Secret 3: 100% belief in yourself and your methods
The next secret about Forex trading success is about developing an unwavering belief system. A belief that if you followed a particular process that you would succeed in the long run – no matter what. A belief in yourself to remain objective, trade reality and trade in a disciplined way.
Many (most) Forex traders trade in hope. They hope that the EA they bought will work, that the system they just learnt will work and they alert service will produce the results it should. The hope with no control.
Barry realized that, although the Forex market can appear random and inconsistent at times there are many things that he had full control over. Doing the things you can control as well as you can, can increase your chances of success tremendously.
Everything that Barry did and still does is to build an unwavering belief system. Ways of increasing his belief system are:-
As mentioned previously Barry is very analytical and besides knowing why deals succeed and why they don’t he know exactly what his success rate is, how much he makes per successful deals and how much he losses on unsuccessful deals. Forex every currency and every timeframe. This knowledge is a big boost to his belief system as he knows, for instance that his system produces 70% + winners and losers are part of trading.
He never gets discouraged by losers and sees them as learning experiences. Knowing his success record boost his belief in the bad times when he has just had 4 losers in a row. The last thing he would consider is to change or drop his trading system. His first thought is what am I missing – what is the market telling that I am not hearing. His belief remains strong at all times.
Secret 1 and 2:
Having a continuous improvement process in place which is done for every deal and every market phase for every currency and every timeframe improves his belief system all the time.
Focusing on only his system and relevant information that feeds his system makes sure that his belief system remains pure and is not feed by information that cause self-doubt or insecurity about the processes he uses.
In the next modules we will explore even more elements that build Barry’s unwavering belief system.
Just to make something perfectly clear. Barry is not looking for a 100% success rate or a Holy Grail system. He is not expecting perfection in a trading system. He is realistic about the sometimes randomness of the Forex Market.
He is however pretty fanatical about the factors that he can control and strives for perfection in those areas. He does not like missing a bit of information or a market signal to exit and then making a loss because that is controllable.
An example of this is that during weekends Barry reviews charts of all currencies and all timeframes to find trades that he has missed. That forces him to back trade the market on a continuous basis to identify trading opportunities and important information impacting price action.
Total ownership and responsibility:
Barry has 100% ownership of his system, his trading actions and full responsibility for actions. In a funny way this boosts his belief system considerably. He can’t say things like: This EA does not work or this course is a scam. He only has himself to look at when thing go wrong. You need a very strong belief system to trade that way.
He does not need a money back guarantee to succeed. He does not need other online trader’s opinions or input. He does not need forums and chat rooms full of know-it-alls. He knows his own system inside out. Not having a safety net or someone to blame focuses the mind incredibly.
Too Much effort:
To many traders, Barry’s process to boost his belief system seem overboard, excessive and boring. Because he has been doing this for years these processes do not take long anymore. In the early years he would spend over an hour to try to find why a transaction did not succeed. These days with his checklist he has that down to less than a minute in certain cases. Much of the processes are automated using software and other traders – more about that in the next module.
Before moving on to the next module you may want to consider:
- Do you have unwavering belief in yourself as a Forex trader? (Secrets 1 and 2 will help you develop that)
- Do you have unwavering belief in your trading system? (Secrets 1 and 2 will help you develop that)
- Are hoping that your belief will come from an external source or from within?
- Do you believe you can get strong by paying someone else to do your pushups?
- Do you believe you can buy belief with a lot of money ?