Forex Income Engine 2.0 Preliminary Review
June 22nd, 2009
Some of you may be wondering why I haven’t posted much to this blog recently. Well I lay the blame squarely at the feet of Bill Poulos. You see I’ve been going through Bill’s new Forex day trading course, Forex Income Engine 2.0, with the intention of writing a full review. And I thought I could finish it in an afternoon…
Well little did I know what I getting myself in for. Forex Income Engine 2.0 is not a set of trading methods and Forex training that you can sit down and complete in an afternoon. No, this is real meaty stuff and really once you get into the course material, it is kind of like a really good novel, you just can’t put it down. The course goes way beyond what I had anticipated. Not only is it a good solid foundation for anyone wanting to understand Forex trading rather than relying solely on the black box approach. It is full of juicy ideas and methods that would enhance any professional traders tool kit.
So is it all good or are there some bad points. Well I’ll cut to the chase, yes there is a negative and that is this course if chock full of information. Bill could really have made this 3 courses but as the methods taught work in perfect synergy together then I can understand why he is selling it as one massive Forex training course. And in this case the whole is far greater than the sum of the parts.
As you may realize, Forex Income Engine 2.0 is only available for a very limited time and in fact will probably be sold out before Tuesday June 23rd. And I haven’t even started on my full review. So this is going to be a preliminary review, because the doors will have closed long before I have chance to write up and in depth review. I will try and write up something a little more substantial before the end of today.
Forex Income Engine 2.0 isn’t the Forex Grail and Bill makes the point that there is no method that can win all the time, it simply doesn’t exist.
Three complementary methods are taught within Forex Income Engine 2.0. The all use common indicators in an uncommon way. This is what makes the methods very easy to implement yet very effective, as the setups are easy to identify but would be missed by most other traders and other trading methods.
There is strong emphasis of risk management and Bill teaches how to effectively take the risk to zero as quickly as possible during the progress of the trade. Forex Income Engine 2.0 not only presents 3 very powerful methods to identify the ideal entry point but the appropriate exit strategies are covered in great depth as well.
The methods are designed around flexible time frames, anywhere from 5 mins to the 4 hour bars, depending upon your schedule. So for example if you only wish to trade 30 mins a day, you can apply these methods to the 5 minute bars on any of the major currency pairs. Or if you wish to trade through out the day but without needing to watch the trades all day long, you can use the same methods on the 1 hr or 4 hr bars.
Three methods are taught.
Ignition Method: This is designed to capture PIPs during short term continuation of trends. The goal being to pocket 10 to 50 PIPs over 2 to 6 bars.
Overdrive Method: Designed to jump on trends that are heating up in the market with the goal being to grab 25-100 PIPs over 2 to 6 bars.
Spring Method: This method identifies trend reversals as well as providing protection against false “with the trend” signals. The objective is to grab 25 to 100 PIPs over 2 to 6 bars.
One of the interesting points Bill makes throughout, is the objective is not to try and grab every PIP of potential profit. That is impossible and trying to so, is actually why most systems don’t work. Instead the smart approach is to identify a trend, jump on board and ride the movement, managing your risk along the way then get out again before the movement ends.
So do you need to be staring at the screen for hours on end to be there when the setups occur? Actually no, not at all. In fact you can sit down at anytime, flick through the majors in the range of time frames you wish to trade in and at a glance, quickly identify any setups occurring. Once you have been through the methods and practiced looking for the setups a few times, you’ll find they become very easy to spot. So as it turns out, practically any time of the day you wish to do a quick trade, you can quickly identify the setups in action, place your order, manage the trade for the next 2 to 6 bars and be out again.
Claim Your Copy of Forex Income Engine 2.0
Although I’m fan of the back box EA approach using automated trading rules. The Forex Income Engine 2.0 methods are very exciting and significantly more satisfying, if not completely addictive. Bill might just have turned me into a hands on manual trader.
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