Bill Poulos Gives You The Forex Nitty Gritty...
|
Archive for the ‘Blog’ Category
Saturday, August 8th, 2009
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting! Forex Nitty Gritty is one of the fastest ways to Forex profits because you get everything you need to start trading Forex all in one place. Bill Poulos teaches you every fundamental you need to understand… and then shows you the Simple Trading Method so you can start placing trades immediately. If you are new to Forex, or tired of jumping around from one trading method or strategy to another, this could be what you’ve been missing.
Let’s look at one of Bill’s Forex Nitty Gritty students wrote to him…
“Bill,
What an easy to follow course (Forex Nitty Gritty). Ordered it
late in the evening, watched and studied until almost 1:00 am,
opened a practice account that same morning, placed a trade by
mistake and lost about 7 pips while learning the lay of the
land. When I got up that same morning my trades ended with 85
pips profit in only a few hours. WOW! Today I had 63 pips
profit, the day befor that 49 pips profit and monday 24 pips
profit. Over $2,000.00 in 4 days… I highly suggest anyone
wanting to learn about the Forex market start with the Forex
Nitty Gritty course, easy to understand and easy to follow.
My many thanks to you,
Daryl K., Cortez, Florida.”
Wow… talk about hitting the ground running! Great job!
Ok, there are some things I want to draw your attention to…
First, Daryl started off with a DEMO account. And as he said… he made a mistake placing his first trade. So, once you learn everything by watching Bill’s Forex Nitty Gritty video course, make sure to practice on a DEMO account first. Get comfortable placing trades. Get acquainted with the trading platform you are using. These basic skills should be mastered so you don’t have to worry about them with the added pressure of trading real money.
Second, just because Daryl hit it out of the park the first time at bat doesn’t mean you will. It just shows you what is possible. With ANY Forex trading system you decide to follow, your success is due in large part what YOU bring to it. So, learn everything Bill teaches in his videos and then work at improving the skills needed to trade the Simple Trading Method successfully yourselves. The system works and is very powerful, but you need to PRACTICE applying the Simple Trading Method if you want to get good at it.
Don’t underestimate the power of learning from an experienced trader a simple trading strategy. In my opinion, it is the simple strategies that traders end up trading… if they stay at it long enough to figure out they don’t need to make it complex. And the strategy you stick with and master is going to be the one that makes you the most profits.
Tags: bill poulos, forex nitty gritty, forex nitty gritty proof, forex nitty gritty results, forex nitty gritty video course
Posted in Blog | 1 Comment »
Thursday, August 6th, 2009
You can trade the Simple Trading Method taught in Forex Nitty Gritty on many different currency pairs. This is great because you can monitor as few or as many pairs as you want. New traders can start off with 1,2 or 3 currency pairs like EURUSD, GBPUSD and USDJPY. More experienced Forex traders can look at more pairs for even more trading opportunities.
Today’s Forex Nitty Gritty Daily Video was about currency correlations. What this means is there are currency pairs that move in a similar fashion. Now, while this is not a rule that is always the case… it is very common.
For example, the EURUSD and GBPUSD seem to move in the same direction at the same time. At least most of the time. On the other hand, the EURUSD and USDJPY tend to move in opposite directions. You should take this into consideration when choosing the currency pairs to follow using the Simple Trading Method.
Here are a couple of things to keep in mind…
1) If you choose to trade currency pair that are correlated… you can potentially double your profit. Since they move together, you tend to get trading opportunities on both currency pairs at the same time. So theoretically, when you get a winning trade setup you could win on both.
2) You could also double your risk. If you place two trades on two currency pairs that are highly correlated and they turn into losers… you could double your loses.
So, you need to take price correlation into account when you choose the currency pairs to follow when you are trading the Simple Traiding Method taught by Bill Poulos in Forex Nitty Gritty.
Tags: bill poulos, forex nitty gritty, forex nitty gritty videos, Simple Trading Method
Posted in Blog | No Comments »
Monday, August 3rd, 2009
As you know, one of my favorite things about Forex Nitty Gritty is the daily videos with Todd Granthem inside the Forex Nitty Gritty Insiders website. Today, Todd went over patterns on price charts using the GBPUSD. There were some points I think are of great importance.
1st… Stick With The Trend
In the Simple Trading Method you are taught to trade with the trend. But sometimes traders see a big move in one direction and the “think” the price needs to start moving in the opposite direction. Basically, they start looking for trading opportunities against the current trend. As you saw in today’s example… the price can keep going in the current direction. Stay with the trend.
2nd… Risk Management
In the Simple Trading Method we are taught where to put our Stop Losses based on what is going on in the charts. Sometimes, when the market is moving quickly, this means the risk can be higher… but also the potential reward. If you are not comfortable with the risk… don’t place the trade!
Don’t be tempted to change the way you calculate your stop loss just because it does not fit your risk tolerance. If the chart determines you stop loss should be 100 pips away, that is what it should be. You can’t just change it to 20 pips because it makes you feel better. You can reduce your exposure to risk by reducing the number of LOTS you trade… but not by the number of pips in your stop loss.
So…
If the stop loss is too high for your overall money management (it would take you over the percentage of your account you risk per trade)… reduce the LOTS. Do not reduce the pips in the stop loss. This way you can still get into the trade without messing up your money management (which is the kiss of death). Don’t break the rules.
If you don’t want to do that… just stay out of the trade. With the Simple Trading Method, another trade setup is just around the corner.
If none of this made sense to you… I suggest you watch the Forex Nitty Gritty videos over again. Bill goes to great length to give you this info about money management so you can become an independent trader. This is fundamental to your trading success.
Tags: bill poulos, forex nitty gritty, forex nitty gritty daily videos, forex nitty gritty money management
Posted in Blog | No Comments »
Monday, August 3rd, 2009
Over the weekend I received an email with a question about Forex Nitty Gritty.
Basically, they wanted to know if this program looked at risk reward, and if so, what was it per trade. I thought this was a good question so decided to post my answer here so visitors to my blog could read the answer as well. Here we go…
Risk Reward is great with Forex Nitty Gritty for a variety of reasons.
In case you don’t know what risk/reward is… it is the amount of pips (money) you are risking on a trade compared to the amount of pips (money) you are hoping to gain. It is not recommended to risk a lot to gain a little. It just makes sense, you don’t want 1 losing trade to wipe out the winnings of many winning trades.
A lot of people like to talk about risk reward… but sometimes it is harder to figure out than you think. Let me explain…
If you pick a stop loss and ONE price target it is easy. Risking 30 pips to gain 30 pips (1:1), risking 30 pips to gain 60 (1:2), etc. This is pretty straight forward. (I like to look at trades that have at least 1:1.5 risk reward or higher… but that is just me).
In Forex Nitty Gritty, there are various ways risk is reduced even further. This is what makes this such an attractive program… especially for beginners. This Forex trading strategy not only looks to get into the market at low risk, high reward areas… but aims to get you into a NO RISK trade as soon as possible. But we will get into that in a minute.
First off, you pick TWO price targets for the Simple Trading Method. There is a bit of flexibility in the way you pick these targets (which is fully explained), so you can basically choose the risk reward you want to try for. For example, you first target could be a risk reward of 1:1 or 1:1.5, and your second could be at 1:2 or 1:3. This really depends on your risk tolerance… so you’ll have to experiment and figure out what is right for you.
Secondly, you move your stop loss up to break even as soon as possible. So, once you move your stop loss up… you have ZERO risk. Yes, sometimes the market turns around and stops you out… but for no loss. In my opinion, no loss is not a bad thing. You can always get back into the trade if the conditions are right.
Thirdly, you scale out of the trade by taking a portion of your profits at the first target and letting the second portion run to the second. Most professional traders trade this way. For me, it helps to see some profit on the trade as fast as possible. It just feels good and keeps the stress down.
Once you move your stop loss and take partial profits… you’ve already profited AND have ZERO risk to profit further. This happens a lot. Not only do you ALREADY have a winning trade under your belt, but you are in a second trade for a higher price target with absolutely NO RISK! It is a great feeling to be in a trade when you are already a winner and have nothing to lose!
The point is, the trade might start off at 1:1, 1:1.5 or 1:2… but the risk reward goes dramatically in your favor as you manage the trade. In my opinion, Forex Nitty Gritty has an excellent risk to reward ratio with a way to reduce risk even more as the trade progresses. I wouldn’t know how to figure out exactly what the risk-reward is per trade. But it starts off great and gets BETTER as the trade progresses!
Tags: bill poulos, forex nitty gritty, forex nitty gritty risk reward, forex risk reward, Simple Trading Method
Posted in Blog | 2 Comments »
Friday, July 31st, 2009
The Simple Trading Method which is taught in Forex Nitty Gritty is greatly based on identifying support and resistance levels. As a Forex trader, you should know that price normally goes to where it has been before. This tendency creates areas of support and areas of resistance that will be tested or broken. So, it is no surprise that Todd spends a lot of time on this in the Daily Forex Videos he does for the Forex Nitty Gritty Insiders site.
HINT: When Todd is talking about how to better understand the Simple Trading Method, he uses real examples on real charts. Sometimes during the videos you can actually see trade setups that you can trade yourselves. So, I encourage you to learn Forex Nitty Gritty by watching the video series bu Bill Poulos… bit don’t miss one of the daily videos by Todd.
Here are two trades I made last week as a result of watching the Daily Forex Video…
A 87 Pip Trade
Another 90 Pips The Next Day
Keep in mind, giving you exact trade setups is not the point of the Forex Nitty Gritty Insiders Website. Bill and Todd want to teach you to be independent Forex traders by using the Simple Trading Method they teach. But every once in a while, you’ll see something on the videos you might want to act on.
There was another important point of the Forex video today…
The news!
You should know by now that certain news events move the Forex markets. And for me, there are really 3 approaches you can take to deal with the news. But first, you need to know when news is coming out that might move the currency you are trading. I go to Forex Factory and check the news calendar before I start trading. If important news is coming out during the day… I note the time.
Like I said before, there are three ways to deal with the news:
1. Don’t Trade At Time Important News Comes Out On The Currency You Are Trading
A lot of traders simply don’t trade during news events. While sometimes there are really big moves you can profit on… you could also lose big. There are also problems getting your orders filled and closing your order due to the high trading volume.
2. Learn To Trade The News
A lot of traders use different strategies to trade during news events. While this can be highly profitable, there are risks involved. Make sure you know what you are doing before trying to trade the news.
3. Ignore The News But Put In Your Stop Losses
There are some traders that don’t like to put in their Stop Losses and use mental stops. I do not agree with this. But if you are someone that doesn’t normally use a Stop Loss, you SHOULD use one during news events that move the currency you are trading. If you don’t, you could be in for quite a shock when the market goes against you 150 pips!
Anyway, great daily Forex video today with some more pointers on who to trade the Simple Trading Method taught in Forex Nitty Gritty.
Tags: bill poulos, daily forex videos, forex nitty gritty, Simple Trading Method
Posted in Blog | No Comments »
Wednesday, July 29th, 2009
If you saw my last blog post, then you know I made a nice 87 pip profit on a USDCHF trade yesterday. If you missed it you can see it here: USDCHF 87 Pip Trade
Well, Todd talked about the USDCHF currency pair today on his Daily Forex Video inside the Forex Nitty Gritty Insiders website. He was going over the importance of support and resistance areas and how to use them with the Simple Trading Method.
I myself was keeping an eye on this pair after yesterdays move, and he was highlighting the same support area I was looking to get into.
I ended up placing a Long trade and banking another 90 pips in profit!
As you can see… both my Target Prices were hit, the first for 30 pips and the second for 60 pips. And just like the trade I made yesterday, there was more profit to be had. But I’m not worried about it because I stuck to my trading rules and made a nice profit.
There is a good lesson to be learned here: Don’t worry about pips you didn’t make, or trades that you missed. And for that matter, you shouldn’t stress too much over losing trades (unless YOU did something like not follow the rules which resulted in the loss). If you are following a proven trading program , and keep at it until you get good at recognizing good entry points and managing the trade well, you’ll do fine.
Forex Nitty Gritty and the Simple Trading Method are working and helping me make winning trades. And that is all I really care about.
Tags: forex nitty gritty, forex nitty gritty insiders website, forex nitty gritty trade, Simple Trading Method
Posted in Blog | No Comments »
Tuesday, July 28th, 2009
As you know, the Simple Trading Method is the Forex trading method Bill Poulos teaches in Forex Nitty Gritty.
Today, while watching Todd on the Daily Forex Video inside the Forex Nitty Gritty Insiders website, I noticed a potential trade set up I wanted to get into. And I’m happy to say the trade worked out perfectly. And even though there was MORE profit to be taken in this trade, I’m happy I made 34 pips on the first target and 53 on the second price target. Plus, I always congratulate myself when I stick to the RULES of the Simple Trading Method… regardless of whether I win, lose or break even.
Here is a video of the USDCHF trade I made for 87 pips of profit…
Tags: bill poulos, forex nitty gritty course, forex nitty gritty trade, simple trading method example, simple trading method trade
Posted in Blog, Simple Trading Method | 1 Comment »
Tuesday, July 28th, 2009
One of the most basic premises of Forex trading is to trade with the trend. And while there are some Forex trading strategies that trade against the trend (countertrend strategies), I think every trader is in agreement that trading with the trend is less risky. Plus, when you get in on a big trend move, there is a lot of profit to be made.
In today’s Forex Nitty Gritty Daily Video, Todd talked about how to make sure you are trading with the trend.
Todd also took a look at some currency pairs for today and how they are trending. By the way, I saw something that caught my eye so this post is going to short. Looks like I’m going to be making a trade today based on the Simple Trading Method. (I’ll make a post about how it went).
Todd also when over some information on spreads and how it impacts your entry price.
I love these daily Forex videos because I can always pick up something that helps me trade the Simple Trading Method better and more profitable.
But don’t forget, the Forex Nitty Gritty course should be absorbed in its entirety. This is the foundation you need to be a successful Forex trader and explains the Simple Trading Method in detail. The Daily Forex videos are great for furthering your education and picking up those little bits of info that lead to more winning trades and higher profits.
Click Here To Get The Forex Nitty Gritty
Tags: bill poulos, forex nitty gritty, forex nitty gritty insiders, forex nitty gritty videos
Posted in Blog | No Comments »
Monday, July 27th, 2009
As you know, Forex Nitty Gritty is a complete Forex course designed for beginners so they can learn how to trade Forex using the Simple Trading Method. This course makes sure you are not missing any of the fundamentals of Forex which leads to many beginner Forex traders being unsuccessful. You should not jump into Forex trading without understanding these necessary basics!
But one of the things I am really enjoying is the Daily Forex Videos by Todd Granthem…
Bill Poulos got Todd Granthem (another successful Forex trader), to do daily videos about the Simple Trading Method. And I think it is this kind of ONGOING training that really sets Forex Nitty Gritty apart from other courses claiming to teach winning Forex techniques. You are not just given a technique and sent on your way to try to make it work all by yourself.
Just think back to when you learned something for the first time…
No matter how good the initial instruction was, things are quite different when you try it for the first time yourselves. This is true of whether you are trying to shoot a basketball or trade Forex. And it is the little tid-bits of info that you pick up along the way that aids in your success.
That is how I view the Daily Forex Videos on the Forex Nitty Gritty Insiders website. Bill Polous goes over everything I need to get started in the Forex Nitty Gritty video course. But then I can pick up little nuggets of invaluable trading advice from Todd and his daily videos. Plus, I can ask Todd specific questions and he does a video about it to make sure I (and everyone else), are crystal clear on how to trade the Simple Trading Method profitably.
Trying to learn Forex without this level of ongoing training was very difficult for me. But now, thanks to Forex Nitty Gritty and the daily Forex videos I feel as if I am becoming a better Forex trader every day… and it sure shows in the winning trades. Since you can’t hope to learn something as broad as Forex in one sitting, learning a little bit every day is what makes the Forex Nitty Gritty Daily Videos so important.
Learn More About Forex Nitty Gritty
Tags: bill poulos, forex nitty gritty, forex nitty gritty daily videos, forex nitty gritty video course
Posted in Blog | No Comments »
Monday, July 27th, 2009
One of the best things about Forex Nitty Gritty is the Forex Nitty Gritty Insiders website. Here is where professional Forex trader Todd Granthem does his Daily Forex Videos. Today he went over trade set ups on the 30 minute time frame of the EURUSD currency pair.
It was really great to see Todd go over potential trade set ups and see what he was thinking and what he would do to get into the trade. It makes it really clear how to enter the trade using the Simple Trading Method and the 3 bar entry. Plus, we were looking at current price movement… so I could go back and look at the chart to see exactly what he was talking about.
In today’s video, we got to see why it is very important to move your stop up to break even to reduce your risk. After the trade goes into your favor a certain distance, you need to move the stop loss to break even so you are in a free trade. Now, even if the market goes against you… you lose nothing!
Click Here To get Forex Nitty Gritty & Start Watching The Daily Videos
Tags: bill poulos, forex nitty gritty, forex nitty gritty daily videos, forex nitty gritty insiders
Posted in Blog | No Comments »
CLICK HERE FOR SIMPLE FOREX TRADING!
|
