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Joe Ross "Day Trading" - review
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Joe Ross "Day Trading" - review

created Janusz EkertJuly 19 2017

Several years ago, when I started my adventure with financial markets, I did not break away from reading many publications on professional trading. One of them was Joe Ross's "Day Trading". I came back to her often, treated as a bible of the beginning trader who set the direction. Analyzing scrupulously in fragments (each of the chapters is a separate whole, cleverly connected with the others), I verified my fairly shy actions on the market.

The Polish edition of this book has recently been published by Maklerska publishing house, in an excellent translation by Robert Szymaniak. Forex Club is a media partner of this publication.

Joe Ross

A few words about the author

Joe Ross, a trading master who has been operating successfully in the markets since 1957. His knowledge and experience in the industry allowed him to create very effective trading techniques, including the famous "Ross Hook". Maciej Goliński, in the preface to this issue, in the context of the author's experiments, draws attention to "honesty, rarely seen recently".

"Ross does not promise the golden mountains, but he describes how he has been trading for decades, honestly discussing his splendor and shadows."

Meanwhile, Wayne E. Dalton, a longtime friend of Ross, portrays him as a person who is "passionate and committed to the markets." In his opinion, it is "a high-class teacher who introduces proven tools and shows how to use them."

lets be honest

The book is not linear. After a brief description of Day trading, highlighting the differences in relation to positional trading and explaining the basics of reading charts, dealing with 3 short chapters, we go straight to specifics. Yes, it is mainly a purely technical work, though Ross also throws in interesting thoughts on psychology.

"No day trader should ignore signals on daily charts."

The author defines the examples of the first, second and third order signals, at the same time devoting much more space to the first two. Both categories, as shown by numerous examples in the attached graphics, work best on daily charts, due to the generated traffic and its range, although they can also be used at smaller intervals. It is also here that we can find definitions of his flagship plays - "Ross Hook" and a break from the narrow shelf.


READ NECESSARY: Ross hooks. A way to follow the trend


In the next chapter, attention is paid to the way transactions are made and the moment in which they occur. TTE (Traders Trick Entry) changes our view of the signal. What has been described earlier takes on a new dimension, because "we are entering the market before the previous summit is broken (or a hole in a downward trend)."

Not only for the advanced

Much space has been devoted to preparation for trading. Here we will find tips on building a trading plan, capital and risk management, but also aspects important when choosing a market and broker, with particular emphasis on transaction fees. It was described in the form of an interesting story from the author's professional life years ago.

"It should be remembered that there are both cheap and cheap brokers on the market, and the ability to distinguish them may be a key issue at some moments."

The author has devoted separate chapters to investing on Forex market and E-mini S&P 500. From market description, through the specificity of currency pairs, regulations and brokers, to the advantages of trading and examples of moves. A great addition to make sure that "a chart is a chart". Thanks to this, we are sure that the differences in trading compared to other markets are small.

Is this a must read book? Certainly yes. It contains detailed explanations of the games and dozens of real trading charts and reveals proven, profitable techniques. It shows exactly what the signals are, categorizes them, and explains why they are important. It focuses on all aspects of commerce, not omitting the basics, such as why, when and where to set a stop loss. Thanks to the reader, the reader will not only learn how to secure the items, but will also learn some methods of identifying the trend before others notice it.

"Let's get rid of thinking that we have to implement every signal that appears. We should be selective, selective and patient when making signals. "

Trading currencies and contracts is Joe's specialty, and the book is a sort of 250-page trading manual. I would highly recommend.

Join the Forex Club and take advantage of the -5% discount for shopping at the bookstore Maklerska.pl.

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About the Author
Janusz Ekert
Private investor with 15 years of experience in the investment market, specialist in the currency market. He puts the effectiveness of fundamental and technical analysis above all, focusing on simplicity and consistency. President of OnTrade Sp. z o. o., owner of the Forex Club brand. Snooker enthusiast.