January 2015

You know, it’s funny:  sometimes when we have an incredible resource at our fingertips, we either take it for granted, or subconsciously devalue it for whatever reason.  Well, we have some incredible resources at Fx365i.  From the various members of the Guth family to the virtual classroom… from the daily online broadcast (shout out to our producer Andrew!) to the bedrock that is LaCurtis Mayes… from the cultural efforts of Cutty to the new high tech classroom… we have a lot of amazing people and tools to help us become better traders.  Because it is so readily available, it’s easy to take all of this for granted (or to let it pass us by).  The reality is we would be hard pressed to find another trading school with so much to offer.

One unbelievable resource I didn’t mention above is the pip monster known as Ira Barnes.   During 2014, Ira’s trading evolved and improved to the point where he frequently, almost on a weekly basis, pulls hundreds of pips using Fx365i’s Wealth Smart indicator suite.  This is not hyperbole or exaggeration.  His stats are stunning.  In 2015, Ira has started introducing Wealth Smart students to his practice of precision “Moment Momentum” trading.  His goal as a Wealth Smart instructor is to enable you to “Reinvent Your Future.”  Talk about a resource!

Towards the end of last year, I had the privilege of sitting down to pick Ira’s brain.  I wanted to try and figure out what has made him such a force in the world of Forex. Here is a small sampling of his wisdom:

Q.  I think some people sit in class trading with the hope they will eventually become better traders.  Give us some examples of what you did outside of class to accelerate your learning curve.

A.  Every video that the school puts out, I play it over and over again.  With Wealth Smart, I’ve gone to every source available through the school.  I take [highly detailed] notes every day.  I better have some notes every day on what I’m feeling and why I’m saying the charts are going to do what I think they are – besides just the numbers – because it is 90% emotional intelligence.

Q. Discuss some of your basic trading strategy.

A. I might think this thing looks like it’s going to run up 100 pips, but my job is just 50 pips A WEEK as a business owner.  So I’m just going to grab some of it and then stop and bank it without running the risk of it snapping me out.  While I’m taking my screen shot, I don’t even look at the screen and I don’t give a darn if it runs another 100 pips.  I did my job!

Q.  You take a ton of notes.  Talk about your note taking.

A.  On my daily checksheet / journal, every time I notice something, I write down lesson #1, lesson # 2, etc.  I am now on page 320 of notes after 15 months of trading.  I no longer go back to the first 100 pages, but I am constantly re-reading and reminding myself of the all the new things I’ve realized.

Q.  What does it take to become a profitable trader?

A.  For me, I had to start listening to myself.  I had to start becoming what my notes said.  Like I say on my website http://www.pipbusiness.com, a trader who trades Forex is most likely going to fail.  A business owner who trades Forex has a great chance of having success.  So a business owner has to have discipline when trading Forex just like if he or she was running any other business.  So my mindset every day is to be a business owner.

 

Hopefully we all appreciate the tremendous effort that the institute puts forth every day to give us the opportunity to succeed.  It’s up to us to grab it.  Let’s Do This!!!

I love hearing from fellow students.  Please reach out at any time at pipaddict73@gmail.com.

 

Can you believe we are already at the end of January, 2015?  It’s crazy to me that we are nearly 10% through the year already.  I’m taking this as an added source of motivation.  I have lofty ambitions for this year and I refuse to let it slip away.  In the past, around this time of the year, I have seen many people, myself included, allow resolutions and goals to start fading while the mundane starts taking over.  Not this year.  Not this guy.

I’m actively evaluating what I’ve done well and what I’ve fallen short on so far this year.  I make it no secret that I am striving for new levels of excellence in every facet of my life.  As I take stock of where I’m at so far, I’m excited with some of my early results… and disappointed with my efforts on other fronts.  However, there’s no way I’m going to allow myself to get discouraged, or say, ‘Well, I just can’t do it all.”  No. Way.

I’ll quickly share one thing I’m proud of and one area in which I’ve got a lot of work to do.  Starting with the positive, one of my goals involved getting into much better physical shape this year.  I’ve been eating clean, not drinking at all, and working out 6 days a week.  So far, I’ve lost about 8 pounds, and, more important to me, I’m down 2.4% body fat from the beginning of the month.  I know there are other people at the institute that are also determined to get into better shape – keep sticking with it – we got this!!

On a less positive note, I’m very disappointed with my lack of blog posts on this forum and especially in my lack of following through on some social media initiatives I have planned for Smart Money Profile.  Yes, my work schedule has changed.  Yes, working out has eaten into a good chunk of my time.  Yes, blah blah blah blah blah.  Who cares?  I have created a schedule that allows me the time to get these things done.  So far I have failed miserably to stick to my schedule, but I know I can turn it around and accomplish the things I have set out to do.

I believe that the closer I come to achieving excellence in all phases of my life, the better trader I will also become.  Just like in life, there are so many things to balance when trading.  As I teach myself to lead a stronger life, I believe my trading will symbiotically improve as well.  If we’re proud of our intentions, proud of our actions, and proud of the trades we get into, we have no choice but to win.

March on fellow traders – the year is young and it’s our’s for the taking!

I love hearing from fellow-traders.  Please reach out to me at pipaddict73@gmail.com.

Welcome to the build log of the FX LIVE! Studio Remodel!

The FX LIVE! Studio is also our classroom that we broadcast out across the country for our students that can’t get in to trade with us locally. While it was definitely about the looks, we also went through and installed some much needed wiring (out of sight) to increase the audio and video quality of our broadcast as well.

Some students were curious of the process, so we thought we should go ahead and put this build journal together for anyone that likes these sorts of things. Enjoy!This is what the Studio looked like before the remodel began. Definitely not as cool as we wanted it to look.

 

Let the work begin. The first step was to build the right side frame out of 2×4. We chose to cover it in melamine instead of drywall since it is finished right from home depot (although it was insanely heavy to work with). The plan was to have the larger piece be the backdrop for our projector that we planned to mount on it later on hidden behind a fascia, with a larger piece below sticking out to give it a nice look. Lots of saw cuts were made in the name of this idea.Well that was incredibly heavy to pick up and slide against the wall. Time to build the bigger one.

We left a little crawlspace open (that ends up being on the right side later on) to get up behind it to plug in the many many wires that we planned on running behind it and up into the attic and over to the production booth located at the opposite end of the room. Taking a quick break while lifting this monster wall to reflect on our lives and why we aren’t having someone else do this. We managed to get it up and strapped through sheer will and are now mounting the projector screens to get their dimensions.

Now we are on the home stretch of painting the entire office, running cables, setting up all the new tech, then moving what seems like 10,000 tools out. Almost there. Well this should be fun.

We used a string tied to a block of wood to throw over to where we needed the cables. We attached the string on our end to a group of cables, then dragged them through the attic.

I got pretty good at throwing that piece of wood. Will use on future resumes. The finished product!

This remodel took about 6, 10 – 14 hour days to complete. We didn’t get to the final stage (as shown in the picture) until about 3am monday morning with students arriving to trade at 5am so we cut it pretty close, but it turned out okay. And here we are with the new and improved studio in use!

Thanks to all the staff that helped with this. We couldn’t have done it without you.

And our deepest thanks to the students that show up here every morning at 5am to trade with us. Without you this would all be for nothing.

-The FX365I Team