I have been asked by another MT member why I said "Bird Watching In Lion Country" is a good book-
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I am really afraid that it can be just another book saying what is obvious or a not practical and impossible to apply in live trading. By your words it looks like it is a completely different approach to trade the forex, why? What is used to get a signal to enter / exit the market?
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When thinking about a response I realized how difficult it is to write an objective, fair and substantiated book review. After a while I gave up on the “objective, fair and substantiated” bit and decided to just write down some random thoughts and hopefully they are of some assistance-
One can easily scan the chapter headings in the contents page and think these are topics you know well, or have already read about many times before. Except maybe for Part 4, so you skip over Parts 1 – 3 directly to Part 4 to get the secret formula. This would be a mistake – take your time and read the book from page 1 to 238 because it really explains the forex landscape (lion country) in a unique way.
No matter what kind of a trader you are and what indicators are dear to your heart, read the book with an open mind. If your trading is not going all that great, take a week or 2 off while you read the book – you may just come back with some new and fresh ideas. You may even continue scalping if that is what you really enjoy, but with a different mind-set.
With regard to specifics like entry and exit signals, and trade (and risk) management – BWILC turns a few “truths” upside down and offers a different perspective. Surely timing of entry has to be pin-point (or pip-point) … really? Surely you should cut losses short and let profits run…or should you? Surely you should never add to a losing trade…or should you? Get out as soon as you think you are wrong…or not?
But don’t skip Parts 1 – 3 just to get to Part 4!
Good trading to all!