Joe Ross / Daily Charts

Beginner Questions
1

Firstly, let me apologise by saying that this should maybe be 2 threads. But I have been trading live with small amounts of money, and have found great help from the threads here, but have come to thinking that someone like myself who has a day job to contend with is better off trading using the daily charts, and maybe looking at the smaller timeframes when he/she has time.

So I have been working my way through the school here, and am reading Joe Ross’ Trading By The Book, and Al Brooks’ Trading Price Action Trends. I am fascinated that Ross is highly recommended by most, and I am not saying he shouldn’t be, but I have found some things by browsing the internet that are not so praiseworthy of him, mainly by a chap called Bruce Babc0ck. Surprisingly his name does not seem to mentioned anywhere here at Babypips. If you google ‘Joe Ross Bruce Babc0ck’ I think you will find what I mean. (The late Mr Babc0ck believed that it is pointless trading smaller than the daily timeframe.) Ross also has a website called traderseducation.com, I did have to laugh when I saw one e-book claimed “If this were taught in schools there could be an end to poverty for millions of people.”!! Surely oversell? Has anyone had any experience with the e-books sold there? Also, there is some kind of software you can find called Market Detective that is linked to him, which looks Awesome! Again, nothing comes up on a babypips search. Anyone know about this?

So finally,

  1. If anyone has comments about Ross / Babc0ck / Market Detective/ traderseducation I would love to see them.

  2. Can anyone recommend a daily chart system using just price action? I know there are daily systems on babypips with long threads, such as crossover systems, but I find that sooner or later someone decides that they don’t stand the test of time. Is it possible to use the principles of pure price action on the daily charts, and be consistent?

Many thanks,
Dave.

2

Trading on D1 or W1 is always better for a long term trading, especially for someone like you with a day job. looking on a smaller time frames is just a wasting of time. Long term strategy should be created on D1 or W1 and smaller time frames like H1 or H4 could be used for entry points.

3

Just a quick word about Joe Ross, here, from one of his enthusiastic followers …

It’s best to ignore the “Babc0ck controversy” entirely, in my opinion, Dave, and just concentrate on Joe Ross’s books.

That’s what I’ve always done. I probably wouldn’t even be making a living at all without having done so, and I originally read them only at the insistence of professionals who told me they probably wouldn’t be making a living at all without having done so in their time (before Volman and Brooks were publishing, in their cases).

Even the late Mr. Babc0ck’s own reviews of Ross’s books were pretty laudatory, after all. :wink:

4

A very accurate description of the vast majority of amateur traders. As long as you realise it will amount to nothing more than (hopefully) an enjoyable, yet often frustrating hobby, no harm done!

Believe nothing you read, trust no-one & give a very wide berth to high post count, long standing members/threads that can’t or won’t back up their pearls of wisdom with a verified track record.

The only ones generating impressive incomes & bonuses at this level are the brokers who offer you access to the markets.

Not a consistently profitable one, no.

But if by chance you happen to stumble across someone posting on a public forum fitting that description who is also prepared to validate & verify an acceptably consistent track record then by all means shout it from the rooftops so interested parties can body swerve all the well meaning BS & save themselves a load of time.

But I wouldn’t hold my breath if I were you.
The folks you’re seeking don’t post on free public trading forums.

5

Lexy - Yes I did notice that he (Babc0ck) said a lot of good things about the books, even though he seemed to be out to discredit Ross. Thanks for the great advice (again!)

Speedbump- Yes it certainly is a frustrating hobby. I think a lot of newbies looking at these threads are hoping to make it a bit more successful than that. If we believe no-one, it is difficult to forge ahead.

And to all- I’m surprised there is no replies regarding this Market Detective thing, as it is linked to Ross. (see above)

6

I’m sure they are davey, unfortunately hope isn’t a particularly supportive bedfellow when betting on the vagaries of financial markets. The odds are far too heavily stacked from outset, for any number of reasons, against even a small minority of retailers succeeding to the level you’re implying, which is why a hobby is the best most can hope for.

Virtually all will either slow bleed their accounts to death or experience spikey, patchy gains followed by the inevitable equity drain into the brokers satchels.

The next time you venture onto a seemingly successful thread here or elsewhere, or encounter what appears to be a self-professed, successful forum poster, ask for documentary evidence of the threads or individual members apparently superior track record.

Genuine participants will be only too pleased to provide that evidence to support & validate their credentials & advice. I have a feeling however your requests will fall on conveniently deaf ears or attract a mix of cleverly worded excuses! :slight_smile:

7

So what we are basically saying is, speedbump, is that frustrating = unsuccessful = money gone! Sooner or later.

And yet a few people ARE being successful, surely? And I don’t just mean the brokers. I am just trying to find out what the most knowledgeable people recommend doing. So far I have this - Money management. Psychology. Price Action. Daily time-frame.

So my plan is to try to use the various price action patterns with S & R to find my trades.

I notice you yourself have been a member of the forum for some time. Do you think I’m on the right track? Because it would be disheartening for newbies to this website to believe it can only be a ‘frustrating’ hobby, and would really negate the necessity of the website itself.

Cheers,
Dave.

8

For the vast majority of newcomers with no prior experience, unfortunately yes.

Allegedly.

If that’s the case then it would make sense would it not to have these people validate it by putting their money where their mouths are & presenting their fxbook statements or other credible evidence, highlighting a consistent track record utilizing this supposedly solid advice.

Because if those 4 key elements are the bedrock of consistency then you shouldn’t really struggle too much to find at least a small handful of members across the various forums able to confidently present such a track record.
That would offer you confidence going forward that you weren’t about to waste your valuable time, effort & money rushing head long down a blind alley.

Good luck with that.

Without receiving at least a smidge of evidence that following such an approach would yield a positive expectancy/outcome, then no I don’t think you are.

I wholeheartedly agree, it would indeed.
The various brokers, marketers & egocentrics would certainly shed more than a tear or two wouldn’t they! :slight_smile:

9

Hi again speedbump, are you referring to myfxbook, (which I no longer believe in, and have discussed in a previous post) or fxbook . org , which I have just found and am completely new to? If referring to the latter, would you say it is worthwhile looking at?

Cheers,
Dave.

10

How you decide to validate it is up to you. But if I was in your situation I would be shaking each information tree vigorously to see which fruit stays intact & what drops to the floor. I definitely wouldn’t be so easily swayed by flowery verbiage or heavily touted technical systems. But that’s just me.

You would be very well advised to satisfy yourself completely before shelling out cold hard cash that any/all information you absorb, especially recommended technical strategies, were being presented & [U]successfully applied[/U] by competent sources before investing any of your valuable time.

11

Speedbump - May I ask your advice? It’s good that you bring people like me down to earth, but I wasn’t really going to shell out, except perhaps on good books. I’ve also become cynical when looking at these ‘following’ websites.
You say that I shouldn’t struggle to find a handful of people across forums that can present a track record. But I AM struggling! And indeed why should they. What could I do, start a thread? I don’t think people would welcome me saying “I want you to prove that you have succeeded in making money for x number of years.”

Anyway, as you say I’m not on the right track, could you give me a clue as to why? Do you believe in more ‘fundamentals?’ Or just more ‘practice, practice?’ Y&our advice is welcome…

Cheers,
Dave

12

I meant shelling out as in opening a betting account & executing based on spurious, unproven strategies & set ups from anonymous, albeit well meaning individuals.

But the same can be said for the books.
Most of them are overpriced garbage churning out content you can dig out for free on the internet.

You see clumps of threads springing up on a regular basis usually inhabited by the same members pumping & pushing books on everything from psychology, money management, technical strategy modules, fundamental research information to trade planning schedules etc etc, yet for all that impressive advice & strong recommendations, you’d be hard pressed to encourage even one of them to step up & actually show you solid verifiable proof where it really counts (via their statements) that any of it is worth more than a damn.

Strange don’t you think?
Because if I was regularly singing the praises of something so apparently impressive I’d be only too willing to validate it by highlighting as many examples as someone asked for, via a live account showing the merits of it. The objective being to offer confidence & inspiration to newbies such as you.

Exactly my point.
Of course you’re struggling, & you will continue to because they’re as rare as rocking horse sh*t. Which kind of flies against everything you read when browsing the forums doesn’t it :slight_smile:

Judging by the regular posts of all these apparently successful members across various threads on an almost daily basis, you could be forgiven for assuming most of these sages are high rollers, racking up the profits they continually generate on a daily/weekly basis!

The reality of course couldn’t be further from the truth, which explains why almost all of them are unwilling to step up & present verifiable proof to back up & support their claims.

LOL, of course they don’t. They wriggle, squirm & often make & big song & dance about it, eventually stropping off in a huff & quietly blending into the background. Either that or they completely ignore the posts/requests :wink:

They’re not quite so shy telling you how it should be done, but become all coy & bashful when you ask them to show you their track record of how all their wonderful advice is directly benefitting their own account.

At the end of the day you’ll do what you feel is right for you because that’s what everyone does. But you’ll either wise up very quickly or you’ll spend your time wandering around the trading forums like everyone else & in 3 or 4 years you’ll be no further forward than you are now.

If you’re [U]extremely[/U] lucky the only damage all that wandering will have done is to relieve you of your valuable time. But like most of the other hopefuls, unfortunately you’ll conclude there’s no glittering pot of gold at the end of this pretty coloured rainbow.

But if you’re after some oft frustrating fun & harmless banter, I could think of worse hobbies to invest a lot of time & a little cash in.