Strategies for the Electronic Futures Trader

This book appears to be written for a total beginner futures trader lemming, just waiting to blow out their account. There is absolutely no substance in this book, nothing to be learned and filled with verbose junk about indicators, patterns and psychology -- typical in most books. Jake provides numerous so called "backtests" of various indicator settings with variable moving averages. Every single system has different settings - which is such an obvious sign of curve fitting. The only thing I saw of some value was the 3 period high and low moving averages to serve as channels of support and resistance .. which a trader may be able to modify into something usable, since Jake's version is taught improperly.

I checked this book out from the library and I still feel I got ripped off .. and it was free.


Bernstein, I tell you, is a genius.   April 5, 2003
Michael Lalonde (Toronto, Ontario. CANADA)
I refute any negative claims about the content of this book. The strategies outlined in the book are viable and very profitable approaches. I know, I have adapted a couple of them to my own use. I am in the minority as a profitable futures day trader because as every trader knows, most traders lose. I also lost money in my first year trading futures. There is a steep learning curve in trading. Here is my message to any newcomers to futures trading. NEVER GIVE UP! This book is a wonderful place to begin your own futures research. For day trading, I have found the very unique support and resistance methods found in the book effective in the S+P 500, Nasdaq 100, and Euro. Get some charts. Apply the methods, oscillators and indicators for yourself. You will see how effective they are. Then begin your own research using Jake's ideas as a springboard. Yes, you can make a living trading futures. There is a whole lot of very expensive bull out there about futures trading. If you do not want to take my word for it, consider this. Larry Williams recommends reading all of Jake Bernstein's work. So do I.


Pretty Vague - ONLY FOR BEGINNERS   October 22, 2001
T. Murphy (Austin, TX United States)
The book is a VERY basic introduction to developing a trading system and is literally geared for the newbie who knows nothing. With that said, he introduces the fundamental aspects of developing a trading system (such as identifying specific levels of risk, stops, etc...). and the different types of systems (trend following, support resistance, breakout...). He even provides examples of back tested systems that work over the given time frame he has chosen. The problems with the book are that since it is for the beginner it should probably contain the code for easylanguage or metastock so one can become use to programming in an indicator, signal, then building a strategy. He does not even go over the math of most of the indicators. I guess he thinks if it works then the investor should not know anything else. So basically what you have is a book that describes indicators and systems that are already present on most testing software. For example, there is already a parabolic trading system on Tradestation. So why do you need the book? Because you are a beginner, and that is why I gave it 3 stars, for everyone else, I would give it one.


great for the beginner   January 26, 2001
John Ingram (Norwich, England)
0 out of 1 found this review helpful

I read this book before I started trading futures. I played around with a few of the concepts and since then (end 1999) have written my own trading system based on some of the theories. I have gone through a steep learning curve but have now started to make money consistently in the futures market.

I would totally recommend the book for down to earth explanations on how to develop a profitable strategy.


A Waste of Money - <1 Star   December 27, 2000
JD Schaefer (San Rafael, Ca USA)
7 out of 7 found this review helpful

This book looks just like a compilation of the "author's" position trading books but with editing to put in the words "day trading" where "position trading" used to be. There's no other difference. The only potentially useful info to a newbie was about monitoring the first 30 minutes to try to determine the direction of the day. However, everyone has been doing that for years and most websites suggest it, without charging. Who doesn't know what an oscillator divergence is? That's not a system and while a valid indicator for some trading styles, is certainly not unique to day trading. Mr. Bernstein was reportedly run off tv with his infomercials that made claims the government stated he couldn't back up. Put his name in a search engine to see what others say about him. If you want to get your money's worth, read whatever Larry Williams' latest book is. He'll show you his brokerage records, Mr. Bernstein won't. 'Nuff said.