Bird Watching in Lion Country
2 Positive Reviews
0 Negative Reviews
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(You can read the full User Reviews of Bird Watching in Lion Country at the end of the Trading Systems summary)
Filed as: forex, trading plan
Tags: forex, FX, trading plan
Details of Bird Watching in Lion Country
Format: eBook
Cost: $69.95 (price correct as of 4th May 2008)
Their Pitch
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 - “only ten pips a trade, 4 times a day and you are financially free”; “commission free trading”; “the banks are making billions in forex trading, 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” Do any of these ring a bell? Lies, every one of them.
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.
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 trading systems and just implement them and make money without thinking too hard. If this is what you are looking for then you should remember - NOTHING IN LIFE THAT IS WORTHY OF YOUR ATTENTION, TIME AND ENERGY is free or easy!
Successful traders develop their own trading systems and protect this knowledge, they do not sell it for a few dollars on the internet. A typical institution has an army of analysts and economists and traders who do fundamental analysis, technical analysis, quantitative analysis and flow analysis. They also have risk analysts, risk managers, portfolio supervisors and a host of assistants to all the big shots - all contributing to their efforts and their profits. And they don’t only trade spot forex, but other instruments like options, forwards and swaps as well as interest rate instruments.
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 trading system to tell you when to enter and exit trades.
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…….
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There is a lot of info on the web about Forex Trading. Much of it is misleading usually it’s only aim is to get people to trade more and use the services associated with the info. This book tells it like it really is.
The early chapters give a thorough background to the currency markets and covers everything you need to know to trade safely and profitably.
The later chapters of the book present a sound strategy that can be adapted to suit the reader. It’s not a ’system’, rather a clear direction of how to develop a winning mentality. Systems don’t necessarily work over the long term, forex markets are constantly evolving. What worked last year, or even last week, may not work today. Even if they did, they become common knowledge very quickly and therefore useless. In the world of trading, there is no substitute for hard work and education, and the author, Mr Dirk du Toit, is one of the best teachers there is.
Trading the forex markets can be a hugely rewarding activity, but it can also make you broke. I learned more from this book than from courses and seminars costing hundreds or even thousands.
If you are thinking about getting into this then get Bird Watching In Lion Country. The title alone should give you some indication of the challenge you are taking on. It is a very worthwhile read even if you decide to trade with a somewhat different strategy later on.
There is no lack of parties eager to see you part with your hard earned money and sell you some Forex system, but if you are not prepared to pay for the tools and knowledge to properly learn this business then you are almost guaranteed to fail miserably and in fairly short order. Of course, let’s be honest .. yes.. most of the advice out there is pure junk and you would be far better off without it, but this is definitely not on of those.
As a note on Forex, in my opinion, Forex lends itself better to swing trading than Day Trading. Day Trading the Forex can be quite a challenge, even for experienced traders and in my opinion it is one of the hardest instruments to trade, especially for beginners and those relying mostly on tech analysis. Forex is whipped about considerably by news and you need have to be on top of your game to have a chance of consistent profitability. So you better have had huge amounts of screen time and more than a smattering of education about what drives those markets and when. Swing Trading allows you to take a longer term view and ride the volatility, but be careful not to over-commit or set your stops too tight though.