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Post Info TOPIC: BWILC - Readers Tell it like it is & readers poll
How do you rate BWILC? [194 vote(s)]

One of best trading books ever
42.3%
The best forex trading book
40.2%
One of the best forex trading books
17.0%
So-so
0.5%
Waste of time
0.0%


Big Makulu

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BWILC - Readers Tell it like it is & readers poll
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You can either post under this Topic or create an own topic with a funky subject line and use that.

-- Edited by DrForex at 12:39, 2007-10-12

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MP Live Trader

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In my opinion, if you are trading Forex and you aren't performing as well as you'd like, you should pick up BWILC and give it a read.

When I first cam across the book, I wasn't doing so well. I read some of the free newsletters Dirk offered, enough to be pretty confidant that he;
1) Wasn't a scam artist.
2) Had at least some ability to comment and articulate intelligently on the Forex market.

I was satisfied on both counts and the cost of the book was less than I was losing anyway.

Dirk's insights are so simple, but quite revolutionary. Certainly they run contrary to the conventional wisdom promoted by FXCM and their ilk in the retail forex slaughterhouses, er, a, I mean brokerage houses.

One of the most important aspects of this book is the paradigm shift that I went through. It truly changed the way I approached the Forex market.

I was actually so impressed with the content of the book that I immediately signed up for the mentoring program. This action was probably the best financial decisions I have ever made. In the last 2 years, I have paid for the cost of the book and the program more than 10 fold.

If you are serious enough about trading Forex to risk your money, you really owe it to yourself to do it the right way.

Give a man a fish, and he'll eat for a day, teach him to fish and he'll eat for life . . . thanks Dirk for helping teach me to fish . . . .

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Class of Life (2007)

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BWILC - Readers Tell it like it is & readers poll
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I first started with this forex thing in 2004.

I spent almost two years trying to learn how to trade from a never-ending list of sources: reading books (lot of them), forums, e-letters, web sites, paid services..
The more I read, the more confused I was about where to go, and what was the right thing to do.
I also 'designed' quite a bunch of systems that on papers were quite profitable, but when I later put them on practice, all them failed miserably over the long run.

When I first opened BWILC, I couldn't believe what I was reading. Certainly there is no holy-grail in trading, but this book will lead you to the closer you may have dreamed to get.

I think I went thru the entire book in a couple of days, and the following day I was talking to Dirk to enroll to the mentoring course.

"Common sense is the least common of the senses" I use to say.
I apply common sense in everything I do. That helps me to be critic of what I hear/read, and also form my own opinion.
The best thing I found in BWILC was exactly that: Common sense applied brightly to stack the odds in your favor.

I finally knew that was the way to go, and the right thing to do I have been looking for.

Don't waste your time anymore, don't think twice.

BWILC is incredibly cheap for what it treasures inside.






-- Edited by Omar at 13:17, 2007-10-15

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MP Basics Phase

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BWILC should be required reading for currency traders. 

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MP 06 Life Member

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As with most things found in cyber-space, I started reading BWILC with reservations.
I've read it, I apply it, I succeed! This book is for those who want to make trading more than a Vegas weekend. Dirk spends a considerable amount of time showing you that this is a business. Treat it as such, and may you never be the same.

Steve

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Steve


MP 07 Life member

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I am sure that Mervyn King, Bank of England Governor, did not have me in mind when on 20 Jun 07 he said, Excessive leverage is the common theme of many financial crises of the past." However, in Fall 06, I had just dumped my third advisor (??) after a year of Forex trading and about 30% of my trading capital, when I started to read DrForex-s BWILC. On finishing the section on leverage, I realized he had been describing my trading practices and my vanished 30%.

His comments on randomness also intrigued me. I finished reading BWILC, and immediately entered the Mentor Program. The result has been my banking 54.4% profit in about five and a half months of live trading. While this may be unusual, I am planning on it being usual and repeatable.

G S. (Bud) Ingersoll
(Sep 07)

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MP Intermediate

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Bird Watching In Lion Country

 My son, Garron and I decided to enter the wonderful profitable world of Forex trading.  Naïve and optimistic we opened a Demo account and received and read the available and recommended literature. Make $50 to $500 a day trading Forex by following simple rules and disciplines.  Stop Loss would protect our trades and pretty MACD Histograms, Relative Strength and Slow Stoch graphs would indicate what trades to be in and when to buy and sell.  Buy and sell on the strength of the graphic information we observed.  No mention of leverage at all.  The literature encouraged any size trade buying and selling in any number of pairs of currencies.  We traded on a demo account for about 6 months and some trades were good and others bad but overall we did OK. With a great deal of excitement and still totally naive we opened a real live trading account. Our opening capital $2000.  We started to trade and watched in horror as the $2000 started to vanish at a rapid rate of knots, like a million miles an hour, the hemorrhaging had started. Garron being an avid Googler went in search of help. Help came in the form of Dr. Forex. A candid honest no frills statement regarding the Forex world.  No promise of instant wealth just a sharing of one mans experience and knowledge of the Forex market together with an introduction to his book called BIRD WATCHING IN LION COUNTRY.  A read of the introduction was that powerful and informative that Garron bought the book on line immediately.  One read of the book made us both realize that we were on the road to Forex Trading       self-destruction.  We started to implement the methodologies outlined in BWILC and the wound started to heal and some blood returned to the body. The book is factual, easy to read and turns the previously prescribed literature, which was recommended to us in the beginning of our Trading life, on its head.  BUT IT WORKS. 

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MP Live Trader

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I did a lot of study, about 3 years before I ran into BWILC.

For me BWILC was about making you aware of the randomness and probability. How randomness in shorter time frames is actually magnified.

Also about mistakes in thinking and expectations.

It highlights the need for a proper perspective, a proper plan, strategy and attitude.

The most valuable for me was the aware making of randomness and probability.

I never gave much attention to fundamentals because my opinion was that the fundamentals get discounted in the market in any case and that the indicators will then show the effect of this and since I made decisions based on indicator readings I thought I do not need to worry to much about fundamentals. I did however gave attention to certain news releases and market opening and closing times which I regarded as fundamentals. Needless to say my mind has changed a lot in this respect.

I can recommend BWILC for beginner as well as seasoned trader.

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Regards Silver


"Old" MP Live Trader

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DrForex wrote:

You can either post under this Topic or create an own topic with a funky subject line and use that.

-- Edited by DrForex at 12:39, 2007-10-12




I was thankful getting a copy and to be exposed to BWILC. It helped me so much in my training for trading forex. Somehow people think they can do without proper training. This is where BWILC comes in. It is an exellent training instrument. Really helping you with very valuable practical insights from firsthand expierence from the writer
The one thing Dirk taught me was to get my gearing right, and also an insight how the market operates. To get insight how devious this market can be was also good for me. How to counter it with a good plan and strategy is of such importance to me. Thank you Dirk and I can recommend your book to anyone as an exellent handbook for what to do and not to do in the forex market

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MP Class of Jan 2008

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This is simply an outstanding guide to trading forex. I had investigated forex trading for several years before coming across this gem. After demo trading and live trading using the conventional "wisdom" of high leverage and tight stops, I was optimistic about trading forex but realized that an extended losing streak could do severe damage to my capital. My first impression when I started reading BWILC was that it reduced that risk but I thought "how can I possibly make decent profit using such low leverage?".

Well, I stuck with it and put the techniques in practice and I'm making better profit than I ever made before. The book also addresses many issues outside of trading strategy but very important for trading success. I still have a long way to go to implement the entire philosophy presented in this book and become a successful lifelong trader, but BWILC has put me on the right path and the results are showing already.

Dirk has given me a clear, well defined path to follow and I'm more confident than ever that I can reach my goal of becoming a successful full time trader. This book is an ABSOLUTE MUST for anybody trading forex!


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MP Class of January 2008

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I first bought and printed BWILC many months ago - divided it into 4 nicely bound sections I could carry anywhere ... and I did. I read it ragged ...

I became stuck on Chapter 15, and could not go further mentally with the idea.

So eventually I went back to developing my own method, but incorporating some of BWILC principles. Within weeks my method became profitable, and I made 17 consecutive winning trades - 0nly 11 losses out of 52 trades and they occurred within the first batch of "learning" trades.

If I have such a wonderful method (and I think I do) why come here to brag about it?

Because actually I am humbled - the stuff I used to turn my losses around have come in large part from the BWILC principles. Clearly, as I looked back, there was an "Aha!" moment as I read BWILC which became ingrained into my trading psyche.

It follows that if a PART of BWILC trading philosophy is SUCCESSFUL why not use ALL OF IT?

I recently received an email from MR du Toit inviting me as a purchaser of BWILC to join him and fellow Forex Tragics on his new Community Forum.

It seems to me that Mr du Toit is making some big commitments to his subscribers - it is not possible to look over the Community Forum and see that he is not 100% in favour of ensuring his subscribers are ALL 100% successful ... that fact is dripping off every section.

This triggered in me a desire to be a part of this success as quickly as possible.

There is nothing else for me to wait for - it's all here.

The only thing left to decide was "DO I TRUST THIS PERSON ON THE OTHER SIDE OF THE WORLD TO ACTUALLY DELIVER ON HIS PROMISES?"

How can that question be answered without first taking the first step?

IT'S ABOUT TRUST - PERSONAL RESPONSIBILITY AND MUTUAL COMMITMENT

Having made the mental leap of commitment, and resolved to take responsibility for my own trading future and trading success, I have decided to throw my lot in with Mr du Toit.

I have signed up for his January 2008 Community Mentor Programme. It may mean I have to forget much of what I struggled to learn about FX trading over past years ... but that's life ... I have an internal assurance that the step I have taken is going to take me down the path to long-term trading profitability.

Isn't that what it's about?

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MP Class of Jan 2008

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I wanted to think about my statement overnight on what I would want to write. Many days I thought about what to write. I came back to the same thought over and over and over agian. That thought was...why didn't I think of this way to trade before? I know the reason why I did not, that was because of many of the previous books that I have read in the past years on trading. Kinda clouded my way of thinking.weirdface.gif

I have 3 piles of books of trading books on the floor.The first pile is very high and wobbly. Those books are the fast track, make it work quick, no worry stuff. They make great door stops. The second pile is the books that have really helped form a solid trading plan and offer things that you can use in real trading. That pile is not very high but is well worth the time to read and study. I have started a third pile on the floor. The first book to be in that pile is BWILC. I know for a fact that the pile will grow and become the most precious pile of books and material to refrence in the future. The information will be notes and more notes from the BWILC. This stuff makes sense! It has a distinct advantage of taking the head games that happen to you while trading during a drawdown and holding your focus intact so you can continue to stay in the game and take advantage of the moves. smile.gif

Yes , that third pile of books will be the BWILC pile...I still think...why didn't I think of that way to trade? Great job laying it out Dirk in book style. I look very much forward to working the markets with you looking over my shoulder.wink.gif

-- Edited by northwoods at 03:12, 2007-12-12

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MP Class of Jan 2008

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BWILC - Readers Tell it like it is & readers poll
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BWLIC is clear, concise, entertaining and right on point. I have a background in sales and marketing in the financial services industry and am no babe in the woods when in comes to trying to separate the wheat from the chaff in a sales presentation. I visited about 100 sites on forex training systems, trading systems and mentoring. Most of them were rehashing what the other sites offered. Only a few were enticing enough to consider, but were still offering forex education from the same foundational viewpoint be it technical, fundamental or a combination of both. None of them spent much time addressing risk and leverage except for "don't risk more than you can afford to lose". Of course, who can argue with that? None of them looked at the business like someone on the inside would look at it except Dirk. Understanding leverage and how one can get killed with it was a huge "aha" for me. Additionally, his common sense approach to the trend, pyramiding and the sheer simple brilliance of the 4x1 system make this book a must for any forex newbie. I'm glad I was fortunate enough to start my forex education with the book and am looking forward to being a part of the class of 2008....Thank you

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BWILC 2.0

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I can honestly say that I have not lost any real money at all trading Forex. 100% of this fact is due to Mr. Du Toit.

You see I was browsing through Bloomberg one day and noticed an FXCM add for a demo account. I thought wow that looks like fun and it came with a free e-bookeven better.

So I got the account and the book and started trading the demo. After I finished the short version of FX for Dummies I was starving for something a bit more substantial. I could tell that the trading with indicator style was too good to be true.

One day while looking for a better read on Forex I came across BWILC and ordered it that day and started reading it straight away. The first read took less than 20 hours. This book has changed my view completely on FX trading. The a hah moments have been fantastic. Since then I too as Ingot said, have ruffled my pages on my printed copy.

Being eager to trade, and able to use Interactive Brokers paper trader simulator platform I started to write down the trading plan specification to Dirks system. I outlined all of my personal goals and ended up with a substantial document describing why, how and what I wanted to achieve. I will add to this document, especially as my understanding of the relational analysis becomes clearer.

Since then I have been trading and learning on sim with the EUR.USD pair with a good level of success in W/L rate, P/L, and most importantly, learning outcomes.

I joined the forum because again, I was starving for more enlightenment. I may one day join the MP but I am keen to trade the simulator more and try to learn as much as I can from others here. I hope I can share my follies freely.

Thank you Dirk.

Cheers,


CanOz


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CanOz


Newbie

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smile.gifsmile.gif

The information in BWILC is fantastic.It answered all the questions on my mind about successful forex trading.

I am now at the "Aha" phase of my trading.

Best of all, it simplified my trading.100% success rate, fewer trades in a month, good profit.What else can i ask for.

Thank you. smile.gif



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MP Class of January 2008

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You know..................I'm left with very little I can say.

I identify with each and every post above, and no doubt, those that will post below.

Dirk's approach to trading foreign exchange is nothing less than intellegent and insightful. He obviously set his mind to analyse every facet of fx trading with the idea of discarding that which didn't work, identifying that which did work, and then refining the whole process into something consistently tradeable and profitable.
I think the emphasis is on the word "consistent" here. Inasmuch that we hear of the profits attainable when trading foreign exchange, but how many of these trading profits do we keep!

Bird Watching ILC goes a long way in allowing us to become consistently profitable.

My sweaty old acubra is off to Dirk !

Rob

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MP Live Trader

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i would like to cognratulate each and every one of you first.

this book has changed all our lives and our way of thinking, and it most certainly has given us a chance to be able to "learn HOW TO trade" and not "learn which trade to placE"

this book enlightens us all, and this forum joins us all.

lets all take advantaje of this and congratulate ourselves once more for taking the right step towards a profitable trading experience.

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MP Class of Jan 2008

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I have read BWILC a couple of times now.  And each time I get more out of it as the concepts of what Dirk calls relational analysis etc fall into place.  The thing I like most about the book is that it gives a real picture of the market not like what we are bombarded with when we google "forex trading".  I haven't yet mastered the techniques or retrained my thinking completely yet but reading it was enough to show me that I had a lot to learn about forex trading to be successful at it.  So I signed up with the mentoring course which I am on at the moment.  Dirk goes into a lot more depth and expands on the concepts in BWILC so I would definitely recommend joining.

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MP Class of Jan 2008

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BWILC : There could not have been a more appropriate title.
Reading this book truly exposes the reasons why most traders will not have longevity in the forex arena. Mr du Toit illustrates how a house of mirrors approach from traditional main stream marketeers is a recipe for failure to the unsuspecting trader. He also goes on to explain a methodology whereby a trader can, upon adaptation of a few simple concepts, greatly increase his or her chances for success.
I am so grateful to have found Mr. Du Toit and have decided to take my trading to the next level under his mentorship. Having been there, done that in my years struggling with the forex, I would highly recommend one consider BWILC.
Absolutely brillant. Hands down!!

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MP Class of Jan 2008

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Every FX trader in the world should have a "BWILC License to Trade" as far as I am concerned. And that goes for you too Soros!!!

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Class of Life (2007)

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I find myself to be extremely lucky to find out about BWILC.
Reading the book the stuff in it just clicked right in my mind and I knew I am about to participate in mentoring programme.
Give your self a chance to be successful and read the book.
Mentoring programme is long and hard road but the best one to learn trading FX and to be successful in trading.



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MP Class of Jul 08

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I have been lucky in several businesses, including commodity trading, stocks, real estate, Insurance, and was thinking Fx would be fairly simple to "Figure Out"... after all I survived the commodity markets (Smile).
Dito all the other posts about 100:1 leverage, pick a good entry and use stop loss. Actually several of these had worked for me in my other ventures. Tried a couple money managers with 9 months never a loosing trade and low draw downs.. Evidently I was bad luck because they finally ended their phenomonal run when they got my money. I kept an experimental account real money that I experimented with just $1,000 ,, I kept the account above $600 but never got past $1,500 for about 2 years.. Where is the 25% return each year? I was scared to death to be in a loosing position and did best if I got out at 10 pip loss and was trading $10,000 single position at a time.
Luckily someone I will have to send a thank you to had rated several FX posts and programs and BWILC was highly reccomended, I read the review and bought it....finally someone agreed with me that using close "Stop Loss" costs more than they are worth and they explained that in all probablility having a position without a stop loss would not automatically empty my account. The low leverage was a completely new concept that I need to chew on and "pencil out" a few times before my mind accepts and likes the concept.
This BWILC information is like a breath of fresh air in a stale trading pit.. It builds confidence and tells truths.
When I sent an email to DrFores (Dirk) he promptly, courteously answered with more information than I ever expected. Another breath of fresh air. The book is a must read if only to open your mind.
Then when I got access to the forums,,, Whoopee, I recognize some of these people and admired their trading before. On this forum they are sharing very personal information about how they trade and they all credit BWILC for their success.. I am glad I bought the book and found this forum. steve in Joseph Or USA

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MP Class of Jul 08

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paradigm shift is the most important
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This message is for those who are still confused whether you are going to read BWILC or not. I belief by reading BWILC you are going to change your paradigm how to approach the FX market. Your paradigm is the most important thing, because it is the foundation that you will develop your strategy, your methodology, and your edges. You will also learn how to develop those from BWILC.

PS: I have taken one step further by applying Dirks mentorship program.


Good luck,
Henry



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MP Class of Jul 08

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RE: BWILC - Readers Tell it like it is & readers poll
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Sure, a trader will have a trading system, but without the right perspective, no trading system will work. BWILC presents a successful trading system, yes, but goes to great lengths to prescribe the right perspective: learning more about the market, looking at the big picture, seeing longer time frames, using your discretion, being patient, and having a healthy respect for randomness. Each one of these gives the trader an edge.

BWILC shines a spotlight on forex market randomness. Viewed in that light, popular but apocryphal tactics, such as tight stop-loss entries, precise market timing, and short-term technical signals, are exposed for what they are: tactics to make money for forex brokers at the expense of the eager trader. Randomness surrounds price direction, duration, and events, all to a surprising degree. Maintaining low leverage to minimize the effects of randomness - is another main insight.

Thankfully, BWILC is more than a book about proper perspective. It lays out a trading system that makes sense of what otherwise appears as a random walk in a stream of multi-trillions of dollars every day. Knowing that there is a possibility of understanding an information-overloaded market gives me an inkling there is hope for me yet to become a successful trader.  Thanks, Dirk!

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BWILC 2.0

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RE: BWILC - Readers Tell it like it is & readers poll

BWILC is definitely worth reading. It is one of the more value for money books on forex. I am sure that if you are like me, you nave bought at least one book, or e-book, on forex that you felt was a total waste of time. BWILC is worth every penny. It gives, if nothing else a totally different slant on the forex market. It is thought provoking and insightful. You don't have to agree with it, but you probably will. But it gives so much more than this. You will feel a sense of clarity has been brought to this market of confusion. You will come to realise you are not the only person repeating the same mistakes time and again. Even more you will realise why you have been making those mistakes.
After all this you may or may not join the mentorship programme, (I did), but one thing is certain BWILC will become a valued and treasured part of your forex library

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Class of 2008

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By far one of the Pillars of Forex trading, if the success to forex trading was a golden gate, and I was offered many keys, one of which was BWILC, it will definetely by the one I pick to open those gates.

Takes alot of courage to shift your traditional view on the markets and understand Dirk's revolutionary take on it. But once you do, you will no longer be bird watching in lion country!


Van Eldin

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MP Class of Jul 08

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The contents described in Bird Watching in Lion Country are initially difficult to openly accept without question. After all, certain concepts that make up the proposed strategy are in direct contrast with what is recommended in the typical trading books. It is therefore of paramount importance that the reader approach this book with an open mind, and willingness to consider an alternative approach.

However, even if ones initial premise is skeptical, after carefully progressing through the pages I find it difficult to believe that someone can read this book and emerge with anything but an enlightened, and optimistic outlook as a potential trader on the Foreign Exchange.

Having been enrolled on the mentoring programme for the past 2 months i can safely say the exercises and course material take the concepts highlighted in the book to the next level.

Great book, great course!

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MP Class of Jul 08

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As a new forex  trader,  my first venture into forex education is introduced into the usual popular paradigm of the marketers.  If  Not for WBILC , my  journey forward in forex trading would be along the same path of the many traders/ the many experienced and knowlegeable traders who are not performing for whatever reasons.

From the perspectives gained from BWILC, I realized that `I dont know what I dont know as it has open my mind to the new paradigm. Technical analysis plays a role, but there are many larger significant factors/market forces to consider, such as relational analysis; and fundamentals; and the many important concepts covered in the mentorship programme.

Accepting that to have success in the forex business, it must start with myself  to build up my competence and foundation. More importantly BWILC makes me realised that I need to pursue forex trading in the new paradigm and to travel in the new path, the BWILC way.  Hence I made the decision to take up DrForex mentorship scheme which I have benefited a lot from this focussed/directed learning in the last few weeks.



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MP Class of Jul 08

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After reading Bird watching in Lion country I really came to the thought about how little I have know about so much detail that there are to be taken.


I must say that after reading this book my whole approach had been change and a bigger view about currency markets became clearer. One of the biggest mistakes Dirk showed out to me in this book is the fact that I was always geared to high thus the reason of my multiple losses.

The median grid trading also gave me a better perspective on how to look at not trends but at price flactuations.


Thanks Dirk I will deffenitly mentioned your book to other traders and hope they will take this great advantages and read on how to make a paradigm shift.

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MP Class of Jul 08

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BWILC lays bare the truth of why the randomness of the forex market dooms the standard trading approach (indicators/tight stops/high leverage) to failure. More than that it offers a practical alternative - the accumulation of edges characterised as the 4x1 median trading strategy.  At first glance this seems a contrarian philosophy: "Cut your profits but let the losses run"??.  But Dirk has the track record to prove his method really works. Once I began to understand the reasoning behind it, it changed the way I looked at the forex market.

 

BWILC is not a book that can be read cover-to-cover in one sitting and then set aside. It takes time and multiple readings to absorb its many insights and then put them into practice. I recommend it to anyone who is serious about the business of forex trading.  

 



-- Edited by rosco at 14:24, 2008-09-19

-- Edited by rosco at 14:24, 2008-09-19

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MP Class of Jul 08

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BWILC and Mentor Program Is a Gift From the Master to the Student
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I too feel very lucky to have found Dirk du Toit and BWILC and have been around long enough to know how special this opportunity is to go through his mentor program. But first, how did I get here?

Several years ago, a friend suggested that I look into trading the Forex market and I had never heard of it. Something about the way he talked about it stayed with me. I had done a small amount of trading at the end of the tech boom (stocks and options) and overall lost money. Many years went by and I met a couple of people who said they were trading the Forex market successfully. I was inspired, so I bought some software, dove in head first and bought a ton of books (35-40 of them, and read them all).

I wasted money on software, wasted money on their monthly data feed (Metatrader software is free and so is its data feed... I had no idea!), and except for a few of the books, most were merely interesting or entertaining. I learned a lot about trading culture and lore, but not how to trade. None of them came anywhere close to showing you actually how to trade in the Forex market. Then I bought some trader training material on the internet and went through all that. One system looked very promising until I realized that I might only be able to place half a dozen trades a month following his rules. <Sigh...> So much risk for so little gain. You'd have to bet the house to pay the mortgage. I continued my search.

I demo traded for several months and fooled myself into believing I now had a trading system that was profitable. I traded live full time for a month and traded my balance down past the "point of ruin" (50% down). I could no longer convince myself that I knew how to trade. But I didn't give up. I found a new exciting indicator that I could install, and I tried that and brought my balance down even further. I stopped trading. Still, I didn't give up. I continued to scour the internet for clues in the dark.

Then I spotted something completely new and different. I heard a lone voice of reason on a Forex trading forum describing broker/trader relationships and what that all means for a trader. It was Dirk du Toit answering some questions, and it was abundantly clear this person not only knew what he was talking about, but he wasn't making any grandiose claims about what can be done. His comments and explanations were common sense, understandable, reasonable and his depth of understanding exceeded anyone else's I had seen. But above all, I sensed that he was an honest person. What? A successful trader who is honest, an excellent writer, communicator, and also a patient teacher and a mentor? It sounded too good to be true. There was only one way to find out.

I found his website, DayForex.com, bought his book, Bird Watching in Lion Country (BWILC), and read it straight through. What he had to say in BWILC was completely contrary to what I was learning elsewhere, but it all resonated with me. I loved it. Then I subscribed to his newsletters and saw how essential the ideas were that he was discussing. Yet I had never heard these ideas before (remember I had already read 35-40 books on trading, and about 10 of those were on Forex trading!). But still, I didn't understand BWILC enough just from the book to apply it to my trading. So I applied to Dirk to join his trading mentor program at the next opportunity and am now more than 2 months into the training.

What I've learned so far has been mind blowing and I feel sorry for all the other Forex traders out there who are undoubtedly losing as I was, and who don't know what Dirk is teaching us.

Mr. du Toit says in his book, BWILC, that knowing his formula for how he makes money won't be enough, you'll need a mentor, a teacher, but even that won't be enough, you'll need to do your own homework and learn to "own your own brain." By that I think he means, take full responsibility for what you believe, develop the necessary confidence that what you believe actually works, then take responsibility for your subsequent actions. As a current student in Dirk du Toit's BWILC trading mentor program, I heartily agree with all of the above.

BWILC consists of a set of powerful edges that will enable traders to create their own profitable trading system. Unlike other trading systems that will only generate profits for you when you take excessive risk, the BWILC strategy emphasizes both minimizing risk and yet remains profitable. This is quite an accomplishment of BWILC to successfully balance these two opposing goals.

Some of the powerful edges within BWILC are price frames, median grid trading, using low leverage, low gearing, trade one currency, trade in one direction, trade one lot, take one percent profit within the grid, use relational analysis: price-event-time, use multiple entries to cost average, scale out incrementally to manage risk within the grid, and finally, move your stop-losses out of the way then cut your profits and let your losses run so they can become profits.

Several of these edges are contrary to "conventional wisdom", which is what attracted me to BWILC in first place. I already know that "conventional wisdom" isn't. Due to the contrary nature of some core concepts of BWILC, a trader must thoroughly convince themselves of the validity of and the effectiveness of several BWILC core concepts. To accomplish this and to correctly incorporate all these powerful edges into their own trading system, the trader must successfully go through several paradigm shifts. Dirk du Toit has carefully designed many exercises and supplementary reading that when completed, will guide a student through the paradigm shifts, not as indoctrination or memorization, but through exploration, through contrast with other systems that don't work, and by asking the right questions.

The importance of the paradigm shifts is clear, for without them, you may doubt some of the concepts, second guess your commitment to them and end up losing money. But through the exercises, the student will convince themselves of the necessity of the paradigm shifts on their own, but not only that, the shifts will cause you to leave the "all-in-one" paradigm behind. This is another major BWILC accomplishment.

To pick one example, my results to the randomness exercises were just mind-blowing. I knew the importance of the results. I knew I would have to draw important conclusions from them, so when doing the randomness exercises, I wanted to leave nothing to chance.   smile.gif   That is, I wanted there to be no doubt about my results.  I'm a software engineer and didn't want to manually examine a subset of the historical price data. So I wrote my own software to examine ALL the price data for the time periods involved. (This was not needed for the exercises, I just wanted to be really thorough... that's my way).

Not only did my results show how much real risk you needlessly impose on yourself when using "traditional trading techniques" in the Forex market, the results also completely validated several of BWILC's most powerful core concepts and edges. The results also clearly showed to me why I lost so much of my account earlier this year (before BWILC). This is really astonishing and a powerful edge.

The accumulation of all these edges and their proper application within a trader's system within the context of a trader's personality, along with the essential paradigm shifts required to apply the edges properly and with confidence, are a stunning set of advantages that should move any trader from the loser's paradigm into the winner's paradigm, and best of all, to trade profitably for the long run.

I would like to end with an important quote from BWILC (page 108), which states, "Learn to trade profitably without leverage and then use leverage to enhance your profits." This is yet another powerful edge especially helpful for someone learning to trade.

You know the feeling.... If only I knew 6 months ago what I know now...
If you are intrigued by BWILC, join his mentor program. You won't regret it.
What Dirk has created with BWILC and his mentor program is brilliant.
I'm a little over 2 months into it, and I've already got more than I could have hoped for.

Thank you Dirk for sharing with us, not only the profitable path you've hacked through the Forex jungle, bypassing the broker's expensive toll roads, but the reasoning behind your expert navigation, so we can learn to navigate as well. One can't really put a price on this level of sophisticated training and mentoring. But as if all that wasn't enough, Dirk also shows that he cares. Our success matters to him. This isn't something you can sign up for and expect or ever repay. This is a gift from the master to the student.

Sincerely,
Brian (Btrade), USA
MP Class of July, 2008 BWILC Mentor Program


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The boundaries of your paradigm are defined by the questions you are willing to ask.
Owning your paradigm then requires that you question the background assumptions you made that define those boundaries.


MP Class of Jul 08

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Ever since reading Bird Watching In Lion Country, my views of forex trading have changed considerably.  The author, Dirk Du Toit, was able to provide answers to two of the most pressing problems I had trading forex.

The first problem I had was how uncomfortable I was with using stop-losses in my trades.  To me, a stop loss was a big bull's-eye on my trading forehead, that told my broker "Here's the price at which I'm willing to part with my money--just try and hit it!"  The stop loss just seemed like an automatic way to give away your strategic position to the market.  Not a smart move, in my opinion.  After all, how many times have we entered a trade, to have it go against us and just graze our stop-loss, before turning around and becoming profitable?  I think everyone's experienced this one time or another.

The second thing Dirk's book helped me with was to show me how to use leverage safely and effectively.  Because of my background in Real Estate, when I discovered forex, I immediately saw how it could be a powerful tool for making money, but only if I could learn to safely use the leverage offered by brokers.  The leverage available could give me remarkable returns, but could just as easily wipe out my account, if improperly used.

Using his 4x1 trading system, Dirk shows us how to avoid using stop-losses and the safe application of leverage.  Without giving too much of a spoiler for the book, I'll explain briefly:

Every traditional value investing guide, and experienced investor, will tell you that it's next to impossible to try and pick the bottom or top of a market, but this is precisely what technical analysists try and do every day, with varing success.  What if we could develop a trading system that eliminated the necessity of guessing where the bottom was?  This is precisely what Dirk achieves.  Through proper money management and an understanding of the noise and randomness in market prices, Dirk demonstrates how to use multiple entries to safely trade in almost any market condition. 

Using multiple entries (a key element of his 4x1 system) allows the astute trader to enter and exit the trade in steps, rather than all at once, thus eliminating the need for a stop-loss.  Think of it as testing the waters, instead of jumping in head first, and hoping for the best. 

Since applying the 4x1 strategy in my own trading, I've been able to eliminate a lot of the guesswork concerning the perfect timing of entries, the volitality danger associated with news announcements, and missing market events, since more often than not, you'll be in the market, rather than out.  Additionally, the 4x1 strategy is particulary effective in ranging markets that can infuriate most technical traders.

So, if you'd like to be able to trade the market effectively, often with only an hour or two per day of analysis, then you owe it to yourself to pick up a copy of BWILC, and get a fresh approach on how to handle the markets.

~James Laframboise~

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MP Class of Jul 08

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I started trading around 2000 with stocks and came to the forex market about 2005. Soon I realized that the forex market is somewhat different to anything I've traded before.

I tried to apply technical analysis, have used most of the common indicators (including moving averages, MACD, RSI, SSTOC, PSAR, ...) but never got it to work for me in any timeframe.

Then a friend of mine showed some of his trading results using a completely different approach. No stops (well, no hard stops, just mental ones), low leverage, multiple entries and take your profits from the table. I've bought the eBook BWILC and was amazed about it. It was completely different to any other book I've read before. Other books often just cover any fancy entry based rules, using small stops and bigger take profits to have a good risk/reward ratio. But what I've learned reading this BWILC book, is that the entry is one of the less important things. Why just use only one entry with high leverage if you can use multiple entries with low leverage to do some cost averaging? This alone will improve your success ratio!

But of course that's not all. The book covers the basics, the very important ones. Soon I realized that this will be my way of trading and I entered the mentorship which I can highly recommend by the way. But for the first step every trader should read this eBook, it's a real eye-opener and very cheap - cheaper than one high leveraged mistrade with a tight stop loss... ;) Regarding all the other stuff out there (systems and books) I don't wonder anymore why 95% still have to lose... It's not their fault (in the most cases) they just haven't found this treasure. :)

Regards - Xaron

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MP Class of Jul 08

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At first year of my trading career I read and learn lots lots of technical analysis stuff, which build my paradigm about how I can makes money in the market by using pattern and time chope (very very depending on direction from single time frame), and aah also the concept of run your profit and take your loss quick which is the opposite from what BWILC explained.

Its been about 1 year since I read the BWILC books, at the beginning I was rather skeptical (really it just doesnt make sense to me why the concept run your loss but take your profit quick thats just insane) but when I finish the book and try to understand it as a whole approach and then I finally understand what it means :

BWILC its basicly explaining the underlying fundamentals of the market that is driving the primary trend using relational analysis, and try to construct a view about a range of prices where the market is likely to move next using median grids.

relational analysis is skill of listening to what the markets are telling us and making money from what we hear, by using The 4×1 Trading Strategy.


so basicly BWILC its a book with a different view so for all of you guys out there who like to open mind for a different view, perhaps this is BWILC is one of the book that  U MUST READ IT BEFORE YOU GIVE UP TRADING biggrin



regards

Juan

"There is a way when there is money"

 

 



-- Edited by cozthepricesaidso at 18:22, 2008-09-24

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MP Class of Jul 08

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Without Bwilc I would still deposited a couple of dollars in a account every month just to go home at the end of the month with nothing. It definitely changes my mind in the way of experienced forex before I started with the course. On the moment I am not doing any trading but just after I read the book I have tried it once or twice and there was a total difference

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MP Class of Jul 08

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I came to the forex market from demo trading index futures. I tried a number of various techniques and newsletters and even a $4,000 futures trading course... all of which were based on one form of technical analysis or another. But regardless of how hard I tried I just couldn't see the consistency in results I knew would be necessary to achieve my goals. They just wouldn't pass my 'smell test' for betting real money.

Then I happened on Torsten's video of his experiences and success using BWILC. It sounded so different and he was such an avid, enthusiastic and committed practitioner of it that I just had to check it out.

It was exactly what I was looking for... a completely different paradigm in forex trading. Based on fundamental principles Dirk's approach (Relational Analysis) teaches you to understand fundamental factors - economic factors which drive substantive forex price movement, and then how to determine which of those factors the market considers meaningful and which ones it doesn't.

If you're tired of fighting randomness (because all short-term forex pricing is random), and trying to divine geometric formations that don't exist until they're meaningless, put on your mental seatbelt and take BWILC for a spin.

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Class of Jul 08 / Live trader

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The first thoughts of the title could be confusing; "Birdwatching in Lion Country" is a very appropriate title for a book dealing with FOREX TRADING. Most DIY (do-it-yourself) programs and mentoring programs out there is not closely dealing with the appropriate aspects of FOREX trading, which has very little in common with trading stocks, futures etc, yet most of them still offer 'technical analysis' or ' fundamental analysis' individually as a methods to analyze and trade the Forex markets.
BWILC is bringing about a total shift of mind to the student, and new concepts such as the 'relational analysis of the Forex markets.
More specific aspects such as the 'trading edges', '4x1 Trading Strategy', 'Median Grid' & 'Risk Management' outlines a trading methodology that helps the trader to see the bigger picture in his trading position.
BWILC stand above all teaching 'tools' that I came across in my quest for finding and building a trading methodology that can work.
Forex Trading is not an instant mix - get rich quick scheme to enter into - it requires proper tuition and the mentoring program achieves exactly that.
The bottom lines to me was to enter into a program with a mentor who is a successful trader himself. There are 100'S of so-called mentors out there but very few that actually make their money from trading - most of them do it from "teaching" how to trade - not that their teaching will help you very much in the long term.

Since I entered into the program I am more disciplined in my trading and most of my previous risks are addressed in a methodology that works in turning trading into a business, without risking the house.

Wilhelm Wolfaardt

-- Edited by WOLF at 00:34, 2008-10-14

-- Edited by WOLF at 00:55, 2008-10-14

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Newbie

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I started trading Forex in May, 2007 with an intention to make money for my living expenses. My initial account was USD 20,000. I lost USD 10,000 within week by using 1:100 gearing.
I initially traded GBP-JPY because I read somewhere that crosses particularly GBP-JPY is good for making money and one should avoid major like USD. I added another 10,000 to my account and, by sheer luck ,within month I recoverd USD 8,000. However emotional stress of loosing such a large chunk of money was too hard for me. I stopped trading any further. I started trading again in June, 2008 and lost again.
I franatically searched for all trading programs who can help me to make money in FX Market, however, none of them can convince me that I can make money by using them.
I came across BWILC book on internet and reluctantly decided to give it a try. I read the book in one sitting. It was the most wonderful book I have ever read. I realized my mistake in the past of my trading career. I read several times again in an order to fully grasp the concepts explained in the book. However, I realized that it is important to join mentor program.
I believe that one must read this book before trying to trade FOREX on margin in FX market.

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Ant


MP Class of July 08

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BWILC tells you how you should trade forex.If you don't apply its principles to your trading you will fail.Maybe not today,maybe not tomorrow,but in the end you will become one of the 90+% failed forex traders.Understanding leverage is very helpful,especially when it comes to capital preservation.You will not make thousands of dollars from forex if you are not willing to put in more than a couple of hundred dollars.NO FREE LUNCHES!You will reap what you sow,and still only then if you are applying the principles in BWILC.
(And spending 10-20 hours a day infront of your trading platform watching the ticks go by will not pass for sowing generously)
The others have summed up the gems of Bwilc already,so all I can say is read it and do what it says!idea 



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MP Class of Jul 08

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I started looking into Forex in June 2005. I did a lot of research, I have many a pdf on anything and everything Forex. After a while I knew I needed something else. I did a few forex "courses" but they weren't much help. The people instructing on the course never answered any questions with the information you needed; they reminded me of politicians who answer the question without actually answering the question. So the research went on.

I came across BWILC and liked what I saw. I was cautious of buying "another e-book" but one thing Dirk said that stood out to me was that 'you have to think for yourself'. I had always believed this and Dirk was the first person I had come across who said as much. It went totally against the other trading "systems" out there where the main emphasis is to not think for yourself - follow the signals and let the money roll in - no brain power required!biggrin

I believe that the principles set out in BWILC are key to trading the Forex market successfully. I would not hesitate to recommend BWILC to anyone who is serious about trading Forex. If you want to think for yourself then BWILC is the first vital step.

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Newbie

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A year ago, one friend of mine send me a web link to one FOREX broker, name X Trade Brokers, SA. At that time, October 2007, they provided an event where you can win a Porsche Cayman and a start capital in value of 20.000 USD. I sing up and started to enjoy the FOREX market without knowing what it is and how it works. I opened a DEMO account and I loss all demo many in one week. This was my first contact with the real world of FOREX market.

After that I started to find all necessary information about this business. I have visited some one day and you are a millionaire courses. It was only about only what you need to do is to catch the trend, it doesnt matter if up or down, technical analysis in combination with Stop Losses, will make you money, mini accounts with the possibility of high gearing are the best way to learn how to be successful in this jungle of information, charts, orders etc.

One day by browsing over the internet I found a series of E-books about FOREX. I download them and started to read. There was one name mentioned in couple of that books - Dr. FOREX aka Mr. Dirk du Toit. So I found his web page and the BWILC.

Due to my English knowledge I read the book one week.cry Now I can say this is the best book about FOREX business. Mr. Toit explains very shortly and simply the background of FOREX market and what about the FOREX business is. I recommended this book to all, old, young, professionals, amateurs, man, woman, who are seriously interested in FOREX making money.

Thank you Mr. Toit for the BWILC the Bible of FOREX marketwink

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Class of 2009

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I started learning about trading in January 2008. I found Forex an interrest thing by April 2008 and in August 2008 I had the luck to read BWILC.

BWILC introduced me to Low Leverage and Randomness. Concepts that really changed me!

I also love the paradigm shift(er) "run your losses and cut your profits"

And finally the book told me what were my blocks. Almost like if it'd been personally written for me


Thank you for your thoughts Dr. Forex. I beacame a different trader after reading your book.

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igorlindbergh


Class of Jul 08 (Hybrid)

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I think the title is what grabbed my attention first. It is just so appropriate. I really felt like an innocent walking into the lions territory and not even knowing what a lion was never mind supposing that it might want to eat me.

I read BWILC in 3 sittings. It just seemed to gel with where my realisations were heading, and so I knew I'd found my mentor. I mention heading, I know it would have taken me years and cost me far more in hard lessons and losses than the cost of the mentorship programme to get nowhere near the clarity of BWILC.

I knew that Dirks approach was going to be suited to me because he was explaining why and providing an approach to tackling the problems I was observing, as well as tackling leverage. Without BWILC I would still be of the opinion that brokers set the leverage and that I am a victim rather than the master of my use of it.

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I'd rather be fishing!


Class of Jul 08 (Hybrid)

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For me, it was like removing a veil. When I was reading the book, I was realizing how stupid I was, it was like kicking in my ass and sending me from close to the road to the up of the hill five miles ahead, it was like a map in a labyrinth. I understood all I was doing was bad (except for the stop losses, I didnt use them).

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Class of Life (2009)

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Give a man fish and you feed him for a day.
Teach him to fish and you feed him for a life time.
Thank you Dr Forex for teaching me how to fish effectively with BWILC in the currency trading waters


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wali


MP2009 LIFE MEMBER

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When I first started trading forex, I did so without using stops. From previous experience when I was trading commodities I saw stops as a source of brokers income. The broker would often run my stops just prior to the directional move. As a counter move, I would average my position by adding contracts, rather than setting stops. This worked in the forex market too. I was profitable for a time. Then I became sophisticated. I sought additional training, paid for signal services, was taught money management, risk to reward, Elliot wave and stop losses. And I stopped making money in forex. How frustrating is that? Then I found BWILC and realized that I had strayed away from my beginnings. I had been caught up into the losers paradigm, which is embraced by 90% of the forex traders. Upon reading BWILC, I discarded the signal services and other advice and enrolled in the mentoring program. I feel that I am back to my roots.

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Jay B Crowther


MP CLass of Jan 09

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Reading BWILC was for me rather like opening a door into a new perspective on my attempts to understand Forex. My previous experience was to study and read as much as I could about Forex and try to put this into practice in a demo account. The results were lots of small losses or break-even trades and regular profitable trades but these balanced each other out and my account gradually diminished. My response was to try harder and be more focussed on getting timing and entry points right but the results were no better. I kept on searching for the tactics which would move things in my favour but ultimately everything I tried seemed to distil down to the losses outweighing the profits. 

My conclusion was that I need specific one-to-one help to enable me to understand where I was going wrong and the search for a coach and mentor took me to a link to BWILC. Reading the book explained in a down-to-earth way that my basic approach was flawed and trying to apply it with ever more accuracy and precision was actually making it worse. I set up another demo account and traded both my old strategy and the new one as I understood from BWILC. The results with my old strategy were the same whereas the result from the BWILC strategy was consistent, regular and sustained profits, all small but they added up very quickly. 

My decision to join the mentor program was based on two factors, one was the results of my application of the strategy with little real knowledge and the second was that when I looked at the forum, I found a lot of members who had joined a long time ago who were still regularly posting and using the site. Clearly it was of value to them and what they were doing was working. 




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MP Class of Jan 09

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This book presents forex trading in the correct way. Currencies continuously move against each other. Especially if you trade the majors of the majors. Don't Panic. You hold one currency or the other. The value of your trade will not reach zero if you are not overleveraged. Give your trade the time to go positive. Fundamental basis for direction.
Twet

-- Edited by Twet on Monday 25th of May 2009 02:39:18 AM

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MP Class of Jan 09

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The book gives a new insight. And it is different from what I read before. But that's not only value that it can bring to your trading experience. You may be thinking about a trading system and its place and your place in the world of trading currencies. So this is all it is about. This is all about reality and trading success. History about trading career and the way one can build own career, own system, own experience and using own brain. Here is value. One cannot be successful in growing tomatoes or potatoes without knowing rules and constitution of growing vegetables. The same is applicable for currency markets. Who is who on the market, what are their roles, what expectations they have and what should trader expect from them, what forces are behind the scene. These questions are answered. I get to know who are losers and winner and what makes them different from the day one. Paradigm, perspective, view on the market. I got to know this market from the person who is successful on it for many years. Mistakes that I made and I think many others did, are shown from the very beginning. This makes the way to the trading system, discretionary approach and real-time analysis. Do you listen to a symphony orchestra? That's the same as listening to the story that markets tell you.
The book deeply covers every practical aspect of the trading system starting from business plan, goals, trading 4x1 strategy (one currency, one lot, one direction, one percent), methodology (median trading) and relational analysis (PriceEventTime). This is very interesting to build up these blocks into a new structure that should be and can be used to make money and bring success to anybody who is willing to work.
Firstly I was amazed by a new risk management strategy as opposite to what I knew before. "Cut your losses and run your profits" - that sounded like a mantra and looked very reasonable. But "let your losses run and cut your profits" at first glance is obscure and irrational, now becomes clear and meaningful. Non omne, quod nitet, aurum est.  
I can tell you what you really cannot find in this book. You cannot find in this book a surefire secret how to make you a millionaire if you have $500. You cannot find a surefire system here because it doesn't exist. How is it possible to pay, say $100, for a book and expect to become a millionaire? So here is the way, this is a beginning of the journey in Lion Country and this is your journey, way to come.
This book clearly teaches to expand your knowledge and meaningful of the world. This is also a quest, brainteaser. Starting from the first chapter and later. Frankly I yet didn't solve the first one with 9 dots. I can do this with 4 lines but with 3 - is quite difficult. "Chance favours the prepared mind"... smile

Cheers,
AK


-- Edited by gekko on Thursday 18th of June 2009 02:07:03 AM

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Class of Life (2009)

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A call for a paradigm shift
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I read BWILC after reading a lot of other trading books. Even if I already heard about the topics in the book, they were buzzing in my head without much order. A problem I feel with trading is that you are overwhelmed by too many choices: lot of instruments, directions, time frames, brokers, trading techniques. This book helped me to cool down all these noise and start fresh with just one thing (one currency), with the right prospective and a simple trading strategy. Even if I knew it was not correct, I was using in what I discovered is called Easter egg paradigm.  I think this is a common approach in most of the things of life: search for a hidden treasure. And when we are searching for it we want to find it easily and quickly; when we see successful people we think that they were lucky to and they have found a hidden treasure, not that they failed, did it again and hard worked to get their success. This book is a call for a paradigm shift to this approach. You must use you own brain, not get caught in the randomness of the market and maximize the edge that you will learn from here.

Ciao,

Stefano



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