Editor’s Note: This is the second installment of WealthSmart instructor Ira Barnes’ two part series on how to identify a high quality Forex education. Click here to read the first segment which discusses the map and action steps required to embark on a successful Forex trading journey.
Okay, ingredient three—technical skill and tool knowledge. Let’s start by remembering, and admitting, that most of us have not been students in a long time. And, additionally, as adult students, we must confront the reality that we’re real people with real lives meaning that there are a lot of people and circumstances making demands on our time. Bottom line, we have no time or money to waste, period. Therefore, our education better be to the point, efficient, and on target without any side trips or dead ends.
So, what’s needed, day by day, to keep us on point, focused, in the zone? JIT (just in time) training. This means that you only want to be taught what you need to know to be a successful, winning and high income professional Forex currency trader—no filler, no fluff. Show me how to use a car’s steering wheel, gas and brake pedals, side and rear view mirrors and let me drive. I don’t need to lift the hood and rebuild the engine and transmission just to go over to a friend’s house.
In Forex trading, just show me how to consistently capture my 35-40 PIPs a week by way of recognizing high probability trade setups and entries. Teach me smart risk management and how to ‘nail the entry’—avoiding jumping trades too early or chasing trades too late. That’s it—KISS (keep it simple students) with JIT teaching in a Forex world awash in JIC (just in case) teaching where you can get lost and never be seen again because of non-essential, even irrelevant material thrown your way. It’s quality, not quantity that counts.
Finally, the fourth and most important ingredient—community … within which you develop your mindset (vs skill-set and tool-set), mental discipline, delayed gratification and trading with indifference winning habits. Importantly, this all comes under the umbrella of emotional intelligence and equates to about 90% of a full and complete Forex education.
In a nutshell, learning to trade, alone, is a colossal and costly mistake. Only hearing your own voice as you go through the first few turbulent months of your trading career can only end one way: disastrously.
You must be a part of a community; you must have other voices (teachers, mentors, fellow students) to remind and reassure you that you’re normal as you experience trading ups and downs, periods of euphoria followed by depression. Yes, you will most likely spend some time ‘all over the map’ as you progress on your trading journey. Again, I repeat, we all need the comfort of community—whether online or on campus.
Well, there you have it, the winning four-part Forex formula. Oh, by the way, before I became a student, then trader and instructor, I spent nearly six months looking everywhere for such a Forex student environment. It turns out that I found only one such place where all four ingredients came together. For emphasis, the four ingredients are 1) the trader’s map (COG); 2) the QuickStart program; 3) JIT training; 4) community. Oh, and the place—the Forex365 Institute.