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[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

[James]

Fantastic book. Mirrors much of my own philosophy, but written so well that it would put any attempts I made to write something to shame.

Well done

[basenji]

After reading this timely book several times a few things stood out to me about BWILC as well as the good Doctor.

1. It is written in multiple levels and you will find that you "get" something different with each read.

2. If a person(the author)has experiences and has spent much time and effort contemplating the lessons learned then he or she will in time develop "wisdom" about a given subject. And when wisdom "happens" one has the direct realization that their chosen area of expertise/interest is indeed intrinsically interrelated and in fact inseperable to all of life and the grander scheme of things. It therefore becomes clearer and clearer that all the while the person thought they were learning about the micro while actually they were learning about the macro as life is indeed multi dimensional.

3. The Dr. writes from the perspective of trading as being a part of life rather than being seperate from life and thus provides us with good "trading examples" found within life itself.

4. When "wisdom" develops that wisdom desires to be shared and thus the person has a deep "want" ie. is compelled to share/serve. And therefore the giver who gives has the realization while giving that he is being "fed" by giving and in truth truly receives by giving which makes the giver want to give even more and so the circle of life continues.

5. Dirk obviously cut his own road in life and did his own thinking and in my opinion his uniqueness and unique approach is proof in itself that when one makes a great effort in life they create something useful, intriguing, and unique whether consciously intended or not. And if offered in the forex marketplace, where most products are viewed with initial suspicion, will have great value.

6. Aside from my metaphysical musings my overall point is that BWILC is absolutely practical and contains common sense. I think that good writing contains both elements of that which could be considered deep and also contains simplicity and if both are included in a read then the degree of assimilation is probably greater as it satisfies various aspects of the human reader. Thanks for sharing your story and your experiences Dirk.

[Sympatico]

Okay. Can someone give a quick synopsis of the book from DayForex.com so I can see whether I'm simply reinventing his work 5 years later?... Much appreciated...

[tim_nn]

Hello Dirk, a couple of questions, if I may ...

1. Is the book available in "hard copy" form, i.e. as an actual book, rather than online as a print-it-yourself version? (I'd be happy to pay whatever the extra is for postage and packing etc.)

2. Your home page/website mentions that included with the book for one's $49.95 payment, one is also buying a 30% discount voucher for subsequent services: my question is simply "30% off how much"?

Thank you in advance for your kind replies ...

Tim

[DrForex]

Originally Posted by Sympatico

Okay. Can someone give a quick synopsis of the book from DayForex.com so I can see whether I'm simply reinventing his work 5 years later?... Much appreciated...

Sympatico, other Bird Watchers in Lion Country,

I guess I am the best to do that, considering that I have a commercial interest at stake also.

The book is mainly written from a point of view that the reader must understand the whole market and the complexities facing him when he ventures into "lion country" to do some "bird watching".

Part 1 is very general, but specific and enticing enough to compel the reader to fork out the money to buy the balance of the book.

Part 2 sets the real deep down fundamentals of how you can become a winning trader. I make the point somewhere, probably in this Part or maybe Part 1 that winners and losers are not divided years or months (most self-traders are simply too "short sighted" to think in terms of years) down the line, but on day # 1. You need an edge. The edge is not the result of the system, but the beginning. This part also contains some other necessary mumbo jumbo, trading psychology type stuff beginners and losers need to hear and will adhere to hopefully now that they read it in the proper context.

Part 3 is about the FX Market. I explain why the characteristics of the FX market that all the market makers put up on their websites are vitally important and why you should not dismiss it as "useless information". I also explain practical aspects which will confront you and which can be used to your detriment or used to contribute to your success. The concept of overshooting, trading data releases, the 24 hour day. All of this must be included in your approach. I specifically show how the "marketing wizards" like the sponsors of these forums have a grip on the general informational spam in the retail FX industry, which they use to get people to dump margin in their "segregated" bank account and then systematically turn it over to their "profit account", thinking they are going to become market wizards ...

"If an experienced person meets a fool with money, soon the experienced person will have the money and the fool the experience"

Part 4 contains a part about looking at this idea to trade your own money strictly from a business perspective and also then contains my 4 X 1 trading strategy and median trading methodology. And relational analysis - relating price, time, events.

It is simply not possible to address the details any further in such a book. I said right at the beginning this book's sequal is already in the making. Experienced traders will probably from reading the book add something to their armour or may revamp their trading completely. New and inexperienced traders will have a refreshing and sensible look on the market and they will have the basics to make it work. But a book is a book. Trading systems is not bought of the shelf, installed in your brain and the money drop in your bank account

BWILC say this upfront and will the real winners take the next step and get assistance to make it work for them. I am available to do it. My existing clients have the benefit.

I have learned a lot from making the book available and how to proceed in terms of mentoring BWILC readers. There are the inexperienced group who need to do the hard slogging we all went through. They must learn its about taking control of your business, doing the hardwork, doing the smart work and reaping the rewards afterwards. Not first reaping the rewards and then do the hard work and smart work like the marketing wizards would like you to believe.

Then the experienced group, I saw it from my own client base, after reading the book, how they developed. Immediately. They already did the hard slog, now they simply apply the concepts much better because for the first time they really see it in practice. (My mentoring has never been about giving tips. It was and is about transferring the ability to trade. "lever your ability, not your money" I say.)

I have to accommodate more experienced traders also on the programme - at a different level. For a time I offered 30 days trial of my Daily Briefings. I have learned a lot from feedback i got in this regard. Experienced traders are a bit set in their own ways. Newbies and strugglers its easy to get to make a paradigm shift, learn relational analysis, use the median trading methodology. Experienced traders not so easy. They shy away from change. Even on a technical analysis level I suggest major changes to most. To add the "fundamental" component which is an integral part of relational (and real-time) analysis for them is .... problematic. And also not necessary. There are many ways to skin a cat. (But you have to be very careful if it is a lion)

In the book i also mention the fact that during last year, while working on the book, I started looking at automating my trading methodology. My approach is simply that you can't use automation to develop a winning system. You must develop a winning system and improve it through automation. Or you must atleast have the ability to spot a winning system, understand its fundamentals, based on your own trial and error experience and then you can probably fast-track your own automation or mechanical application of such a system.

Consequently I have decided to set up a "Dayforex Lab". This is where I will address the next level, the more experienced traders. My venture in automation had a shaky start with a programmer running off in his own direction (some remnants thereof on this forum also). But again it simply showed how easy it is to get a good idea and make a mess of it of you don't really "own" and understand it. If you don't want to mess it up come to my lab.

I just want to add one other thing here. My progress has been along the lines of what I said above, don't lever your own money but lever your ability. Today I am a fund manager. I am interested in stable low returns that will attract big investors, funds etc. But I have traded for a living with my own money before and i have learned from a portfolio manager, my mentor. That's when I have worked out for myself, those times, sometimes weeks on end, when I sat in the duldrums of drawdown (because of too high gearing) that the answer lies in looking at your margin investment as a portfolio. My mentor, not having the same issues then just said, "Dirk do the little trades, it all adds up, the profits will come". I did. It did.

[DrForex]

Originally Posted by tim_nn

Hello Dirk, a couple of questions, if I may ...

1. Is the book available in "hard copy" form, i.e. as an actual book, rather than online as a print-it-yourself version? (I'd be happy to pay whatever the extra is for postage and packing etc.)

Thank you in advance for your kind replies ...

Tim

Tim, fellow bird watchers

No. Not this version. I first had to see if its worthy material. I thought it was, but better that the world out there tells me. Also, when writing such a book (... phew, its tough) you always forget something, an angle, a metaphor, a whole idea. And working with other people and towards deadlines you just simply have to get it done. The result is not perfect. But one makes notes and there can be second editions, sequals, new books.

I get such amazing comments. I will be stupid not to turn it into a hardcover. But first things first.

Originally Posted by tim_nn

2. Your home page/website mentions that included with the book for one's $49.95 payment, one is also buying a 30% discount voucher for subsequent services: my question is simply "30% off how much"?

Thank you in advance for your kind replies ...

Tim

If you refer to the previous post I made in response to Sympatico you will see that there are developments in this regard. The mentoring program you refer to is discounted 30% on $1250. On this and subscription service as stand alone for Daily Briefings there are a few different parameters. Its available through registering on the DayForex website and expressing an interest in mentoring.

In terms of the DayForex Lab and how to address my concept of "no free lunches" and experienced traders' wishes I still have to make up my mind and i will invite (and herewith do) private suggestions.

The concepts that you will be working with is proven profitable stuff. You have to make a huge effort to botch it if you really "own" and "understand" it. But you don't get that from reading online forums, or even excellent books like BWILC. You get it by collaborating with those who already "own" it.

I also did not have a "modular" approach to training. (That's all marketing wizardry. 16 CDs. 8 modules. The one more useless than the other) What I have I share with you as a mentor in a mentor-mentee relationship which is established contractually with an upfront payment (by you to me) and I "earn" it as we go along. I simply did not have anybody ever that told me that he didn't receive value for money, even if he bothced it. (Which happened in the heydays of the FX trading bubble in South Africa quite frequently, but more recently almost never, and post-BWILC, I suspect it will be as infrequent as the appearance of the proverbial black swan.)

I can't stress this concept that you must "really "own" and "understand" it" enough. If you don't you wont make money, irrespective of what it is that you don't really "own" or "understand".

[Sympatico]

Kirk - thanks for the reply. As you must be aware, what interests me is the synopsis of your trading system, approach, methodology, whatever the term you prefer to use. Of course, you are not the person to provide a 3-5 paragraph reduction here on a 'public' forum because your interest is in selling the book and attracting new customers. It's a bit like if GM were to respond to a request for review of a Cadillac CTS! So, I reiterate my request to other posters to give me the shorthand of the Kirk Du Toit system. Just the concept will be fine. That's all I'm seeking at this time.

Also, I will say I too get flak for not having automated my approach yet. The benefit I have over your experience is I am a computer scientist by trade (nearly 20 years now) and I know full well the quintessential importance of knowing the material in and out before trying to code it. I have been trading my method for nearly a year now with success and my target for automation is end of summer development kick-off. This will not be a quickie, as my plans call for much more than just a core 'blackbox' engine.

Anyway, I digress. Someone mentioned your work in the 'Grid Scalper' thread and approximated it with what I have conceptualized for them over there. I was simply curious to discover how really 'original' my work is. Not that this is of paramount importance, but it certainly would be good to know.

Lastly, I am curious as to why you would move your trading life into consultancy and fund managing, as the returns for this method, if similar to mine, are far greater than any intermediary occupation. Just curious, as I have mentioned already!

Happy continuation...

[DrForex]

Originally Posted by Sympatico

Kirk - thanks for the reply.
Lastly, I am curious as to why you would move your trading life into consultancy and fund managing, as the returns for this method, if similar to mine, are far greater than any intermediary occupation. Just curious, as I have mentioned already!

Happy continuation...

This question seems to be a Greenspanian conundrum for the locals of MTec.

I have answered it earlier in this thread. The main reason is to develop a business with several unrelated income streams. It makes it much more attractive to be bought by a bigger fish. (The big payday theory of business, with the focus on the exit strategy before the profit strategy )

But there I forgot a very important motivation why a seemingly successful service provider will hang around retail forex internet forums. If you are from South Africa like I am and if you do not come from the institutional investment world like I don't, then your market is pretty limited because of draconic exchange control measures still in place. The lure of the millions on the Internet not bound by such controls then become extraordinary large. It wouldn't have been so and i wouldn't have been here if this wasn't an issue.

The first part of your question is simply what I mean by "leveraging your ability, rather than your (own) money". Getting for example $10 million under management and doing it properly at very low risk making decent comparable returns for same risk investments over a year or two, three opens the doors to many more millions and a comfortable early retirement ... That's another reason for hanging around here, I am looking for traders to continue pushing the buttons when I am retired

(Serias?) (Serias!)

[email]

Sympatico,

know I should not be going trough with this post but here goes; you are asking people in this forum to tell you what Kirk`s book is all about. Tell me something we are on page 11 here and people love this book, even his competition is praising him, you can see from his posts that he is a super guy, but you still insist on not spending $50 lousy bucks and learn for yourself what all the fanfare is about. You expect people here to tell you the details of this book, well not from me pal, buy it and stop being so anal.

[Sympatico]

Originally Posted by email

Sympatico,

know I should not be going trough with this post but here goes; you are asking people in this forum to tell you what Kirk`s book is all about. Tell me something we are on page 11 here and people love this book, even his competition is praising him, you can see from his posts that he is a super guy, but you still insist on not spending $50 lousy bucks and learn for yourself what all the fanfare is about. You expect people here to tell you the details of this book, well not from me pal, buy it and stop being so anal.

Thanks for your advice. You're right: I need to stop being so anal and try to be smart like you. Thanks again.

Yours truly,
Symp