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Friday, September 21, 2012

Joe Ross: Trading Is a Calling


LEARN FROM MARKET WIZARDS - PART 4

Joe Ross has been described as one of the most eclectic and one of the most experienced traders in the world. He’s a BSc in Business Administration (University of California, Los Angeles) and an MSc in Computer Science (George Washington University, Virginia). As far as trading and investing is concerned, he got his feet wet when he was as young as 14 years old. He uses trading approaches that generate constant gains from the financial markets. In the year 1988, he established an institution named Trading Educators Inc, and has been the head of that business since then. Numerous traders have been trained by that institution. Joe says this about himself: “When I began trading 56 years ago, self-discipline and self-control were two of the largest mountains I had to move in order to become a successful trader. Doing so was not easy… In my 77 years of living, I've experienced many events and changes in the markets. I was born during the "Great Depression." Times were tough for most people. I can remember not having anything to eat. I remember being frightened by the news of the Japanese invasion of Pearl Harbor. I've witnessed numerous speculative booms and busts. Recessions, depressions, market crashes, bank failures, the S&L crisis, wars and rumors of war, and vicious inflation have all occurred during my lifetime.”

Great Joe is known as a Super Trader and a Market Wizard - having been victorious in the past vicissitudes in the markets. He’s mentioned in Who’s Who in America. He’s known for some proprietary terms like “Ross Hook, the Law of Charts, and Traders Trick Entry.” He has written 12 important books about trading and investing. These books have been translated into many languages other than English. Today, Joe Ross still trades, invests, coaches, instructs, and writes. Many people have benefited immensely from his trading lessons, including me. We really owe him a debt of gratitude. I think the best way to meet this Trading Master is to visit his website at Tradingeducators.com (you can be exposed to his trading world by subscribing to his newsletters.).

Lesson
There are helpful lessons we can learn from Joe. What can be learned from him are what most market wizards have in common. These are just a few lessons out of the numerous that Joe offers:

It takes many years to become a permanently successful trader - not weeks or months. One who learns fish farming for 5 years would tend to be more successful than one who learns fish farming in just a few weeks. Once you reach the level of competence in trading, you can continue to enjoy your career for as long as you exist.

It pays to ride the trend. There are winning strategies that can be used for consistent gains in the markets. Simple strategies can also be very lucrative. With those strategies, you can beat the markets every single year.

You need rock-solid discipline to stick to what you know are right in the markets. Traders tend to become undisciplined when they become greedy. They’re often ruined by greed. You can avoid loss by sticking to your winning trading ideas or getting out of the markets when the loss is still small.

Conclusion: Invariably, speculators who are still struggling hopelessly with the markets often pray that the secret of successful traders be revealed. In the articles in this series, I hope that your trading career would be transformed by reading proven advice from victorious market wizards. Terrific trading methodologies give us but a glimpse of what lies ahead in a market, they assures us that some informed decisions can be made. The future of our trading career will be glorious, satisfactory and rewarding. You can count on that, confident that trading and investing can be a career of a lifetime, and that it brings financial freedom.

This article is concluded with some quotes from Joe Ross:

1. “Although a positive mindset can do wonders, it's essential that you be flexible. It's necessary to be realistic when setting goals. Research studies have shown time and time again, that when we set goals that are too high, we fail and give up. That's why people can't lose weight or keep New Year's resolutions. They set goals that are impossible to achieve. So set realistic goals. You don't have to take home huge profits every day, you don't have to trade every day, and you don't have to stay with just one market and one time frame. Accept what you can get.”

2. “It is often difficult to stay upbeat. There are times when nothing seems to click. Your trading strategies don't work, or you may have trouble getting an accurate read on the markets. It's a common ailment. Depending on your past experience, there are times when the market doesn't seem to behave in the way you anticipate, especially if you trade your opinion instead of what you see.”

3. “Self-control is often the key to trading success. Masters of the markets are disciplined. They don't sporadically act on a whim. They develop specific trading plans and follow them. Trading is largely a matter of capitalizing on odds… Even though self-control is vital for trading success, many traders have problems with maintaining self-control. It's a common ailment not restricted to trading. You are not alone. Whether it is in losing weight or in breaking bad habits, people have great difficulty in maintaining self-control.”

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Copyright (C) ADVFN PLC


NB: If you want to receive permanently free winning Forex trading signals, please send me an email titled: “A Request for Free Trading Signals.”

Send the request to: saazalmu@yahoo.com

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