Questions and AnswersForex Income Engine 2.0|
See more information and video about Forex Income Engine 2.0 in action by clicking here now!
Q: What is Forex?
A: The Forex (foreign exchange, FX, or 4X) market is a market where one currency is traded for another. It is the largest financial market in the world, with daily turnover in the 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.
Q: What is a Forex pip?
A: A pip is 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.
Q: Is the Forex Income Engine 2.0 a system or a method?
A: The Forex Income Engine 2.0 is a set of 3 methods. As mentioned in this letter, my goal is to teach you complete, step-by-step trading methods that you will own for life. This will empower you to make your own decisions in the markets so that you never have to rely on another "guru" again. Further, you will be able to hand down your knowledge as a trader to your children or other family members.
An important word about systems and back testing. "Black box" mechanical trading systems can be computer back tested - the real world of trading with good trading methods cannot. The Forex Income Engine is a step-by-step, comprehensive trading method that teaches you how to trade. And when you master this method and develop a feel for the markets, you will own it for life. As such, it is not possible to back test the Forex Income Engine 2.0, since everyone's results will differ based on their own ability to apply the trading rules, choice of timeframe, market conditions, slippage, the size of their account, and the number of trades they are able to place at any given time. Caution: be very wary of promises of unheard-of returns generated by curve-fit mechanical black box systems.
Q: What kind of software do I need to trade the Forex Income Engine 2.0 methods?
A: At a minimum, you need trading and charting software that has the ability to plot price data for currency pairs, and plot the basic indicators used by the Forex Income Engine 2.0 methods. Thankfully, most good Forex brokers give you free software which can adequately achieve this. You can optionally use higher-end software which costs additional money, but this is not a requirement. The bottom line is that because the Forex Income Engine 2.0 is a series of 3 trading methods, you are not tied down to just using one particular piece of software; instead, you have the flexibility to use a variety of solutions.
Q: What kind of trading experience do I need in order to be able to understand and trade with the Forex Income Engine 2.0?
A: You can be a complete beginner or a seasoned veteran of trading and be able to understand and trade quickly and easily with the Forex Income Engine 2.0 methods. I include extra instruction especially for you if you're a beginner, including a bonus “Forex & Trading Basics” module. Experienced traders can safely skip over this introductory material.
Q: Can anyone do this?
A: As long as you are a serious and dedicated individual, yes. Remember, there is no "holy grail" of trading, and this is no exception. So if you're expecting a magical formula that will make you piles of money on demand... well, let's just say, "good luck". But seriously, if you're prepared to take immediate and massive action and apply what you have learned, you'll already be better prepared than 90% of the so-called traders out there.
Q: How is the Forex Income Engine 2.0 different from your Forex Profit Accelerator course?
A: It should not be a surprise to anyone who has studied or traded the Forex markets that there is more than one way to trade these wonderful markets. Among traders, you have those who prefer to day trade only (5 – 60 minute bars), who may not be aware of the benefits of end of day trading (daily bars). And you have those who prefer to trade on an end of day trading basis only, who may not be aware of the benefits of day trading. And of course, there are many traders that day trade the Forex markets as well as trade on an end of day basis. See more information and video about Forex Income Engine 2.0 in action by clicking here now!
There is no one right way to do this. Both offer terrific profit potential. The key is to determine which of these approaches to the markets is right for you and in so doing you may find as many have that trading both end of day and day trading is the best way to maximize your profit potential.
It really comes down to how many tools you want in your traders’ toolbox. The more you have the more flexible and proficient you can be in your trading operations.
As many of you know, our Forex Profit Accelerator (FPA) course is designed for end of day trading that aims to capture the mega moves that occur over several days offering great profit potential. For the six major Forex pairs, applying FPA will usually give you several trade setups a week depending on market conditions. These setups are then evaluated for order entry and open position order management between 5PM and Midnight EST (New York).
Since launching FPA last year, we have had many of our students worldwide asking for us to also develop a Forex day trading course of the same scope and quality of FPA.
That led to the development of my new Forex Income Engine 2.0 (FIE) course. We developed FIE by popular demand for those who have never traded the Forex markets and for those who are seasoned veterans as well and everybody in between who sense that these are great markets to trade with the guidance that a great trading method can provide. See more information and video about Forex Income Engine 2.0 in action by clicking here now!
FIE is designed specifically for day trading, aimed at capturing quick hit moves of 20 pips ($200 per standard lot) or more in a matter of minutes. FIE will usually give you several trade setups a day depending on market conditions in any time frame you desire to trade, 5 minute to 60 minute bars. This means wherever you may be around the world, you can turn on your trading platform at any time of the day or night and expect to find a good FIE setup within a few minutes for one or more of the six major pairs. It is not uncommon to be in and out of a trade that hits the primary profit target within 20 minutes.
If you are a current FPA student, I would encourage you to add FIE to your trading arsenal. If you are not yet an FPA student, I would encourage you to master FIE now and consider FPA when you’re ready to expand your toolbox. See more information and video about Forex Income Engine 2.0 in action by clicking here now!
I believe along with many of our students that if you are a trader or would like to become a trader that is really serious about taking advantage of these Forex markets then you want to have the best tools and trading methods in your trading arsenal. And once you master these methods, you will own them for life.
Q: How is the Forex Income Engine 2.0 different from the original Forex Income Engine (1.0)?
A: The idea behind the original Forex Income Engine (FIE) and FIE 2.0 is the same - to enable you to become an independent trader day trading the Forex markets by learning to spot only the higher-probability, lower-risk trades.
The original FIE is based around one single method that has multiple approaches to spotting trade setups using two major indicators. FIE 2.0 splits those multiple approaches into three brand new trading methods based on the original FIE method, while also adding more indicators for a total of four.
FIE 2.0 was designed to allow you to spot trade setups even more quickly and also reduce risk faster with the "Free Trade Strategy". Further, some traders may even find it easier to trade because its three separate trading methods allow you to focus on one concept at a time. See more information and video about Forex Income Engine 2.0 in action by clicking here now!
FIE 2.0 also places special attention on markets that are in what I call, “overdrive” mode - these are the markets that are on fire. It also splits out "counter trend" setups into their own method - the Spring Method - which makes it much easier to identify those kinds of trades.
The original FIE is still valid and over a thousand of my students from all around the world are studying it and using it with great feedback to this day. FIE 2.0 doesn't replace the original FIE, per se, but it does expand on and complement the original method, adding three more exciting methods to your trading toolkit. See more information and video about Forex Income Engine 2.0 in action by clicking here now!
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