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 | |  | | E-book Category: Investing
E-book Title: Bird Watching
Author: Dirk du Toit
Book Description: A PROFIT here ... a PROFIT there ... and very soon YOU
can be a REAL market wizard
The forex market is lion country. Bird watching in lion country can be a very rewarding, yet dangerous experience..
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.
Frequently Asked Questions
Q: Is 'Bird Watching' a trading system or just another introduction to forex?
A: 'Bird Watching' is more than the sum of its parts. It is certainly the most practical introduction to the foreign exchange market you are likely to find. In addition to this it describes in great detail and in a simple style a practical trading system. The trading system provides a framework from which the absolute novice can be assured he does not start running in the wrong direction and the not-so-novice trader will have a completely new set of tools to assess what he has been doing wrong and what he should be doing.
Q: I am a complete novice to the excitement of forex, however I have stock and futures trading experience. Is 'Bird Watching' for me?
A: Absolutely. I wrote the book considering who the typical reader would be. Odds are very high that it would be someone with experience of trading now looking to see if the forex market is all it is cracked up to be.
Q: I am new to trading, and have investigated different markets and hundreds of sites. I find the forex market with its demo accounts, free graphs and tools very appealing. Will reading 'Bird Watching' be a proper guide to get started?
A: Judging by my readers response, the answer is yes. You will however have to understand that reading even the best books won't make you a successful trader. But I stand behind the content of Bird Watching and offer a proper mentor programme building on the basics described in Bird Watching.
Q: Dirk, I have finished 'Bird Watching' and discovered how silly I have been until now. But I have been burned badly. Can you help me to implement your 4 X 1 strategy?
A: Certainly. I have a proper mentoring programme which allow you a lot of freedom but will also keep you on track to continue doing the right things until everything falls in place.
Q: Everyone says 90% of traders fail. Is this true? How will reading 'Bird Watching' change this for me?
A: The statistic is from the futures markets, and I assume it is broadly true. It is however important that you clearly define success or failure. Losing money when you start to trade live even after months of demo trading is not necessarily failure. Having said that I describe in 'Bird Watching' what I believe are the main reasons why many do end up losing instead of making money early on and struggle to turn it around. There are basic mistakes that you don't associate with highly intelligent, rational, informed success-orientated people. If you know what these basic mistakes are and if you adapt your system to exclude them you must be in an excellent position to be a part of the successful traders, however small the percentage.
Q: Can one really make a living out fo forex trading? What is needed?
A: Yes. You must have enough capital in order not to have to be the best trader ever born and out-perform all other successful traders month after month. What is needed? Let me tell you what is not needed: P-R-E-S-S-U-R-E. You can't force the market to do anything at any specific time. You can only benefit from the choices you made at certain times when the market rewarded those choices. You need gritty determination. You need realism - bucket-loads of realism. You need an approach you instinctively trust even under adverse conditions. 'Bird Watching' describes such an approach. It is fundamentally sound and can be implemented in diverse ways by traders with exact opposite views of the market direction and both can be successful over time.
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