I am going to be very candid with you right now, and I risk alienating myself from most of the other Forex educators out there. However, I had to make a decision: tell you the truth, or keep my mouth shut to make good with the “old [...]]]>

4 Rules That Most Forex Traders Will NEVER Learn

I am going to be very candid with you right now, and I risk alienating myself from most of the other Forex educators out there. However, I had to make a decision: tell you the truth, or keep my mouth shut to make good with the “old boys” network of Forex “gurus“. Get more techniques and advice about Forex Income Engine 2.0 from Bill Poulos

Deep breath… here it goes…

I’ve had my eyes on the Forex markets for years, but specifically, I spent the last few years carefully researching, testing, and tweaking every course, system, and method I could get my hands on to see what was going on. So, I think I’ve seen it all, and for the most part – it’s ugly.

I have 4  Forex golden rules that I use to determine if a trading method is good for me:

It must be a complete forex  method, with setup conditions, entry rules, initial stop rules, and exit strategy rules, leaving no decision to chance.

It must include specific Forex  risk management,  Forex money management, and Forex portfolio management guidelines.

It must be based on Forex technical analysis, but it must not be a 100% mechanical system.

It must provide a way to trade forex in as little as 20 minutes a day and not force you to stare at your computer for hours.

Let me talk about item #3 above for a moment, because this is where a lot of forex traders can potentially lose a lot of money.

When you rely on a computer to make 100% of your forex trading decisions, you do not learn how to become a trader, and you never will. Instead, you essentially give up control of your trading account. This can be extremely dangerous to your portfolio, because almost every system I’ve seen since 1974 has been back-tested and curve-fit, which means it will ultimately fail, or at least not live up to its past hypothetical results.

Now, that statement might get me into trouble, especially with younger traders, who tend to believe that you can create a 100% mechanical system that never (or rarely) loses. Folks, that’s called the Holy Grail, and a week doesn’t go by that I don’t get an email from someone who thinks they have found it. Get more techniques and advice about Forex Income Engine 2.0 from Bill Poulos

By the way, this becomes even more dangerous when you base your livelihood on a third party service that feeds you signals every day without telling you their “secret formula”. What would happen to you if they went out of business?

(Just for the record, I believe some mechanical systems ARE good, at least for awhile, but I also believe the only way to maximize their use is if you truly understand how to trade in the first place.)  Get more techniques and advice about Forex Income Engine 2.0 from Bill Poulos

After over 35 years in the forex markets, I’ve watched traders follow a very predictable path of trying to achieve consistent success. And that’s why I developed what I call the Trader’s MIND Map. It’s a quick & simple way to find out where [...]]]>

How To Become An Independent Master Forex Trader.The Forex Trader’s MIND Map.

After over 35 years in the forex markets, I’ve watched traders follow a very predictable path of trying to achieve consistent success. And that’s why I developed what I call the Trader’s MIND Map. It’s a quick & simple way to find out where you’re at right now in your path toward Forex Mastery & how to get there faster than ever before. Click here to see Forex Income Trader 2.0 in full detail

Let’s quickly walk through the map, seen to the right. As I describe each quadrant to you, ask yourself where you’re currently at; & by the time I finish, you should see which quadrant holds the most potential for you.

The “D” Quadrant: This is the Dependent Trader, & it’s easy to get sucked into this quadrant, especially if you’re a beginner, and that’s because probably 80% of the “how to trade Forex” market comes from this quadrant. Dependent traders have the mistaken belief that somehow the can’t-lose “holy grail” system of Forex trading exists, and it can be had for only $97. Further, all you need to do is install some software, like a trading robot, push some buttons, go sleep and wake up rich. Of course, this is nonsense, and you know it. Of all the 4 quadrants in this map, this is the most dangerous to be in, & it’s the one that has the highest probability of completely wiping out your trading account, again & again. It’s nothing but a black hole, & should be avoided at all costs.

The “N” Quadrant: This is the Newbie, or newcomer,  Forex Trader. The newbies are usually well-intentioned but have a desire to figure out everything for themselves. They get their hands on as much free or cheap stuff as possible – whether it’s from websites, books, or magazines – & think they can glue it all together and turn it into a profitable trading method. Now, this is the quadrant I was in for many years, and that’s the fundamental problem with it. It takes too much time. There’s just too much junk out there, & while I believe you CAN become a successful trader in the N quadrant, the cost is too prohibitive, both in your time plus the actual cost of money lost to the markets as you try out your ideas. Not to mention the toll this can take on your personal & family life.

The “I” Quadrant: This is the Independent Forex Trader. Once you begin to operate from here, you’ve made a huge breakthrough. Independent traders seek out complete trading methods, usually in the form of home study courses, where all the rules are exposed, so that they know what decisions to make, no matter what happens in the markets. These traders have the potential to taste success in days & weeks, versus the months & years that Newbies suffer through. Further, Independent traders take advantage of any customer support offered with the home study courses they invest in to dramatically shorten their learning curve.

The “M” Quadrant: This is the Master Forex Trader. This should be the ultimate goal of every trader, & by definition, a Master Trader is also an Independent Trader. Traders get to be Masters by working closely with someone who’s already there. They seek out coaching & reinforcement to make sure they’re pulling the trigger properly on every trade they place. They have a deeper understanding of the markets than traders from the other 3 quadrants can only dream about. And the best part is, becoming a Master Trader doesn’t have to take a long time, if you have the right coach & mentor.

So there you have it – the  Forex Trader’s MIND Map. The good news is, it doesn’t matter where you’re at right now, because my ultimate goal for you is that you become an Independent Master Forex Trader with the help of my Forex Income Engine 2.0 training program. Click here to see Forex Income Trader 2.0 in full detail