A complete day trading course in one book
“Joe and I have been friends for some time. We have collaborated on trading techniques so I know of his dedication to the market. But in this book we see the other side of Joe – the instructor of the grand style. He is teaching us “How to Fish.”
W. E. Dalton, MD
This book is a must-read for every serious day trader. It's the essence of Joe Ross’ experience of well over five decades of trading the international markets. Although the focus is on day trading, it teaches you methods and concepts that are applicable in position trading as well.
Many traders fail because of a wrong mindset and the fact that they don't know where to start or what to expect as an outcome. This could be the most important book you’ll ever read. Joe has organized it in a clear, step-by-step manner. Instead of being overwhelmed, you'll have a clear trading plan. You'll know exactly where to start, what to do next, and where you can realistically expect to end up.
Some of the Day Trading highlights:
This covers what you need to know about the "Law of Charts" and the simple tricks of how to use it in your trading. A chart is a chart, is a chart. The immediate psychology of a market is reflected in the price action. You don’t really need any indicators. Joe shows you how a bar chart can reveal very powerful price patterns when you understand the proper interpretation and implementation.
Identifying congestions and trend finding
In trading, it is equally important to be able to recognize congestion at the earliest possible time, and to identify a trend before everybody else sees that it is happening. Joe calls it “identifying a trend while it is still in the birth canal,” and shows you several methods of doing just that.
Markets are in congestion areas much longer than they are in trends. The early parts of the book center almost entirely around congestion areas, which may be seen on any chart in any time frame. Later in the book, the concepts and the techniques taught center around trending formations.
Joe shows you how to spot the very beginning of a trend, and how to successfully enter existing and established trends. You will see and learn very simple and basic ways to trade. The main features of Joe’s methods show you early in the game what might happen next, and thus gets you on board a trend while it is “still in the birth canal.”
Your own trading plan
You will find out if day trading is or is not suitable for you. It takes certain character traits and certain trading techniques to be a successful day trader. Joe describes these, and also how you should combine them so that you write and follow your own trading plan. You will understand why you must want it your way, and why you should take only trades that “have your name on them.”
The trading plan includes all the preparation and the actions you will take, such as: establishing entries, all potential orders, setting alerts, accommodating for gap openings, and, if you are filled, what you do until the exit of all your contract sets.
Joe shows you, in his unique way, how your own mind can help you become a successful trader or can break you apart. Trading is mainly a psychological endeavor, and the way you perceive the markets, coupled with your emotional reactions, actually determine your success or failure as a trader. Joe gives this simple advice to anyone who wants to trade: work to learn how to understand price movement.
By using powerful real life examples, Joe demonstrates why trading has to be simple, despite the example of most traders who are in a never-ending search for complicated methods. He also demystifies several relevant but confusing concepts, such as those of “support and resistance,” “oversold and overbought,” and some of the overly used indicators that are not needed in order to trade profitably.
Joe Ross reveals his major, minor, and intermediate intraday trading signals. He shows you exactly what they are, and explains why they are important. When you day trade, you want explosive moves after your entry. It is therefore crucial to scale down entry signals based on different time frames so that you get the greatest magnitude of movement once in the trade. This is a unique approach that Joe has developed and refined over decades of trading.
Searching out the best, and trade filtering
One of the most important things that any trader can learn to do is to identify the best trades. These can differ from one person to another because we see trades differently, and not everyone trades in the same way. But everyone can learn to recognize what happens in the markets that result in successful trades. Then the trick is to stick to it like glue - until it stops working.
Joe shows you exactly what he is comfortable with, but your trading has to be your own. He gives you full details of how he sees the whole trade setup, how he thinks, and how he selects the trades, so that you can adapt that knowledge to your own comfort level.
Joe explains how a trading filter serves several purposes. You will learn how to use a trading filter to calibrate your stop, and to avoid false breakouts as well. You will be able to anticipate breakouts, and thus get into the trade earlier than you might otherwise have done.
Risk and money management
Here Joe shows you one of the finest points of his trading: his philosophy of money and risk management. These two concepts overlap, and yet they are different. Risk management says “I can afford to risk only so much,” while money management asks “What can I expect to make for the risk I have taken?” You will understand why Joe says that trading is a business, and why the sooner one treats it that way, the sooner one will become a winner.
The most frequent question we have been asked at Trading Educators is “Where do I put my stop?” Stop placement is a function of a number of variables. There are three kinds of stops: protective, objective, and time stops. It is vital to understand the role of each of these stops and to use them accordingly within your own trading plan.
Unfortunately, most traders place stops where they don’t make any sense, such as at a certain percentage away from the entry. Joe teaches you how to place your stops in a practical manner that takes into consideration both technical factors and your own comfort level.
Brokers and commissions
There is nothing more important in day trading than to have a responsive, accurate, reliable broker handling your account. Joe offers you several real-life examples of his experiences with brokers that will really make you think. He helps you consider all the vital factors such as commissions, margins, speed of execution, and reliable customer service when you desperately need it.
You will understand why brokers are in this business. You really need to know how to take advantage of your broker’s strengths, and how to avoid losing money because of their weaknesses. You will learn how to choose a reliable broker and build a solid relationship with him, one that works well for you.
E-mini S&P500 trading
Joe dedicates this section to traders who like to day trade the E-mini S&P500, but starts it with a word of caution: he has seen too many otherwise good traders destroyed by trading the five-minute chart in S&P mini. Getting into the mini is like stepping into the ring with a rattlesnake: you can be bitten quickly, and when you least expect it.
Joe gives you several examples so that you realize that trading with the short term charts requires making decisions quickly. You have plenty of examples of preparation for the trading session, entry signals, and trade management. You learn why you don’t have to trade too often and too much, especially when trading the mini. He also shows you why trade selection is in large part responsible for trading it successfully.
You will learn what Forex is, why it exists, and the main terms that characterize a forex trading account. Joe then tells you the most important things you need to know about forex regulation and brokers. You need to know the concepts and the realities of how a bucket shop operates , about the leaning and skewing of prices, as well as the myths of “free streaming data” and the “guaranteed fills”.
There is a full chapter dedicated to a forex method Joe uses. You will learn in detail the 19 rules of the method, and be guided through preparation, entry, risk management, and profit management. There are several chart examples and detailed instructions accompanying each rule.
Day trading and position trading
At the beginning of the book, Joe takes you through the definition of day trading, and compares it with position trading. He shows you the similarities and the differences between the two. You learn the advantages and the disadvantages of each of them. You discover the benefits of one over the other. But most importantly, you learn that “a chart is a chart is a chart,” and that’s why the techniques and the concepts shown in this book work in both day trading and position trading.
Please see what other traders have said about the book Day Trading:
"In "day trading" I discovered a clearly-presented and original approach for interpreting intraday, daily and weekly charts (most of the information applies to all timeframes). I found I was able to implement some of the insights right away in my own trading, and with a reasonable degree of confidence given that they are based on sound logic. Most importantly, the information presented in this book (which nicely complements Joe's other books) has yielded consistent profits. It is well worth the price and highly recommended."
"I would recommend Joe's book on day trading to anyone interested in learning about this subject and wants to hear about it from someone who practices what he preaches. It is apparent from the book that Joe knows the reality of trading markets rather than the theory. I have recently assessed my trading for the last 3 months and am beginning to (at last!) turn in a profit. This is due partly to the help given in this book. Thanks Joe!"
"This is a WONDERFUL exposition of what it takes to be successful in the trading profession. Rich in its descriptions of proper ATTITUDE, THOUGHT PATTERNS, and SELF-KNOWLEDGE --- all of them the keys to profit. Just as valuable is Joe's placing indicators, high-powered math, statistics, and complex theory in their proper perspective, namely that they are typically DISTRACTIONS rather than aids, in comparison to learning THE DETAILS of price action. In the same vein, Joe emphasizes the value of DISCRETIONARY trading compared to MECHANICAL trading, making the point that since all markets change over time, sooner or later a rigid, inflexible system not being able to adapt, will fail."
Day Trading is a complete update and revision of Joe's classic Trading by the Minute, one of the most popular books on intraday trading ever written. It has become a classic in its time. This new, revised book is a day trading course that has more current content and is a "must read" for online day trading.
If you are an online electronic day trader, you will refer to this book time and time again. Joe Ross has taught thousands of people how to day trade. Learn his tricks and inside information from this book.
You can't lose with our 100%
Your satisfaction is guaranteed with our 100% no-questions-asked money-back guarantee. If you are not totally convinced that this manual will help you become a profitable trader, just send it back within 30 days. We'll refund 100% of your book price, less only postage and handling. No questions asked. (Please read our Refund Policy)
You don't have to decide now if this manual is for you. Just get it and try it out. If it doesn't do everything we say and more, if your trading doesn't become more profitable, if you don't become a more relaxed trader, or if you simply changed your mind, just let us know. You have nothing to lose, and everything to gain.
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More About the Author
Joe Ross has been trading and investing since his first trade at the age of 14, and is a well known Master Trader and Investor. He has survived all the up and downs of the markets because of his adaptable trading style, using a low-risk approach that produces consistent profits.
Joe Ross is the creator of the Ross hook™, and has set new standards for low-risk trading with his concepts of "The Law of Charts™ " and the "Traders Trick Entry™." Joe was a private trader and investor for much of his life, but a serious health situation in the late 80's caused him to shift his focus, and that is when he decided to share his knowledge. After his recovery, he founded Trading Educators in 1988, to teach aspiring traders how to make profits using his trading approach.