Viewpoints Of A Commodity Trader

Viewpoints of a Commodity Trader by Roy W. Longstreet is a great book. There are lessons for everyone, especially gem traders and art dealers.

(via Amazon) Here is what the description of Viewpoints of a Commodity Trader says:

The psychological aspect of trading is considered by many to be the most important. In this classic, veteran trader Roy Longstreet explores many areas that are of psychological significance to the futures trader and offers guidance on how to deal with each effectively.

This is a behind the scenes book in the strictest sense of the phrase. When Roy Longstreet was first confronted with the question: If you know so much about commodity trading, then why aren't you rich? He determined that the best answer would be a conspicuous measure of financial success in the trading of commodities futures. That he achieved his objective is evident, because now he is the head of the largest brokerage firm in the country dealing exclusively in commodities.

The techniques and the methods he employed over the years to achieve financial success is what is important to the reader and in this book we have those methods ably described by Mr. Longstreet. His approach to commodity trading is more fundamental than technical. He believes that psychology plays a basic role in the movement of commodity prices. As a matter of fact, he has often expressed the desire to hire a psychologist to apply specialized knowledge and find out what people who trade commodities think and why they make the mistakes they do.

Roy Longstreet's views will prove to be invaluable for those who want to increase their financial standing along intelligent, crystal-clear and forthright lines. As publishers of many books in the financial field, we recommend Roy Longstreet's book to you.

Here is an excerpt:
The great philosopher Emerson stated that a man is as a tree and his wealth is as a vine. The vine can grow no higher than the tree.

The evidence is conclusive that commodity trading is an art. To be successful at it one must be an artist. Such a trader can scale the heights of accomplishment, realizing achievements comparable to those of a renowned concert pianist, or a painter whose works merit a place in the great galleries of the world.

What, then, are the attributes needed by one who would be a true artist in the world of commodities? There are many. A few are vital. Such men will be wise, be mighty, be already rich.

He who is wise learns from every man. He who is mighty has achieved control over his most formidable adversary, himself. He who is rich is satisfied with his lot. 'He who seeks silver only will never be satisfied with silver.'