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Best Futures Trading Books: 9 Titles From First Contract to Trend Following

Nine futures trading books with their editions checked, from first introductions to Schwager's reference and trend following, and the trader each one suits.

· Founder of PatternsWizard
Checked 7 min read
A Complete Guide to the Fu…1984Technical Analysis of th…1986Starting Out in Futur…1993Futures 1011997Fundamentals of the Futu…2000Futures Made Simple2013and 3 more9 books, 1984 to 2013

Our picks

  1. Best first book

    Futures 101

    Richard E. Waldron

    Richard Waldron's introduction for beginners.

    See on Amazon

  2. Best reference

    A Complete Guide to the Futures Market

    Jack D. Schwager and Mark Etzkorn

    Technical and fundamental analysis, trading systems, options and spreads in one book.

    See on Amazon

  3. Best for trend following

    Following the Trend

    Andreas F. Clenow

    Andreas Clenow on trend following across many futures markets.

    See on Amazon

Picked from the comparison below, where every edition carries the date it was checked and its source.

On this page
  1. Our picks
  2. Which book fits which trader
  3. More trading book lists
  4. Frequently asked questions

If you are new to futures, start with Richard E. Waldron's Futures 101 or Kel Butcher's Futures Made Simple; for one reference on technical and fundamental analysis, trading systems, options and spreads, read Jack D. Schwager and Mark Etzkorn's A Complete Guide to the Futures Market; and if you want to trade trends across many markets, Andreas F. Clenow's Following the Trend. We checked each edition in a book catalog or on the publisher's page on October 31 and November 2, 2026 and did not reread the books, so the order is not a ranking.

Nine futures trading books

  • Futures 101

    Richard E. Waldron · In catalogs by 1997

    Edition checked
    Revised 2003 edition, Squantum Publishing, 2003, 301 pages
    Who it is for
    Beginners who want an introduction to commodity trading
    About the book
    The Google Books record of the revised 1997 edition, 286 pages, promises a book that explains futures trading and how investors, traders and corporations make and lose money at it.

    Checked , openlibrary.orgSee on Amazon

  • Starting Out in Futures Trading

    Mark J. Powers · In catalogs by 1993

    Edition checked
    McGraw-Hill, 2001, 367 pages
    Who it is for
    Beginners who want an introduction to futures trading
    About the book
    An introduction whose 1993 Probus edition was already the fifth; the 2001 McGraw-Hill edition we checked runs to 367 pages.

    Checked , archive.orgSee on Amazon

  • Fundamentals of the Futures Market

    Donna Kline · In catalogs by 2000

    Edition checked
    McGraw-Hill, 2001
    Who it is for
    Beginning futures traders who want a hands-on workbook
    About the book
    Its Google Books description presents a hands-on workbook for beginning futures traders, from open outcry trading to technical indicators, major reports and risk.

    Checked , books.google.comSee on Amazon

  • Technical Analysis of the Futures Markets

    John J. Murphy · In catalogs by 1986

    Edition checked
    New York Institute of Finance, 1986, 556 pages
    Who it is for
    Chart readers who want Murphy's original futures text
    About the book
    Murphy's 1986 book; his later Technical Analysis of the Financial Markets carries the same subtitle, and its Google Books description says it updates the futures book to include all of the financial markets, so read that one if you buy only one.

    Checked , openlibrary.orgSee on Amazon

  • A Complete Guide to the Futures Market

    Jack D. Schwager and Mark Etzkorn · In catalogs by 1984

    Edition checked
    Second edition, Wiley, January 2017, 720 pages
    Who it is for
    Readers who want one reference on technical and fundamental analysis, trading systems, options and spreads
    About the book
    Subtitled Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles; it goes back at least to Wiley, 1984, 741 pages.

    Checked , wiley.comSee on Amazon

  • Futures Made Simple

    Kel Butcher · In catalogs by 2013

    Edition checked
    Wiley, 2013, 320 pages
    Who it is for
    Beginners who want an uncomplicated guide
    About the book
    Its description covers what futures are, how the exchanges work, how to analyse the markets and how to trade on- or offline.

    Checked , books.google.comSee on Amazon

  • Following the Trend

    Andreas F. Clenow · In catalogs by 2013

    Edition checked
    Second edition, Wiley, 2023, 336 pages
    Who it is for
    Traders interested in trend-following across many futures markets
    About the book
    Subtitled Diversified Managed Futures Trading: trend following applied to a portfolio of futures.

    Checked , wiley.comSee on Amazon

  • Getting Started in Futures

    Todd Lofton · In catalogs by 1989

    Edition checked
    Fifth edition, Wiley, 2005
    Who it is for
    Beginners who want an introduction from the Getting Started series
    About the book
    A Getting Started title that goes back at least to a Wiley edition of 1989 and reached a fifth edition in 2005.

    Checked , bookshare.orgSee on Amazon

  • Trading Commodities and Financial Futures

    George Kleinman · In catalogs by 2004

    Edition checked
    Fourth edition, FT Press, 2013
    Who it is for
    Traders who want a step-by-step guide that includes electronic trading
    About the book
    Subtitled A Step-by-Step Guide to Mastering the Markets. Its publisher lists electronic trading, high-frequency trading and the author's Pivot Indicator among the topics of the fourth edition. The 2004 edition notes a previous edition under another title, Commodity Futures and Options.

    Checked , informit.comSee on Amazon

Editions checked in library catalogs (Internet Archive, Google Books, Open Library), Bookshare and on the publishers' pages; years read again on November 2, 2026. The year comes from those sources: the book goes back at least that far, and the first printing may be older. We did not reread the books; Amazon links open the edition we checked or another edition of the same book.

The reason is margin. In the CFTC's glossary, initial margin is the amount the broker requires when you open a position, and maintenance margin is an amount that must stay on deposit at all times. Gains and losses are added to or taken from your account at the end of every trading session; if your equity drops to the maintenance level, the broker must issue a margin call to bring it back to the initial level. Exchanges set both levels for each contract, and brokers may ask for more. If the market gaps past those levels before you can add money or close out, the loss can run through the whole deposit, and you owe the difference.

How a futures loss can go past your deposit

Initial margin, your depositMaintenance marginZeroMargin callOvernight gapBelow zero: you owe the difference
Schematic, not market data. Drawn levels with no amounts; margins are set by the exchange and the broker.

Which book fits which trader

The list spans almost forty years, from 1984 to a second edition in 2023. Check the date of the edition you buy before you rely on its pages on how orders are placed and how contracts are sized.

The books on this list and their editions, by date

  1. A Complete Guide to the Futures Markets, Jack D. Schwager, Wiley, 741 pages. Library record

  2. Technical Analysis of the Futures Markets, John J. Murphy, New York Institute of Finance. Library record

  3. Getting Started in Futures, Todd Lofton, Wiley. Open Library

  4. Starting Out in Futures Trading, Mark J. Powers, fifth edition, Probus. Library record

  5. Futures 101, Richard E. Waldron, revised edition, Squantum Publishing. Google Books

  6. Fundamentals of the Futures Market, Donna Kline, McGraw-Hill. Book catalog

  7. Starting Out in Futures Trading, McGraw-Hill edition, 367 pages. Library record

  8. Futures 101, Richard E. Waldron, revised 2003 edition, Squantum Publishing. Open Library

  9. Trading Commodities and Financial Futures, George Kleinman, Financial Times Prentice Hall; its record notes a previous edition, Commodity Futures and Options, 2001. Library record

  10. Getting Started in Futures, fifth edition, Wiley. Bookshare

  11. Following the Trend, Andreas F. Clenow, Wiley, 304 pages. Google Books

  12. Futures Made Simple, Kel Butcher, Wiley, 320 pages. Google Books

  13. Trading Commodities and Financial Futures, fourth edition, FT Press. Publisher

  14. A Complete Guide to the Futures Market, second edition, with Mark Etzkorn, Wiley. Publisher

  15. Following the Trend, second edition, Wiley. Publisher

Each event links to the source it was checked against. An early edition from library catalogs for each book, and later editions where we checked one; not always the first printing. We did not read the books again.

You are starting from zero

Futures 101 by Richard E. Waldron, in a revised 1997 edition of 286 pages, is subtitled An Introduction to Commodity Trading; a revised 2003 edition of 301 pages followed under the same ISBN. Kel Butcher's Futures Made Simple, 320 pages from Wiley in 2013, and Todd Lofton's Getting Started in Futures, in a fifth edition since 2005, are two more introductions. Mark J. Powers's Starting Out in Futures Trading, 367 pages, and Donna Kline's Fundamentals of the Futures Market, both from McGraw-Hill around 2000, complete the list.

You want one reference

Jack D. Schwager's A Complete Guide to the Futures Market goes back to a 741-page Wiley edition of 1984; its second edition, written with Mark Etzkorn, is 720 pages and dates from January 2017. Its subtitle lists what it covers: technical analysis, trading systems, fundamental analysis, options, spreads and trading principles.

You trade from charts

John J. Murphy's Technical Analysis of the Futures Markets is the 1986 original; his 1999 Technical Analysis of the Financial Markets carries the same subtitle and, according to its Google Books description, updates the futures book to include all of the financial markets, so it is the one to buy if you buy only one. It is on our list of technical analysis books.

You want a systematic approach

Andreas F. Clenow's Following the Trend, in a 304-page Wiley edition dated 2013 and in a second edition since January 2023, is subtitled Diversified Managed Futures Trading: trend following across a portfolio of futures.

You want a step-by-step guide

George Kleinman's Trading Commodities and Financial Futures, in a fourth edition from FT Press in 2013, is subtitled A Step-by-Step Guide to Mastering the Markets; its publisher lists electronic trading, high-frequency trading and the author's Pivot Indicator among its topics.

More trading book lists

For the raw materials behind many contracts, see our commodity books; for options on futures, the options trading books; and to automate a futures strategy, the algorithmic trading books. All our book lists sit under trading reviews.

Frequently asked questions

What is the best futures trading book for beginners?

Richard E. Waldron's Futures 101, subtitled An Introduction to Commodity Trading, or Kel Butcher's Futures Made Simple.

Which futures book works as a one-volume reference?

A Complete Guide to the Futures Market by Jack D. Schwager and Mark Etzkorn: technical analysis, trading systems, fundamental analysis, options and spreads, in 720 pages.

Can you lose more than you invest in futures?

Yes. The CFTC warns that many individuals lose all of their money and can be required to pay more than they invested initially.

Sources

  1. CFTC, Futures Market Basics
  2. FT Press, Trading Commodities and Financial Futures, 4th edition
  3. CFTC, glossary
  4. Open Library, Technical Analysis of the Financial Markets, 1999
  5. Google Books, Technical Analysis of the Financial Markets, 1999
  6. Google Books, Fundamentals of the Futures Market, description
  7. Open Library, Futures 101, editions
  8. Open Library, Getting Started in Futures, 1989
, Founder of PatternsWizard

Passionate about finance, quantitative trading and data analysis. Amaury built the PatternsWizard test bench, which detects each pattern on full price history and measures what happened next against random entries.

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