Forex Income Engine will launch (or has been already) on Tuesday June 16th. Bill Poulos stuff always creates a bit of buzz and the trading community is expecting few things from this forex trading course. These things are actually what the "Flexible Forex" day trading method is claiming. But can it delivers what it claims ? Here are a few answers that should help you know if this is a worthy class.
Triple your profit potential
From the trade examples I've seen, there were actually two profit targets per trade, the second one being the double of the first one (example first target is 10 pips, second is 20 pips). But as there are many trade opportunities, since you can trade on any time frame, the profit potential can indeed be tripled, with more trades. It will certainly depend on other factors such as your trading style and schedule, but also the volume you trade. If you always traded one lot and now are confident with your setups and trade 3 lots then you immediately tripled the profit in case of a winning trade.
Start trading with a $500 account
Without a doubt you don't need a big account. This is certainly mentioned to make people confident that they don't have to risk big amount of money. Actually, I think even lower account sizes will work, but maybe Bill Poulos recommend a broker that requires at least a $500 deposit. The truth is that the method don't rely on your account size, sure you take that into account, but this has nothing to do with the setups, entries and exit, and trade management (stop loss and targets).
Custom trading plan
It was announced in the pre-launch, you have the ability to customize your trading plan, and this goes with you trading style. If you are more conservative or aggressive, your trades can be more frequent, or larger (size). Also since you have unlimited support during one year you can certainly get more tips to help you with your trading plan.
Fast and frequent trades
The Forex Income Engine new version was called "flexible forex" day trading. It is flexible in many ways, but this is mainly because it gives you more freedom. Indeed you can trade it according to your schedule, even if you only have 20 minutes per day. Of course if you don't have much time you will prefer a lower time frame (5-15 minutes). If you have few hours, you will enter many more trades, this can be related to the "Triple your profit potential" goal.
Eliminate huge losses
The approach is to focus on risk management first. And this is certainly something beginner traders overlook too often, because they will see profit first. Well, by limiting the risk, you are reducing the loss potential. And if less loss occur, more profit too. The detailed trades examples have shown how to move your stop loss to at least break even and then secure your position for profit. If the trade becomes a loser, the loss is only a few pips, just wait for another trade.
Become an independent trader
This is the ultimate goal. Not really to become a trader, but at least to become independent. The method is simple, very easy to follow, so if you can follow the rules, then you are a trader. Now, becoming independent is offered by the fact that Forex Income Engine is flexible. You will win most of the time, and you don't need much time per day to implement it. If you have more time then that's fine, you will have more profit potential. But now you know you don't have to sit at your computer to wait for the perfect trade, because you will have some anytime you want ! We can not get back time, once it's gone, it's gone, so spend your trading time with something that produce results.
Well, having seen what I've seen during the launch of the Forex Income Engine, there is no doubt the method is profitable, and actually the best part is that it is easy to learn and apply. The not so good part is that it is not free, but if you can afford it, then there is no reason to not have a look to it and finally have a real method that not only makes money, but prevents losses and brings freedom, and control of your trading.