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Introduction to Secret 2
On his way to Million Dollar Forex success, after 2 to 3 months during which Barry read and consumed everything he could lay his hands on related to technical and fundamental analysis for Forex trading he found a few concepts that made complete sense to him. Not because some Guru had said so but because he had discovered the truths from personal observation and back testing etc. In those days back-testing was not as automated as it is now. There were no tools like the Forex tester or the ability to write EA and test them.
Everything was by personal observation, manual back testing. By the way there were also no micro or mini accounts so live trading was directly in a $10 a pip main account. As you will see later on in the course, I was Barry’s “trading partner” during this process. We were lucky enough to attend a Forex course presented by the Forex Chief of MTI who was Mr Fibonacci at the time. Great course but in the end we used very little from it.
We then created a system that was based on trend-lines, momentum and trending indicators which made the most sense and seemed to give the best results on all timeframes. A universal system. By applying, what is now SECRET 1, the total analysis of trades before and after trades this system was improved dramatically, almost on a daily basis, from then on.
It was now time for another process to be created which would eventually become SECRET 2 of Barry’s progress to a Million Dollar a year Forex trading career.
This Forex trading process was probably the most difficult for Barry to do and clearly not one that I was able to maintain and it was a major contributor to his amazing and consistent Forex success.
SECRET 2 is TOTAL focus on only your trading methodology
At this point we had a system that was giving a good success rate of +/- 60% with good positive pips and controllable negative pips. So the only contributor to our failure would be ourselves.
To avoid this we applied Secret 2 and the secret 3:
We would only focus on our system and on factors that could improve the system. Any changes to the system would be based on proper back-tested and post mortem changes.
Here is the difficult part. This involved no involvement with the Forex trading community. No Forums, no chat rooms, no new courses, no email offers, no website visits, no casual friendly chats with other traders, no nothing. Only focusing on our method and anything related to the method. So changes could be made to the core system based only on from personal experience and observation. At that point we still were trading partners and could still discuss and debate changes to the system only. Any new or different trading approaches were banned. Not even subject to debate. Zero distraction.
So psychologically the approach was based on absolute 100% focus based on personal experience postmortem changes.
Ever since Barry has never discussed or debated another trading system only. It was crystal clear to us that many Forex traders had in fact found the Holy Grail. The lack of applying Secret 1 and Secrete 2 killed 98% of traders before they even started in those days. We were way ahead of the crowd in 2 simple steps.
Secret 1 made sure that we were trading our own system and a system where the Forex market tells us the way it wants to be trades. In other words the Market was imposing its will on us – not the other way round.
Secret 2 made sure that there were no distractions that would that would impact our belief or focus on a system that worked. Zero distraction.
Too many traders drop a system because it has made 4 or 5 losers in a row for reasons they do not even know. They then just move on the the next best system they can find and go through the same experience. We realized that we need to get off that merry-go-round as quickly as possible.
In the next module I will cover another critical Secret to Forex trading success. Secret 3 which comes naturally from applying Secrets 1 and 2 properly.