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;
Stefano, I reckon this is just a remarkable thought! I've just realized how often, if not always, I'm trying to hit the bull-eye or not to take any action at all. Not only in trading. And how little this approach brings in return, at least in my experience.
Here comes paradigm shift! I guess, BWILC needs re-reading sooner.
IF you ever want to be successful in trading BWILC is the way to go. No scams, no secrets, no crap just plain facts and truth that was always staring in your face all along. The day I started reading BWILC that was the day I started making money in trading with EASE.
There is only one major problem I have found, is that why did I not read the book when I started trading forex about 10 months ago.
Hi, I have been just granted access to this site.BLIC is a truthful book. Nine years ot trading with no mentor(never trusted any of them) and I have lost cash but it was replaced with expensive experience. BLIC has its' rewards. I do feel success has already began to come this way already. Successful trading everyone.
What makes BWILC truly outstanding for me is the real-life approach to the subject. It is never about what your indicators or other theoretical toys can do for you (ah, yes, they can deceive you), it is about who and what you are to face in forex trading, including big guys, marketing wizardry in FX trading arena, randomness and your own greed and unrealistic expectations. The book forces you to revisit everything youve been taught by forex brokers (who we trade against, by the way), like leverage, stop-losses, technical analysis, etc. Some of the concepts in the book may take time to sink in and to be fully appreciated. But it still gave me the right thinking and educational vector. I am quite lucky to read it before I started trading with real money. Speaking of books on retail forex anyway, I don't think anything even come close to BWILC.
Personally, I found reading the ebook by Dirk du Toit, Bird Watching in Lion Country, very helpful in my overall understanding of the Forex market. I have read dozens of books and ebooks and articles about trading through the years. I have watched a large number of DVD courses and participated in several forums on investing. Dirks ebook, BWILC, helped me see some things the other courses either didnt see or didnt teach. Here are four insights I have received: (1) The randomness of the Forex market in the short term (15, 30, 60 minute intervals for example). This means to me that most traditional technical indicators are not much better than a coin flip in the short term and that tight stops are not the best money management tool available to us. (2) The power of leverage in the Forex market, particularly the destructive power of high leverage offered by many brokers. Do the math. BWILC recommends very low levels of using borrowed money with which to trade. (3) The opportunity to focus on one currency and still make money in the Forex market. With the BWILC approach, I can have greater confidence in the medium- or long-term trend of the currency pair in which I trade and trade in a more relaxed manner, better able to endure some of the short-term volatility in the market.
Some of these insights are radical changes in the way I now think about the Forex market. I think they will prove helpful in my trading in the years ahead.
I've read BWILC several times. I didn't warm up to the entire concept right away, even though the book is well-written and enjoyable to read. And everything the author wrote made sense. But, it's hard to break an addiction to high leverage. Every method I ever learned was based on "low risk entries" using fairly tight stops. "Hi, my name is Bill and I'm a stopoholic".
The problem I had was watching price move back and forth, like a honeybee, stopping me out in both directions. Sometimes several times on the same pair. And at the end of the day, even if my bias had been correct, I still lost money. Or at the end of the day, price was right where it had started and I had still managed to lose money. Or my bias was wrong and I lost money. And I'm not exactly new to trading. I have market-timed mutual funds for several years and traded individual stocks with decent results, but forex, to me, is the meanest horse to ride.
The idea of low-leverage and tiny positions simply didn't seem like a way to build an account. That is until I started following a BWILC trader's journal that was showing remarkable results. I picked the book up again and opened my mind a little. Then I actually constructed a few grids and watched how price rarely left the grid, and the tendency of price to return to the median line. I started placing tiny entries and quickly saw that small wins can build an account nicely when you aren't continually stopped out whenever price hiccups a bit. And I saw that multiple entries over a broad well defined range provides ample opportunities to take profit and, with sensible leverage, it's alright if price meanders a bit. It's going to anyway, so we might as well use a concept that allows it.
Trading with this new mindset is much less stressful. My view of Forex has changed entirely.
I am new to currency trading and this is the only how-to book I have read on the subject. I had to read it 3 or 4 times to really understand it because everything was new to me but it made so much sense that I decided to join the mentoring program.
I recommend this book to all who are considering forex trading.
I have been reading a huge amount of books and websites for more than a year without any noticeable progress in my trading. In my endless Google searches I then came across BWILC and by reading the introduction something clicked and I got this gut-feeling that this ebook had substance. Now with the BWILC ebook behind I can say that not only did the quality and amount of content impress me but it gave me a much needed clear picture of the forex market and my own interaction with this beast. Finally it's all coming together.
-- Edited by anpip on Sunday 14th of February 2010 03:12:08 PM
BWILC will change your entire thought process, it is after all about not doing what the other 90% do which is lose money. With BWILC you have the chance to build your own trading business using your own brain.
I have done a complete 180 after 3 months in the mentor program. The past 3 years my trading revolved around 5 minute charts, news trading and trying to pinpoint entries, all to no avail. BWILC began to change my thought and opinion on Forex trading. Stop using high leverage as brokers want you to. Eliminate stop/losses. Use more fundamental information and significantly reduce TA. The book does an excellent job of explaining the dark side of the forex trade and what we as traders should focus on, probabilities randomness, and building a trading edge. It wasn't the book that sold me on Dirk though, it is the combination of the book and his excellent and thorough mentorship program. The two combined have exceeded my expectations. If you want to succeed in forex trading, I highly recommend his program.
The most important thing that I learned from BWILC was the randomness of the market. Before I didnt even stop to think about it, the only thing that made me kind of aware of it was the great stress I had every time I place a trade and in my gut I knew I didnt know what was going to happened but rationally I wanted to believe that the system that I was using could manage this randomness. After reading BWILC and because of it I read Fool by Randomness and The Black Swan by Nassim and the three books gave me a whole different perspective of the Forex market and how unpredictable it is in the short term. I could not go back to trading the same way anymore. I enroll in the mentoring program, and its been a great learning experience so far.
I am new in this business. Like most of you, I have spent countless hours searching in the internet about how to learn the ins and outs of trading FX. All I found was the same rubbish from dozens of tech analysis internet companies. The following terms might sound very familiar to all of us: learn to trade forex fast, No commissions or hidden fees, free 100,000 training account, Forex, the most lucrative way to make money at home, and so on. It gets to the point when you realize they are all the same. It all changed when I found by accident Dirk du Toit and his book BWILC. The first thing that attracted me the most was his straight forward approach about the TRUTH about the FX business. I purchased the ebook. However, I have to admit even before I read the book. I knew from the heart, I did not needed to look any further. I purchased the book and signed up in his mentorship program. I am glad I did. I learn everyday something new about this business and I know I will be successful by applying all the principles from BWILC. If you want to learn to trade FX, the right way, look no further, BWILC and Dirks mentorship program is the best decision you will ever make. These are the words from a person that is already in the program.