Day Trading is the third book I read by Joe Ross and it was just as good as the first two. Joe Ross is one of the few author / traders who can communicate his ideas on trading in a clear, concise and easy to understand format. I feel many traders try to complicate the art of trading commodities and futures, which leaves the reader confused and the trading methodologies discussed are widely subject to interpretation. Day Trading provides the reader with a thorough understanding of how Joe Ross approaches the markets and several methodologies he uses in day trading futures.
Reading The Markets Is The First Step in Day Trading
This is where most traders fail before they even begin day trading futures. They don’t pay attention to what is happening right in front of them on the charts. Price is the most important thing when you are day trading. Take your focus off the technical indicators and your pre-conceived notions of what you [u]think[/u] is going to happen. Joe Ross stresses this point throughout the book and I couldn’t agree more. I strongly believe your day trading will improve if you can get back to these basics.
Day Trading Strategies
Joe Ross discusses many trading strategies in Day Trading, but consolidations appear to be one of his favorites. He does not trade within consolidations, however, he likes to trade the breakouts of consolidations. Rightly so, he defines the types of consolidation patterns he likes to trade.
Ross Hooks are also discussed in this book and they are one of his tried-and-true trading methodologies. I also like how Ross gives you minor entry signals and major entry signals. The theory is that the major entry signals are often more powerful and tend to have more momentum behind them. Along with using slightly more sophisticated basic strategies, you will learn different techniques for identifying the trend and day trading with the trend. Joe likes to follow the trend and buy new highs and sell new lows under the right conditions.
Over Trading
Over trading is something every futures trader should guard against, especially those who day trade futures. In Day Trading, Joe Ross discusses this point over and over on how this may be the number one cause of traders being unsuccessful when day trading. Ross waits for trades to setup just the way he likes them before he takes a trade. This comes with experience and confidence. He knows how to avoid the many hazards and the lower probability trades that the futures markets continuously throw at you.
Day Trading is the Complete Package
I always come away with a better understanding of the commodity and futures markets after I read a book by Joe Ross. He learned how to trade from the ground up and it is highly likely that his trading methodologies will continue to work in the decades to come. Day Trading is a complete package on learning to trade futures and make money. This book is priced a bit higher than most trading books, but it is well worth the price. This manual will give you a good understanding of trading and many excellent trading methodologies that you should be able to implement rather quickly.
