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It’s that time of year again! Gyms will be over-run with temporarily zealous fit freaks, and life-changing resolutions are declared around the world. With the New Year upon us, it is, in my opinion, important to cast some direction and intention over the year ahead, as well as use the natural tide of change that rises upon humanity this time of year to our favor.  Having said that, whether you are a new student with the fx365i, or one of our more seasoned students who wants to write a new chapter in their own history book this year, there are a handful of thoughts that I have had reflecting on the first 7 months of my trading career.

As the great Jim Rohn famously said, “any two years you can change your life forever.  18-20, 30-32, 68-70… Any two years.” To go along with these words he added, “for things to change, you have to change [and] for things to get better, you have to get better.”

I start with that thought because each of us arrived at the fx365institute with the belief that every successful entrepreneur has…

-a better future than their present

-has the absolute power to make it so

 

And with that, here are 7 things that will help you reach your goals:

#1) Why?

Before you start on your journey, take the time to have a clear and defined written explanation as to why you have chosen to take the time and energy to learn to successfully trade the forex. Of course the obvious answer is to make money, but the reason why is what is going to pull you through the frustrating times you will have. The stronger and clearer this reason is, the easier it will be to work through your inevitable shortcomings as a trader and remain solution oriented rather than obstacle focused.

 

#2) Do not measure your progress in pips.

The immediate trading cliché that didn’t take me long to realize is that in Forex trading “You either win or learn.”  As much as I would’ve liked to be a trading prodigy and had an alarming win rate from the beginning, the reality is that I learned almost nothing from a winning trade.  At no point that I can remember did I take a positive trade and dissect my own screen shot to figure out where I went wrong. You can practice bad behavior and in the short term you can be up, however the market will expose your mistakes, and it’s ok.  Instead measure yourself by the activities you are doing.  Study the Virtual Classroom, read the Forex book, engage daily in fxlive, take and archive your screen shots, your trading journal, learn what all of the basic signals are on your charts, and measure your progress off of how well you are doing those things.

 

#3) Have a realistic expectation for how long this is going to take

One of the immediate shortcomings that I had was that I felt like I had uncovered Pandora ’s Box when I learned about the way that the market works and how we trade alongside the market makers.  This caused me to believe this would insulate me from losing and that I would be well on my way right up the lot ladder fast.  Here’s what I would tell myself now.  Look at the lot ladder, get excited about the lot ladder. It’s real, and it’s not out of reach…however, before you get to start up it, you have to learn how to trade, so give yourself time. Cutty told me in our first conversation that he anticipated taking a year to learn to trade and a year to build up his trading account, which I promptly dismissed because admittedly, I’m young and overconfident. Turns out, from where I sit now, that’s not a bad business plan. Can it be done faster? Of course, but let’s get serious, there’s a reason Jim Rohn says, ‘any two years can change your life.’

 

#4) Be a good student.  

  • Shane & the Guth family have put an extraordinary amount of time, learning, trading and energy into creating the course content for the class we signed up for.  Take the time to read it.  Study it.  Pretend that you will be tested on it, and eventually be ready to teach it.  Shane is thoughtful, smart, and efficient.  If it isn’t relevant to your goal of trading the markets competently and consciously, it has been weeded out.  To disregard or overlook the course content is a disservice to yourself.  Watch Wade’s videos repeatedly.
  • Do your trading log. Every trade. If there is a silver bullet, it’s this combined with your own personal screenshots as well as your weekly progress report.
  • Take them and archive them.
  • Analyze your own trading.  It won’t take you that long to start understanding the majority of the important information that the charts show us, but it may take a while to understand what actions you are taking based off of that information.  It’s not always clear in the moment but it almost always is in hindsight.  Plan, do, Review.
  • Show Up Consistently with a good attitude.  Ira happens to be not only one of our great instructors but a great trader. When I asked Steve about Ira, he told me that “Ira has been relentlessly consistent at this…” Doesn’t seem like a coincidence to me.
  • Find a battle buddy.  The community at the institute is one of the most amazing things about it, and there are people of every age, background, and level of student that you could want.  Meet the people, interact daily on fxlive and roll up your sleeves and jump in… Like anything I’ve been a part of, you get what you put in.
  • Read the books!  ‘The Forex Mindset” is a tremendous resource as is another book called “Mindset”. Treat these books biblically during your tenure as a student.  Review them, re-review them.  Each time I have read ‘The Forex Mindset,’ I have gathered different insight and in some cases understood things I had already read differently.
  • The Traders Cog is real.  When I first saw the traders cog, I decided I was just going to skip it.  As it turns out, I’m 31 weeks in and right on schedule.  Maybe you can skip it, but if you don’t, some smart people that have been down this road made it up… and it’s pretty accurate.

 

#5) You will probably ask yourself all of these questions…

  • Am I ever going to get this? Yes
  • Does anybody actually make money consistently at this? Yes ( a lot do)
  • Are we sure this Market Makers thing is real? Yes
  • Is this a total pipe dream? No
  • Am I destined to be one of the failed 95% of retail traders? No
  • Am I wasting my time? No you have a current plan for financial freedom that’s working? If no, then no
  • Are there real fx365i students who have learned how to do this and are profitable? Yes
  • If people are doing so well how come no one talks about money? Because its the skill set you’re after.  If you can consistently pull pips for profit, you can get free financially.

 

#6) Play to Win

There is a saying that says ‘if you mess up once it’s a mistake, if you mess up the same thing a second time, it’s a decision.’

While it’s likely in your trading you will make the same mistake more than once, make the commitment to yourself to understand the mistakes your making, take a pro-active approach to each step of your trading.  Analyze, discuss, review, try again and dig in… Anything that can deliver the leverage and exponential returns the way that successfully trading the forex can is going to be a challenge, and of course is going to be worth it.

 

#7) Have Faith

‘The difference between belief and faith’

Years ago there were two friends.  One day one of the friends decided he wanted to do something exciting, so he took up tight rope walking.  After practicing for months and months walking carefully back and forth on a line strung feet above the ground, he began to feel the urge to accomplish something spectacular.  He began to craft an exhibition where he would walk a stretched cable between two rooftops, high enough that if he fell it would result in death.  To make his feat all the more impressive, he decided that he would not only walk the tight rope, but he would push a wheelbarrow across it with him.

He practiced and practiced while his friend watched on, impressed with his determination and relentlessness.  After perfecting the stunt over and over again and arranging for the big day and exhibition, the time had finally come.

The two friends stood atop the skyscraper eyeing the cable stretched tight between the rooftops.  Time seemed to stand still.  The sound of chatter amongst the crowd standing below, although constant, faded away to the ears of the two men.

In the final moment as the tight rope walker draped his feet over the cable and steadied his grip on the wheelbarrow handles, the friend was faced with the choice of belief, or faith.   His belief led him to have the utmost confidence that his friend would complete the exhibition, but it was his faith, that caused him to get in the wheelbarrow.

 

In closing, have faith in the journey, the frustrations you will face, the institute, and yourself.  Have fun, and in a few years when you are living your ‘Why’, look back on this time as a distinct moment where you went for it 100%…

 

Payton Parnegg