Bill Poulos Gives You The Forex Nitty Gritty...
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Posts Tagged ‘Simple Trading Method’
Sunday, January 24th, 2010
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting! Forex Nitty Gritty is inexpensive Forex training of the BASICS of Forex and teaches you the Simple Trading Method. Every trader should learn these basics and have the simple trading method in their traders toolbox. This is a case where “basic” and “simple” is often BEST!
I know, this goes against what we are commonly told, right?
In this high-tech world we are told the more complex the better. “New and Improved” is better than basic. Faster is better than slower. So naturally we gravitate to Forex trading solutions that use complex indicators, flashing lights, sophisticated programming, etc. But more often than not, it is our lack of the basics that is responsible for our failure.
Regardless of the Forex trading system or tools you use, you need to understand the basics of Forex. And the best way is to learn from a REAL trader that has been successful for a long time. The basics are what will make you successful… and keep you successful.
Forex Nitty Gritty is one of the best and least expensive course designed to teach you the essential basics of Forex trading.
And here is something else you should know…
You don’t need to have a sophisticated and hard to understand trading system to make money trading Forex. As a matter of fact, this is a case for keeping your trading as simple as possible. This is why I believe the Simple Trading Method Bill Poulos teaches in this course should be in every Forex traders toolbox!
Regardless of how many complex systems you try to trade, this simple method keeps setting up and has a high rate of success. I always am on the lookout for the setup. And when it happens, I get into the trade with the confidence I was taught properly and can apply the trade as instructed. (This is the benefit of the system being so simple).
So ask yourself…
- How are your Forex trading basics?
- Is it your lack of basics keeping you from reaching the next level in your trading?
- Do you have a simple but highly profitable trading system in your trading toolbox?
Don’t make Forex trading more difficult than it has to be. Learn and apply the basics and use the simplest trading method possible that still makes big profits. That is the real path to success.
Tags: bill poulos, forex for beginners, forex nitty gritty, Simple Trading Method
Posted in Blog | 1 Comment »
Monday, August 31st, 2009
I was just going over the Forex Nitty Gritty Daily Forex Video. When you get Forex Nitty Gritty, you don’t only get the videos by Bill Poulos which is the full course. You also get access to a private site where you get ONGOING training through Daily videos.
I can’t tell you what a help this can be to your trading. How many times have you tried to learn something and were left with some questions at the end? Even with a video course as comprehensive as Bill’s, you’ll still have questions. And when you have questions that go unanswered, you’ll lack the confidence to put the trading system into action.
This is one of the reasons I really like Forex Nitty Gritty. You get ONGOING training which helps you MASTER the Simple Trading System. And when you master a successful trading system… that really is all you need.
Other Forex courses I looked at don’t help you master the system like this. This means you don’t get confidence or believe in the system. And you probably don’t get to the point where you are consistently profitable. Then, instead of figuring out what you are doing wrong, you scrap the entire system, look for something else and start all over again. This is why so many Forex traders fail… lack of mastery.
The Daily Forex Videos, on the other hand, help you master the Simple Trading Method. Once you watch the videos by Bill Poulos and learn the fundamentals of trading and the Simple Trading Method, use these Daily videos to master the finer points. The better you get at this one system, the more money you will make trading Forex.
You don’t need a ton of trading techniques to be crazy profitable trading Forex… you only need to MASTER one!
Tags: beginner forex trading, bill poulos, forex for beginners, forex nitty gritty, Simple Trading Method
Posted in Blog, Simple Trading Method | No Comments »
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
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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
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
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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
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