A Life-Changing Book for Traders
"WARNING: This is a nasty book. It will take you apart at the seams, point out your weaknesses as a trader, and then attempt to resurrect you as a successful, self-disciplined person who can control his trading in a businesslike manner. If you cannot stand constructive criticism, or if you do not wish to succeed as a futures trader, I suggest you lay this aside now and ignore it."
~ Joe Ross
Trading is a Business Book
Joe Ross named this book Trading Is a Business because, in teaching traders and would-be traders, he found that there are few indeed who realize they must take a self-controlled, business-like approach to trading. Virtually all new traders abandon the solid principles of sound personal management that make for successful careers in the business and professional world. For most traders, trading is a "fantasy land."
Eighty percent of traders are on the right side of the market when they enter a trade, yet overall, ninety percent of them lose money in the markets. Why? Because no one shows them how to properly manage what takes place after they get in, either in the markets or within themselves!
In this book, you will discover the real problem in the market. The realization of the Truth that Joe reveals will forever change your perception of the markets, enabling you to concentrate on the only action that you can take to become a winner.
Joe teaches you how to run your trading life just as a successful businessman does with his own business. The book is structured in two big parts: the first part shows you how to develop the mindset of a successful trader; in the second part you learn outstanding trading techniques, and how to build your own trading plan.
Highlights and Benefits
Most Traders Know How to Trade
Trading is not a problem for most of the participants in the market. You will find that it is not your lack of knowledge about trading that keeps you from succeeding in the markets. Joe goes into the details of the most fundamental personality skills that are known to man in the area of self-discipline. In addition, he helps you to really understand the nature of many management areas related to trading, some of which you have probably never considered.
If eighty percent are on the right side of the trade when they enter the market, then where do they go wrong? You will be amazed by the answers to this question. They are manifold, and in this part of the book Joe addresses many psychological reasons that keep traders from the success they seek.
By now you know you cannot change the markets. Joe shows you that the only way to successfully trade them is to change your behavior in relation to them. Because the mental, emotional, and even spiritual aspects of your life can be part of the stakes involved, trading cannot be played as a game.
Human beings excel at pattern recognition, and they have the ability to use patterns together with rules and procedures. However, you will learn that at times you must challenge and change these rules. Joe teaches you how to do that, and then shows you a great truth: it is traders’ perception of what is happening that causes both the actions and movement of price.
Joe demonstrates that trading less leads you to making more money. You will also understand why trading based on opinions is a sure way to a “death sentence” in the markets. In addition, Joe helps you identify, handle, and deal with the many hang-ups that cause traders to lose in the markets.
What Joe shows in this section is far beyond what you can find in the best self-development books ever written, and it relates 100% to your trading. If you are to succeed in any aspect of life, you must develop traits that consistently strengthen, and keep you on the right side of what you’re doing.
Joe tells you how to be resourceful, diligent, flexible, and knowledgeable in your trading. He also lightens your learning path, and shows you how to avoid overtrading, expecting too much from a trade, thinking trading is an investment, or simply looking for the Holy Grail where there is none.
Making Profits in the Markets
This book is not about how to trade, but about how to make money trading. In this section, Joe shows you how to manage your revenue (winning trades) and your costs (losing trades, commissions, slippages, etc.) in the trading business, just as any owner must run his business to become and stay successful.
You will learn two distinct ways to take profits, ways to use the size of your account margin to your advantage, and to scale your trading. Here you will also discover Joe’s famous “Patterns for Success” entry signals, and the Traders Trick Entry.
What does management in trading really mean?
Just about any manager knows what business management means. But really, how do its functions translate to trading? What are planning, organizing, delegating, directing, and controlling when it comes to trading? Let Joe explain them to you, if you are serious about making a business out of trading. He is speaking from his experience of over 5 decades of trading the markets.
You will find a ton of books out there, all talking about magic indicators, and about how to enter the market - but what are you supposed to do once you get in? They rattle on about money management, telling you that all you have to do is keep losses small and let your profits run, but by now you know it isn't all that easy. Just exactly how do you keep losses small and let your profits run? You will find the answers to all these questions, and many more, in this book.
At Trading Educators we talk about money management too, but we also talk about self-management, trade management, risk management, and business management. Truthfully, without personal management and self-control, money management just won't cut it. Joe gets into the details of each of these important aspects of management, and how they affect your trading.
The Real Problem in the Market
You will find out what the real problem in the market is, and your realization of what Joe reveals to you will change your entire approach to markets. It will enable you to focus on the only thing you can do become a winner. Whether you do that thing methodically, systematically, or haphazardly may affect the degree of success you can have, but is of no consequence to the truth you’ll discover.
Message from Joe Ross
My main objective in this book is to help you build the right character and have the correct mindset to be a successful trader. I'll show you how to manage not only the trade, but most important of all, how to manage yourself! You will learn a self-controlled, business-like approach to trading.
Trading Is a Business teaches you how to run your trading as a business
"Hi Joe, I received your books, and reading Trading Is a Business, I realized it takes a lot of courage to write that. Congratulations. Because it tells the truth, and truth always hurts. Maybe because we compare reality with our imagination. Surely our fantasy world is a lot nicer. Well, I think I got the message, so I'll re-read the other five. Then I hope I'll be ready to meet you, I saw you travel to Europe sometimes."
"Hi Joe,I can relate to making most of the mistakes you list in your book Trading Is a Business. The ones that hit home the most have been being dishonesty with myself, trading what I think and not understanding risk and losing. Hey what a package! I do believe all of these traits can be eliminated though education and discipline."
"If you feel that you have the skill to trade, then you must read "Trading Is a Business". Joe outlines the rules, techniques, and discipline needed to succeed in the market. Every trader should read and re-read this book."
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Trading is a Business Book
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