Forex Income Engine Trade Alert Software is the third version of most popular Forex Income Engine course created by Bill Poulos and his son Greg Poulos. Now this home study course is supplemented with sophisticated trade alert software designed to scan the forex charts, alerting you to ideal setup conditions that are compatible with Forex Income Engine trading principles.
- Automated Trade Alert Software
- Custom software that spoon feeds trade alerts when a trade has set up and entry should occur
- Ability to send alerts via email or text message
- 3 trading methods
- Multiple time frames: 5-, 10-, 15-, 30-, 60-minute bars
Forex Income Engine Trader Alert Software Contents:
The course itself is a physical product that is delivered directly to your door. It consists of 7 CD-ROMs, full color reference manuals in a 3-ring binder, trading blueprints that summarize each of the 3 trading methods and a quick start guide to get you up and running.
The 7 CD-ROMs are as follows:
– Bonus Module – Forex And Trading Basics (51 minutes)
– Module 1 – Background And Overview (39 minutes)
– Module 2 – Ignition Method (98 minutes)
– Module 3 – Overdrive Method (62 minutes)
– Module 4 – Spring Method (67 minutes)
– Module 5 – Forex Brokers, Charting Software And Trading Platforms (85 minutes)
– Module 6 – Bringing It All Together (46 minutes)
Trading Method 1 – Ignition Method
The Ignition Method is a simple trading method that targets short-term continuation trends. Trades typically last between 2 and 6 bars and the profit objective can be anywhere between 10 and 50 pips, depending on the time frame you are trading and the set-up conditions of the trade.
This method, just like the two methods below, employs a two-part exit strategy which helps you to maximize your profits, whilst using a strict stop loss policy to minimize your losses.
Trading Method 2 – Overdrive Method
The Overdrive Method is my favourite method because it’s gets you into a trade near the beginning of some of the strongest trends that occur throughout the day. Profit objectives are in the region of 25-100 pips (depending on which time frame you use) and I have to say that most of the time these objectives are fulfilled.
I’ve been testing this method out on various time frames from 5 minutes up to 30 minutes and my overall success rate is extremely high, particularly on the 15 minute and 30 minute charts where the trends are a lot stronger.
Trading Method 3 – Spring Method
The final method included in the Forex Income Engine Trade Alert Software course is the Spring Method. This method looks for trend reversals and typical profit targets are again between 25 and 100 pips.
The problem with this method is that you don’t tend to get as many set-ups as the previous two methods. However from the limited amount of back-testing I’ve done on this method, it does nevertheless appear to generate some decent profits when set-ups do occur.
I don’t personally think I will be using this method as much as the previous two methods, but it’s certainly a set-up that you need to keep your eye on because as Bill points out in his course, when a Spring Method trend reversal is in progress, you obviously don’t want to be trading either of the other trend-following methods because they will usually fail.
As I’ve already said, these specific reversal patterns do not occur that often so most of the time you can concentrate on trading the Ignition Method and the Overdrive Method, which is what I’ve been doing.
One thing I like about the Forex Income Engine Trade Alert Software is that as well as the 3 profitable trading methods, there are also modules covering risk management and discipline, which are two crucial elements of successful forex trading. Plus if you are a relatively inexperienced trader, there is also a bonus module that will teach you everything you need to know about forex trading. So this course really does cater for all traders, regardless of their experience.
Learning The Methods
The methods themselves are relatively straight forward. They all use the same 4 technical indicators and these indicators are commonly found in any charting platform.
Each method is explained in great detail and is demonstrated numerous times using lots of different examples of live trades. However I personally had to watch each video about four or five times before I became fully familiar with the intricacies of each method. It’s the little things like learning where to place your stops, and where to move your stops as trades move in your favor that take the most time to learn.
If you do buy the course, however, you do have an advantage because you are given trading blueprints of each individual method which you can keep next to your computer for easy reference. (I didn’t have this luxury when I received a review copy of this course which is probably why it took longer to learn each method).
How Profitable Are The Forex Income Engine Trade Alert Software Methods?
I’ve now had time to test out all of the methods and overall the success rate seems to be very high for each of the methods, and best of all they do genuinely seem to be profitable on all the intraday time frames (although I find the 15 minute time frame to be the most profitable).
It’s obvious to me that each of these methods has been tested over and over again because the stop losses and exit points have clearly been designed to extract maximum profits from each and every trade.
In my experience the Overdrive Method is the one with the highest success rate and is easily my favourite method of the three. I’ve been trading this method on the 15 minute charts of the GBP/USD, EUR/USD and USD/JPY pairs and I’ve been experiencing a winning ratio of over 90% in the last week or so. After a while you get to know which set-ups are most likely to be profitable so it almost becomes second nature.
The Ignition Method isn’t quite as reliable, particularly on the shorter time frames, but nevertheless it can still boast a success rate of around 60% in my experience, and even higher if you use the 15 minute chart or above. Therefore it’s still very profitable because you have to remember that the profitable trades will more than compensate for any losses that you may incur because of the two part exit strategy that is employed. Therefore this method still has the potential to increase your account in the long run and I will certainly be continuing to use it on the 15 minute charts.
The Spring Method also appears to be profitable but I haven’t tested it out that much to be honest. You wouldn’t want to be trading this method in isolation because there are very few set-ups that meet the criteria, but to be fair the price does seem to reverse nicely, and therefore generate some decent returns, on the rare occasions when these conditions are met.