Forex trading, or any trading for that matter, is an occupation that requires experience and the accumulation of proficiency not unlike any other highly skilled profession. Whether you are a leading executive at a major publically traded company, a professional golfer or trading from your kitchen table, there are 5 key ingredients that one must possess in order to become successful.

1. You must be Passionate about what you do.

As Forex traders we all face one unique set of circumstances that does not exist in any other profession. We get rewarded for when we succeed and equally punished when we don’t! Could you image a corporate worker one quarter receiving a significant accomplishment bonus and the next quarter actually getting money taken from their paycheck for missing performance targets? Not on your life!

We do as Forex traders and that is why passion for what you do will carry you through the tough times that are part of your trading business. Asked yourself why you trade currencies and would you still do it if Forex were not potentially lucrative? Your answers will be quite revealing. You’ve got to feel your passion for trading!

2. You have to Apply Yourself and work hard at it.

I talk to so many people that enter into Forex trading with the aspiration of getting rich quick. Without putting the time and energy into really getting good at trading I see them jump from strategy to strategy looking for the goose that will lay the golden egg and eventually quitting while blaming everything else, except the true cause.

I got news for you – you are the goose and your Forex education is the golden egg. The magic has always resided with the magician and not some strategy. Work hard at trading and the rewards will eventually come your way. Remember what Tiger Woods said, “Funny, the harder I work the luckier I get.” Apply yourself as a trader and it will be no accident when your account begins to blossom.

3. You must Focus to really get good at what you do.

Now here is the hurdle most Forex traders struggle to get over. You have the passion and you are applying yourself to your trade, now focus and really get good at just at what you are doing. Be the expert to the experts at just that one thing. Become the master of a strategy or risk management methodologies. Really focus on getting good at it.

Stop jumping around or getting pulled from the last “latest and greatest” into the next “latest and greatest” and focus on one aspect of Forex trading and know it inside out. Know it strengths and weakness. Set your sights on becoming expert on just one aspect of trading and watch it spill over in all other aspects for your currency trading. This is the time to fail forward fast, use every setback as a learning opportunity that will propel you 3-steps ahead!

4. You must Push Yourself beyond the point everyone else might have quite.

In Forex Trading this is simple. Assume there is someone on the other side of your trade that is pushing themselves and sharpening their edge. To be successful you must you must do the same thing. Now is the time to examine your mental edge. Do you know the single most critical factor in any currency trade? It is you, the trader! Sharpening you mental edge is the most difficult aspect of trading, but also the most rewarding.

Start with your Forex education and gain the self-awareness necessary to maximize your strengths and suppress your weaknesses. Any expert will tell you that trading is 80% mental. It’s time to sharpen your trading to the razor’s edge and you do this through Forex education. A constant and never ending process that will become the cornerstone of your Forex experience.

5. You must, without wavering, be Determined and Persist to your objective.

You will fail. I can state that emphatically. However, you will not be defeated unless you allow your failures to control your trading. It is the old adage; failure is not falling of your horse, failure is refusing to get back on. Your success depends on your ability to dismiss the criticism, rejection, self-doubt and pressures associated with Forex trading.

Defining what is a winning trade, losing trade and bad trade will go a long way into developing you as a successful trader. Without the determination and persistence in all aspects of your trading life, obstacle will definitely appear closer and larger than they actually are.

Take a moment and assess yourself and your trading. Do you have the key elements to succeed? Which areas are presents development opportunities? When conducting a self-evaluation it is critical to be totally upfront and honest with yourself. After all, you will only be dishonest with yourself. One of the most interesting observations you can make is that all key success factors are interwoven. One factor supports the other. This is why your Forex education is a continuous journey of forex strategy, money management and self-mastery. Set these factors as your Forex education goals and take your currency trading to new heights.

Happy Trading!!

Author: Todd Judkins of ForexJourney

Frequently Asked Questions About The Forex Income Engine. 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. Price, $5.33 a day. Click here to learn details and guarantees offered by Bill Poulos Forex Income Engines

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 tradinI want to reward my charter group of students who decided to take action today by making them part of a true, exclusive "club" that no one else has access to. Since 2001, my students have regularly told me they wished that I would raise my prices or stop selling my education altogether because they wanted it to be very difficult for others to gain access to the information that they felt made them successful! Wow! I hadn't thought about that before, but when you become my student, you really are entering into an exclusive relationship with me, so by limiting releases of my course, I help preserve that exclusivity.g 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 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 a system or a method?
A: The Forex Income Engine is a method. As mentioned in this letter, my goal is to teach you a complete, step-by-step trading method 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, 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 method?
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 method. 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 is a trading method, 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?
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 method. 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 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.

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 (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. Click here to learn details and guarantees offered by Bill Poulos Forex Income Engines

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.

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. Click here to learn details and guarantees offered by Bill Poulos Forex Income Engines
To see all the exceptional Bill Poulos Forex and Stock Market training tools and programs that are proven to make you successful in the Forex and Stock market Click Here

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So you've heard all the buzz about people who make money forex trading and you want in on the action? The only problem is that you have absolutely no idea what it is and how you go about doing it. Don't fret. Using technology to its full advantage is the key when you want to start making a killing on the forex market.

Years ago you had to rely solely on your insight and experience if you wanted to succeed with forex trading. Many traders would spend months studying the market before jumping in with a real trade. Today, you can actually start trading within hours of first deciding you want to give it a try. The way to do this is to pick a forex software product that will guide you through the experience step-by-step.

When you are looking for a forex software product ensure that it's one that will allow you the convenience of analyzing the market in real time. If you do this you'll know exactly when the move with a trade. Timing is crucial when you want to make money forex trading so unless the software you are using is giving you real time updates, it's worthless.

Do your homework before you make a final decision about which software to purchase. It's an important investment and with the right one you'll be making money on a daily basis trading on the forex market. Ensure it's easy to install and that it offers you the guidance you need. Remember with the right product, even a forex newbie can be making money their very first day.

A good forex trading software product will guide you every step of the way. Find out which product will work even without human intervention so you can have it make money for you. You can start making money with forex today. Stop waiting and start doing.

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