This book on the "how-to" of trading in the treacherous and volatile S&P futures and options markets is written by a retired doctor who, though trading and investing were not his primary avocation, has spent many years actively involved in the field. He has also written several other well-respected books on various aspects of investing.

His latest literary effort delivers a healthy dose of that rarest of all commodities, vicarious experience.

Lloyd covers a wide array of subjects and considerations of concern to a new trader, and the book is largely oriented to guiding the new trader safely through the minefield of risks and perils that often befall the unwary and uninitiated. Many of the practical matters that must be addressed when you first embark on trading are covered. Among these are selection of the proper equipment and broker, the types of orders used in trading, procedure in order placement, record-keeping and special problems with options orders.

A major section of the book deals with teaching methods Lloyd has found to be helpful in the evaluation and prediction of market direction. Among the approaches covered in this section are pending gaps, premium or discount of futures to cash (the "basis"), tick and TRIN, and the use of pivot numbers.

An important contribution of the book is the introduction of four trading patterns the author feels have significant potential in aiding the effective (and you would hope, profitable!) trading of S&P futures. Each has a colorful and imaginative name: Angler, Embryo, Ravine and Staircase.

Lloyd gives specific instructions on how buy and sell signals are generated for each of these patterns. He makes it clear that they are not "full-fledged systems" -- though he feels that each one could, with further testing and research, be developed into a worthwhile trading system. Each pattern is thoroughly illustrated with the results of daily trading signals.

He includes a short course on trading S&P options, along with his "golden rules" and trading suggestions. I should mention that the primary focus of the book is on intraday trading. Those interested in day trading will find a number of useful pointers and ideas to use in formulating their own approach to trading.

This book will prove helpful to new and veteran traders alike. Other texts on the basic mechanics of trading and options trading might prove more helpful in understanding these factors because other books go into more detail. This book is noted for the brevity of its coverage on these topics.

The primary benefit of reading Lloyd’s book is learning about Dr. Lloyd's own rich and extensive experience in observing and trading the markets, which he generously shares with the reader. His own humility and respect for the risks inherent in trading S&Ps are evident throughout the book, and his observations on mistakes to avoid should be considered valuable information.