Bill Poulos Gives You The Forex Nitty Gritty...
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Posts Tagged ‘bill poulos’
Monday, August 3rd, 2009
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting! 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
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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
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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
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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
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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
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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
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Tuesday, July 21st, 2009
If you are just starting to learn how to trade Forex profitably, you might be overwhelmed right now. And if you’re not, you will be soon! You see there is just so much to learn that it is easy to get “paralysis by analysis” and NEVER start to trade currency successfully. But the good news is, you don’t need to learn everything there is to enjoy consistent profits in the Forex market.
You just need the Forex Nitty Gritty!
I’ve been around the block a few times. I bought countless ebooks. I’ve bought software programs and used Expert Advisors. I’ve tried multiple signal services. I’ve been in Live Trading Webinars and Chat Rooms. And I’m not going to lie to you… some of those things contributed to making me a better trader. But I’m sure you don’t want to go through all that like I did.
Time For A Forex Secret
Here is one of the things I’ve learned by being in Live Trading Rooms and having contact with ALREADY successful Forex traders…
YOU DON’T NEED TO KNOW EVERYTHING ABOUT FOREX TO BE SUCCESSFUL!
A lot of times someone will ask a question about such-and-such trading technique, or an indicator or some other specfic trading question… and the successful trader just doesn’t know the answer. They don’t know because they don’t need to know. They already know what they need to know in order to make huge profits trading Forex. So, they just do what they know over and over again.
The lesson to be learned here is you shouldn’t set out to learn everything there is about Forex trading. You SHOULD set out to learn exactly what you NEED to learn to start seeing profits as fast as possible. Nothing keeps your motivation up like winning trades. And you’ll pick up all the rest through experience and as time goes on. You just need the Nitty Gritty of Forex to be successful.
Luckily, Bill Poulos has created a Forex course specifically for the beginner called Forex Nitty Gritty. But just because it is aimed at new Forex traders does not mean it is not highly profitable. As a matter of fact, it might be the ONLY Forex course you need to meet your Forex trading goals!
I encourage you to stop trying to learn everything all over the web and from multiple different people at the same time. What you really need is FOCUS. Focus on learning one proven system and becoming good at it. And you should look for a teacher with REAL experience and a proven track record helping other become successful in Forex. In my opinion, Bill Poulos and the Forex Nitty Gritty course teaches you everything you need to know to become profitable trading Forex.
Click Here To Get Started Learning Forex Nitty Gritty
Now, just because you are getting ready to learn the “nitty gritty” of Forex… don’t think there is anything important left out. The Forex Nitty Gritty video course goes over all the fundamentals of trading, the mechanics of trading, mindset and the Simple Trading Method for extracting profits from the Forex market. You even get access to a private webiste where you get ONGOING training in the form of daily videos just to make sure you learn and can APPLY what you learn. This is one of the few Forex courses that leaves no stone unturned in its attempt to teach you how to profit trading Forex. Learn More About Forex Nitty Gritty
Tags: bill poulos, forex nitty gritty, forex nitty gritty course, forex nitty gritty videos
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Sunday, July 19th, 2009
Is there a way to go from complete Forex beginner to profitable Forex trader in the shortest time possible? Yes, there is… and it’s called Forex Nitty Gritty by Bill Poulos!
So, stop jumping from one Forex site to another. Stop buying every ebook and “robot” that promises you Forex riches… but doesn’t deliver. And stop putting your money at risk while you try to learn Forex on your own. Bill Poulos, an experienced trader of 30 years is going to get you on the fast track to Forex success with this complete Forex trading course.
Forex Nitty Gritty DELIVERS!
Watch this short video about this COMPLETE Forex video course that takes you from Forex beginner to profitable trader in record time…
Let Bill Poulos Show You The Forex Nitty Gritty
Let’s Recap What You Get With Forex Nitty Gritty
 The Forex Nitty Gritty Video Series
Forex Nitty Gritty is NOT some flimsy ebook that leaves out important and necessary information. Forex Nitty Gritty is a complete video course with 7 videos teaching you everything you need to know to get into the Forex market with confidence… and trade the Simple Trading Method with success!
You not only build a fundamental understand of the inner working of the Forex market, but you learn all the mechanics necessary to place winning trades and get a PROVEN system to start profiting immediately!
Just download these videos to YOUR computer and watch as Bill explains everything in DETAIL. Watch as Bill uses plenty of examples of the Simple Trading Method so you can understand EXACTLY how to trade this profitable Forex system for yourself… and finally make the money trading currency that you deserve.
 The Forex Nitty Gritty Insiders Private Site
Get access to the Forex Nitty Gritty Insiders website. Long gone are the days when you are learning a Forex system and have questions go unanswered. Long gone are the days when you think you understand everything… but lack the confidence to put it into ACTION for yourselves. You are going to get ONGOING training and assistance to make sure you understand the Simple Trading Method and can apply it PROFITABLY!
Bill Poulos has hired another successful Forex trader to give you the EXACT Support & Resistance levels he uses to trade the Simple Trading Method and do DAILY videos going over the CURRENT market conditions and ongoing training. Bill wants to make sure there are no excuses. He wants to give you every opportunity to put the Simple Trading Method into ACTION… so you can finally profit trading Forex!
Let’s be honest…
Being a profitable Forex trader is not determined by how many different Forex trading systems you know and can use with marginal success. The real way to incredible Forex success is to master ONE proven Forex trading system and apply it. Forex Nitty Gritty is one of those trading systems, that when learned and mastered, can make your Forex trading dreams come true.
Tags: bill poulos, forex nitty gritty, forex nitty gritty course, forex nitty gritty site, forex nitty gritty videos
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