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 email@example.com.