Meet Joe, a professional trader who has devoted 13 years of life to trading on various platforms, including IronTrade. Not only is he sharp in trading, but he also wrote several books and was engaged in developing some trading indicators broadly used today.

Joe also shares his knowledge on various conferences and financial forums in Asia. Now he started to do it online because of the pandemic, but we all hope that it will back to normal soon. Let’s take a few quotes from his books for review:

“When a beginner gains, he feels great and willing to take more and more risks, which leads to losing everything.”

“The moment of absolute certainty never arrives. Just admit that you can not be 100% sure about the market. But you can be about your own actions.”

Joe implies that every trader should act rationally and not make impulsive decisions. It ruins everything. Usually, newbie traders risk everything they have and lose it because they simply do not realize the risks. Joe warns beginners to open deals slowly and always do their own research. No trades should be made based on guessing, even if you feel that you are lucky enough.

Maintaining a balanced and rational approach is crucial. The same as planning deals and realizing your responsibility for your risks.

“The market is like a sea: you can not influence it, just adapt your behavior to it.”

Like any trader, Joe in his career also had a lot of losses. The majority of losses happened because of irrational behavior. He said that the key to improvement is a trader’s psychology. Getting angry and wanting to revenge is a direct road to failure. Instead, try to accept the losses, if any, and learn from them. Also, try to keep a log of your trades (we already posted about this earlier). It is extremely helpful to improve your trading approach.

“Every trader should maintain 3 components of trading: sound psychology, logical thinking and trading, and good risk management. These things are essential altogether. If you remove any of them, everything will be ruined.”

This is an excellent phrase that every trader should never forget! Sound psychology will help you deal with your emotions, whether you win or lose. Logical thinking will help you maintain a trading plan and stick to it. And risk management is a mix of the previous two things that will limit the money you will spend for each trade.

So, remember these quotes. They will help you and make your decisions well better done. IronTrade wishes you good luck!