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There is only 1 forex ebook I endorse at present. And the reasons for that are that it educates traders to learn how to trade for themselves in the real world.
Chances are that you’ve fallen victim to the promise of some kind of technical indicator system or expert advisor “set and forget” forex system that promises to let you wait for the indicators to tell you what to do and then voila, make money in the forex market.
If only life were so simple…
What “Bird Watching In Lion Country” teaches you - and don’t get me wrong - I personally do not subscribe to everything the author said, particularly about getting leverage through your forex broker.
But what I do know is this book will help you feel you have an insiders confidence (if there is such a thing as an insider - there isn’t, but we do know that 4-5% in the market make money amongst the retail traders, or so it is said, could be 1% - its just one of these myths that tend to get accepted because “the authorities” say so. It could also be more, but the figure 4-5% makes sense to me.
I highly recommend purchasing “Bird Watching In Lion Country“Â - just click the link and a new window will open up taking you to the site. The author definitely knows somethings you will also want to know. It will definitely serve you to buy this ebook if your experience is to be the same as mine. The link is http://www.fasttrackforex.com/recommends/bwilc
You should consider adding it to your ebook library right now because you’re currency trading knowledge and future will definitely benefit from your reading of this ebook. It shatters certain myths that you may be under the influence of at this time. Again, I recommend buying the above ebook and getting stuck in to studying it cover to cover as soon as you can.
link: http://www.fasttrackforex.com/recommends/bwilc
Author: Dirk Du Toit
Title: Bird Watching In Lion Country ebook
That’s all for now.
3 Comments
Reading BWILC was a pivotal point in my trading career, so I can heartily recommend it as well.
I wrote a review of BWILC earlier this year detailing why I found the book so useful and how it impacted on my trading outlook.
I’m not quite sure what you mean regarding ‘getting leverage through your forex broker’. I have only come across your blog so I’m sure what trading style you use and what money management approach you utilise.
Dirk is primarily against using excessive gearing on any individual trade. The fact that most retail forex brokers offer huge leverage (100:1, 200:1, etc) doesn’t mean that you have to use it all. It truly can be a double edged sword, as Dirk details in his ebook.
[admin edit] Colin’s website is a forex journal with good, honest experience posted and can be found at http://www.forexspirit.com
Hi Colin,
I wish you every success under Dirk’s guidance. You may also want to try Steve Pickering as well by doing a search on google.
One of the things I disagree with in the book is not using leverage/gearing but my style of trading is different to his. He was an institutional trader I believe, so he will be firmly rooted in his own style.
The way I see it is that I know how to take pips out of the market be it 5,10 or 30+ so it is sometimes scalping. So why should I leave more money with my broker than absolutely neccessary when I am using extremely tight stop losses and only entering trades which I know with 100% confidence I am going to make money (yes, 100%, you read that correctly).
My strategy is to wait extremely cautiously and patiently until the market forms a top or a bottom and then trade using a system. I also use a technical system I created based on various setups from people I learned to trade from which runs off a single chart and reflects multiple timeframes of fibonacci support and resistance levels. Ienter once or twice a day for a while. On rest weeks for me, because I find trading quite demanding and draining mentally, physically I will trade probably 3 times per week or more.
It takes understanding but once learned can be a valuable aid for intraday traders. I sell it for $1800 for 3 years of usage + training one on one in my ways of finding market entries and other knowledge I’ve picked up on the way that helps me to build my account sometimes placing consistently good trades for a whole quarter trading 3-10 times per week.
I am a chartist (ie favour technical analysis) but that is only because I spend time researching the fundamentals and following them on a daily basis so that fundamental analysis becomes a part of my unconscious intuition.
Thanks for your input and feel free to swap a link with me using my website and forex blog share program http://www.sambeatson.com/lnk
100% confidence and 100% probability of success are not quite the same thing
I think I know what you are trying to say though: to be a successful trader it is certainly necessary to have a strong belief in both yourself and your trading system. If that is in place then it doesn’t really matter what the trading system is, just that you are able to follow it consistently.
Good luck with the training course. How do you find the teaching aspect of the trading world? It’s something I’ve looked into doing a little, but as I mentioned in my blog a while back, I think I need to walk the walk for a while longer.
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