I trust you’re settling back in ok after the bank holiday.

I hope I’m not the only one who keeps thinking its Monday. It took me a while to adjust to the other bank holiday at the start of the month!

I finished the latest edition of What Really Profits on Friday (It was definitely Friday!) and this should be winging its way over to you this weekend.

As usual, I’ve divided up the edition with reviews of systems, tipsters and some strategies for you to take away and use. I was impressed with the Black Dog program and the Seven days ahead advisory service. I also enjoyed writing and researching a strategy on trading gaps on the stock market. Lots of potential there.

One author I regularly get asked to take a look into is Bill Poulos

Bill is a prolific author of forex trading packages with past releases including Profitsrun.com, forex profit accelerator, ETF profit driver, Instant profits and super divergence blue print. Some of these courses cost in the region of $2,500 containing all the usual DVDs and other educational backup.

His latest is the Forex Nitty Gritty system which I noticed on the Google finance home page. Not sure of the direct link, but here’s one I found: http://www.forextradinglab.com/nittygritty.html.

Bill Poulos’ Forex Nitty Gritty system

I’ve held off from purchasing anything from Bill in the past, because of the cost and I couldn’t persuade him to let me have review access. However Forex Nitty Gritty cost just $99 which put in within reach of my testing budget.

The sales letter runs that Bill looked into his wife’s eyes and didn’t want to waste any more time at this trading desk than he needed to any more. He therefore boiled down his trading strategy to the nitty gritty of forex trading so he could trade the optimal methods.

We’re told that forex nitty gritty is the fasest way to learn how to start forex trading.

There’s the FNG deluxe package and the FNG ultimate package which has a special offer so they both cost the same price. I’m sure it is a clever marketing trick but it’s lost on me.

So what do you get?

As part of the package you get a series of trading videos to download which show you the ‘nitty gritty’ of forex trading step by step including a simple trading strategy. There are also a number of bonus items which include lessons on trading psychology and having a winning mindset.

Once you have downloaded the videos you can access them any time you want.

Is it any good?

I’ve been through the videos a number of times and everything is well presented included snazzy background music introducing each section.

There’s nothing wrong with the materials presented. He covers everything from the basics of the forex market to the importance of having a trading stop. All fine and dandy, but it’s not earth shattering.

The simple trading system is, well simple, and could work but there is not a jot of evidence provided by Bill that it actually does. We’re expected to believe that it does work. Many times throughout the course Bill lists what you need to make it in forex trading. One of the things is a strategy that works. I get the feeling that Bill is saying, “there’s a strategy, off you go now”.

I have had feedback from a number of readers who’ve tried Bill’s other products in the past and the feedback seems to be the same. The systems look like they could work, but after months of trading, they don’t live up to expectations.

The system itself is fairly mechanical so it would be relatively easy to test the general results. At the very least it would be good to know how Bill himself fares trading the system.

The system aside, for $99 I’ve seen worse. Each of the videos contains useful information for beginners even if it sometimes big on aphorisms without going into the meat of things. For example Bill might say “Don’t try to catch the exact top or bottom of each move, just go for the middle third of each move”. This is sound advice, but it is only easy to know what the middle of each move actually is in retrospect.

Overall I’d say forex nitty gritty could be useful for beginners, especially if you’re the sort of person who can’t abide reading trading books. As I’ve said, there’s some sensible stuff written here, but it’s not earth shattering. Have a good read of http://www.babypips.com first and if you still need more information, maybe consider a course from Bill’s but don’t expect there to be any dangerous secrets revealed.

Have you purchased anything from Bill Poulos in the past? If so let me know what you thought.

My trades

Some of my no touch higher fixed odds trades on the S&P 500 have no expired and a couple more look in the money. More than happy with the way they worked out. Also had a few good moves trading the gap which I’ve written about in the latest WRP. I’m not so sure right now and want to see some strong days either way before putting any more money on the table.

Up over the week with my forex trades, but small beer overall. I kept things small with the long weekend coming up and am glad I did. Lots of cross currents with the threat to downgrade the UK credit ratings and speculation that the same might happen to the US.

This week’s hot trading buttons

This week’s economic announcements of note include US consumer confidence on today and existing home sales on tomorrow. Thursday is a busy day with UK CBI sales data in the morning, followed by US durable goods orders, unemployment claims and new home sales. Friday’s top announcement is US preliminary GDP data.

Trading wisdom

“You only find out who is swimming naked when the tide goes out”. Warren Buffet.