Product Description
Trading Is A Business, written by Joe Ross. Hardcover book, 377 printed pages. Copyright 1991, this is the 1993 revised printing. Published by Ross Trading, Leander Texas in 1993, printed in the USA.
The book is in very good plus condition. It has the bookseller's sticker on the back cover and title page but otherwise no noticeable flaws (see photos).
Synopsis: "Trading Is A Business" is a comprehensive guide to trading for a living. It emphasizes that successful trading is not a game of luck or an emotional endeavor, but rather a disciplined and professional business undertaking. The book aims to transform traders by helping them cultivate the right psychological framework and adopt a rigorous, business-like approach to their trading activities, ultimately leading to consistent profitability. The core synopsis revolves around these key ideas:
- Mindset and Character are Paramount: The book stresses that trading success hinges significantly on the trader's mental, emotional, and psychological makeup. Ross believes that developing self-discipline, integrity, honesty, and self-control are crucial. He challenges traders to examine their own maturity and overcome negative traits that lead to failure. He even introduces a "Life Index" tool to help traders cultivate desired habits and maintain control.
- The "Truth" of the Markets: Ross reveals a startling observation: a high percentage of traders (around 80%) enter trades on the correct side, yet a vast majority (90-95%) still lose money overall. He attributes this to the lack of proper management after entering a trade, both in terms of market dynamics and personal behavior. The book aims to reframe traders' perception of the markets, enabling them to focus on actionable steps for consistent profitability.
- Trading as a Business Operation: The central theme is to approach trading like any successful business. This means understanding and managing "revenue" (winning trades) and "costs" (losing trades, commissions, slippage). Ross provides practical guidance on profit-taking strategies, utilizing account margin effectively, and scaling trading operations. He moves beyond generic advice like "cut losses short and let profits run" to explain how to implement these principles.
- Practical Trading Techniques: While heavily focused on the psychological aspects, the book also delves into specific trading techniques. Although not a "magic indicator" book, it covers topics like identifying congestion, setting and trailing stops, getting in sync with market movements, and trade selection. It often features real-world examples and charts, allowing readers to "look over Joe Ross' shoulder" at his thought process during actual trades.
Product Description
Trading Is A Business, written by Joe Ross. Hardcover book, 377 printed pages. Copyright 1991, this is the 1993 revised printing. Published by Ross Trading, Leander Texas in 1993, printed in the USA.
The book is in very good plus condition. It has the bookseller's sticker on the back cover and title page but otherwise no noticeable flaws (see photos).
Synopsis: "Trading Is A Business" is a comprehensive guide to trading for a living. It emphasizes that successful trading is not a game of luck or an emotional endeavor, but rather a disciplined and professional business undertaking. The book aims to transform traders by helping them cultivate the right psychological framework and adopt a rigorous, business-like approach to their trading activities, ultimately leading to consistent profitability. The core synopsis revolves around these key ideas:
- Mindset and Character are Paramount: The book stresses that trading success hinges significantly on the trader's mental, emotional, and psychological makeup. Ross believes that developing self-discipline, integrity, honesty, and self-control are crucial. He challenges traders to examine their own maturity and overcome negative traits that lead to failure. He even introduces a "Life Index" tool to help traders cultivate desired habits and maintain control.
- The "Truth" of the Markets: Ross reveals a startling observation: a high percentage of traders (around 80%) enter trades on the correct side, yet a vast majority (90-95%) still lose money overall. He attributes this to the lack of proper management after entering a trade, both in terms of market dynamics and personal behavior. The book aims to reframe traders' perception of the markets, enabling them to focus on actionable steps for consistent profitability.
- Trading as a Business Operation: The central theme is to approach trading like any successful business. This means understanding and managing "revenue" (winning trades) and "costs" (losing trades, commissions, slippage). Ross provides practical guidance on profit-taking strategies, utilizing account margin effectively, and scaling trading operations. He moves beyond generic advice like "cut losses short and let profits run" to explain how to implement these principles.
- Practical Trading Techniques: While heavily focused on the psychological aspects, the book also delves into specific trading techniques. Although not a "magic indicator" book, it covers topics like identifying congestion, setting and trailing stops, getting in sync with market movements, and trade selection. It often features real-world examples and charts, allowing readers to "look over Joe Ross' shoulder" at his thought process during actual trades.