Forex trading | Online forex trading system course book
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A MILLION HERE ... A MILLION THERE
... AND SOON WE\'RE TALKING REAL MONEY
LET ME EXPLAIN TO YOU ONCE AND FOR ALL
HOW TO LOSE YOUR MONEY IN THE FOREX MARKET.
IT STILL AMAZES ME EVERY TIME I SEARCH "FOREX TRADING" OR "FOREX
TRAINING" TO SEE ALL THE NEW FOREX TRADING "EXPERTS" OUT THERE.
ANOTHER DAY, ANOTHER EXPERT, ALL VYING TO REACH THE TOP OF THE HEAP.
AND EACH ONE HAS GOT ANOTHER EASY MONEY-MAKING FOREX TRADING SYSTEM.
Doesn't it IRRITATE you that once you probe a little deeper the
"experts", "trainers" and "course providers" are mostly failed traders
turned "mentors", or Internet marketers? Aren't you frustrated by the
fact that you only find copies of web pages you have seen many times
before? Rehashed in a new form, but with the same old stories.
Ring a bell?: "only ten pips a trade, 4 times a day and you are
financially free"; "commission free trading"; "the banks are making
billions in forex, why not you?"; "I'll show you how to make 200% in
the time it takes a Ferrari to go from 0 -100"; "rake in the profits
with leverage of 200:1"; "make money no matter which way the market
goes"; "start with $250 in a mini account and turn it into millions "
LIES, EVERY ONE OF THEM.
_"If you tell lies about a product you will be found out - either by
the government, which will prosecute you, or by the consumer, who will
punish you by not buying your product a second time_ " is great advice
given by the advertising guru David Ogilvy.
I have summarised only a few of the great forex lies above, but I
have not yet told you the #1 lie that causes so many potentially
successful forex traders to get lost in lion country even before they
push the button to do the first trade. (By the way, if you didn't
already know it let me be the first to tell you: nothing worth your
time is easy or free. There are no free lunches. Let me repeat that:
NOTHING IN LIFE THAT IS WORTHY OF YOUR ATTENTION, TIME AND ENERGY IS
FREE OR EASY!)
One of the problems that many people have in the forex (and other)
markets is their wanting to buy, ready-made and off the shelf, a
turnkey solution. That is, they want to buy someone else's system and
just implement it and make money without thinking too hard. This
attitude is all wrong. If it were that easy no one would work and
everyone would trade. But these nicely packaged solutions, usually in
the form of e-books, are real money spinners. That is why they will be
pumped out, year after year. Different, format, different cover, same
message. "It's easy, just buy me, I'll show you the way."
SUCCESSFUL TRADERS DEVELOP THEIR OWN SYSTEM.
The best marketing wizards in the forex trading industry however are
the market makers themselves, the forex brokers. With all the cash
they make from the losers who fall victim to their advertising of
tight spreads (as opposed to futures), no commissions (most losers in
the stock market believes the commissions are killing them) and low
margins (flip side of high leverage) and recently free training, free
news, free analysis, they can afford to appear on every imaginable
website with their banners, Google adwords, pop-ups and other
advertisements.
Recently I had a discussion with a VP of one of the more prominent
forex brokers about marketing and how they have to compete with the
rest. Very casually he mentioned that really, this business was all
about marketing (and that it was a very good business to be in!)
IF YOU REALLY WANT A SUREFIRE WAY TO
LOSE YOUR MONEY IN THE FOREX MARKET, ALLOW
YOURSELF TO FALL PREY TO A FOREX MARKETING WIZARD!
A PERSPECTIVE HERE ... A PERSPECTIVE THERE ... AND SOON YOU WILL BE
MAKING REAL MONEY!
LET ME EXPLAIN TO YOU
ONCE AND FOR ALL HOW TO MAKE
REAL MONEY WITH ONLINE FOREX TRADING.
Since it is lion country out there the first perspective that you
must have regarding trading is where you slot into the food chain -
where do you fit into the money chain as a retail trader? You have to
understand your business (turning a profit) in the context of the
business of the others in this money chain. They all feed off the
forex market and its spin offs and so the outsider, you, often
unwittinly find yourself last in the queue. There is an excellent book
"_WHERE ARE THE CUSTOMERS\' YACHTS - OR A GOOD HARD LOOK AT WALL
STREET_ which takes a look at this phenomenon. You are amongst
professionals: professional marketers, professional businessmen,
professional market makers, professional dealers, professional
analysts and advisors...
If you want to make money in the business of online forex trading
you better have a well thought out business strategy and approach.
Don't make that most common mistake and think this is all about
finding a system to enter and exit trades. You will lose your shirt.
FOREX TRADING IS ABOUT BEING A PROFESSIONAL AT WHAT YOU DO.
To make it easy for you let me assure you that you don't need a
financial degree or a doctoral dissertation in applied mathematics to
be a successful trader. What you do need is a finely tuned and
constantly developing common sense.
In a weird sort of way, many of the "follow-my-1-2-3-secret-system"
systems all share some of the core ingredients of how to make money.
Unfortunately it is what they don't have that makes the difference.
Not so long ago the forex market was the sole domain of
institutions, banks, investment companies and very rich people. Then
it came to our neighbourhood, and the little man could play.
Obviously, if we want to trade and win in this market we must do some
analysis of what's going on in the market, what makes the prices
fluctuate and so forth.
A typical institution which specializes in forex trading / forex
investment has an army of analysts and economists and traders who do
fundamental analysis, technical analysis, quantitative analysis and
flow analysis - all contributing to their efforts and their profits.
They also have risk analysts, risk managers, portfolio supervisors and
a host of assistants to all the big shots. And they don't only trade
spot forex, but other instruments like options, forwards and swaps as
well as interest rate instruments.
The two sectors that have most heavily invested in the collation of
timely information are the military and the markets (financial
institutions). You are probably aware of the common view amongst
technical analysts that the current price contains all the necessary
information in the market. IN THE FOREX MARKET INFORMATION IS MONEY.
There is one little problem, most information in the forex market is
quite fuzzy.
If you want to make money with online forex trading you better have
a clear understanding of what information is contained in the current
price as well as a few other things which I explain in Bird Watching
in Lion Country. Here are some of those other things readers told me
changed their fortunes in the forex market:
Since April of this year and the week I have read BWILC I have
been profitable every week except one. I have very high hopes now on
my future trading and I am on schedule to make my goals.
LEVERAGE, TIMING
AND RANDOMNESS
Most people I come across don't have the faintest clue what the
phrase 100:1 or 200:1 leverage means. I give you the right perspective
which will change your fixation with timing the market and seeing
value in so-called signals which are, quite literally (you can do the
tests yourself), as random as a coin-toss. The moment you understand
how much time is wasted on such systems, you will be on track to start
developing your own trading system that will work for you and not
against you.
TECHNICAL, FUNDAMENTAL
AND RELATIONAL ANALYSIS
Another whopper of a lie is that the forex market is ideal for
technical analysis. It is the least suitable of all the major markets
for technical analysis. Don't fall for this marketing wizardry. It is
very easy to concoct 1-2-3-you're-rich technical trading systems with
fancy names. The people that know, the people who made real money in
forex long before you and I joined the queue, simply used the most
basic technical analysis IN CONJUNCTION WITH fundamental and other
types of analysis. I call this relational analysis. This is one of the
main keys to success in the forex market.
COST AVERAGING
AND MULTIPLE ENTRIES
You know the market dictum "buy low, sell high". You subscribe to
it. But do you execute this principle WITHIN THE CONTEXT OF THE RECENT
PRICE ACTION? I very clearly explain to you what is low and what is
high in the currency market - not always as simple as it seems - and
how to build a trading system that is serious about this extremely
important aspect of profitable trading.
A PROFIT HERE ... A PROFIT THERE ... AND VERY SOON YOU
CAN BE A REAL MARKET WIZARD
THE FOREX MARKET IS LION COUNTRY. BIRD WATCHING IN LION COUNTRY CAN
BE A VERY REWARDING, YET DANGEROUS EXPERIENCE..
In Bird Watching in Lion Country I explain my take on the forex
market. I do it based on my experience as a trader and mentor. My
approach is "out-of-the-box". I subscribe to most market wisdom - with
a twist. For instance "cut your losses and run your profits" is one of
the most bandied about trading principles. From my outside-the-box
approach I certainly do not differ from the principle that your first
loss is your best loss. But if your "cut my losses" is in effect
"stop-your-profits", well then you are going to have a hard time
making money.
"BIRD WATCHING IN LION COUNTRY" EDU-LETTER
I wish to express my gratitude for your free newsletters.They are
of inestimable value. I have really learnt a lot from them, in fact,
much more than I have from all the signal providers and forex trading
newsletters I have subscribed to for the past one year that I have
been trading forex.
SUBSCRIBE HERE IN ORDER TO RECEIVE MY EDUCATIONAL FOREX TRADING
ARTICLES.
THESE ARTICLES COVER TOPICS RELEVANT TO FOREX TRADING LIKE
LEVERAGE, FOREX BROKERS, FOREX NEWS TRADING AND FOREX TRAINING.
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FREQUENTLY ASKED QUESTIONS
Q: Is 'Bird Watching' a trading system or just another introduction
to forex?
A: 'Bird Watching' is more than the sum of its parts. It is
certainly the most practical introduction to the foreign exchange
market you are likely to find. In addition to this it describes in
great detail and in a simple style a practical trading system. The
trading system provides a framework from which the absolute novice can
be assured he does not start running in the wrong direction and the
not-so-novice trader will have a completely new set of tools to assess
what he has been doing wrong and what he should be doing.
Q: I am a complete novice to the excitement of forex, however I
have stock and futures trading experience. Is 'Bird Watching' for me?
A: Absolutely. I wrote the book considering who the typical reader
would be. Odds are very high that it would be someone with experience
of trading now looking to see if the forex market is all it is cracked
up to be.
Q: I am new to trading, and have investigated different markets and
hundreds of sites. I find the forex market with its demo accounts,
free graphs and tools very appealing. Will reading 'Bird Watching' be
a proper guide to get started?
A: Judging by my readers response, the answer is yes. You will
however have to understand that reading even the best books won't make
you a successful trader. But I stand behind the content of _Bird
Watching_ and offer a proper mentor programme building on the basics
described in _Bird Watching_.
Q: Dirk, I have finished 'Bird Watching' and discovered how silly I
have been until now. But I have been burned badly. Can you help me to
implement your 4 X 1 strategy?
A: Certainly. I have a proper mentoring programme which allow you a
lot of freedom but will also keep you on track to continue doing the
right things until everything falls in place.
Q: Everyone says 90% of traders fail. Is this true? How will reading
'Bird Watching' change this for me?
A: The statistic is from the futures markets, and I assume it is
broadly true. It is however important that you clearly define success
or failure. Losing money when you start to trade live even after
months of demo trading is not necessarily failure. Having said that I
describe in 'Bird Watching' what I believe are the main reasons why
many do end up losing instead of making money early on and struggle to
turn it around. There are basic mistakes that you don't associate with
highly intelligent, rational, informed success-orientated people. If
you know what these basic mistakes are and if you adapt your system to
exclude them you must be in an excellent position to be a part of the
successful traders, however small the percentage.
Q: Can one really make a living out of forex trading? What is
needed?
A: Yes. You must have enough capital in order not to have to be the
best trader ever born and out-perform all other successful traders
month after month. What is needed? Let me tell you what is not needed:
P-R-E-S-S-U-R-E. You can't force the market to do anything at any
specific time. You can only benefit from the choices you made at
certain times when the market rewarded those choices. You need gritty
determination. You need realism - bucket-loads of realism. You need an
approach you instinctively trust even under adverse conditions. 'Bird
Watching' describes such an approach. It is fundamentally sound and
can be implemented in diverse ways by traders with exact opposite
views of the market direction and both can be successful over time.
Q: Dirk, you make the point that successful traders start as
discretionary traders and eventually when they trust themselves move
on to be more mechanical and automate their successful systems. You
also say in 'Bird Watching' that you are currently busy automating the
4 X 1 median trading strategy? How are things going?
A: Sure, I stand by that. Successful traders have a few things in
common. Simplicity of the system is one. A broad understanding of the
markets is another. They understand the deep-down basic simplicity of
what gives them profits. They have / had a specific mentor (worthy of
the name) and they first trade in a very discretionary manner before
moving towards a more mechanical system (only after it paid profits
over a long period of time) and some then move on to full automation.
These days with the prolific pace of IT development it is even easier
to move towards full automation, but YOU CAN\'T SKIP THE BASICS.
Q: Is the book available in hard copy?
A: No. It is only available as an instantly downloadable e-book in
PDF format.
A FEW TESTIMONIALS BY SATISFIED READERS
A book so delightful you won't want to stop reading it, but you
won't want it to end either. B Martinez, Nexum Capital
"Bird Watching in Lion Country" is a great read, very clear &
understandable. I learned a great deal from it, even after 3 years
following the forex market. I would recommend it to anyone. I was
mentored by Dirk (still on going with his daily briefings) and
following his 4 x 1 strategy. The good thing is he does not make any
promises and explains the FX market realistically. FX Max MoneyTec
Forum
Bird Watching in Lion Country really changed the way I approach
the Forex marketplace. Before reading it I found it very difficult to
trade with any consistency and found myself jumping from system to
system. Dirk du Toit does a great job of explaining what the Forex
market is all about, why it can be difficult for the retail trader to
get ahead. I have read many books on trading and would place this
among the best of them. This is a must read for anyone considering
trading or investing in the Forex markets. William Tulsa, OK
Hello DrForex, I just finished reading and re-reading BWILC. It is
worth its price many times over. RedDuke, Moneytec FX Traders Forum
Dear Dr. Forex (Dirk), I just finished reading "Bird Watching in
Lion Country" on Friday and I wanted to tell you how well-written I
believe it was, that it was so easy to read, and that I enjoyed it
very much. I was introduced to the Forex in November last year, and
did some research. I ended up learning technical analysis from M****,
which was somewhat valuable, especially in showing me how valuable
your views are (paradigm shift)! Jason USA
Hi Thank you for the book bwilc. Since i've read the book it has
helped my trading greatly. It has kept me from trading against the
trend many many times. I have had almost no losses. Bill USA
My top seller. Steve Moxham GoForex
I thought I'd let you know that everything is going well and I'm
up over 600% from the last time I e-mailed you. (Up 80% then.) ... I
can trace it all back to the aha! experience I got from reading your
book. Satisfied Reader South Africa
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