FOREX INCOME ENGINE 2 REVIEW
Bill Poulos had formerly released a brilliant foreign exchange trading course, which we reviewed here on this site. That first fx trading course, Forex Profit Accelerator, provides four distinct end-of-day trading techniques tailored for trading the major foreign currency pairs.
Forex Earnings Engine is the subsequent evolution in Profits Run’s library of instructive trading materials and offers somethings that their FPA course does not. Currency exchange Revenue Engine is intended to keep you out of higher risk trades, have you enter at “safe” points in the market, and implement powerful risk management guidelines. If you master these aspects of the method, you will have a sound foundation that will leave you well prepared to adapt to future market changes and your own trading personality.
The course consists of five modules, each contained on its own CD-Rom. A bonus module is included for people that are new to fx trading. It covers critical Foreign exchange basics, providing the new currency trader with the foundation they need to realise the way the foreign currency markets work and how a retail trader can take part in those markets.
The bonus training includes instruction on the way to read FX quotes, leverage and margin issues unique to the currency market, ways to figure out trading profits and losses based mostly on “pips,” and a commentary on the numerous order types your broker should accommodate.
Module one : Background, Overview & Trading Examples
The first module introduces the background and concept behind the Foreign exchange Revenue Engine trading system. Bill Poulos reviews what can reasonably be expected when trading the system in the Forex markets and then provides a broad overview of the Forex Income Engine system, reviewing several example trades to give the student a sense of what it is like to trade this particular method.
Students are taught to limit their trading to the “major” currency pairs. These include the Euro Buck , Brit Pound, Jap Yen, Swiss Franc, and Australian dollar. The rationale trading is restricted to these particular currencies is perhaps because this is where you may find the best quantity of liquidity. Although it is feasible to trade other more exotic currencies, you’ll likely find them to be less liquid and not the ultimate trading medium. An extra benefit of limiting yourself to just 5 currency pairs is that you are going to not have to look at a large number of stocks or invest in sophisticated scanning software.
Selecting a quality broker is especially significant because not like the stock exchange, Foreign exchange brokers are not always controlled. Bill Poulos provides guidance to finding the best brokers and identifying the regulatory agencies that you would like to be certain cover your personal brokerage. You will get a broker scorecard that lets you objectively consider a brokerage firm, cut through the hype, and find the broker most suitable for your needs.
Having identified the currency pairs you may trade and having led you in picking a broker, Bill Poulos reviews the tools that you are going to need to put his trading methodology to work. It starts with trustworthy charting software and identifying your time restrictions. The good news is that your broker may provide acceptable charting software at little or no cost and because Forex is a “24-hour market,” your trading can take place at a time convenient to your schedule.
Module 2: Trading Rules
The method taught in the Forex Income Engine course is a deceptively simple swing trading technique that will move you into and out of the trade in just a few bars. What that means is that if you’re trading 30-minute bars, your trades will last an hour or two. Trading 15-minute bars reduced the trade’s life span to less than an hour. You will select any time frame that suits your special tolerations and needs.
The Foreign exchange Revenue Engine trading technique incorporates 2 common technical indicators together with a collection of robust trading tactics that identify high chance trading opportunities, place you into the trade, look after your capital, and capture profits. Numerous examples are reviewed using 30-minute, 15-minute, 10-minute and even 5-minute bars, demonstrating how the method can be used on differing time frames.
As was mentioned, any time frame can be used with the Forex Income Engine method, but it is designed for trading on an intra-day basis. You’ll be going after one to ten bar swings in the market. Long positions are taken at areas of support and short trades are opened at areas of resistance. You will be trading with the trend, but without the use of traditional trend research.
Two common technical indicators are used. It is not fair to reveal what those two indicators are, but what can be shared is that both indicators are available on just about every reasonably decent charting package out there. If your broker offers a real time feed for their charting software, you are most likely set.
There is nothing exotic about the selected indicators, but the use to which they are put is rare. Neither is used to identify or enter the trade. One indicator is used to avoid trade setups that will likely to fail. The second indicator is used to for risk management and identifying profit targets. Setting up both indicators is simple and easy, requiring no fine-tuning or adjustment. It took less than five mins to have both configured and saved as a template on our broker’s platform. Once the 2 indicators are outlined and present on your charting software, they’ll work with any intra-day time-frame you can opt to trade.
The rest of module two covers both long and short set-up conditions, entry rules, the techniques for placing a preliminary and follow-up stop orders, and exit methods. I’ll warn you, that at first blush these criteria appear complicated, perhaps even confusing, but don’t permit yourself to be deterred. After reviewing the trade criteria, Bill Poulos walks through multiple examples that demonstrate precisely how the conditions are applied in the market.
Module 3: Detailed Trade Examples Review
The entire purpose of this third module is to dive into multiple example trades, providing a detailed explanation and analysis of each trade. There are twenty-three case studies, providing a great amount of understanding as to the way the Foreign exchange Revenue Engine criteria are applied and the way in which the trading rules will move you into, keep you out of, and have you exiting trades.
After watching several trade examples the individual components of the trading system come together to make a comprehensible picture and a little time spent trading in a practice account will have you trading the system confidently.
Module four : Currency exchange Brokers, Charting Software & Trading Platform
This is the “shop talk” portion of the course. To help you in identifying and ranking good Foreign exchange brokers, Bill Poulos has put together a “broker scorecard.” He really goes past a superficial debate and demonstrates a way to score a broker.
The standards debated include regulatory over site, acceptable spreads, sufficient order execution, trading platform and minimum leverage. When you’re employed through each of Bill’s scoring factors, you’ll be fitted out with precise, objective factors that you can use to spot the quality brokers as well as the questionable.
Demonstrations are also provided as to the workings of placing orders. These videos were made with live market info, using Bill’s precise account. Using his trading platform, he walks thru the daily business of trading the foreign forex market. This is a true “look over the shoulder” perspective, as the videos are shot real-time and not handpicked set-ups using historical data. You’ll see real trading using the exact methods you are taught in this course.
One of the things I particularly appreciated about this video was the proven fact that there was not one of the everyday trading hype concerned. Bill systematically works thru his rule set, applying each rule without querying or re-thinking the trade. Where lots of other trading courses would attempt to create a great amount of excitement, these videos show you the actuality of trading. It is systematic, it is purposeful, it is deliberate, and, yes, it can even be lifeless at times. However, you may see how Bill’s rule set can literally make cash in about twenty mins during lunch.
Module five : Risk Management & Discipline
The fact of trading is that you can create the cleverest trading technique possible but still lose money if you don’t implement correct risk management in a controlled fashion. It is also possible to take a less than stellar trading system and maintain profitability through risk management. This is where a trader “makes or breaks” themselves.
Emotions play a big role in trading. Losing trades are inescapable, even if employing a well designed trading system. Not merely will you experience an occasional loss but you have to be prepared for streaks, with 2 or more trades losing in succession. This will play havoc with your emotions.
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The key is to start with a strong trading system that gives you a statistical edge. All of Bill Poulos’ trading systems are rigorously back tested, so you are warranted that Foreign exchange Earnings Engine provides that type of edge. Hence , you’ll be taking more “winning” trades than “losing” trades.
As good as the Foreign exchange Earnings Engine trading system is, it won’t eliminate loosing trades. Risk management is totally required. In this fifth module, Bill Poulos devotes a great deal of time to the subject of risk management. He provides precise instruction on sizing your trades and the way to adjust position sizes as your account grows and in the event you experience an inescapable draw down.
There is also a practical dialogue concerning how many trades you must have open at any particular time. Bill’s recommendation is dependent on time-frame, so if you are trading a longer time-frame you can ramp up the quantity of trades and scale the number back if you are working on shorter time frames.
You also will be treated to a good consultation about the facts of trading and the experiences you are probably going to encounter over time. Bill Poulos prepares you for future success and your own private evolution as a trader . While the course is meant to get you “up and running” with the Foreign exchange Revenue Engine trading system, is also addresses future adaptation to your personalised trading style.
No trading course is the conclusion of your trading career. So long as you trade, you’ll be in a consistent state of learning and adaptation to changing markets.
Bill and Greg Poulos’ Forex Income Engine
While a total course, it is unavoidable that you’ll have questions or may need some clarification on certain facets of the trading system. Support is provided, giving you access to Bill Poulos and his team.
You Can Expect From Foreign exchange Revenue Engine
The 5 standard modules and one bonus module, come on CD-Roms that you are going to view on your PC. Each comes in it’s own protective case, so you can easily take one or two to the local coffee house or to your office if you like to get a change of scenery when studying.
A full color reference manual is also provided in a 3-ring binder, along with reference cards contaning the trading rule sets. The cards are handy references that you’ll need to have with you when you first start trading in the practice account and when you go live with real money. A “Quick Start Guide” is also provided to help start with the material in a productive manner.
It took me a weekend to work thru the course. That includes watching every one of the 5 modules and reviewing the videos to make certain I accepted the material. Quizes are supplied to help make certain you have correctly accepted the concepts.
I don’t counsel jumping right into the market after you finish your 1st course review. Rather, open a practice account with a number of Foreign exchange brokers and put the system to work while “paper trading” for a short while. This is important to permit yourself an opportunity to truly learn the system’s rule set and become used to the broker’s trading platform. Once you are ok with both the trading system and your trading platform, it’s simply a matter of funding an account.
That brings us to the minimum account size. The tight risk management rules will enable you to trade a minute account. Realistically, you can probably get away with trading an account of less than $1,000. This is makes it so easy for the general public to start without a serious committment of capital. As you build confidence in the system and your capability to stick to the guidelines, you need to see the account size expand.
You are truly learning a talent which will serve you for many years…
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