany of Ainsworth's strategies impractical, but any visit with an oldmaster is a good trip, and this book is an excellent addition to anymodern grain trader's shelf.
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