Forex Time Machine
by Greg and Bill Poulos
Developer: Greg and Bill Poulos
Student level: Beginner to Intermediate
Course format: DVDs, printed manuals, online videos and live webinars
For trading: Forex only
Current price: TBA.
Course website: Please click here
Following up on our recent series about Forex Trading Methods and how a Forex trader can identify a good method, today, let’s use our established criteria in order to review one Forex Trading Method that meets our test for a good trading tool. You’ll soon see why it’s a good trading method.
Using a step by step standard to determine the merits of the trading products we review, our criteria recommendations are:
- In-depth, detailed learning instructions
- Trade Opportunity Identification
- Entry Rules / Exit Rules
- Trade Plan and Strategy
- Risk Management (Initial and Ongoing)
- Product Support (Materials and Customer Support)
- Additional Product Tools (Forums, Member Websites)
- Product Guarantee
Our first contender: The Forex Time Machine
Veteran trader (35 + years!), Bill Poulos is at it again with his latest in a series of Forex trading methods. Bill, of Profits Run, produced a day trading course called Forex Income Engine 2.0, as well as releasing one of the longest running forex trading courses, the Forex Profit Accelerator in 2007, both of which we reviewed with highest marks. Teaching from the bottom line, Bill is one of the few instructors out there who refrains from offering pie in the sky claims and outrageous guarantees to his clients. That’s probably why he’s so well respected as a trading educator, and why his methods come to our attention so consistently.
Have a look this video if you don’t know already know Bill, of have managed to overlook his products and educational approach. This video will give you a bit of insight into why Bill is so successful helping other traders achieve success:
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The Forex Time Machine - Does it meet our criteria?What exactly is it: Forex Time Machine presents three individual yet seamlessly cohesive methods of mastering the Forex markets, all in a single educational trading course.
Who it’s designed for: Forex Time Machine is one of the few courses that transcends the typical divisions among trading styles. Its methods are valid in any timeframe - so whether you prefer day trading or lean towards an end of day trading style, or even a casual trader who seizes the most convenient moment, the techniques taught in this course will work for you with equal opportunity for success.
Account size: $500 and up - we admit this manageable starting point was a huge selling point for us. Bill’s course can be used for micro, mini and standard lot trading; we’ll discuss this more in depth in the Risk Management section below.
Course Style: Forex Time Machine teaches technical indicator-based trading, using common indicators in a very uncommon yet powerful way. This is not a mechanical or automated program. Instead it places the power to trade in YOUR hands, which is where we believe it rightly belongs.
What you get: The course includes a set of 7 CDs and full-colour individual reference manuals. These convenient manuals make it very simple to find the information you’re looking for if you don’t happen to have the CDs handy - both of which are perfect for custom designed learning at your own pace. Summarizing the trading methods and making potential trades easy to identify without constantly having to refer to a manual or a CD, the 3 card-stock "blueprints" reinforce key points at a glance. Also included is Bill’s proprietary Broker Selection Scorecard and a Quick Start Guide to help you navigate through the course more effectively.
Criteria and Review
In-depth, detailed learning instructionsOne of the greatest advantages we discovered in Bill’s educational methods course is his extremely detailed examples and instruction for the applying the technical indicators as well as identifying potential trades. Many courses we’ve reviewed seemed to over a rush job on how to actually implement the components of their methods, leaving us feeling confused and unsure how to proceed with confidence. Not this one. With Bill’s attention to detail and engaging way of expressing his ideas, you’ll quickly find yourself entirely very comfortable with the material- and learning at your own pace throughout this course will give you the ability to comprehend the way Bill uses the indicators, applying them effectively to the charts, and identifying and placing the trades with confidence. And you’ll be managing risk!
Trade Opportunity IdentificationWe were able to very easily spot potential trades as we followed Bill’s detailed instructions, either visually or with the aid of the his blueprint “flash cards.” As you can imagine, this is crucial to success, especially in shorter time-frames when your reaction must be immediate to respond to market conditions. The three elements of Bill’s product, the CD’s, the manual and the handy visual aid provided by the blue print, work together to provide ample trading opportunity every day - and many will be high probability, low risk trades with solid profit potential.
The other component of the method which we found particularly beneficial was the freedom to take out of the market as many pips as we were comfortable taking out. In some instances, if we only had a few minutes to trade in a day, we wouldn’t need to watch a trade for hours on end. We could get in, get out and move on with the tasks at hand. This flexibility is especially important most especially for more casual or end of day traders. Day traders will find an astounding number of opportunities, in our not so humble opinion, and readily be able to seize them.
Entry Rules/Exit RulesWhen we review trading product, one the key features we look for is how a course teaches traders to enter and exit their trades. Forex Time Machine was a huge winner in this respect, really at the top its class. Its methodical, step-by-step instructions for identifying, entering and exiting trades will have you confidently entering the Forex markets successfully and profitably. Ignore this aspect of the training program at your own risk! We think you’ll agree that Bill’s teaching style will keep you interested every step of the way, so there’s really no chance you’ll pass on any aspect of the educational instruction.
In our experience as reviewers, we seldom encounter a course of such high quality that shows you the precise set-up conditions which must be met before you even consider a trade as well as the exact entry point you’ll need to target - Forex Time Machine then goes on to show you exactly how to manage the trade all the way through a scaled exit strategy. The three trading methods in Bill’s product all have unique rules for identifying and entering trades - the exit strategy is consistently applied across all three methods, which means once you’re in a trade, you’ll always know exactly what to do. In our opinion, this was very important because it takes all the guesswork out of the trade, while still allowing you the freedom to let the market come to you.
Trade Plan and StrategyFlexibility is one of Forex Time Machine’s keenest assets. It allows you, the trader, to trade when you want. So many traders fail, making that fatal mistake of trading when they don’t actually have the dedicated time to pay undivided attention to the details - without a doubt, this gets them into trades they’re in no position to make and creates too many errors of the “I’m desperate to hit my profit target at any cost” variety.
Forex Time Machine uses a very simple approach: trade the time-frame which best suits you. Are you a daytrader? If so, you’ll see detailed examples of trades from 5, 10, and 30 minute charts. If midday suits your schedule best, then you’ll appreciate the examples which utilise charts from 1 hour time-frames. Should end of day trading define what’s best for you, then Bill’s examples from Daily charts will suit your needs. This freedom to apply the methods whenever it’s best for the trader makes this a clever and solid course to work with. Too much rigidity in their application has ruled out many a course from our reviews, and as those which take control away from the trader we continue to view with a jaundiced eye.
Risk Management (Initial and Ongoing)Risk Management, so often inadequately emphasised in trading courses, is one of the cornerstones of Bill Poulos’s educational approach. The latest in his Forex efficiency arsenal is called the Forex Risk Eraser, which when applied to your trading strategy appropriately, really does virtually eliminate risk. When you learn to apply this to your trading along with the three methods he outlines, we’d be very surprised if your positive results are not immediate! Bill’s perspective differs from most other trading educators in that he teaches how to manage risk first and manage profit second. Now, at first glance, you might feel that doesn’t make sense. But it will make a world of difference once you see how it’s applied and how it changes the balance of trading power to be completely in your favour.
Bill’s approach not only makes the concept of managing risk as a priority easy to understand as well as teaching you to actively implement his risk management tactics, but he teaches you how to incorporate that powerful attitudinal tool into your trading life - that’s education you can own forever!
Of the handful of courses we’ve reviewed that placed any kind of emphasis at all upon risk management, only Bill’s risk management lessons allow the student to achieve the ability to apply the techniques to any method. No matter if it’s one of his courses or somebody else’s. In our experience, no other course offered traders a concept that isn’t strictly for their own method. How cool is that, traders?
Bill’s approach to risk management teaches far more, however - you’ll learn all the essential components that make for a potent tool in implementing powerful risk management to your trading such as, how to accurately calculate the right lot size for your investment, position size, initial stop losses, take profit targets, ongoing (trailing) stop losses and preservation of your precious capital in the long term. We found this the most comprehensive application for preserving the integrity of that hard earned investment income, and we think you’ll undoubtedly agree.
In our opinion, Bill Poulos is one of the best educators on the topic of risk management.
Product Support (Materials and Customer Support)The materials which flesh out Bill’s Forex Time Machine are, as we noted previously, outstanding. We especially liked the individual manuals that come with the course for fast, easy reference. All the materials are high quality and we had no problems running the videos. Forex Time Machine includes a Forex basics course, a technical analysis basic training, charting software information and trading “blueprints” to organize trade forecasting and preparation. The overall impact and ease of use make these excellent materials, with nothing useless or extraneous.
With a reputation for providing solid continuing support to students, Profits Run can be counted upon for dependable, consistent, attentive customer support. They provide email support with a system which is easy to use, and they are completely consistent in responding within 24 hours (and often even faster than that), even on weekends.
Additional Product Tools (Forums, Member Websites)Though Profits Run doesn’t offer a product forum, they do offer a member’s website with a wealth of information on products as well as other topics which traders may find useful. Typically they provide additional training materials on their products which are available to their member’s only on the website, including special trading videos, webinars and more.
Product GuaranteeThe product guarantee that Bill offers students is the best in the market, as is the outstanding product support. With 60 days to review the product, test it and see if it’s right for you, there is adequate time to discover if Bill’s course is right for you. Most courses out there are rigidly stuck on 30 day return policies with rigid restrictions which, as we’ve noted before, hurts most traders because it forces them into hurry-up trading mindsets.
You have a long period to learn and master just one of the three methods and see if it can be profitable for you. Think about how powerful that is - can this course pay for itself? You bet - in fact, you only need 8 pips a day on average (in just one year) to recover the investment in the course. 8 pips.
With three cohesive yet independent synergistic methods, solid risk management practices, exceptional customer support and very comprehensive learning modules, anyone can master the Forex Time Machine.