What is a pip?

What is a pip?

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.

Find a great explanation at PipsAngels.com

Is the Forex Income Engine a system or a method?

Is the Forex Income Engine a system or a method?

The Forex Income Engine is a method. Bill Poulos' goal is to teach a 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.

What kind of software do I need to trade the Forex Income Engine method?

What kind of software do I need to trade the Forex Income Engine method?

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 for the four 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.

What kind of trading experience do I need in order to be able to understand and trade with the Forex Income Engine?

What kind of trading experience do I need in order to be able to understand and trade with the Forex Profit Accelerator?

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, but it never hurts to have a refresher.