Barry Thornton’s 2nd Secret of his Million dollar Forex trading Success

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Barry Thornton's 2nd Secret of his Million dollar Forex trading Success

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.

 

 

6 Comments

  • Fabian Schroter

    Reply Reply March 3, 2015

    Hi Alex
    Yep, guilty. Pre- and post-mortem done sometimes, definitely not always and definitely not with enough severity to always boil it down to the point.
    Also, FOCUS, that’s a biggy, probably one of the hardest things for the beginner to do, to decide on a system and just concentrate on that; the problem here is: since you’re a beginner, how can you possibly judge with any degree of precision, whether the system you are about to solely focus on, is worth spending ALL your time on, when the messages you get from everywhere else lead you to believe that there is so much more out there to evaluate. I agree with you completely, the answer to the big forex question is actually quite simple, the rigor it takes to implement it is where the killing fields begin.
    Extremely interested in the next step, but if you can deepen the insights of secrets 1 and 2 for us, I’m all ears, please elaborate! And don’t be too discouraged if there aren’t as many responses as you’d like to see – that’s human nature, it’s everywhere the same. But it is the small bean that grows into the mighty baobab…
    Looking forward to the next issue. Take care and enjoy the holiday and the cricket.
    Fabian

    • info@expert4x.com

      Reply Reply March 3, 2015

      Hi Fabian,

      Thanks for your reply- yes it is difficult for the beginner. That’s why is takes 2 to 4 months of active research and learning before locking into the Focus phase. With limited time this may even take 6 to 12 months before the focus phase. Barry and I were lucky – we had 12 to 16 hours a day (including weekends) and there were 2 of us. We did everything – must have done well over 20 courses, read over 10 books and just did everything we could. We learnt something small from everything we did.

      Thanks New Zealand is especially good to be in at the moment.

      I will be expanding on the first 2 secrets throughout the course which will re-reinforce their importance.

      The actual trading technique you follow does not matter in the end as long as you use the dedicated process Barry was able to follow for over 10 years

  • Stephen Eriaku

    Reply Reply March 3, 2015

    Hi Alex, thanks again for all this. Absolutely worth it! You guys remain my best and only resource for anything forex from the last 6 years since I first gained interest in the trade. I occasionally check in with Forex Peace Army and Baby Pips for specific resources, and then no one else. Hence Secret Numero 2 has very much become The Absolute Must as part of my foundation to build a truly Grounded Tower that can be the One I build my Holy Grail City upon, however long it takes!

    The First Secret of Comprehensive Post Mortem became Absolute Must when I figured out in desperation that I always went round in circles and kept finding myself discovering that any system could indeed be made profitable after all different exhaustive trials and options of tweaking it till it proved profitable returns. Needless to say, this was after quite a lot of blood had been shed in form of lost months of trial and error! But all worth it in the end.

    Secret 2 of Absolute Focus/Zero Distraction, in my experience, became a reality when, again in my desperation, I subscribed to all and sundry and found my email inundated with literally hundreds of adverts and offers, and had spent quite a few hundreds of USD on robots and strategies. All to return to Spot A with the same question: “So which one was working again??”!!

    So yes, I too look forward to Barry’s and your 3rd Secret and the rest that built the Foundation of what makes the 2-5% of Forex’s 3-5 trillion USD a day available to the very few of us successful ones!! You guys and Mary are still my No. 1 Outspoken Heroes in this trade around my conversational circles!

    Thanks again!!

  • Paul smith

    Reply Reply March 4, 2015

    Powerful concept here…..in the early years of learning forex we absorb so many different methodolgies….have to filter it all down in to what we see most naturally…..not so easy to do !
    Great advice, thank you…enjoying this process !
    Paul.

  • Woodstock

    Reply Reply March 4, 2015

    Hi
    Yes getting all caught up in scavenging through countless web sites looking for the holy grail when your system that you have spent countless hours fails for 5 trades is one thing I’m guilty of. Getting distracted with all the BS from people trying to sell you this and that takes you away from fine tuning your own system, scared it will lose again. I keep coming back to the basics because they work the best. Tried many indicators all promising the world, all work extremely well in trending markets and without looking at the hard right edge of the chart the results can look fantastic. Enjoying the articles.
    Rod

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