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57 Beyond the scope of rny current Thought is what will happen to such things as comriicrcrat TV while those who used to watch it sit down to trade instea<i of watching Monday night footbalL Will we turn into a nation of gamblers? Who needs the loiteries when he can throw Iiis money away on chance to get rich in the markets? Wilt the average age of traders become lower as our youth, watching their parents trade all evening, become addicted to the markets? The impact of twenty-four hour trading has yet to be realized or measured. When the bar chart, as we know It today first came into existence, it revolutionized trading. Who would have thought ahead of time it would have so great an impact? It brought many into the market who would never have been there at all. It made possible all ol the charting services. It was indirectly responsibfe for alf of the technical analysis that we see today, as chart watcfiing went from merely pattern recognition to the charting of technical indicators astised today. Even candlestick charting derives from the concept of the bar chart, Think of all the books, newsletters, advisories, and magazines that have derived from the concept of the bar chart and how to analyze it. What would followers of Andrews. Gann. and Elliott do witfiout the bar cfiart? Are we about to see a similar revoUjtion in trading? Because of the constant shifting and changing that concerns tfie trading world, and because its intpossible to place everything into a book, or even a series of books, I fiave started a newsletter. It is not an advjsory. One of its purposes is to keep my readers informed of what is happening in the markets and how it affects their trading. In the newsletter t show more trading techniques than Im able to sfiow in my books. I get into the nitty-gritty of trading, ll is a teaching newsletter, and it is called Traders hJotebook. If you want to see concepts that go above and beyond my books, you should become a subscriber. You have made an investment in the books 1 write. The newsletter keeps that investment current and up-to-date. Subscriptions are sold on a calendar year basis only, so that whenever you order you will receive that years issues to date, and subsequent issues through December. Previous years issusc are also available, starting with 1991. 34 In tfns book, as in my previous book, I continue to offer my services at seminars as a tutor and educator. In a typical seminar session 1 teach you how to trade and how to make nney from your trades You can shortcut the slow and painful method of learning to trade by losing your "friend." You will learn to trade correctly from the beginnirig. Yuuti have fewer bad liabits to break. Of course, some of you can write a sequel lo this book. You can call it "Trading by the Seat of your Pants." If you already have them (bad habits}, I will sfiow you how to break them and get your trading onto the right track. In r7iost cases, it takes me less than an hour to figure out what you are doing wrong. For those of you who would like to trade using a compuier, I offer to obtain a higfi quality one for you at a very modest pnce. Gcrnputers have been my hobby for thirty-one years. It comes loaded with a lot of freehies, and is ready to run. ff you purchase Market Detective or Investograph Plus Special Edition/RT software to do your charting, we load it onto the computer for you so youre ready to trade right away. If you are interested in becoming a professional in the business and want to become licensed [you shouldj, 1 offer the Senes Three examination course at a substantial discount to what many other are charging. Ditto, if you would like the course on computer disks. 1 wifl end this book with a piece ot advice. In a sense, it will serve as a lead in for Trading Is a Business: Dont overtra(Jo! Dont think you have To take every trade that comes along. V/ait for the very best. Wait for the pre-breakout tradiruj congestions that are smal and tight, or long and skinny. Be selective in trading. Bo patient, Be very cautious in getting into a market and very easily convinced to get out. Just because youve learned a new trick or two doesnt mean that yorj fiave to trade it every time you think you see it- When trading congestions, keep in mmd that the best of the best trades come when there is a wide congestion, followed by a JOP or s[.)ike, followed jy a tighter congestion. Trading only those woulrl give a winnirig recortf in the high 90s percentile. trend Wfien trading other than congestipr.s, above all, find ard stay with Resolve to do it that way Resoive to establisfi sound trading habits, f you have any questions or comments, call (51 21 25 -0727 tor infor- maiion on how to reacfi 7 . If Im in tho middle of a trade, may fiavo to put you on hold for a minute or two. If you can 1 you ant: old, just fiang understand. You m<iy lax me messages or regust information tiy fax up - by calling {512} 25 -0747.
 f yoii wani to wfito, Fny aclflress is: Joe HOKS P.O.Box F 42527 Freepoit, G.B. Bahamas wolconuj ar>y aritf all enmments and critfcisms of my work. I want to ? and to grow as much as anyone else. Wtien you write ntcr? tfiings, it encourages rrie to do more for you. When you point out my mistakes. I rush to corrrct them and it makes it better for ihe next person wfio buys tfic book If you want to hjrther your education under my tutelage, 1 give tiuee day private senvnars in Austin, Texas. I give tiiese once a montfi Attendance is (imited. A prerequisite for taking the seminar is that you miust have mad Trading Is a Business and either Triincj bvjlie Book, Trading by tfie Mi.mte. or Tradiriq the Ross Hook. The first day o( the ser ina , I present my entire methodology. I put together as a coiuinuous whole ail the bits and pieces I revcai in my books, I offer a nioney back guarantee; if you are dissatisfred with what I am teaching or wfiai you feci you can feam from mc at ihu end of the first day of attendance, you wi)i receive a fuU refund of any money yOLj liave paid the seminar. We will part friends, Vnu wifj receive personal attentior?, and I wiff make time for a free one-on-one consultation with you whiie you are here - remember to ask for it. Once yo, have taken the seminar, you may take it again as often as f hold them for up to two years. There will be no additional charge. Ar the seminar, you will be shown a great many things that are impo?.sihle to get into a book. Here are soro of the novel concepts you will he taught; How to neutrabze the advantages the floor has over you; Several lecfiniques for getting into a market ahead of everyone efse so that tfieir entry pushes along your position; Several techniques for taking tfie risk our of a trade; Techntrues for buying more time for a trade without getting hurl, How EO safeiy hod overnight positions in volatiie roarkcts; How to figure the true risk m a trade; Hov/ \o engage in "Tick Banking"; how to find the trend before everyone else: and, much, much more in the way of tips and tricks to help your trading. Call my office at (512) 259-0727 to sign up. Joe Ross Add-on Contracts. 103, 104, 105 Alert setting, 30, 59 Average Voiaiifity how to compute. 141 used as a filter, 141 used as a stop loss, 152, 153 used to cover costs, 141 Brokers and Commissions, 53, 54 Capital Preservation, 340 Congestion is my filter, 80 Congestions are Important. 80 Continuation Trading, 107 Contract Seis, 9, 101 Contracts Sets, 1 04 Crude oil trade, 61-66 Daytrading definition of, 11 Dojis, 145, 329-331 Entry orders, 49 Entry Signals intermediate entry signal, 36 major entry signaf, 24 minor entry signal, 41, 113 priorities of, 42 Fibonacci a fallacy?. 339 Filtering a irading filter, 60 average volaijiity used as, 141 using congestion to filter a crude oif. 63 Hedging. 336, 337 Housekeeping record keeping, 51 tape recording orders, 51 ticket numbers, 51 time slanping orders, 52 Intermediate Entry Signafs, 36 Ledge - wiiat it looks tike. 30 3 50
Major Entry Signals 6 sunrnnary of, 35 the breakout of a 1-2-3 high, 28 the breakout of a tedrje, 30 the breakout of a Ross houk, 34 the breakout of a trading range, 24 Market anatomy of, 18 Mind Set, 85 Minor Entry Signal, 41, 113 Objective stops, 46 Odd Lots, 10 Ordering contract sets, 49 entry orders, 49 exit orders. 50 giving correct prices. 49 Pivots, 120 Protective stops, 46 Reversal Bars, 150. 329-331 Risk and Money Management money manayemenr. 75 risk management, 74 Ross Hook what it looks like, 34 Round Lots, 10 Segment Counting, 155 Slippage, 10 Stops. 46 Stops objective, 46 protective. 46, 337 Strategy and Tactics continuation trading. 107 fatsG breakouis, 109, 110 first break versus second break, 110 gaps. 109 reversal trading, 107 Summary of trend identification methods. 321-325 Swings and logs of swings, 30 Tape recording, 51 Ticket numbers, 5" Trade Selection preferred patterns. 100 search out the best. 92 selecting a market, 20 selecting a time frame, 20 selecting an entry point. 21 staying in ttie v/ater, 94 what a good trade looks like. 92, 98, 99 Trading a few words about the ffoor, 332 c) summary of intraday patterns, 127 a WARNING about davtrading, 55 comparison between daytrading and positioti trading, 12 cup with fiandle, 334 differences between daylrading and position trading, 13 Fibonacci fallacy, 339 Fifteen minute Bean Oil. 1 39 Five minute S&P, 226 hedging, 336 identifying congestion recap, 310 identifying trends recap, 310 intraday patterns, 123, 124, 125, 126 preserving capital, 340 priorities. 42 similarities between daytrading and position trading. 12 Sixty minute Sugar, 1 70-225 slippage and lot size, 13 Ttiirty minute corn, 150 trade wtiat you see, 338 "rading a fifteen minuie chart. 139 trading a five minute chart. 226 trading a sixty minute chart, 170 Trading a thirty minute chart, 150-151 turning daytrades into position trades, 167 Trading Logic, 1 20 Trading Logic points about the S&P trade. 138 Trading Plan approach, 55 stay afive. 56 slay in the water, 56 the plan, 57 your way or no way. 57 Trend finding the trend in Roan Oil. segment count. 155 finding the trend in Bean Oil. successive new eKtrenies mettiod, 139 finding the trend in Corn, Sagging Tops and, 153 finding the trend in Corn, successive new extremes method, 150 finding the trend in Sugar, segr-nent counting, 170 finding the trend in the S&P, segment count, 226 finding the trend in the S&P, successive new extremes rnettufd, 131 finding three successive new extremes, 132 fourth bar a new trend. 133 successive new extremes, clarifications. 137 Trend Identification finding ilie trend, 1 31 Sagging Tops and Rising Bottoms, 311 Segment Method. 311 Successive New Extremes Method, 310 True Correction Method, 320 True Trend Method. 311
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