PowerForexProfitPrinciples1207_281664
Short Description
ebook on forex trading by Bill Poulos...
Description
Power Forex Profit Principles SPECIAL NOTE: This is the December, 2007 update to what I think is one of the most powerful reports I have ever published, and it’s in direct response to the requests my students have been sending me for years. They’ve essentially been pleading with me to show them how they can potentially profit in the Forex markets. Here’s the deal: Just like any other market, most “traders” are losing their shirt when they trade Forex. That’s mainly because they’re going about it all wrong, and many have been mislead by unscrupulous individuals or questionable brokers promising seemingly overnight riches. Forex is still a little like the “wild west”, so there’s naturally a lot of confusion and misinformation out there. In this special report, Power Forex Profit Principles, I’m going to cover many tactics and strategies used by successful Forex traders all over the world. But unfortunately, only about 5 to 10 percent of all Forex traders are actually aware of this information. I would strongly suggest you print out this report and read it more than once. What you are about to read is more valuable to you than what you will find in many trading courses that you’d have to pay for. This is a HUGE report. Take your time to read it all. Good Trading,
Bill Poulos
Copyright © Profits Run, Inc.
Page 1 of 77
Power Forex Profit Principles
PLEASE PRINT THIS REPORT NOW! Please take a few seconds and print this entire report right now. Here’s why: When you print this report out, the chances that you’ll actually read it and learn something new about trading the Forex markets will increase dramatically. I have a collection of digital reports on my computer, and the only ones I’ve read all the way through are the ones I’ve printed out. When you print this report out, you can read it anywhere in your house (or on the road, for that matter). I love my family, but my office is smack dab in the middle of the house, so it’s a high traffic area. Sometimes the only way I can get a solid chunk of time to read something I find online is if I print it out and take it somewhere else in the house. There is an activity in this report that requires you to answer some questions. The impact of this activity will be much greater if you actually get out a pencil or pen and actually write on this report. I highly recommend you spend some quality time completing this activity. Your future could depend on it. Copyright © Profits Run, Inc.
Page 2 of 77
Power Forex Profit Principles Disclaimer: Forex, stock, futures, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the information in this special report will generate profits or ensure freedom from losses. Revision 03‐ 20071203. Free Distribution Rights: As long as this report remains unchanged and in Adobe Reader (PDF) format, you have my permission to give away copies of it for free.
In This Report 50,000 Traders & Their Forex Frustrations..............................................................5 I hear a lot about Forex trading and am very interested in learning more about it. Can you give me a brief overview of the basics of Forex?.......................................7 How do the Forex markets operate on a 24 hour basis? ........................................9 Can you take me through a typical trade scenario?..............................................10 What types of orders do I use with Forex trading? ...............................................10 How much can I expect to make with Forex trading? ...........................................11 Forex seems to be quite different from trading stocks. What are the benefits and risks in comparison and would a much bigger account be needed?.....................11 How do I find a reliable Forex broker? ..................................................................12 What are the best Forex pairs to trade? ...............................................................13 What is the best trading platform and charting software for both beginners and more experienced traders alike and where should I obtain the most reliable data? ..............................................................................................................................14 Is it better to use fundamental or technical analysis with Forex trading? ............15 I am not able to dedicate the time it takes to day trade the markets. Is it possible to trade the Forex markets on an end‐of‐day basis so I can take advantage of the Copyright © Profits Run, Inc.
Page 3 of 77
Power Forex Profit Principles market trends while working my regular job or when sleeping? ..........................16 How is it possible to trade the Forex markets on an end‐of‐day basis using daily bar charts when the markets are always open? ...................................................19 What are the attributes of a good Forex trading method? ...................................22 Why don’t all setup conditions trigger into positions? (NEW) ..............................23 What are the best technical indicators to use?.....................................................23 What simple strategy can I use to find good entry points?...................................29 How can I determine the initial stop loss, trailing stops, and exit points? ............31 How can I find a Forex method that works almost all of the time with minimal or no losses?..............................................................................................................34 How can I minimize downside risk while still capturing quality gains in the Forex markets? ...............................................................................................................35 What account size do I need to trade the Forex markets?....................................36 Where are the big money opportunities trading Forex? (NEW) ...........................37 How are orders placed with Forex brokers? (NEW) ..............................................40 How important is it to have a trading mentor? (NEW) .........................................46 Forex freedom in just 20 minutes a day? ..............................................................48 Why Are You Interested In Forex? ........................................................................50 Forex Survey Summary..........................................................................................53
Copyright © Profits Run, Inc.
Page 4 of 77
Power Forex Profit Principles
50,000 Traders & Their Forex Frustrations Dear Trader, The information you hold in your hands (or are viewing on your computer) has the potential to dramatically increase the pips you pull out of the Forex markets, and it does have the potential to change your life. That’s not hype, because the potential is real. It’s up to you to make it happen, and my goal with this report is to help you discover in hours and days what took me decades to realize about success in the markets. I’ve been trading the markets since 1974, and I’ve been teaching thousands of students around the world what it takes to succeed in the markets since 2001. So some people think of me as a “grizzled” trading veteran because I’ve seen so much over the past 3 decades. Sure, I’ve scraped my knees and have been through a few bumps and bruises over the years, but I see myself as a filter for you, or someone who has the ability to sift through all the junk and noise that’s out there and tell it to you like it is. So, I may come across a little harsh in this report, but I don’t believe in sugar‐ coating anything or giving you false hopes of success. There are enough swindlers doing that already. I want to give you the facts, like ‘em or not, so you’re empowered to take action and make positive decisions on how to succeed in the Forex markets.
They Nearly Begged Me to Help Them For years now, my students and readers have been pleading with me to show them how to trade the Forex markets. And many of them actually took my stock trading courses and started telling me about all the money they were making by applying those courses to the Forex markets. They essentially proved to me what Copyright © Profits Run, Inc.
Page 5 of 77
Power Forex Profit Principles I knew to be true – markets are markets. There’s nothing magical about the Forex markets, because all markets are ultimately driven by human psychology – fear and greed – and supply and demand. Sure, every market has its own peculiarities, but if you understand how the basic drivers of human emotions work, you can potentially succeed big in any market. As I researched the answers to my students’ questions about Forex, the more I realized that too many traders were getting “suckered” and “taken” by less‐than‐ honest Forex “brokers”, as well as the “holy grail” peddlers who were preying upon the wide‐eyed desperation of traders who think they can “get rich quick” trading the popular Forex markets. Excuse me, but what I found was disgusting. I found more misinformation, lies, and hype about Forex that I had seen in some time. And that’s when I decided to put all my energy into dispelling this junk so I could give my students and readers a source of factual, actual, solid, realistic Forex Profit Principles that they could use to potentially profit in the Forex markets again and again. So to make sure I didn’t miss any big questions or concerns, I surveyed over 50,000 active traders recently and asked them one question: If you could sit down and have lunch with me, what is the top question you would ask me about Forex trading? That’s it. Plain and simple. Almost immediately, the questions began to pour in. You know what it’s like Monday morning when you check your email and there’s a ton of it from over the weekend? Well, it was like that multiplied by a hundred, or a thousand. People were confused more than I realized about Forex.
I Was Shocked and Excited Quite honestly, this response overwhelmed me. At first I thought to myself, “How can I possibly address all these questions? There’s just not enough time to do it!” But then I noticed something amazing – I started seeing the same questions over and over. So I began to put them into categories, and after a long 12 hour day, I was shocked and excited. Why? Copyright © Profits Run, Inc.
Page 6 of 77
Power Forex Profit Principles Well, I was shocked to find that, indeed, most of the questions fell neatly into a handful of broad categories. But I was excited because I had personally experienced what all these questions were asking. And I knew without a shadow of a doubt that I could help these traders. But it gets better, because I realized that if a survey of 50,000 traders resulted in a core, common set of questions, then millions of traders all around the world probably had the same concerns. So this report, the Power Forex Profit Principles, is my answer to the top questions I received from my readers and students about Forex trading. Now let’s get right into the “nitty gritty” and clear up these questions once and for all. Are you ready? Let’s begin.
I hear a lot about Forex trading and am very interested in learning more about it. Can you give me a brief overview of the basics of Forex? Unlike stocks and futures that trade through exchanges or the NASDAQ, Forex trading is done through market makers that include major banks as well as small to large brokerage firms located around the world who collectively make a market on a 24/7 basis. The Forex market is always “open” and is the largest financial network in the world (daily average turnover of trillions of dollars). Forex trading involves trading currency pairs such as the EUR/USD pair (Eurodollar/US dollar pair) where a buyer of this pair would actually be buying the Eurodollar and simultaneously selling short the US dollar. Copyright © Profits Run, Inc.
Page 7 of 77
Power Forex Profit Principles The format of a Forex pair is YYY/ZZZ, where the first currency is called the “base” currency and the second currency is called the “counter” currency. The price for a Forex pair is expressed in terms of the counter currency. For example, the price of the EUR/USD pair is expressed in US dollars (the counter currency) as 1.3667. This means that the base currency, the Eurodollar in this case, equals US$ 1.3667. The price of the USD/JPY pair is expressed in Japanese Yen as 108.02, because for this pair the Japanese Yen is the counter currency. This means that the base currency, the US dollar in this case, equals 108.02 Japanese Yen. Prices are expressed in pips, which are nothing more than the minimum increment that a currency pair price can change. For example, if the EUR/USD price changes from 1.3790 to 1.3791, the price is said to have gone up by 1 pip. Most major pairs are priced to 4 decimals which is the equivalent of 1/100th of one percent. The exception would be the Japanese Yen pair that only trades to 2 decimals. This is because there are usually over 100 yen to the dollar. Forex pair quotes are on a bid‐ask basis. The bid is the price that the market is willing to pay a seller at a point in time for a specific currency pair. The ask is the price that the market is willing to sell to a buyer at a point in time for a specific currency pair. The difference between the bid and the ask is called the bid/ask spread. For example, a typical EUR/USD quote could be 1.3784 bid 1.3787 ask which is a spread of 3 pips. Since the spread is how the market makers are compensated, there is no commission when placing a trade. Also, it is important to note that the spread will vary depending on market conditions. So the quote itself for any given Forex pair is the bid‐ask combination at a point in time based on the market driven floating exchange rate. The quotation lists the bid price first, then the ask price. For the EUR/USD example above, the quote would be expressed simply as 1.3784/1.3787 or 1.3784/87. Trading is done in lots, either 100,000 unit standard or 10,000 unit mini lots. For example, for a standard lot purchase, if the EUR/USD quote was 1.3784/1.3787, then buying an EUR/USD pair means buying 100,000 Euro dollars and selling short $137,870 US dollars. Therefore, for a standard lot in which the USD is the counter currency, 1 pip will equal $10 ($1 for a mini lot). For other major counter currency pairs 1 pip will range from $8 to $10. Copyright © Profits Run, Inc.
Page 8 of 77
Power Forex Profit Principles Forex dealers offer leverage as high as 100:1 and sometimes higher. At 100:1 leverage, 1 standard lot pair in which the USD in the base currency would require $1,000 in margin ($100,000/100). On the other hand, a 1 mini lot pair would require only $100 in margin ($10,000/100). If the account value falls below the margin requirement, the dealer will close out the trade automatically.
How do the Forex markets operate on a 24 hour basis? Active trading sessions in each country’s’ financial centers around the world take place from Sunday 5:00PM EST to Friday 5:00PM EST. For the major financial centers, trading starts in Sydney, then moves to each financial center in this order: Tokyo, London (and Europe), New York. The daily session for daily charting purposes “ends” at 5:00PM EST (coincident with the New York “close”), but the market does not actually close. Here are the time intervals for each of the major financial centers expressed as EST. Sydney session starts at 5:00 pm and ends around 2:00 am. Tokyo session begins at 7:00 pm and ends around 4:00 am. London opens at 3:00 am and ends around 12:00 am. New York session opens at 8:00 am and ends around 5:00 pm. To give you a visual representation of this, here’s a figure showing the same business hours for the various regions. In this figure you can see the overlap between the London (and Europe) session and the New York session, between 8 am and 11 am EST. The currency markets experience the highest volatility and volume during that overlap, which also coincides with the releases of important US economic releases.
Figure 1 ‐ Forex Markets Timeline
Copyright © Profits Run, Inc.
Page 9 of 77
Power Forex Profit Principles
Can you take me through a typical trade scenario? Let’s say the current bid/ask quote for EUR/USD is 1.3802/05 and you want to buy the pair because you think the Euro is going to gain on the US dollar. So you buy 1 standard lot. When you do that you are actually buying 100,000 Euros (1 standard lot) for $138,050 US dollars (100,000 x 1.3805). At 100:1 leverage, your initial margin deposit would be $1,381 for this trade. So in our example, let’s say the Euro pair goes up and is now trading at 1.3865/68 and you decide to sell and take profits. You would then sell your 1 standard lot. When you do that you are actually selling 100,000 Euros (1 standard lot) for $138,650 US dollars (100,000 x 1.3865). Since you bought 100,000 Euros for $138,050 and sold them for $138,650, you made a profit of $600 or 60 pips. If on the other hand the Euro pair went down to 1.3775/78 and you sold at 1.3775, you would have a loss of $300 ($138,050 ‐ $137,750). And again, if the account equity fell below the margin requirement, the trade would be automatically liquidated. However, this should never happen to you if you follow sound risk management rules.
What types of orders do I use with Forex trading? There are different order types for different trading needs. Market Order: This order type is used to enter or exit the market immediately at the current quoted price. If you want to buy you will be filled at the asking price. If you want to sell you will be filled at the bid price. Limit Order: This order type is used to buy or sell a pair at a predetermined price. A buy limit order will only be filled if the market trades (ask) at or below the limit price. A sell limit order will only be filled if the market trades (bid) at or above the limit price. Stop Order: This order type is used to buy or sell a pair at a predetermined price. A buy stop order will only be filled if the market trades (ask) at or above the stop price. A sell stop order will only be filled if the market trades (bid) at or below the stop price. Copyright © Profits Run, Inc.
Page 10 of 77
Power Forex Profit Principles
How much can I expect to make with Forex trading? It is very important to have realistic expectations. The truth is that Forex trading is not a get rich quick proposition, despite all of the hype to the contrary. That does not mean though that there isn’t money to be made. One of the appeals of Forex trading is the great leverage that is offered. However, leverage can work for or against you and therefore it is critical that you follow good trading methods along with sound risk management principles to have the opportunity to unlock the profit potential that the Forex markets have to offer.
Forex seems to be quite different from trading stocks. What are the benefits and risks in comparison and would a much bigger account be needed? In addition to the Forex attributes explained in the “basics of Forex question” above, the Forex markets are indeed different from the stock markets in that their price behavior is different with usually more abrupt price swings. This requires different trading methods than those typically used for stocks in order to take full advantage of the profit potential that Forex has to offer while at the same time designing the right strategy to minimize risk. On the other hand, they are alike in that both Forex and stocks are markets that develop repeatable price behavior that present profit opportunities for those traders with good trading methods, sound money management principles and disciplined trading. Copyright © Profits Run, Inc.
Page 11 of 77
Power Forex Profit Principles Because of the high leverage that Forex offers, Forex positions require a much smaller account size than do stocks trading similar sized positions as Forex margin requirements are much smaller than stock margin requirements. And so the reward can be much greater with Forex, but at the same time, the risk is much greater. But this can be dealt with effectively with good trading tactics and good money management rules that allow for maximizing profit potential and minimizing risk.
How do I find a reliable Forex broker? Unlike stock and futures brokers, not all Forex brokers are regulated. It is very important to open an account with a regulated broker or bank that is a registered member of a regulating body. Since there is no central market, there is no global regulatory agency responsible for monitoring the activity of the currency markets. Therefore, regulation is left to each country. In the United States the Federal Reserve Bank monitors the banking system and the Commodity Futures Trading Commission (CFTC) has jurisdiction over all Futures and Forex activity. When trading in the foreign exchange markets, individuals should only trade with a CFTC registered entity that is also a member of the National Futures Association (NFA) and is regulated by the CFTC. For non‐ US broker/ bank entities, be sure that the broker or bank is registered with that country’s appropriate regulatory bodies. In addition to working with a regulated broker, you want a broker that has low spreads. These spreads are calculated in pips, which is the difference between the price at which a currency can be bought and the price at which it can be sold at any given point in time. This is how the forex brokers or banks make their money since they don’t charge commissions. So, obviously, lower spreads will save you more money. Trading tools are also very important when choosing a Forex broker. Specifically, you want a broker that will give you good charting and trading software that has the ability to plot the indicators that your trading method uses. This brings up an important point. You should never go looking for charting software first and then try to use or develop a trading method. Instead, you should first get educated on a good trading method (or develop your own) and then find charting software that will let you implement this method. Copyright © Profits Run, Inc.
Page 12 of 77
Power Forex Profit Principles I’ve seen too many traders stubbornly use inadequate charting software just because their broker gave it to them. Don’t make this mistake. Thankfully, unlike stock brokers, many forex brokers do provide you with very adequate charting and trading software, all bundled together. Other aspects to watch for when selecting a broker are the leverage levels and account types (standard and mini accounts) offered. Most brokers offer at least 100:1 leverage which is more than adequate for most traders. Some brokers also offer greater leverage, up to 400:1. This type of leverage is completely unnecessary as the risk reward ratio can quickly go against you if you use excessive leverage. (I’ll cover this in more detail later in the report in the question about risk management.) Depending on your account size, you will want to be sure the broker you choose offers the appropriate account types. Standard and mini accounts are typical. The standard account typically requires minimum initial capital of $2,000 or more, while the mini account typically requires $300 or more. Leverage of 100:1 should be available for either a standard or a mini account.
What are the best Forex pairs to trade? I believe that not all Forex pairs are suitable for trading. What we should be looking for as traders are liquid markets that have sufficient price movement to make a trade worthwhile. With that in mind, the following pairs are the most widely traded, most liquid pairs and the only ones that I would consider trading: EUR/USD – Eurodollar / US dollar Copyright © Profits Run, Inc.
Page 13 of 77
Power Forex Profit Principles GBP/USD ‐ British Pound / US dollar (often referred to as the “Cable”) USD/JPY ‐ US dollar / Japanese Yen USD/CHF – US dollar / Swiss Franc USD/CAD – US dollar / Canadian dollar AUD/USD – Australian dollar / US dollar And to further simplify Forex trading, you could easily limit your trading to the two most liquid and widely traded pairs, the EUR/USD and the GBP/USD. This really starts to reduce demands on your time for trading activities without giving up good profit potential.
What is the best trading platform and charting software for both beginners and more experienced traders alike and where should I obtain the most reliable data? The answer to this question starts with your broker. First, I highly recommend that you only open an account with a registered broker. Having said that, most Forex brokers provide, “free of charge”, an online trading platform that is integral with decent charting software. So that you have your charting software, your data feed and your trading platform (the ability to place trades online) all in one. I believe you can consider the data reliable and the order execution proper as long as you are dealing with a registered broker. However, some trading platforms and charting software are more intuitive and easier to use than others, so in selecting a broker, you want to open a demo account first and get the feel for that broker’s platform to see if it is comfortable for you. You will be able to determine this with a little paper trading over a few days and weeks. Also, you want to be sure that your brokers charting software is able to plot the indicators that your trading methods call for. Most will be able to do this, but not all. Copyright © Profits Run, Inc.
Page 14 of 77
Power Forex Profit Principles In addition, some traders prefer to also use additional upscale charting software independent from the dealer, such as offered by MetaTrader. MetaTrader and others offer additional charting capability as well as trade alert capability that some traders find useful.
Is it better to use fundamental or technical analysis with Forex trading? The answer to this question depends on your trading method. The markets are indeed moved by fundamentals (balance of trade data, money supply, interest rates, economic and financial reports, etc.) but only through the prism of human psychology. It is not the fundamental data or information that is so important as much as it is the markets’ reactions to that information. Many advocate trading on the fundamentals; however, a case can be made that trading on the fundamentals is extremely difficult due to the fact that the markets always immediately and continuously are digesting any and all fundamental data and to do this successfully, you need to be available on a real time basis at whatever hour of the day or night that the news is likely to impact the market. Then, you need to act on that news before or at least in the same instant that the rest of the world does or else the opportunity could be lost. While some do trade the fundamentals successfully, I believe using good trading methods based on technical analysis is an easier, less demanding way to trade with far greater odds of success. This is because I believe, as do technical traders in general, that any and all fundamentals are already always reflected in the price of the market at any instant and so I would rather apply technical analysis to the
Copyright © Profits Run, Inc.
Page 15 of 77
Power Forex Profit Principles markets and trade them on my terms, when I want to trade them and how I want to trade them, with as little time spent in the process as possible.
I am not able to dedicate the time it takes to day trade the markets. Is it possible to trade the Forex markets on an end‐of‐day basis so I can take advantage of the market trends while working my regular job or when sleeping? This is a very common question; because some believe the only way to trade the Forex markets is by day trading the markets, which generally does require a significant time commitment. While, day trading is very widespread in the Forex markets, I believe that a trader can do as well or better with far less time commitment by trading the markets on an end‐of‐day basis. Of course, in order to do so, you must have good trading methods specifically designed for end‐of‐ day trading. It has often been said that if you cannot make money trading on an end‐of‐day basis, you will never make money by day trading. And I believe that applies to the Forex markets as well. This is because the time pressure to make instant decisions on order entry, immediate placement of stop orders and setting profit targets is very stressful and demanding of your time. While some traders prefer day trading and are able to handle its rigors and have the time to allocate to it, others prefer end‐of‐day trading that can be done in as little as 20 minutes a day while the markets are quiet. Let’s look at a couple of examples to make this point.
Copyright © Profits Run, Inc.
Page 16 of 77
Power Forex Profit Principles
Figure 2 ‐ EUR/USD Daily Chart
Figure 2 is a daily chart of the EUR/USD pair showing a great up move in the market from mid‐October to early December 2006. This was about a 900 pip move that occurred in a little over 30 trading days and a good end‐of‐day trading method should have been able to get on board and capture around 700 pips of this move. With a good end‐of‐day trading method, it could take less than 20 minutes a day to enter, place stops, manage and exit the trade with very nice profits.
Copyright © Profits Run, Inc.
Page 17 of 77
Power Forex Profit Principles
Figure 3 ‐ EUR/USD 5 Minute Chart
Figure 3 is 5 minute chart of the EUR/USD pair showing two great down moves from 7:00AM to 11:00AM September 3, 2007. The first down move was for about 21 pips and lasted for 8 bars and the second down move was for about 20 pips and last for 5 bars. A good day trading method should have been able to get on board and capture 12 pips of the first move and 11 pips of the second move. With a good day trading method, it would have taken potentially several hours to capture these two moves. Now you’re not always going to get a 900 pip move on the daily charts and you’re not always going to get two 20 pip moves in a matter of 4 hours on the 5 minute charts, but I think this example makes the point that the potential gain for the time invested is far greater with end‐of‐day trading.
Copyright © Profits Run, Inc.
Page 18 of 77
Power Forex Profit Principles
How is it possible to trade the Forex markets on an end‐of‐day basis using daily bar charts when the markets are always open? Most good charting software and trading platforms provided by a good broker or bank include the ability to plot daily bar charts where the daily bar “closes” at 5:00PM EST. This time is selected because it is coincident with the New York session “close” and the Sydney “open” which is a relatively quiet time in most markets until the Tokyo session begins at 7:00PM EST followed by the London (and Europe) session beginning at 3:00AM EST. We can then use these daily bar charts to develop trading strategies that require only the use of these charts without requiring intraday charts.
Figure 4 – EUR/USD Daily Chart
Figure 4 shows a plot of a daily chart for the EUR/USD pair using VT Trader which is a widely used and representative charting software/trading platform. On this chart, each bar represents one day’s trading activity from the high price of the Copyright © Profits Run, Inc.
Page 19 of 77
Power Forex Profit Principles day to the low price of the day. The horizontal mark to the left of a daily bar is the open for the day (this is based on the first trade after 5:00PM EST). The horizontal mark to the right of a daily bar is the close for the day (this is based on the last trade as of 5:00PM EST). So, as you can see, daily bar charts are readily available in the 24/7 Forex markets. Also plotted on this chart are a few technical indicators. Two simple moving averages are plotted in blue and red and the ADX indicator is plotted at the bottom in brown. A simple moving average is calculated by adding up the prices for a number of bars and dividing that sum by the same number of bars. Moving averages help to determine the prevailing trends of the market. The ADX indicator is a complex formula that helps to determine the degree of trendiness of a market. These are only a few of the indicators that are available through VT Trader in applying technical analysis. If you look closely at the chart from left to right, you can see that this market was in an uptrend and then later formed a double top before falling into a down trend, only to reverse again into an uptrend at the end of the chart. This type of behavior is typical of what you can expect to see on a daily chart and these shorter term trends can definitely be traded using good end‐of‐day trading methods. A good end‐of‐day trading method should be based on an evaluation of the market after the daily bar “closes” at 5:00PM EST for trade opportunities to be considered after the open of the next bar which occurs as of the first trade after 5:00PM EST. In actual practice, because the markets are relatively quiet during this time, trades for the new daily bar can be placed anywhere from 5:00PM to 7:00PM EST when the Tokyo session begins. Trading in this manner then requires only a few minutes each day at the same time without worrying about an open position if it is properly protected with stops and profit targets. Copyright © Profits Run, Inc.
Page 20 of 77
Power Forex Profit Principles
Figure 5 ‐ GBP/USD Daily Chart
Figure 5, shows a plot of a daily chart for the GBP/USD pair using VT Trader with the same technical indicators as the previous chart. With this software, it is a simple matter to toggle from one pair to the other for quick visual analysis. If you look closely at the chart from left to right again, you can see that this market was chopping sideways until a major move up occurred over a period of more than 20 days and then the market reversed abruptly and retraced that entire gain even faster. After which a new rally started. Again, this type of behavior is typical of what you can expect to see on a daily chart and these shorter term trends can definitely be traded using good end‐of‐day trading methods. You can also see that if you do not pay close attention to risk management that these abrupt swings could do great damage to your account. Like any endeavor that offers great reward, you must get the proper education and training in order to stay out of trouble and realize that potential.
Copyright © Profits Run, Inc.
Page 21 of 77
Power Forex Profit Principles
What are the attributes of a good Forex trading method? A good trading method should be as simple as possible to provide a powerful edge to the disciplined trader that is based upon specific setup conditions, entry rules, initial stops, and exit strategy. In addition the management of position size and number of positions must be according to strict money management rules. A good trading method also must be relatively easy to follow. Setup conditions – These are the specific requirements that must be met to consider a pair for a trade. These requirements are expressed in terms of technical analysis indicators, patterns and price action. The aim here is to only consider a trade when the market sets up for a high probability profit potential trade and to stand aside otherwise. This is one of the ways required to put the odds in your favor. Entry Rules – Once the setup conditions are in place, entry rules define the trigger necessary to actually enter into the trade. This usually means that price must behave in a certain way in order to “trigger” into a trade using either a market, stop, or limit order. Initial Stop Rules – These are the rules that govern how a new position should be protected from an adverse move in the market. Since there is always risk when trading the Forex markets, it is very important to know the appropriate place to place the initial stop order. Placed too close to the market risks being stopped out prematurely. Placed too far from the market takes on too much risk. This is one of the most critical aspects of trade management. Effective Initial Stops should be place where you don’t expect the market to go and if it does, the premise of the trade is over and you should exit the trade with a small lose. Exit Strategy Rules – These rules govern how to manage a trade to exit the trade profitably. These rules should strike a balance between protecting open profits Copyright © Profits Run, Inc.
Page 22 of 77
Power Forex Profit Principles as much as possible without risking a premature exit from the market and missing a great market move.
Why don’t all setup conditions trigger into positions? (NEW) There is a common misunderstanding among many beginners that if a trading method is good then any time the setup conditions as defined by that method occur, then that means it’s OK to go ahead and enter the market. As seasoned traders know, this is not always the case. In order to have an edge when trading the markets, a successful trader waits for conditions to develop that may signal a good trade opportunity. But when these conditions develop, which are usually called “setup conditions”, that oftentimes only means that the trader should be on alert to a trading opportunity. An actual trade does not occur unless after the setup conditions are in place a trigger also occurs. The trigger is necessary to confirm that the market will move in the intended direction before entering the market. This is a very important concept, as it is common to have several setup condition alerts that do not trigger. However, when one does trigger, it is usually a great trading opportunity and it is then OK to enter the market. So the moral of this story is that it is perfectly OK (and expected) for setup conditions to NOT trigger. That means conditions are no longer good for the trade, and you are being protected because you didn’t enter that trade. Amateurs and beginners will sometimes assume a trading method is ‘not working’ because setup conditions. Nothing could be further from the truth.
What are the best technical indicators to use? At last count there are over 100 technical indicators available in most charting software packages. There is no magic in the indicators themselves as they all strive to tell you something about how the market is behaving at a point in time. And it is not that some are better than others, rather the key to using indicators successfully is to select only a few that complement each other and to use them in an uncommon manner together with powerful trading tactics. Copyright © Profits Run, Inc.
Page 23 of 77
Power Forex Profit Principles The tendency of amateur traders is to over‐complicate things. They want to use (or misuse, really) too many indicators and patterns, and think that to be successful, there must be a bunch of complexity that is required in a good trading method. Nothing could be further from the truth. Simple is better, by far, for several reasons. 1. Using too many or the wrong indicators is counterproductive, as the information that those indicators provide is counterintuitive and just plain misleading. 2. Using a few simple indicators in a uniquely powerful way can provide the right information necessary to make good trading decisions. 3. With the right indicators and patterns, you will be far more likely to trade with discipline because you will be able to understand an objective set of rules that the right indicators and patterns can provide. Let me comment on a phenomenon that I see time and time again. Hopefully, you will not fall victim to this. Here it is: You research a new trading method and ultimately buy it. Then you quickly flip ahead to what you consider to be “the meat” of the method, and totally ignore the more‐important aspects of risk management, discipline, and psychology. Then you examine the method, looking for a big, mysterious, jaw‐dropping “secret” that will let you predict each and every market move like a modern‐day Nostradamus. You look for a complicated formula, or you look for some cryptic combination of indicators that must be good, because they’re just so complicated looking! Wow! Then what happens is you’ll typically burn yourself out trying to apply it. You’ll become frustrated when the method doesn’t work. Or, you’ll blame yourself for not being smart enough to understand or apply the method. Then you’ll put the method on the shelf, only to occasionally glance at it in wonder from time to time. Wondering why you couldn’t get what you still assume to be a great method to work.
Copyright © Profits Run, Inc.
Page 24 of 77
Power Forex Profit Principles But here’s what can also happen. In the example above, after you discover that “the meat” of the method is very simple, easy to understand, and only uses a few common indicators, you become perplexed. You may even become disappointed. After all, in your mind, you expected some labyrinthine skeleton key that would unlock the mysteries of the forex markets once and for all. You may even be tempted to “throw in the towel”, instantly give up the method and send it back – just because it’s not “complicated” enough. What?! That’s just crazy. But I have to admit, I went through a period in my younger (and poorer) days when I thought a bit like that. Time and experience have finally taught me, and much to my relief, that complicated is usually not good, and simple is almost always better. If those traders that are still cursed with that “complexity mindset” would just try a “simple” trading method, they would be doing themselves a HUGE favor (not to mention, potentially, their trading accounts). This goes for both true beginners as well as traders who think of themselves as “experts”. Again, the key here is simple, but powerful. Use just a few indicators, applied in a manner that is not the usual textbook approach. That is what can give you an edge trading the markets. Incidentally, the unfortunate truth of the matter is that that the old 80/20 rule will come into play here (except in trading, it’s more like 90/10, or 95/5), and 80 to 95% of the traders that just read this section and nodded their heads in agreement will completely ignore this advice and fall right back into the trap described above. It’s a near certainty, and that’s too bad. So I really urge you to go back and read this section again, and hopefully you can escape the self‐ sabotaging patterns that are separating most traders from failure and success in the markets.
Copyright © Profits Run, Inc.
Page 25 of 77
Power Forex Profit Principles Let’s take a look now at some examples of a few indicators that can be used to form the basis of very powerful trading methods.
Figure 6 ‐ USD/CHF Daily Chart
Figure 6 shows some typical and not so typical indicators applied to the USD/CHF pair using VT Trader. First, notice that two simple moving averages have been plotted on the chart (in blue and red). These are commonly used indicators. I have also plotted moving average envelopes which are a fixed percentage above and below the blue moving average. These are not so commonly used and can be very helpful supporting various quick hit, in and out trading strategies that only need attention once a day at the 5:00PM EST daily “close”.
Copyright © Profits Run, Inc.
Page 26 of 77
Power Forex Profit Principles
Figure 7 ‐ USD/JPY Daily Chart
Figure 7 shows some additional indicators applied to the USD/JPY pair using VT Trader. On this chart, I am applying a longer term moving average in purple together with two very short term moving averages in brown. The long term moving average is based on the closing price while the short term moving averages are based on the high and close respectively. Also, included is the ADX at the bottom of the chart. This is what I mean when I say the key to developing an edge when trading the markets is to combine a few indicators in an uncommon way. Each of these configurations is designed to exploit a certain behavior in the market. But the indicators alone are insufficient; only when combined with powerful trading tactics does the power of a good trading method emerge.
Copyright © Profits Run, Inc.
Page 27 of 77
Power Forex Profit Principles
Figure 8 ‐ USD/CAD Daily Chart
Figure 8 shows a configuration we reviewed in an earlier question applied this time to the USD/CAD pair using VT Trader. On this chart I am applying two simple moving averages plotted in blue and red and the ADX indicator plotted at the bottom in brown. This set of indicators when combined with different trading tactics is designed to capture longer term moves in the Forex markets such as occurred on this USD/CAD pair beginning at the left hand side of the chart and continuing for over 5 months. These mega trends can only be captured by trading the daily bar charts.
Copyright © Profits Run, Inc.
Page 28 of 77
Power Forex Profit Principles
Figure 9 ‐ AUD/USD Daily Chart
Figure 9 shows another combination of indicators applied to the AUD/USD pair using VT Trader. On this chart, I am applying an intermediate term moving average in red together with slow stochastics and ADX in the two panels below the price chart. The intermediate term moving average is based on the closing price. This set of indicators when combined with different trading tactics is designed to capture sudden trend reversal waves such as occurred on this AUD/USD pair just to the right of the center of the chart and continuing for almost 3 months.
What simple strategy can I use to find good entry points? The general approach that I use is to develop specific setup conditions that, when present in the market, indicate that I should consider entering into a new position. So the first thing is to identify the conditions that occur relatively
Copyright © Profits Run, Inc.
Page 29 of 77
Power Forex Profit Principles infrequently in the market, but that when they do, a high probability opportunity awaits. This is a very important concept, because one of the keys to successful Forex trading is to wait patiently for the prime opportunity to enter the market. Amateurs too often become impatient and want to trade just for the sake of trading and consequently enter the market under other than ideal conditions. This greatly reduces the chance of a successful trade.
Figure 10 ‐ GBP/USD Daily Chart Entry Point Examples
Amateur traders that do this are, in effect, trying to force the market to come to them on their terms. Guess what? The market doesn’t care! It’s going to do what it’s going to do and there is nothing you can do about it except for one thing. And that is to wait for the market to develop according to predefined setup conditions and only when that happens is it appropriate to consider a trade. In that way, you’re not forcing, but rather waiting for the market to come to you, which makes a world of difference. Another key concept to find entry points that is common to most types of trend trading is to attempt to buy into support levels and sell into resistance levels. The Copyright © Profits Run, Inc.
Page 30 of 77
Power Forex Profit Principles success or failure of this attempt lies in the robustness of the setup conditions defined in the trading method. Once the setup conditions are in place, specific entry rules need to be followed to “trigger” the actual trade. For example, one of the pairs that you are following may meet the setup conditions for a long trade. Now, depending on the trading method, the entry order could be a Stop order that says, “Only buy if the market trades above a certain level” which confirms the resumption of the uptrend. Or, it could be a Limit order which says, “Buy only if the market trades down to a support level”, defined by a moving average or Fibonacci level or old highs, etc. There is no one right way to do this. However, the precise entry trigger point has to be integral to the other features of the overall trading method, including planned risk in the trade. The entry point rules of the method, by necessity, will determine the stop loss point and consequently planned risk in the trade. The two go hand in hand.
How can I determine the initial stop loss, trailing stops, and exit points? Besides money/risk management, I believe this is one of the most important questions regarding a good trading method. It should go without saying that as soon as you enter the market with a new position, an initial stop order should be entered to protect the position against an adverse move in the market or an exit strategy should be employed to cover the trade if the market closes adversely. If such a move occurs, as is often the case, you want your position liquidated and out of the market with a minimal loss. The consequences of failing to do this are that you will not be successful at trading ‐ period. In fact, every trade you put on, you should plan to lose, so that you are sure to place your stop loss order or cover the trade on an adverse close. Otherwise, what would have been a small loss turns into a big loss, throwing the entire risk/reward ratio out of kilter against you. That being said, where should the stop be placed? The short answer is, “Where you don’t expect the market to go”; or, more specifically, where the assumption in putting on the trade is no longer valid. For example, if a long position was entered into after an uptrend or breakout market traded back down to support, an initial stop could be entered below the recent low because if the market does Copyright © Profits Run, Inc.
Page 31 of 77
Power Forex Profit Principles go there, support (as defined by that low) would have failed, and there is no longer any reason to be long the market – so get out! Don’t wait around for it to come back in your favor because the odds are against it. If the market goes in your favor once the initial stop is in place, then you need a set of rules that will allow you to exit the market profitably. This poses a real dilemma. If you exit too soon, you will secure a small profit, but miss out on all those big moves that occur (and the big profits that go with them). On the other hand, if you wait too long to exit, the market may reverse and take away all of your open profits and even put you into a loss position.
Figure 11 ‐ GBP/USD Daily Chart Initial Stop, Trailing Stops, & Profit Target Examples
So what do you do? Well, the first thing is to realize that there is no method that can forecast whether or not a particular move will: Go against you immediately Go up only a little before going back down Go up a lot in your favor
Copyright © Profits Run, Inc.
Page 32 of 77
Power Forex Profit Principles For example, after you enter a long trade in an uptrend, there’s absolutely no way to predict what will happen next (contrary to what the so‐called “gurus” tell you). Because of this, you absolutely need an exit strategy that is effective for all outcomes.
The Optimal Profit Exit Strategy The following is the very best exit strategy that I believe possible when trading the Forex markets on an end‐of‐day basis. I call it the Optimal Profit Exit Strategy. It’s a strategy that scales out of a trade in two steps. This strategy is first and foremost about taking an initial profit as soon as appropriate, thereby “taking some money off the table” and reducing the risk in the trade at the same time. 1. Step one is to cover 1/2 of your position at a specific profit target. The profit target is modest, but enough to make the trade worthwhile and the specific level is also dependent on the overall method being used. Once that initial profit target is hit, you should move the initial stop up for the remaining 1/2 of the position to the lowest low of the past 3 days for an uptrend trade or the highest high of the past 3 days for a downtrend trade. You’re now out of 1/2 of the trade with a very nice profit and at the same time you are prepared to ride the market as far as it wants to go in your favor for the remaining 1/2 of your position. 2. The remaining 1/2 position is then protected by the trailing stop always based on the lowest low of the past 3 days (for an uptrend trade). And so as the market continues to move up, you should continuously move the stop up with it. This locks in a significant portion of the remaining open profit but also gives the market enough room to trade down a bit without shaking you out of the trade before it heads even higher. With this strategy, you are prepared to take advantage of the market after entering a trade no matter what it does. And that’s a big deal.
Copyright © Profits Run, Inc.
Page 33 of 77
Power Forex Profit Principles
How can I find a Forex method that works almost all of the time with minimal or no losses? I call this the “Holy Grail Syndrome” and, of course, the Holy Grail of trading simply does not exist. I’ve talked about this concept many times since I started training individuals to trade the markets back in 2001, but it bears repeating here. For years, I refused to believe in this concept and was forever looking for or trying to develop a method that would always win with no losses, or certainly never experience two losing trades in a row. I wasted years of my life with this false impression about what it would take to trade successfully. Don’t fall into the same trap. While the holy grail of trading does not exist, nor will it ever; thankfully, it is not necessary in order to be successful. What is necessary as I have emphasized repeatedly in this report is a trading method that gives you an edge in the market, the discipline to trade it and of course sound money management. That sounds simple, and in some respects it is, until you factor us humans into the equation. Consider these questions. 1. Do you have an edge in trading the markets? What is it? If you don’t know, then you do not have an edge. 2. How about discipline ‐ can you really follow your trading method without fail, especially after two successive losing trades? What about three? Or will you drop the method and search for something else? When that happens the “Holy Grail Syndrome” is at work. 3. Then there is money management. Are you allocating the appropriate level of funds and controlling the degree of risk on each trade? Copyright © Profits Run, Inc.
Page 34 of 77
Power Forex Profit Principles The reason most traders lose is that they cannot answer “Yes” to all three questions listed above. And I believe that the key to mustering the discipline needed to be a winner is to have a method that does indeed provide a winning edge, that is relatively simple to apply, and that uses sound money management practices. Only then, in my opinion, can one muster the required discipline to trade effectively. So do yourself a favor and abandon the search for the Holy Grail. Instead, find a good trading method that fits with your personality, apply sound money management practices, and trade it with discipline.
How can I minimize downside risk while still capturing quality gains in the Forex markets? First, you must have a good trading method. But even more importantly, you must have strict money management rules; without them, even a good trading method will eventually fail. I have found that in order to be effective with risk management, you must have rules that are simple or else you simply won’t follow them. For example, one risk management method is called Optimal‐f. While Optimal‐f has a lot going it for it, I believe it is too complicated to be of practical use. Instead I believe the best approach is as follows: Simply risk no more than 2% of your account size on any one position and no more than 8% of your account size on all open positions at a point in time. Risk in this case means the amount you plan to lose if the trade(s) goes against you. So, as your account size grows, you would be able to place larger and larger positions. When you have a losing trade or two, you would be reducing the amount risked and therefore the position size on the next trade. So this is a very simple self regulating concept that keeps your positions in proper alignment with your account size at all times. This is particularly important in Forex trading, given the tremendous leverage offered by the brokers. The last thing you want to do is to over commit to a trade just because of the broker’s low margin requirements. By the way, I believe that most Forex traders that end up on the losing end do so because of poor risk management more than any other factor. Let’s look at an example. Suppose you open an account and don’t understand the importance of risk management. You elect to risk 30% of the initial account Copyright © Profits Run, Inc.
Page 35 of 77
Power Forex Profit Principles size on each trade (because the broker’s margin requirements allow it) and then promptly lose three trades in a row. Your account would be almost completely wiped out after only three trades. On the other hand, let’s say you understand the importance of risk management and risk only 2% of the account size on each trade. Now let’s say once again you lose three trades in a row. This time you would have lost less than 6% of your initial account size and still have plenty of capital left for additional trades where one good profitable trade could more than offset the three losers. You might say that this is an extreme example, but I think it makes the case; when you trade with proper risk management rules, you stay in the game.
What account size do I need to trade the Forex markets? There is no one right answer to that question. However, Forex brokers allow you to trade standard lots and mini lots. The margin (depending on the pair you are trading) for a standard lot is around $1,000 and for a mini lot around $100. So technically, you could open an account with, say, $500 and trade 5 mini lots. Of course, you would be violating your risk management rules and would probably end up losing your stake. The key, once again, is to risk no more than 2% of your account size on any one trade and so if you were to put on 1 mini lot and risk 50 pips, that would be about $50 of risk in the trade (for a US dollar counter currency pair). That means you would have to have an account size of at least $2,500 ($2,500 x 2% = $50) to put that trade on without violating the risk management rules.
Copyright © Profits Run, Inc.
Page 36 of 77
Power Forex Profit Principles
Where are the big money opportunities trading Forex? (NEW) In many respects, the Forex markets are just like any other liquid markets such as stocks, mutual funds, bonds, or commodities. But there is one significant difference in that the Forex market trends are generally stronger and longer‐ lasting and occur more frequently than do the trends in other markets. In fact, it is quite common for a Forex pair to begin a new trend that lasts for several weeks or sometimes even months and in the process offer the nimble trader incredible profit opportunity. I call these the Forex mega‐trends. When you combine these mega‐trend opportunities with the ability to leverage a small account, that is where you will find the big money opportunities trading Forex. Mega‐trends consistently offer mega pips of profit opportunities in the 300 to 700 pip range. Now those are truly big money opportunities. The question then becomes, “What style of trading is needed to take advantage of the huge opportunities offered by these mega‐trends?” Well, we can rule out day trading because day trading only focuses on intraday charts that are based on 5 minute, 10 minute, etc. bars and the intraday trends that develop on these charts with the objective of picking off 20 to 50 pip profit opportunities. And when the day is done, the process repeats itself for the next day without any regard to any mega‐trend that might be underway. The problem here is that the time horizon important to the day trader is only one single day. That leaves trading on an end‐of‐day basis with daily bar or candlestick charts. Here we have a time horizon of several days, weeks, and even months within which a mega‐trend can be identified. By applying a good trading method to these daily charts, it is possible to get on board a mega‐trend at a lower risk point and then with the right exit strategy, ride that mega‐trend for all it’s worth, exiting near the end of the trend after several hundred pips of profit. Let’s look at some charts to illustrate this point.
Copyright © Profits Run, Inc.
Page 37 of 77
Power Forex Profit Principles
Figure 12 – USD/CAD 10‐minute Bar Chart for 11/30/07
This a typical day trading time frame where the day trader attempts to capture 20 to 50 pips of profit sometime during the day. This oftentimes requires several hours of monitoring the market in order to spot any trade opportunities that may be present themselves that day. The daily range from the day’s high to the day’s low was about 90 pips
Figure 13 – USD/CAD Daily Bar Chart 9/07 to 11/07
Here you can see a typical mega‐trend that began in early September 07 and didn’t end until early November 07, lasting over 8 weeks and providing over 1200 pips of profit opportunity. Now that is a mega‐trend by any definition. Compare Copyright © Profits Run, Inc.
Page 38 of 77
Power Forex Profit Principles that opportunity to the relatively small opportunity sometimes available to day traders.
Figure 14 – AUD/USD 10‐minute Bar Chart for 11/30/07
Here’s another example of an intraday 10 minute bar chart with a daily range of about 80 pips. Day trading this chart requires potentially long hours and limited opportunity.
Figure 15 – AUD/USD Daily Bar Chart 3/07 to 4/07
Here is another typical mega‐trend that began in mid‐March ‘07 and ended in mid‐April ‘07, lasting over 5 weeks and providing over 600 pips of profit Copyright © Profits Run, Inc.
Page 39 of 77
Power Forex Profit Principles opportunity. And oftentimes these mega‐trends will occur simultaneously across several Forex pairs. The difference in opportunities between day trading and end‐of‐day trading, especially when you consider that it only takes 20 minutes a day to trade the daily bar charts, speaks for itself.
How are orders placed with Forex brokers? (NEW) Placing Forex orders is most commonly done online through your broker’s order platform that is often integrated with your broker’s charting software. This is very easy to do once you understand the order mechanics. Following are examples of typical order placements using VT Trader charting software and order platform. This information is readily transferable to most any broker’s charting software and order platform as they are all very similar in the way they operate. I’m providing this information here simply to demonstrate how easy it is to place Forex orders because I get a lot of questions from newcomers about this. If you’re a more experienced trader, then this information will be ‘old hat’ to you.
Figure 16 – AUD/USD Daily Bar Chart
Here is a typical daily bar chart; in this case it is for the AUD/USD pair. I will use this chart to demonstrate how to place a market order to buy this pair and then how to place a stop order protecting the position. Copyright © Profits Run, Inc.
Page 40 of 77
Power Forex Profit Principles
Figure 17 – Initiate an order to buy at the market
In order to place an order to buy at the market, we right‐click on the chart above the current market price and then a window pops up as shown on this chart. Next, select “Buy” in the pop up menu.
Figure 18 – Open Positions Window
Another window will pop up called “Open Positions”.
Copyright © Profits Run, Inc.
Page 41 of 77
Power Forex Profit Principles
Figure 19 – Open Positions Window
Here you want to enter the number of lots you will be buying. In this example, we will place a market order to buy 1 standard lot. (The procedure for a mini lot account would be the same, except you would be buying 1 mini lot instead.) So you just type in “1” in the “amount per account row” and click “OK.”
Figure 20 – Request for Confirmation Window
This window is requesting confirmation that you want to go ahead and place the order. Just click “OK” and your market order will be immediately placed and
Copyright © Profits Run, Inc.
Page 42 of 77
Power Forex Profit Principles because it is a market order, it will be filled immediately at the current “ask” price.
Figure 21 – AUD/USD Daily Bar Chart
Once you click “OK” above, you are now long 1 AUD/USD pair and you are returned to the daily bar chart.
Figure 22 – Open Positions Window
If you then click on the Open Positions tab, a window will open that shows your current position; in this case, that you bought 1 AUD/USD pair at 0.8844 (under the open column), the “close” column shows the current price. Other columns Copyright © Profits Run, Inc.
Page 43 of 77
Power Forex Profit Principles include “stop, limit, and open profit/loss.” To enter a stop order, to protect the long position, you just right click on the stop box and a new menu opens.
Figure 23 – Open Positions Window with Right‐Click Menu
From this menu you then left‐click on the word “stop.”
Figure 24 – Open Positions Window with Stop Order Window
Within this window you then enter your stop price; in this case, we entered 0.8744, meaning we want to sell the position if the market drops to that price. And then left‐click the submit button. Copyright © Profits Run, Inc.
Page 44 of 77
Power Forex Profit Principles
Figure 25 – Open Positions Window with Request for Confirmation Window
Then another window will pop up called Request for Confirmation. After reviewing your order to confirm that it is correct, go ahead and left‐click on the “OK” button and the order will be entered.
Figure 26 – Open Positions Window
This will return you to the Open Positions window, showing again that you bought 1 AUD/USD pair at 0.8844, but now it also shows under the “stop” column that you have an open stop order to sell at 0.8744. If you wanted to also enter a limit order above the market at a profit target level, you would just click
Copyright © Profits Run, Inc.
Page 45 of 77
Power Forex Profit Principles on the “limit” column and follow the same procedure as above to also enter a limit order. That’s all there is to it. And once you have practiced this procedure several times, it will become second nature to you.
How important is it to have a trading mentor? (NEW) Mastering good trading methods can be done without a mentor, but I highly recommend having access to a mentor because a mentor can do several things for you as a Forex student. With a mentor, you have the opportunity to dramatically shortcut your learning curve by checking in with your mentor from time to time as you study the course material and practice applying the new trading methods taught in the course by paper trading. This alone will save you a great deal of study time as well as costly mistakes. While you must take responsibility to study and master the trading methods, your mentor can answer any clarifying questions on the course material that you may have. (Caution: many so‐called Forex “mentors” merely offer canned material and sketchy, if any, support. Be sure your mentor offers a dedicated support team to answer your questions.) Another key role for the mentor is to verify that your interpretation of various trade opportunities in real time markets is correct. I can’t tell you the number of beginning traders or even traders with some experience that give up on a great trading method because it “didn’t work for me.” And the reason it didn’t work for them is that they were not applying the trading methods correctly in the first place. Without a mentor, these traders never even knew why others were somehow successful with the method but they weren’t. But worse yet, those that had access to a mentor never asked for help from their mentor. Either way they end up missing mastering the great method that they have before them, only to go on to some other method that may or may not be good and just keep repeating the process with success never having been achieved. Copyright © Profits Run, Inc.
Page 46 of 77
Power Forex Profit Principles A mentor also provides encouragement and perspective on the real world of trading. This helps you overcome any learning challenges along the way. Realistic expectations are another thing a mentor can help with. So many beginners fall prone to the “get rich quick” hype and therefore expect to achieve double digit returns month in and month out. That is not the real world. Some months will offer outstanding profits and others more moderate profit opportunities. There will be losing trades. As a diligent student, you need to understand this and stay disciplined as you await your next great profit opportunity. In summary, having access to a mentor while mastering a good trading method can greatly enhance your probability of success.
Copyright © Profits Run, Inc.
Page 47 of 77
Power Forex Profit Principles
Forex freedom in just 20 minutes a day? As I said before, I’ve been teaching thousands of folks just like you how to trade the markets since 2001. Back then, there was a TON of trading information online (and offline, for that matter). And today, this information seems to have multiplied exponentially. So where do you begin? Well, trading is very personal business and I’ve always maintained that you need to trade with a method that fits your emotions, trading style, and personal lifestyle. But what are we all really trying to achieve? Honestly. It’s not a digital trading account padded with a bunch of zeros is it? Sure, we all want to make a profit (a BIG profit, right?), but what we ultimately want is what that money can do for us. There’s something to be said about lifestyle, and you need to ask yourself a very personal question. What’s the right mix of trading and non‐trading activity for you? When it comes to balancing this, I think I’ve been through it all. In my early days, when I was killing myself to capture profits day trading, my life outside trading suffered and took some big bruises. I remember at least a few times where I would be in a very critical meeting at my day job, where my focus was needed 100% to truly be effective, but my mind would wander to that open trade I had just placed an hour earlier. So not only did my effectiveness at work suffer, but my trade did, too. And there was also a stretch of time when I’d get home from a long day of work, see my wife and kids at dinner and then disappear into my trading “lair” with a pot of black coffee, as my wife put the kids to bed and fell asleep without me. These are some the events that drove me to discover trading methods that only required no more than 20 minutes a night to apply. And when I began sharing them with the world in 2001, I found out I was not alone. There were hundreds of thousands of traders out there who felt just like me. However, that’s just my experience, and my story. You need to look at your story and decide what’s right for you. You may love staring at charts for hours on end all day long. If that’s you, I really hope it works out for you. All I know is that’s not for me. But however you decide to trade the Forex markets (or any markets), you need to do one of two things to be successful based on my experience: Copyright © Profits Run, Inc.
Page 48 of 77
Power Forex Profit Principles 1. Dedicate years of your life to test, experiment, tweak, try, invent, etc. a good trading method on your own. 2. Invest in a good trading method developed by someone who’s already gone through everything described in item 1 above. Way back in the 1970’s, I didn’t understand this, so I chose option one. It took me years to finally come up with the core trading concepts that I know to be true and effective. The funny thing is, I ran into a handful of great trading methods that, had I had the right mindset and understood the concepts I talk about in this report, I probably would have avoided years of losses and frustration. All I know is that if I had a time machine, I’d go back in time to 1974 and slap my younger self in the face and say, “Don’t even think about it. Good methods already exist. Find them, and trade them.” I’d also give myself a copy of this report! So, some traders whine and complain about spending money to learn how to trade. Or they moan about having to subscribe to a monthly data feed service for good trading data. I just don’t get it! Trading is a serious business. In the broader picture, I believe spending money on trading education or on charting software is an absolute necessity for quickly reaching your trading goals (and thankfully, with Forex trading, most brokers will give you great software for free). Sure, you can go to the library or read every free article you can find online. I look at it this way. You’re going to spend the money one way or another learning how to trade; either in losing trades over time, or upfront in good trading education. Let me be clear. This report is not a trading method. It’s merely a collection of questions and answers. Yes, I believe it contains some very good information that can be used with any trading method on the market, whether it’s your own or
Copyright © Profits Run, Inc.
Page 49 of 77
Power Forex Profit Principles someone else’s. But this information is only one piece of the larger trading puzzle. Personally, if I can learn just one new insight or one new nugget of information when I’m evaluating a new trading method, then whatever time or money I invested in it was totally worth it to me. And as you become a more experienced Forex trader, you’ll see some of the same concepts covered again and again in various trading methods and courses. But that’s OK! Remember what I said about simplicity. You don’t need an overly‐complex method to be successful. If you learn just one new technique, or if you see a familiar concept rephrased in a way that creates new clarity for you, then your time and investment in that method should have been well worth it. This is making gradual improvements to your trading success over time, and it’s something I believe all of us as traders should strive for.
Why Are You Interested In Forex? As you’re digesting and assimilating all the information in this report, I want you to think about the underlying, core reasons why you’re actually interested in trading the Forex markets. For most traders, it’s because you want to improve or change something that’s not working for you. So, to help you out, please take a few minutes and complete this short activity that I learned from Stephen Pierce a few years ago. I think you’ll find that it will help you clarify where you are, where you want to go, and what it’s going to take to get there. If you haven’t already done so, I highly recommend you print this entire report out so you can actually write on it and fill in your answers to these questions. I’ve found by doing it that way, this exercise will be much more effective for you. (By the way, if you’re an analytical person like I am, you might find this activity a little weird or uncomfortable – I know I did! But trust me, it forces you to think about what you really want in life, and the first time I did this activity, it was very profound for me. So if you’re feeling a little resistance, go ahead and smash through it and commit to taking the first step to creating the future you want RIGHT NOW.)
Copyright © Profits Run, Inc.
Page 50 of 77
Power Forex Profit Principles 1. What is your ultimate dream? This can be anything you want (for example, retiring early, traveling the world, sending your kids to college, starting your own charity, etc). Describe as if you already have and are currently experiencing it right now (for example, “I retired at age 40 and am currently on a world travel tour with my wife. So far, we’ve visited Italy, Spain, and Portugal, and have 8 more cities to visit this year.”) _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ 2. What does your dream look like? Describe it in as much detail as possible. (Continuing with the example above, “My wife and I are healthy and happy as we effortlessly travel first class from country to country. A private limousine picks us up at each airport we land at whisks us off to the next 5‐star hotel.”) _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ 3. What does your dream feel like? Again, use as much detail as you can. (For example, “It feels so good to be free and to be close to my family. The stress and strain I used to wake up with when I struggled to make ends meet is now gone. I feel totally relaxed and in control for the first time in my life.”) _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ Copyright © Profits Run, Inc.
Page 51 of 77
Power Forex Profit Principles _____________________________________________________________ 4. Write down 5 compelling reasons why you MUST transform this dream into reality. (For example, “My kids are getting older, and I MUST spend more free time with them before they grow up and move away.”) 1) ___________________________________________________________ 2) ___________________________________________________________ 3) ___________________________________________________________ 4) ___________________________________________________________ 5) ___________________________________________________________ 5. Finally, write down 5 things that MUST CHANGE in order for you to achieve your dream. (For example, “I MUST dedicate at least 20 minutes every day to studying successful Forex mentors”, or “I MUST find a good trading method I can rely on so I can have confidence in placing trades”.) 1) ___________________________________________________________ 2) ___________________________________________________________ 3) ___________________________________________________________ 4) ___________________________________________________________ 5) ___________________________________________________________ Copyright © Profits Run, Inc.
Page 52 of 77
Power Forex Profit Principles Now, save these pages and keep them somewhere where they can be reviewed every day. Even though I did this a few years ago, I still keep my answers next to my trading computer. It inspires me to stay focused and on target, and I hope this helps you do the same.
Forex Survey Summary It was a lot of fun going through all the questions I got from conducting this survey on Forex trading. We all think we have unique problems and questions, but every time I do a survey I’m reminded that we’re not so different after all. Remember to go back and re‐read these questions and answers at least a few times. Something that you missed the first time through will undoubtedly jump out at you in subsequent readings. Also remember that the Forex markets are not magical or mysterious. They’re just markets. Period. And you can potentially pull profits out of the Forex markets just like with any other market. So with a good Forex trading method in hand, you should be well positioned to add Forex trading to your own personal trading “toolkit”. I’d like to thank everyone who took the time to send me their top questions. In doing so, you helped a lot of traders who will read this report. And I hope you got at least one useful nugget of information about Forex trading. Remember, you are not alone in your quest to successfully trade the markets – as always, I am here to help you.
Copyright © Profits Run, Inc.
Page 53 of 77
Power Forex Profit Principles
“Forex Profit Accelerator” Re‐Release Date: Tuesday, December 11th, 2007
Figure 27 ‐ Forex Profit Accelerator
In September, 2007, my long‐awaited Forex Profit Accelerator home study course was released to the trading community, and all 950 copies sold out in about 10 days! Now, finally, I’m about to re‐release 500 more copies on December 11th, 2007. This groundbreaking course is all about achieving Forex freedom in just 20 minutes a day, and it will be released at 10am eastern time on that Tuesday. I can’t wait for traders to get their hands on this! It’s a complete, step‐by‐step guide that shows you how to treat the 24/7 Forex markets like end‐of‐day markets. But instead of showing you how to trade just one method, the Forex Profit Accelerator reveals four complete methods that dramatically increase your ability to potentially pull more pips out of the markets.
I Made 2 Astonishing Forex Discoveries Those of you who have been following my teachings know how much I LOVE TRADING! Even though I have a solid set of methods and techniques I use for my own trading, I’m constantly tinkering around in my “trading lab”. Besides Copyright © Profits Run, Inc.
Page 54 of 77
Power Forex Profit Principles spending time with my family, it’s what I like to do in my spare time. Some people like to play golf. I’d rather be trading. Now, because of my position in the trading education community, I am approached quite frequently by other traders, systems developers, companies, you name it. Many of them send me evaluation copies of their programs and methods to get my professional feedback and opinion. Some of the material I receive is quite good, but honestly, most of it is incomplete. The reason I tell you this is to impress upon you the amount of trading material I have in my personal library – I have a TON, and I believe I’ve seen just about every type of program on the market. In reviewing all this material and in examining all the questions I’ve been receiving from my readers and students about Forex, I made two key discoveries that were astonishing to me. First, there seems to be a flaw in the perception of how money can be made in the Forex markets. And the flaw is this: it seems that 95% of all Forex traders only think they can make money day trading these markets. It actually may be higher, maybe 99%. This perception is very dangerous, in my opinion, because not all traders are psychologically equipped to handle day trading, so they get in over their heads and get eaten alive until their trading accounts are emptied within a few minutes or hours. I’ve seen it happen, and it’s not a pretty sight. I’ve already told you my opinion on day trading – it’s just not for me. If you prefer that style of trading, then more power to you (I can even recommend some great day trading Forex courses). But the vast majority of my readers have told me time and time again that day trading is not for them, either. And that’s great news for them… Why? Because the other discovery I made was how to treat the 24/7 Forex market as an end‐of‐day market. This removes all the stress and strain associated with trading on a 24 hour basis. It’s often been said that if you can’t make money trading on an end‐of‐day basis, you’ll never make money day trading. I tend to agree. But it gets even better… Copyright © Profits Run, Inc.
Page 55 of 77
Power Forex Profit Principles When you treat the Forex markets as end‐of‐day markets, I’ve found they can offer far more profit potential than the minor swings many day traders kill themselves to capture. And when you learn the right way to trade Forex as an end‐of‐day market, you can quickly jump from one big swing to another as they’re driven by the Forex market giants – the big banks and other financial institutions, including governments. But while these behemoths react slowly to market changes due to their sheer size, as soon as you learn to spot a big swing, you can get on and “ride their coat tails”. And by the time they’ve turned to look over their shoulder, you’ll have already gone on to the next big swing. For example, suppose several major financial institutions think that the Japanese Yen is undervalued versus the dollar and that the Japanese government will soon act to stop artificially suppressing the value of the Yen. Collectively they might begin slowly building what will become very large positions in the market by selling short the USD/JPY pair. I am talking about hundreds of thousands of standard lots. Whether the Japanese government acts or not, the market might drop as expected, in part, due to the ever increasing short positions of these financial institutions. If they are right, we small traders can apply trading methods that will spot these moves and jump on board at a moment’s notice. We can protect our positions with initial stops and ride the wave to good profits if the market follows through on the downside. And we can jump out just as quickly as we jumped in. The big institutions simply can’t move that fast without damaging their positions. The bottom line here is that we are prepared to ride the trend on the coat tails of the mega traders, but with a level of agility they don’t have and to do so to minimize risk and maximize profit while they’re still trying to “unwind” their positions.
Copyright © Profits Run, Inc.
Page 56 of 77
Power Forex Profit Principles This is a BIG DEAL! If those last few paragraphs didn’t make sense, please go back and read them again. What this means is that with the Forex Profit Accelerator, I found a way to show you exactly, step‐by‐step, how to identify when a Forex pair is likely to make a move UP or DOWN. And no matter which way it goes, I created specific trading rules that let you take advantage of those moves and ride them for a huge potential profit. And here’s the kicker – I don’t just show you how to do this one way… …I give you four complete methods, all based on my time‐tested principles, that allow you to identify as many profitable trading opportunities as possible. A key part of these methods is my Optimal Profit Exit Strategy, which I described earlier in this report. I show you how to use it in exact detail in my course, so you will always know how to take profits out of your trades as quickly as possible. And that’s why I decided to name my course the Forex Profit Accelerator – because I show you how to truly accelerate your Forex profits with my four methods that you can use individually or together, synergistically, to maximize your profit‐taking. So the bottom line is this – no matter what happens in the Forex markets, with the Forex Profit Accelerator, you will always know exactly what to do every time you place a trade. No exceptions. No matter the outcome. It’s that simple.
4 Methods and a Wedding: Lock Me Up & Throw Away the Key I could not have gotten this course done without my son and partner, Greg. He’s a master at understanding how to clearly communicate and educate complicated concepts to individuals. And those of you who own my other trading courses can thank Greg for making them so easy to understand. In the case of the Forex Profit Accelerator, I had four complete methods to teach – I’ve never done this before in a home study course, so I wasn’t sure if I would ever get it done because this course is so HUGE. But like anything else in life, I set a deadline and then got to work. The deadline was my nephew’s out of town wedding, so, like many times before when I’ve created my courses, Greg locked me away in his $20,000 professional recording studio and kept me fed and alert so I could deliver and teach my best Forex methods as effectively as possible. Copyright © Profits Run, Inc.
Page 57 of 77
Power Forex Profit Principles After I was done, I was on a road trip to Virginia with my wife to the wedding, while Greg finished things up at home. I drove away confident that there would be a great‐looking Forex course waiting for me when I returned. But I wasn’t prepared for what I saw when I got back. Here’s what I mean… when Greg showed me the final version of the complete Forex Profit Accelerator course, I knew we had achieved a new level of quality with our home study courses. Everything about this course is the best I have ever seen (and I’m not just saying that because this is my course). The lucky few individuals who have already been through the course have given me the same feedback. I’m constantly “raising the bar” in order to provide the best quality trading information to my readers and students, and I firmly believe the Forex Profit Accelerator is by far the most extensive Forex trading course I have ever seen. I know that might seem like a brazen comment to make, but here are the facts. I’ve been trading the markets since 1974, so I believe I’ve seen nearly everything out there. Also, I’ve been developing trading courses since 2001, and I’ve spent close to $100,000 of my own money researching, developing, and producing this course to make sure it’s absolutely the highest quality on the market. So based on everything I’ve seen, I can’t think of any other course that compares to the Forex Profit Accelerator. Many traders are going to be totally blown away when they learn the contents of this course. And not only that, the Forex trading education market is about to get turned on its ear. This course is going to raise the bar so high that I personally think other sub‐standard courses will need to be completely overhauled and re‐ done if they hope to compete with the quality, content, and effectiveness of the Forex Profit Accelerator. Copyright © Profits Run, Inc.
Page 58 of 77
Power Forex Profit Principles (In fact, at least one of my competitors was so impressed that he privately told me that he is planning on re‐doing all of his courses using the same technology we used to develop the Forex Profit Accelerator.)
How the Forex Profit Accelerator is Different from Other Forex Trading Courses I kind of already touched on this earlier, but I wanted to revisit it here. A common question I have been receiving is, “How is this course different from all the other Forex courses out there?” The other one is, “If I already have a good Forex course, do I need this one?” These are fair questions. Here’s the answer: This course is different from all the other Forex courses that I’ve seen because it drastically compresses the amount of time you need to spend actually trading (20 minutes a night) by showing you how to treat the 24/7 Forex markets as end‐of‐day markets. Further, it gives you not one, but four complete, step‐by‐step methods that let you jump on the swings driven by the big banks in order to maximize your profit potential. And do you need it if you already have a Forex trading course? It really depends on you. If you’re already successfully day trading, enjoy spending time looking at charts, and aren’t interested in only spending 20 minutes a night trading, then this course may not be for you. However, if you’re like me (and most of my readers) and want to learn how to spend as little time as possible trading (while potentially pulling in more pips than even the most diehard day traders), then the Forex Profit Accelerator is definitely for you. One more question I’ve been getting is, “Is this course similar to your other trading courses?” And the answer to that one is this… the Forex Profit Accelerator is similar in its goal of teaching you step‐by‐step trading methods you can own for life, however, it contains 4 totally unique and brand new methods I designed specifically for the nuances and “personalities” of the Forex markets. I made sure this course could be understood by both novices and experts alike, so if you consider yourself the latter, you can probably skip over all the introductory material and begin trading even more quickly. And I’m certain that you’ll still find massive value in the Forex Profit Accelerator. Copyright © Profits Run, Inc.
Page 59 of 77
Power Forex Profit Principles Anyone who knows me knows that I am all about seeking the truth and discovering trading tactics that WORK. I just don’t care about the opinions or ideas of other so‐called “gurus”. I only care about results. And this is the exact reason I created my Forex Profit Accelerator course. So I can teach honest, hard‐ working traders (just like you) more the strategies, tactics, and trading philosophies I have worked so hard to discover over the past 30+ years that can actually potentially improve their trading results and bottom line. Period.
Here’s What’s Inside the Big White Box The Forex Profit Accelerator contains seven (7) CD‐ROMs of hands‐on, step‐by‐ step “video screen capture” tutorials that will let you discover the exact strategies and tactics that will help you find those spots in the Forex markets where major swings are about to be established. And I teach you how to potentially profit no matter which way the markets move. I also include four “trading blueprints” that summarize each of the four Forex Profit Accelerator methods so you have a handy, “at‐a‐ glance” summary you can keep right next to your trading computer so you always know exactly what to do – every time you place a trade. There’s also a 160‐page full‐color reference guide with all the charts used in the CD‐ROMs. My students really love these reference guides because it’s very easy to flip to any page to get a quick refresher on the concepts you learn on the CD‐ROMs. Also, in order make sure you get off on the right foot, I include a 12‐ page Quick Start Guide that answers the most common questions about how to study and learn most effectively with the Forex Profit Accelerator. I’m currently in discussions with some of my trading associates and I’m working on even more surprise bonuses and “add‐ons” that I’m going to include with the course. I don’t want to mention anything just yet, but I think you’ll be really surprised when you see what else I’m going to include. I’m doing my best to “pull out all the stops” to make sure you get the absolute best Forex learning experience on the planet! Copyright © Profits Run, Inc.
Page 60 of 77
Power Forex Profit Principles
Why Am I Doing This? Some of my readers ask me, “Bill, why do you spend so much time helping us out?” Good question, indeed. I do spend an awful lot of time answering questions from not only my students, but subscribers to my free email reports, too. Here’s the deal – as I said before, I really do love trading. No kidding around. I’m what you might call a “trading nerd”. Those that know me should be surprised, however, because I was trained as an engineer and I have a master’s degree in finance. And in case you were wondering, it’s not just about the money. Sure, I’m running a business, but honestly, I don’t need the money from my trading education business to survive. I have a solid pension from 36 years as an automotive executive, IRAs and 401(k)s that pay me every year, and I also have another completely separate automotive consulting business that requires very little of my time, but earns me more than most people make working a full time job. So if you pull my trading business completely out of the picture, my family and I are very comfortable. We are truly blessed. That’s why with my trading business I decided to pay my employees very well, and I decided to pack as much value as possible into all my products. I also believe in giving back and donating to my favorite charitable organizations. So I think I’m really lucky and in a unique position because I don’t need to put myself through any unnecessary financial stress, which gives me the luxury of taking my time to really help out my students. I’ve lived an amazing life so far, and at my age it feels so good to be able to help so many people out from around the world. I think this is my true calling in life, and I’m really glad I’m able to be able to mentor and coach so many traders so that they, too, have the real potential to achieve the freedom they’re looking for.
Can You Do It, Too? A question I get asked a lot is, “I’m not sure if I have what it takes to be successful with your trading course. Can I achieve the same results as and be as successful as your other students are?” This is a natural concern and a fair question… …and here’s the answer: You don’t need to have a master’s degree in finance like I do, nor do you need to have over 30 years of experience riding the emotional Copyright © Profits Run, Inc.
Page 61 of 77
Power Forex Profit Principles roller coasters of the markets. All you really need is the desire and drive to want to improve your Forex trading, and then the ability to “pull the trigger” and take action on what you’ve learned. Can you do it alone? Maybe, it certainly is possible. But the question then becomes, “How long will it take you, and how much money will the market suck out of your trading account before you figure it out?” I know. I’ve been there. But I also know for a fact that even if you only learn and apply just one of the four methods I expose to you in the Forex Profit Accelerator that you’ll be trading with 100% confidence from day one and you’ll also be using time‐tested trading principles that 90% of all Forex traders don’t even know about.
Insider Video Back Online For You to Watch I just put back up one of my most popular “insider” videos that you can watch online right now. It’s 8 minutes and 43 seconds long and it’s taken directly from the Forex Profit Accelerator course. It reveals part of my Optimal Profit Exit Strategy from one of my four Forex Profit Accelerator methods. Go to this web page right now to watch this brand new video:
www.forexprofitaccelerator.com/revealed On that page, underneath the video, you’ll see a red membership card asking for your First Name and Primary Email Address that gives you free access to my “Priority Pip Pullers” list. Don’t worry, you don’t need to enter your name and email watch my Optimal Profit Exit Strategy video… however, if you have any interest in securing a copy of the Forex Profit Accelerator, I highly urge you to go fill out the form on that page and join the “Priority Pip Pullers” list NOW. Copyright © Profits Run, Inc.
Page 62 of 77
Power Forex Profit Principles Why? For 2 very specific reasons – 1. I’m limiting the re‐release of the Forex Profit Accelerator to only 500 copies because I want to make sure that I’m able to support my next group of Forex Profit Accelerator students. I used this approach successfully last year with another one of my trading courses and the students that were lucky enough to get a copy really appreciated the personal attention. Plus, I just don’t believe it’s fair to sell 5,000 copies of this course when I know in my heart that there’s no way I could support that many new students right now. 2. I’m also limiting this release to only 7 days. After 7 days, I will remove the order page, even if I have not sold all 500 copies. Why? Because I don’t want to worry about shipping out more copies of the Forex Profit Accelerator every day. I don’t want to spend time answering ordering questions. I would rather put my energy into making sure all my students that took action and purchased their own copy of the course during the first week understand the materials and have all of their questions answered in a timely manner. So it’s either 500 copies or 7 days, whichever comes first. If I have copies left over after the first 7 days, I will not sell these until I am certain that the new batch of students is successfully getting the support they need and things are running smoothly and flawlessly. But if history is any indicator of what’s going to happen, these 500 copies will sell out, and rather quickly. It happened back in September with the first release, and it’s a near certainty it will happen again, but probably in fewer than 7 days this time because there are even less copies available. Now, if you don’t get your copy during the first 7 days, I can’t guarantee when the Forex Profit Accelerator will be available again. It may be 4 weeks, it may be 4 months… it could be a year. All I know is that if you don’t claim your copy during the first 7 days, you WILL have to wait to get your copy, and maybe a long time. This is not a marketing gimmick. Here’s the web page my developer just put together for me – this is exactly what you’ll see on the order page after the first 7 days are up:
Copyright © Profits Run, Inc.
Page 63 of 77
Power Forex Profit Principles
So if you have ANY interest in picking up your own copy of Forex Profit Accelerator when it’s released, you really need to join the Priority Pip Pullers list. The traders on this list (based on first‐come, first‐served) will have their courses shipped first. I will even send the “Priority Pip Pullers” a special order link that will be activated ONE FULL HOUR before the official release time. That means they can get their hands on the course at 9am eastern time on Tuesday, December 11th. One hour might not seem like a lot to you, but I’ve watched my own trading courses sell out in the past very quickly, so one hour may be that extra time you need to guarantee you receive your own copy of the Forex Profit Accelerator. Now for some pricing information. Copyright © Profits Run, Inc.
Page 64 of 77
Power Forex Profit Principles Some of my business associates are recommending that I raise the price of my course for its second release. While I do plan on raising the price at some point, I’ve already decided to keep it at the same price as the September release. The details will be announced on December 11th. I have also decided to offer a payment plan so you can split your investment into three payments over three months. This makes it ultra easy to get started right away, and is always a popular request from my students, so I’m happy to do it for them and for you. Here’s what else I know… I’ve spent tens of thousands of dollars of my own money over the past three decades just on trading education: books, tapes, CDs, seminars, etc. You name it, I’ve probably seen it. And I’ve also sacrificed the better part of my younger days locked away in my study, my nose pressed against the charts, trying my best to watch my kids grow up, but quietly wishing I could have spent less time studying and more time with my family. So, while I still love trading, it HAS taken a toll on me over the years, both on my wallet and on my personal life. And it would not have been possible to put together the information contained in my Forex Profit Accelerator course without that kind of personal sacrifice. But thankfully, you don’t have to go through what I did when you become a student. I essentially give you the culmination of my life’s work in the markets on a silver platter. You should also know that my actual paying students have told me in the past that I should NOT be selling my trading courses for the prices I sell them at – they think I should raise the price dramatically because they don’t want too many people to get their hands on this information.
Success Stories from My Students! Back in September, I quickly sold out of my initial printing of 950 copies of the Forex Profit Accelerator. As I expected, this charter group of students discovered just how powerful my course is. And it seems like they write in nearly every day to tell me about their success. Here are just a few of their kind words. And I’m willing to bet that you’ll be sending me your success story, too, after a few weeks with the Forex Profit Accelerator. Copyright © Profits Run, Inc.
Page 65 of 77
Power Forex Profit Principles "Have only done 2 trades to date both of which won and covered course costs. I've bought a truckload of programs and systems over the years and this is one of the few that actually works." --Peter M., Australia* "I am thoroughly happy with FPA course. I have been trading the Forex markets using your principles and trading rules set out in the course for about a month now and by and large have been very successful in making good profits... I must congratulate you once again for a fab course and it is the best investment I have ever made. Your ongoing interest in your students' well-being and success is really great. Thank you." --Rawlston W., London, United Kingdom* "First of all, let me say thank you *so* much for coming up with the FPA. I just wish I'd had it when I first started trading Forex a couple of years ago. I could have saved myself a good deal of money on trades I should have never made in the first place. And I'm so grateful for your money management lessons. Other programs I tried just had vague guidelines and nothing specific. Turns out I was way overleveraging my account until I found your great system! I signed up on 9/20 and paper traded for almost a month. I started trading live with the FPA on 10/15. I've certainly had more winning trades than losing ones. Thank you again for the great trading system and the wonderful customer support. I've already told friends of mine who trade Forex about it; they can't wait for your next release so they can get in on it!" --Laura G., Lakewood, CO* "I'm very glad my father and I decided to buy FPA in September. On October 9th we did our first trade. Until now we made 12 trades only with 1/4 lot and the profit is amazing, more then $4,000! And that in 5 weeks. Now we are confident with the system we are ready to trade with more money. The system was easy to learn, after one week we could make our first trade. I appreciate the updates, and the extra tactics. We are going to use them too." --Frans & Ingrid H., The Netherlands* Copyright © Profits Run, Inc.
Page 66 of 77
Power Forex Profit Principles "I have to confess this is by far the most profitable and user friendly trading method I have come across. I am more than exited about my future in Forex trading since I enrolled in your profit accelerator program. Many thanks to you and your team for this tremendous job." --Fred B., South Africa*
"I am extremely pleased w/ the results. Following your trading methods I have gotten back what I paid for the course 4 times over within the first 4 weeks. You make the course so easy to understand with the cd's and trading examples along w/ the manual for quick reference. I also want to thank you for the time, expertise and thought you put into this course. I am 67 years old, have traded options (lost a lot of money) and have been looking for a vehicle to enhance my income and retirement portfolio and with the Forex Profit Accelerator I BELIEVE I HAVE FOUND IT. My wife & I work the Forex Profit Accelerator program together. We are ecstatic at how well this is working for us. We can't wait to get the Pip Feeder and place our trades. Again, Thank you for your support and sincerity. After I fully learn and have mastered this program I intend to look into your other courses." --Darwin M., Roseville, CA*
"So far, about 55% net gain with just the Instant Pips method! Very satisfied. I like your time-saving and conservative approach very much. Course is very easy to understand and I love the colored quick reference cards." --Ted R., Tokyo, Japan*
Copyright © Profits Run, Inc.
Page 67 of 77
Power Forex Profit Principles "I commenced trading the Forex Profit Accelerator live in October. I found the course to be very well-presented and thorough in its content. I have really appreciated the follow-up you provide and the bonus videos. I have been trading Forex for about 2 years and until doing your course I was very unhappy with my performance. I was trading short time periods and was really getting tired of looking at charts all night trying to capture a few pips. Now that I am trading on a daily basis I am really enjoying it as I do not have to spend hours in front of my computer. I really appreciate the way all 4 systems work together. Again, thank you for a great educational package and keep up the good work." --Garry M., Australia* "After 1 month of paper trading, I'm up 85% on a $10K portfolio. I appreciate the prompt responses to my numerous questions." --Dave C., Petal, MS* "I have implemented 3 of the methods on Metatrader and have made over $7,000 on 5 winning trades - no losers yet... it could have been a lot more if I had taken all the trades triggered. It has been very useful to have your Pip Feeder to verify my signals. Thank you for the high quality of the presentation and explanations. It does a lot for confidence levels to know one is using a quality product that has been thoroughly researched as well as the knowledge that you are continuing to support us." --Peter A., South Africa* "What can I really say about your FPA program? Just one short sentence would suffice, and it is, 'brilliantly super'. I have paper-traded it and made paper profit of more than $6,000 in three days. Thanks, Bill, for introducing the FPA to me and developing a system that is far superior than I have come across in this age of dime-adozen of new so-called winning systems that are literally flooding the market. Keep on the good work, Bill." --Jeff F.*
Copyright © Profits Run, Inc.
Page 68 of 77
Power Forex Profit Principles "I have been paper trading since I received it, and have made about a $12,000 profit. It is a very easy to understand and complete method. Much better than I have had from other systems. Thank you very much for this system, I will be using it from now on. " --Yvonne F., Mohave Valley, AZ*
"Wow, what a program. I have just retired after 39 years of teaching and was looking for something to do. You gave it to me on a silver platter. I have been doing very well paper trading. I think if I were live with my trading, I would be paying for my health insurance right now. A couple of more weeks and I think I'm going to put some real money into the market. That is a scary thought for me but I feel confident with your system and with your support I will make some serious pips. Thanks for all you are doing and keep the faith!!!" --Jim M., Red Lion, PA*
"In my demo account I started trading using the FPA on Oct 12th. In that time I have closed a total of 24 trades with a net profit of 1,140 pips and I currently have three open positions with profits of 409 pips on the Euro, 534 pips on the Swiss Franc and 350 pips on the Yen. Not too shabby! I'm impressed." --Doug M., Maple Falls, WA*
"It's been going great. For the first time in the few years since I've been trying to trade the Forex, I have the confidence to place the trade and let it go. Knowing exactly when to get in, where to place stops and when to get out along with just looking at the charts EOD fits my personality." --Randy M., Chattanooga, TN*
Copyright © Profits Run, Inc.
Page 69 of 77
Power Forex Profit Principles "I started paper trading two weeks ago with $50,000 and I am up to $70,000 with no losing trades yet. I have sent in my application to open an account and plan to start trading with real money soon. I am very impressed with the system so far. As a matter of fact, I am considering buying all your other products as soon as I make enough (real) money to pay for this one." --Robert C., Columbus, GA*
"Admittedly I had my doubts about the course, but since I started using the program I found that I can consistently make profits. I have one goal and that is to make a minimum of 2% of my portfolio a week. I have been able to do just that and a lot more with this program. I love the four step program (set-up, entry, stop loss, exit). These four steps help me stay focused and keep my emotions out of the trade. This is my third time starting over in the Forex market. I have come to realize that the two previous times I did not have a complete trading method. With your program, I have the confidence that I finally have a complete trading method, the knowledge to use that method, and the knowledge to recognize other complete trading methods." --Eric N., Nottingham, MD*
"I am doing very well with the system. I am getting around 200 pips a week so far on paper. Thank you for developing the system." --Doug, Australia*
"I am loving your FPA course. Also, I have just purchased your Quantum Swing Trader course and can't wait to get my teeth into it. Great work, Bill." --Rawlston W.*
Copyright © Profits Run, Inc.
Page 70 of 77
Power Forex Profit Principles "I must say how much I am impressed with your level of integrity. You have done everything that you said you would do - especially the tight number of teaching materials that were sold. You set down a deadline, and you kept the deadline. If it were not for duplicated orders that paved the way for 44 or so unsold packages, I would not have been able to obtain the CDs. You credibility was further enhanced when I listened to the interview that I downloaded from the web today. By the way, I must say that the quality of the CDs is really very good - the presentation itself and the content." --Syling L., Murrieta, CA* "I appreciate all the work you do and for letting all of us know what you're up to. You're that rare guy who truly cares about his students. This is an incredible method!" --Lee M., Davis, CA* "Love the methods and course. Having a lot of fun learning. Never even knew what Forex meant until I read your e-book and your course is making it easy to learn and actually understand how to trade." --Sean D., Morris, IL* "I have asked many questions as a new student and customer support has been excellent. Thanks for your patience and instructions." --Wayne E., Lakeland, FL* "I think it is excellent and very well done. You have done a great job in setting it all out and explaining it." --Weston B., New Zealand* "I am very, very pleased with your whole program. This material you put together is extraordinary. I appreciate the constant updates and feedback you are giving us; it bolsters moral 10 fold. Thanks for the many tips and tutorials." --Courtland D., Tampa, FL*
Copyright © Profits Run, Inc.
Page 71 of 77
Power Forex Profit Principles "Thank you for the details provided in the package. I want to confirm to you that I have already made three times the cost of the package in just a week. Once again, I sincerely thank you for your assistance and love." --Mohammed S., London, United Kingdom*
"Thank you so much for being the real deal." --Jerry C., Modesto, CA*
"I was indeed impressed with the material contained in the course, particularly in the quality of the CD presentation modules. I have no doubts that this is the most sensible purchase I have made for my trading education these last 10 years. Great job!" --Keith D., Australia*
"You have been a lot of help and there is much love for you here." --John T., Port Orchard, WA*
"Amazing array of to-the-point study material, especially in the way it is presented. Written theory backed up by visual practical training on the graphs, just like having my mentor standing at my side, although we are an ocean apart. Great job, and my commendations to both you and Greg for providing me with an heirloom to pass on to my family." --Mike G., South Africa*
Copyright © Profits Run, Inc.
Page 72 of 77
Power Forex Profit Principles "To date I have purchased from you Super Divergence Blueprint, Instant Profits, Quantum Swing Trader, MMPP, and now Forex Profit Accelerator. You know what I have found? They all work! The good thing about creating quality products that really work and being a person of integrity is that when you create something new - such as the Forex Profit Accelerator - people who know you and have bought trading systems from you before will want to deal with you again. This Forex Profit Accelerator course looks phenomenal. I didn't think anyone could top the MMPP course, but this looks just as good as or better than MMPP. One of the things that I am really excited about with the FPA is that the trends tend to go on for long periods of time. I am hoping that gradually, using these methods, I will be able to leave my job and just spend 20 minutes per day as you have suggested. Thanks, Bill, for this!" --David H., British Columbia, Canada*
"I have had your course open and have been studying it from the minute that it arrived at the house on the 26th of September, 2007. This is by far the most complete trading course that I have ever seen on Forex. Thank you for your email as it suggests to me that number one, you care, and number two that you have integrity. I don't mind paying for a course when the person who's selling it cares, and has integrity." --Wayne P., London, United Kingdom*
"I am very excited about these methods, and trading in general. I wish to thank you for your guidance." --Ernie W., Hermiston, OR*
"Great course, by the way. After spending tons of money on other courses without results, I find your course very powerful yet easy to understand. Thanks for your excellent course, Bill." --Robert M.*
Copyright © Profits Run, Inc.
Page 73 of 77
Power Forex Profit Principles "My FPA package arrived here in Auckland, New Zealand a week ago. My first impressions were of quality and professionalism, both in the written manual and in the production of the CD's. Thank you very much for making such a fantastic course available. My first Forex transaction (using NZ dollars to purchase your course in USD) will be the best Forex trade I'll ever make - it will be the key to unlocking many more trades in the future which will repay that initial transaction many times over. Thanks again for a brilliant course." --Steve M., Auckland, New Zealand*
"Congratulations on another great product. My success with QST prompted me to try the FPA product. I have gotten through the first two strategies. Again, a wonderful presentation of a great system and rules." --Kurt B., Ponte Vedra Beach, FL*
"Your crystal clear presentation of the methods absolutely rocks! High-class education." --Hans D.R., Sweden*
"Course pays for itself in first two days of trading. ABSOLUTELY AMAZING! My first two trades were: Long 2 EUR/USD, Instant Pips for a 45 pip profit on 10/9/07, Short 2 USD/CAD, Pip Maximizer 2 for a 46 pip profit on 10/4/07. Thanks for a great course. I was really unsure about how useful the information would be compared to its cost, but I'm a true believer now." --David V., Sugar Land, TX* *No representation is being made that these results can or will be obtained in the future, or that losses were not incurred subsequent to the date on which the testimonial was provided. There is a substantial risk of loss associated with trading forex, futures, stocks, and options. Only risk capital should be used.
Copyright © Profits Run, Inc.
Page 74 of 77
Power Forex Profit Principles
The Mega‐Trends My Students Have Been Enjoying If you missed out on your chance to grab my Forex Profit Accelerator course back in September, here’s some of the “pip potential” that you missed. Check out these mega‐trends that all occurred since September, 2007 you could have taken advantage of by applying the Forex Profit Accelerator trading methods.
Figure 28 – USD/CAD 9/07 to 11/07: Over 1,300 Pips of Profit Potential
Copyright © Profits Run, Inc.
Page 75 of 77
Power Forex Profit Principles
Figure 29 – USD/CHF 8/07 to 11/07: Over 900 Pips of Profit Potential
Figure 30 – USD/JPY 11/07: Over 900 Pips of Profit Potential
Copyright © Profits Run, Inc.
Page 76 of 77
Power Forex Profit Principles That’s over 3,100 pips of profit potential on just 3 major Forex pairs since September, 2007! Finally, I’m so convinced that you’ll benefit from my new course, I’m going to have a money‐back guarantee on the priority enrollment form when it’s released to the public on Tuesday, December 11th, 2007. Well, that’s about it for this report, my Power Forex Profit Principles. I really hope you’ve found some value in this report that will help you in your trading. Don’t forget to watch the free video that reveals my Optimal Profit Exit Strategy. And don’t forget to join the “Priority Pip Pullers” list. Here’s the web page again where you can see the video:
www.forexprofitaccelerator.com/revealed Good Trading, Bill Poulos P.S. You can track the progress of the Forex Profit Accelerator release and make comments on the information in this report by visiting the Forex Profit Accelerator news site at www.forexprofitaccelerator.com/news.
Copyright © Profits Run, Inc.
Page 77 of 77
View more...
Comments
