Dirk du Toit

[DrForex]

Originally Posted by forex1

Then I decided to put my perceptions aside for a moment and purchase "Bird Watching In Lion Country". I mean better first read the book and then take on the preacher about specifics. I've gone through the book very quickly and am re-reading it now.
...
I am certainly reviewing my entire approach to forex trading.

Forex1

Thank you for being openly honest about your experience with BWILC.

It was all along the idea that existing traders should benefit from the book. Irrespective if they were winning or losing most of the time, net profitable yet or not yet. In fact, I think it means the most to those who have experience of difficulties. It is so much more easier to understand "the magic" in the common sense approach.

By understanding that one can probably fast-track yourself from the losing bunch to the winning group.

Thanks again for another good review.

P.S. Nee wat, ek is bietjie te vas op my voete om so maklik om getik te raak, dit verg regtig spesiale omstandighede om my om te tik met 'n veer, meesal het mens iets meer brutaal nodig, soos 'n base ball bat.

[supra]

This thread prompted me to look into Dirk and his BWILC and eventually led me to purchasing it.

I wish I had read it earlier. In its pages I found plenty of gems in the experience of a successful and seasoned trader. IMO, everyone, especially newbies considering to trade the FX market, will greatly benefit from BWILC.

The only thing a trader can control is his losses and that such ability will lead to his ultimate survival and success. I find that reading BWILC provides a good start to identifying the risks of the market and ways to controlling one's losses.

Thanks Dirk, for sharing your wisdom and knowledge. Thanks also to Fulcrum, the thread starter, and all other members participating in this thread, for leading me to BWILC.

Good trading to everyone.

Regards,
Supra

[Grandpa999]

I consider my self an amatuer, I have only traded live for 14 months. I purchased the book, and it has completely changed my approach to trading.....
I think this was the best $50.00 I ever spent !!
Moon in Alaska

[milo]

Goodnes gracious! - Just when I thought I had enough fx books here comes Dr. FX and all these glowing recommendations. Well here goes another $50 in your pocket

[forex1]

I have been asked by another MT member why I said "Bird Watching In Lion Country" is a good book-

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?

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!

[DrForex]

Originally Posted by forex1

I have been asked by another MT member why I said "Bird Watching In Lion Country" is a good book-



One can easily .... 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.

But don’t skip Parts 1 – 3 just to get to Part 4!

Good trading to all!

The above is excellent advice from Forex1. I couldn't have said it better myself. I will elaborate a bit. It is one of my premises that one must really really understand the landscape. If you inherit the family farm, but you lived all your life in the city and you now decide to continue the farming tradition you will probably make a good study of all aspects of MODERN farming. You can't make money today with your grandpa's methods unadjusted.

Also if you decide as a city dweller to take a guided foot tour in the bushveld (lion country, and don't forget the buffalo and elephants and snakes.) (I saw on Discovery recently about daredevil photographers of wildlife, real closeup stuff. On the question if they take weapons along for protection, teh answer was "NO". And the film crew's instruction is to keep on rolling if we are attacked. He also mentioned that many more people die because of the Malaria mosquito than because of all other animals together in a year) it is a pretty good idea to prepare well even though you have a professional guide.

What i did was to take forex market fundamentals and add practical short erm trading ideas based on these characteristics of the FX market:

For instance:

A piece on how to deal with intervention
A piece on how to deal with the "overshooting" of currencies
A piece on trading fundamental economic data releases
A piece on how to view your broker and adapt your trading approach to benefit you and not him
Something on the 24 hour day and how to adapt that to your advantage

All of this and more is mainly in Part 2 - 3, some in Part 4 (and you don't pick it up from the LIst of Contents - which make me think, I should chaneg that in the Free part 1.

Personally I believe the real good stuff is a little bit deeper interwoven in the text. It's the stuff that explains the ideas that some here calls "flippant answers" if I use it out of context of the book.

Regards

[DrForex]

Originally Posted by forex1

I have been asked by another MT member why I said "Bird Watching In Lion Country" is a good book-

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!

Again, excellent way to put it. Again I want to add something.

You must understand that it is only seemingly so. This post prompted me to read the book quickly yesterday and I just realized again how I struggled (and not necessarily 100% successful) to convey that I don't say the market truisms are wrong. I agree with them. But if you adapt to the basics of theoretical median trading the perspective changes so much that many of thess truisms seem "wrong".

It is only a matter of perspective. I probably understated the importance of the difference between "an entry" and "a trade". The two must not be confused. The truisms are true on median trading "trades", the water much more murky on "entries".

[RedDuke]

Hello DrForex,

I just finished reading and rereading BWILC. It is worth its price many times over. I do not agree with some statements and contents in regards to short term day trading, but the book certainly points out lots of new trading perspectives and ideas. I am very new in this market, only ½ years and have a lot to learn. This book certainly puts me on the right track and will increase my odds in this complicated but very interesting market.

Thank you very much for this wonderful material,
redduke