Earlier this week we got a great response from our members to Bill Poulos' Guest Blog post on his "Free Trade Strategy". So well, that he got a number of emails asking some pretty heavy questions regarding coaching after they attended his webinar. He emailed me and asked if he could answer some questions and teach a bit more and here he is. As always, comment below and check out the replay of his webinar right here.
Hi everybody, this is Bill Poulos and I want to thank you for reading last week’s entry on my Free Trade Strategy and it’s importance in eliminating risk in any trade, especially in the forex markets.
Today, I’m going to talk about three things: two problems most traders face in trading (and access to simple fixes for these problems) and the new era of coaching in the trading education market.
I believe coaching, much like personal development, sales training, etc., is very important . It’s one thing to get your hands on a trading program, but quite another to learn to put it to proper use. In fact, I recently completed a series of coaching sessions with new students and the feedback convinced me that this was an element we needed to add to our services to help struggling traders and even brand new traders, learn to master the forex markets and quickly become independent trader.
If you haven’t heard of me before, here’s my quick background: I have a degree in engineering, I’ve been trading the markets since 1974, and I retired from a 36 career with a major automotive company back in 2001. That’s when I started to teach people to trade, with the help of my son, Greg, who’s my partner in our trading education business, Profits Run.
The #1 reason we started our business was because I was sick & tired of watching people get their accounts wiped out in the markets when I knew it didn’t have to be that way, and I thought I could help them out.
The great thing about the forex markets is that they thrive when there’s volatility in the global stock markets and chaos in other world economies. So what that means is that RIGHT NOW is the best time to cast your net and learn how to become an independent forex trader.
You just need to figure out the safest way to do it, and I’m about to show you what I believe is the safest way to simultaneously protect and grow your forex portfolio forever, in as little time as possible.
Why You’re Here
If you’re like most traders, then you can probably relate to one or more of these situations.
First, you know there’s a lot of potential money to be made in the forex markets, but you’re frustrated because you can’t seem to get ahead and maintain a winning edge.
You’re confused by the vast amount of forex education, free reports, webinars, junky “robots”, and other hot tips that promise you overnight riches.
You can’t seem to find the time in your busy day to trade consistently & confidently, while still being able to spend time with your family & enjoy some much-needed “down time”.
You don’t know how to find a broker you can trust.
Even though you’re driven to succeed, you feel alone in your quest for freedom in the Forex markets, and don’t have anyone to help steer you in the right direction.
If you can relate to any of these items, don’t worry, because: IT’S NOT YOUR FAULT.
No one ever showed you how the top 10% of forex traders really make it in the markets.
Now, there are lots of ways to learn how to become an Independent "master forex trader", and I’ve found that the #1 quickest and most effective way is through coaching.
So what I’m going to do is kind of give you a taste of how I help my students solve their trading challenges.
How to enter a trade
OK, first we’re going to solve the problems most people have around how to enter a trade, then we’re going to solve the problems around exiting & taking profits.
So when we solve the problems around entering a trade, you’ll see how you can automatically get an edge by entering the market at the highest-probability “sweet spots” which put the odds of success dramatically in your favor.
How to spot deliberately trading markets
The first problem people have with entering trades is to know where to enter the market.
The solution is very simple, but most traders don’t even understand this concept. It’s how to spot and get into a deliberately trading market.
The one tool I’ve taught my students to use is the ADX – or Average Directional Movement indicator. The ADX identifies market trending. The higher the ADX is, the stronger the trend; the lower the ADX is , the weaker the trend. You don’t want to enter a weak trending market. You do want to enter a strengthening or already strong market.
In my recent online training session, called the, "Forex Smart Start Profit Strategies", I showed traders exactly how I use this indicator and even accidentally gave away my secret with it!
But that’s ok – if it helps just one trader stay away from a bad trade, or get in on a good trade, it’ll be worth it!
When NOT to trade
OK, the other major problem people seem to have with getting into a trade is to know when NOT to trade.
You see, there are times when market conditions are such that even the best trading method in the world is doomed to fail. It’s kind of like a professional golfer trying to compete on a golf course he’s played a thousands times before, except he’s playing during a hurricane. No matter how good he is, the hurricane essentially guarantees that he’ll play terribly.
Well, I showed folks again how to use the ADX and recent price action together to tell them what types of markets represent those “hurricanes” – and the great thing about Forex, I believe, is that even though one pair may not be trending, another one might. And, if you find a number of the major pairs not trending, that tells you there’s a push/pull between the bulls and the bears in the market (no clear trend).
And that’s a market you definitely want to avoid, otherwise, you’ll find yourself on the wrong side of too many trades.
Every pro has a coach
But first, let me ask you a question -- why is coaching important, even for trading?
Let me give you an example that I think will answer this question very clearly – you’re probably familiar with Tiger Woods's story -- no I don't mean the recent one, I mean his rise to dominance in the world of golf. When Tiger hit the scene in the late 90s, he had a swing coach, Butch Harmon, who had devised a tremendously powerful swing with Tiger.
And that swing led Tiger to become one the game's best ever - and allowed Tiger to chase his dream of winning the most Major Championships in golf history, a record held by Jack Nicklaus.
Along the way, Tiger realized that the sheer violence in his swing would have a negative impact on the longevity of his career -- and this was later proven by not one, but two separate knee operations.
So what did the world's best golfer do?
He found a coach who could create a plan and develop a swing that would lead to a longer, more productive career.
Think about that for a minute -- here's the world's greatest golfer, already at the top of the game, but he realized three things:
1. He couldn't make the fundamental changes alone (he needed help) - and his current coach wasn't the right person to make those changes.
2. He couldn't achieve his goal - beating Jack Nicklaus's Majors record - with a shortened career.
3. If he didn't make changes "RIGHT NOW" it would make it more difficult and more costly to make them "LATER".
Now, what does Tiger have to do with Forex trading?
1. If you're not succeeding with your forex trading, can you make changes RIGHT NOW that can positively impact your potential?
Are you realizing your potential? If you wait, or delay, what is the cost to you in terms of time and money?
2. Can you make the changes you need to make on your own? Do you know what the problems or solutions are that you need? Do you need help?
3. What are your goals for trading? They probably have to do with achieving success, freedom, money, all the benefits that come with it. But without the right help, how will you achieve those goals?
That’s why coaching really is the quickest and most affordable way to achieve your own goals, whether it’s Forex trading, or any other endeavor you go after in your life.
However, the problem is that coaching is usually very expensive, sometimes costing $15,000… $20,000… or more. And while I think dedicated 1-on-1 coaching is totally worth that high price of admission, I know that kind of tuition fee is, frankly, just too pricey for most people.
But, if you’re interested in seeing how I helped traders solve some of their top problems in last week’s free coaching session, you’re more than welcome to watch the replay of it right here.