I hope this isn't a stupid question, but why would Joe Ross write a book if he has no knowledge or profits? Surely this would make him the laughing stock of the industry and not the standard?
The Best Book About Chart Trading?
- Thread starter iccenuol
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I hope this isn't a stupid question, but why would Joe Ross write a book if he has no knowledge or profits? Surely this would make him the laughing stock of the industry and not the standard?
Frankly I have no idea who Joe Ross is.
Maybe he made a lot of money just do not expect to start making money after reading his book. Books on these subject written by many different people and not all the books useless.
So read. Does not matter what imho.
When the moment come and you realize that you read enough of them - you ready to start tackling the issue, but not making money yet.
As for the industry, if you talking about the Wall Street, it does not attempt to do what you are attempting to do. The industry mostly makes money not off the market (they actually loose a lot when they idiotically attempt to make a stake in the market), they make money off the people who want to make money on the market.
So for the industry any populizators of any ideas how to trade on the market are very useful - they bring cattle to the slaughterhouse.
You are the cattle ! Remember that !
Do not want to be the sacrificial lamb - be part of the industry...
or learn how to trade( which very few accomplished), or do not trade at all... 
Its very simple and really doesn't need any further discussion or questions.
Take any book you get on chart reading...backtest it via your trading style. None of these books are designed to teach you how to trade. They are only teaching the chart reading if you get a book about chart reading.
In fact, get many different books about chart reading and then settle on something that you believe suits what you have available (your resources) and then backtest it and then simulate trade it prior to any real money trading. Hopefully, you'll gain enough knowledge to then understand why your backtest results / simulator results will be different than the results of someone else trading the exact same thing via the exact same chart reading.
The aspect about trading itself...that's your sole responsibility. Thus, how to trade is self-learned and you will then begin to understand why there's such difference in results via the same chart reading.
Therefore, be careful with books about chart reading because naive or lazy traders assume its a book about how to trade. Two completely different topics.
The key is you as a trader...not the charts. A chart is not a chart as you thought...due to the trader using the chart.
wrbtrader
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Frankly I have no idea who Joe Ross is.
You don't need to know, and have (like some others) become successful without him. I'm sure you still have a good and reliable impression of the fundamental content of most of his books, either by having worked it out for yourself, or perhaps originally from other sources.
For anyone else potentially interested, he was an early price action author most of whose work (especially on pure price action subjects) is reliable, approachable, understandable and just as relevant now as when it was written. (I say "was", but he's still alive, as far as I know ... must now be pretty advanced in years.)
So read. Does not matter what imho.
I don't quite agree, there (though I certainly do, with all the rest of your post).
I think that reading about trading, to learn how to do it, has one big thing in common with trading itself: both activities are to a considerable extent about "learning to get the odds in your favor", and I think that (especially in these days of a panoply of online misinformation, much of it for apparent or concealed marketing purposes), most people can probably get the odds in their favor (or at least less stacked against them) by sticking to well-known, well-established, tried-and-tested, peer-reviewed, accredited textbooks.
Especially when they can find some that are well written, well edited and easy to read.
Nobody could ever put authors like Brooks in this category! Ross, however, is another story altogether.
The underlying basis of his "Ross Hook" book (the essential substance of which many members will know under other names) is all about buying the dips in uptrends and selling the rallies in downtrends, and he suggests many specific, practical, detailed and exemplified ways of doing that, with which aspiring traders can only benefit from playing around.
For sure, it's only one way of trading, but it's certainly not a bad way (I'm still making a living from it, myself): when combined with some understanding of the basic concepts of risk management, it can actually get people off to a pretty good start.
Joe Ross - In the 90's his dedicated followers lost any shred of faith in him, not because he never showed a shred of evidence of his trading, not because his Fax signal service was a complete disaster, not because his managed accounts were a train wreck, it was an interview in the magazine 'TA of Stocks & Commodities' 1995 were he slipped up & revealed he had not a clue as to the point to dollar move was on the big SP contract, yet he was claiming to have been trading it in 10-25 clips - after that even his die hard followers could not overlook it and knew he was a fake.
His trading techniques are not original, he is just parroting what he learned which explains why some people will still get something out of his books. Why not learn from well known winners - you can find just about everything you need on-line for free to get you going from some of the original & new market wizards, or Chat with Traders.
https://www.elitetrader.com/et/threads/ross-hooks.9555/page-4 (2nd post down)
http://www.webtrading.com/ross.htm
His trading techniques are not original, he is just parroting what he learned which explains why some people will still get something out of his books. Why not learn from well known winners - you can find just about everything you need on-line for free to get you going from some of the original & new market wizards, or Chat with Traders.
https://www.elitetrader.com/et/threads/ross-hooks.9555/page-4 (2nd post down)
http://www.webtrading.com/ross.htm
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I think this is quite right, and as you say it explains why people still get something valuable out of his books: the methods he illustrates in many of them are reliable, tried-and-tested, based on sound market realities, and most of all unusually clearly explained. I see him as better teacher than trader, myself (and he's probably not alone, there.)
If the OP is not a troll, he gives a fine impersonation of one. Given the possibility that the OP is simply naive, I offer this. There is no book you can read that will allow you to "hit the markets and make some money." There are a number of books which offer sound technical ideas but you have to learn to recognize price development with your own eyes. Any book or number of them are simply baby steps toward being consistently profitable as a trader. I would suggest John Murphy's book Technical Analysis of the Financial Markets as a primer to give you a vernacular and basics of chart reading. Joe Ross's books have influenced me but I read many books before I really understood price development...and that only comes with experience.
In today's Amazon environment...I suspect threads like this when its so easy to reseach books on Amazon as a starting point along with getting customer reviews plus "verified" reviews of those that have actually purchased a particular book without the arguments and mud slinging one would see among those that have not verified they have purchased the book.
Further, if someone has a vendetta against Amazon...they can instead easily search forums for any trader that may have had a trade journal via trade methods, backtesting results and explanations with chart examples to determine the merit of the methods to see if they want to pursue any particular book or topic.
In fact, its known that management of forums will create threads like this to ensure view counts, hit counts are maintained whenever they see a dip (drop) in their forum stats...again and again and again.
wrbtrader
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Haha I can assure you there's no trolling, just some questions, I just want to find a general consensus in terms of chart trading.
You've mentioned price development, this actually sounds like something that I'm looking for. I'm under the impression that the market as whole (contract volume) moves the market either up or down. I'll give an example of what I'm trying to explain, to keep it simple(ish) I'll refer to RTH 1430 - 2100 UK time.
Example: Each SP500 equity futures session has a high and a low, so I'm looking for the best way to view the turning points of the high and the low (if that makes any sense)? At the moment I'm looking at daily time intervals for a general view and the one minute time intervals for a more detailed view. I'm looking for an existing correlation, though I'm not sure if this is the best way to go about it.
Thanks to all for the replies.