From:
mr_bond@mdi.ca (mr_bond@mdi.ca)
Subject: Joe Ross Defends Himself (Long)
View: Complete Thread (10 articles)
Original Format
Newsgroups: misc.invest.futures
Date: 1998/05/28
I don't know anything about Joe Ross or his methods or character.
However, I have a friend who recieved the following letter from Joe Ross
regarding the Duane Howe incident. Read it and decide for yourselves.
If nothing else, it shows that there are two sides to every story.
Dave
>From Joe Ross:
Some people choose to believe the worst that they hear about someone
else,
and there is little you can do about it. When a person becomes
well-known,
there always appear detractors who seek notoriety of their own by
"putting
down" the person of renown. Princess Diana, Mother Theresa and many
others
have had their critics -- those who chose to find fault with them, often
without investigation or from believing trumped up and falsified
charges.
Sometime in the early 1990's, I received a call from Bruce Babcock. He
had
previously written a rave review of my first book, "Trading by the
Book."
and he wanted to review "Trading by the Minute." He also wanted to do a
telephone interview with me. During the interview, Bruce asked me to
verify my trading by sending him my broker statements. My reaction was,
"Hey, my statements are none of your business!"
To understand my reaction, you have to realize how I view Bruce Babcock.
I see Bruce Babcock as a self-appointed critic of the futures industry.
He
is not alone, there are others. He is a man who sells all sorts of
questionable mechanical trading systems, many taken from the work of
others, and he attracts his customers by appearing to be a trading
consumer
advocate. In fact, he calls his publication "Commodity Traders Consumer
Report." This is rather a strange name for a company that makes most of
its money by selling its own mechanical trading systems.
That the systems he sells are worthless has been publicly shown by John
Hill and his company known as "Futures Truth." There, in objective
testing, the truth about Bruce Babcock's products came to light.
As my conversation with Babcock continued, I requested of him that he
judge
my book by its content and not by whether or not I sent him my trading
statements. My reasons, apart from Babcock's rude request, were
numerous.
I'm not going to go into them here, because my work stands on its own
and
needs no endorsement from others. Anyone familiar with my work can
plainly
see that the concepts I teach could only have come from long years of
experience as a trader.
Babcock, in his review, lashed out in a personal attack against me.
About
ninety percent of the review consisted of his attacking my credentials.
At
the end of his attack, he praised "Trading by the Minute."
After his attack, I wrote to him asking him for his broker statements.
He
never replied, and to my knowledge, although he has been challenged
numerous times by others to produce them, he has never done so.
Babcock claims that I was introduced to the futures business by Ken
Roberts. The problem with his logic is that I was trading before Ken
Roberts was even born. My trading goes back even further than when I was
trained by my great-uncle. I actually put on my very first trade at the
age of 14.
So much for Bruce Babcock.
Now to Joe DiNapoli. Here is a man about whom I have never spoken an
unkind word. For him to claim that he trained me is ludicrous. In fact,
according to Babcock, I was trained by Ken Roberts. How can this be? We
can't have it both ways! I have to believe that there are at least three
Joe Rosses in order to make any sense of the matter. There is the Joe
Ross
who was trained by Ken Roberts. There is the "destitute" Joe Ross who
was
trained by Joe Dinapoli, and I claim to be the Joe Ross who has never in
his entire life been destitute and was trained by my great uncle Julius
Goodman.
In the early 1990's I went to visit Joe Dinapoli because I had purchased
trading software from him. It was Dinapoli who introduced me to the fact
that it was possible to trade from live data. In short, when it came to
using computers for trading, he was light years ahead of me. It was also
Dinapoli who snickered at my concept of the law of charts, 1-2-3's and
Ross
Hooks. He preferred to use Fibonacci ratios. Good for him. To my
knowledge he still uses them, and teaches Fibonacci concepts in Asia.
Dinapoli did recruit me to write ad copy for his Fibonacci training
course.
I did it in exchange for some free software. It was also Dinapoli who
recommended me to Tim Slater as a speaker for one of the old Computrac
TAG
conferences. I suspect that it bothered Dinapoli to see how well
received
I was at the conference, because by the time I was ready to leave for
home,
he had told Tim Slater that he, Dinapoli, had taught me everything I
knew
and that I had stolen all my material from him. The topic I spoke on at
the conference was "Where do you place the Stop?" It had nothing to do
with Fibonacci. In all my books, I show the proper way to use Fibonacci
ratios, and I lambaste the erroneous use of them set out by proponents
of
Fibonacci.
).
)