My name is Barry Mohan. I am the founder and owner of Iceman Trading Academy.
Let me introduce myself a little. I began day trading about 5 year ago. As an owner of another business I didn’t have time to dedicate to day trading full time. So, I played with “penny stocks” on my mobile device on my breaks or any free time I could get my hands on. I soon fell in love with the concept of trading and making money as more than just a part time/ side money event.
At first it was easy. I seemed to pick all the right penny stocks at the right time and made an impressive return on the money I had invested. I of course had some losers in there but they never seemed to affect me as I never realized the loses and they all came back profitable or flat. So, I went from spare time on my mobile to getting a laptop using more and more time from my job to concentrate on day trading. I now had at this time involved my entire life into day trading. I used every single moment I had to try to find pattern on charts, try to see reasons why certain names went up or down.
I figured by playing with my platform how to add indicators and I started using moving averages on my chart. I had every single indicator out there on my charts at one point. I started to notice patterns, some of the indicators were slower, some were quicker to react. I gathered mental notes as to where the trends changes and how the price reacted to the movements of these indicators. I used volume indicators also as this one came as the default so I figured it was supposed to be very important. I quickly associated the volume increase and the price correlation as I studied more charts. At this time my laptop never even slept, I spent every waking hour on the platform. I went to bed with it on my side and woke up to it. I was up till 2 am almost every night, I stopped hanging with friends, I didn’t leave my house other than the now daunting task of my day job that still paid the bills.
This is the key I think to some of my robotic trading behavior! After all my hours and hours of studying I still did NOT watch 1 video or read 1 book on day trading. I was NOT influenced by anyone else’s ideas or thoughts on how day trading should be approached. I am proud to say that I am 100% self-taught, which may not seem like a lot to you reading this but to me now that I know better and see the things out there: I’m very proud to say that. I didn’t realize that the trading community was so huge, I didn’t realize that traders were on twitter, I didn’t realize that there were videos or books on day trading that were so well known and read. I didn’t know that there were day trading courses or DVD’s or anything like that. Discovering new things about day trading to me was like discovering more gold with every shovel. It was mind-blowing to me. The excitement was now overwhelming.
This is where I changed. I was never privy to how profitable day trading could be. I never have seen other than the prestigious career holders have exotic cars or huge houses. I guess like many of you I got jaded by the monetary gains and the lavish lifestyle associated with the day trading life. I began to invest more money into the market. I began to be sloppy and try to get the big winners. I no longer wanted the few hundreds that I was making consistently but rather sought after the much bigger thousand dollar winners only. I didn’t think it was so easy to lose money in the market because I didn’t take any real loses yet. Even now, as I played with more capital I was not incurring any real financial setbacks. I began taking days off my day job to day trade. I bought a couple extra screens to add to my laptop and I used a little table to create a trading station. I was more than just a part time at this point, I was very involved with placing trades and executing order at my desk or at my job sites. I was sometimes making more money now than I was making per day with my own business. So, I decided that I wanted to give this more time and deposited a lot more money into my trading account. The tides started to change then, the emotions got control of me. Fear of missing out kept me sure that I was trading all the movers. Greed kept me in the trades long enough so I can make the most I can make. Patience kept me in losing trades because they all came back eventually I assumed. I started losing money on a regular basis. Day after day money was being lost at an incredible rate. Trade that I normally took with smaller sizes and with some kind of justification were now being taken with huge sizes and no capital risk in mind. I watched the gains that I made go to zero, then I said to myself I can make that back with one or two good trades so I kept going and soon blew up my account. I have never done this before or lost this much money on anything so of course I was mentally broken. It altered every aspect of my daily life. My business suffered as I was now stressed out and could not figure out how to get over it. My family life suffered as I was on edge. I blamed the stock market and all the “great traders’” for their calls and alerts on twitter I was now following for taking all my money.
I needed a change. At this point I was so invested into the market not only financially but mentally and physically. I was obsessed with it. I decided to go back to why I got into the market and what got me into winning trades at the beginning. I also realized that trading penny stocks was not for me anymore. I began looking into big board stocks. Seeing how the indicators that I’ve been using work better with those types of names. I regrouped and formulated a strategy to suit my needs. I got to a point where the setups where working and the trades that I was calling were all coming together. I also learned how my emotions were not in control of me anymore and that I was being more technical and robotic. I now had something that I could apply to real live trades.
All I needed at this point now was money. No one knew the financial situation I had gotten myself into. My last resort was to sell my truck. So, I did that. Got enough money to fund a new account and began to trade like it should. I began making some consistent smaller gains that I managed properly. Soon enough with everything that I learned I was being profitable. After time, I managed to recoup all of the loses that I incurred and was now in the green. Life was slowly turning around. My trading life at this point was my ONLY focus. I decided that I was ready to make a career out of this. I took the big plunge to close my business. My construction business was up and running for 15 years now. It was my source for money and paying my bills. This was a huge step for me and my family. A new direction and career choice at this point in my life with a house and 2 young kids was a very scary decision. My wife, my support and my rock through all of this was on board with the idea.
I am now a full-time day trader and swing trader. I have developed a strategy for myself and have shared it with many. I began doing educational videos on YouTube and weekly webinars to help share some of my past experiences and maybe curb the learning curve for others.
This is where Iceman Trading Academy comes into play. This learning arena was created as a resource to help newer traders learn the correct way to address the market. Trading should be taken seriously. As a trader, you should be adaptable and customizable. Every trader, experienced or not have issues adjusting to day trading. I have compounded a group that I believe will help you address these issues.
Teaching is the route I’ve always wanted to travel. Welcome to Iceman Trading Academy.