It was one day in July in 2006 when I discovered this thread about Dirk Du Toit and his ebook BWILC in one of the forums in the internet. If you are interested to read it this is the link: http://www.moneytec.com/forums/f33/dirk-du-toit-12796/
Anyway, I became very curious by the pros and cons in the thread and decided to invest the 70 bucks, because the pros outweighed. After reading the book, I was more and more aware that this way of trading has kind of guarantee in it to be successful. I said to myself, just follow the important tools strictly without any excuses. All my life I have been headstrong and preferred ease. Now just find your own style without any greed at any time, even if the set up seems to beat the odds. I knew this was my last chance to be severely disciplined like never before.
It took some more months to get into it for gaining some more experience. Months before I opened a live account with Oanda. For my understanding Oanda fits best to BWILC because I am able to fine tune the units to my exposure instead being dependend on lots or minilots.
After the completion of a business plan and - very important! - a daily journal as an Excel sheet I started trading and recorded every single trade from December 8, 2006. Equity and balance was at 1.860 US$.
For my own trading way starting the median trading after BWILC I realised the necessity to use some technical tools. Fibonacci retracements and Andrews pitchforks are two more very useful points of reverence for my trades' exits and entrances as shown on actual charts I have attached.
By the end of Jan 31, 2007 I added up my Excel sheet and this was my first result: - I had 37 trades running since Dec. 08 - 25 trades closed (including 6 out of 9 from Dec. 06) out of total 37 - I used 5 different pairs i.e. AUD/USD, EUR/USD, GBP/USD, USD/JPY, NZD/USD - earned pips >878 pips per trade 35,14 - winners > 25 losers 0 - return > 15,05%
During the time of my experiences with BWILC I figured out that lagging price dynamic and momentum can be very destructiv on a trader's patience. If you just realise how many days can pass until momentum establishes and EUR/USD moves strongly again, whereas some other pairs do have strong momentum. Just look at the present charts like USD/JPY. It came up into my mind of not taking multiple entries in one currency pair so much than better distribute my trades in some different pairs. This, in the premis to have done his fundamental homework.
Feb 28, 2007: - 41 trades closed - 5 different pairs traded (same as above) - earned pips >1.163 pips per trade 28,36 - winners > 41 losers 0 - return > 15,6%
March 31, 2007 - 48 trades closed - 6 different pairs traded (same as above + AUD/JPY) - earned pips > 1.328 pips per trade 27,66 - winners > 48 losers 0 - return > 20,21%
April 30, 2007 - 51 trades closed - 8 different pairs traded (same as above + USD/CAD, USD/CHF) - earned pips > 1.623 pips per trade 31,83 - winners > 51 losers 0 - return > 28.68%
I must mention here that my trading situation wasn't working too good for me during this month. There were various open trades (too many) I didn't want to close, because I was pretty sure that these precarious trades would be closed in my favour.
The Fxstreet contest began for me on June 1 At the end I decided to close the two trades (USD/CHF). But after having stopped out my trades the price moved into my direction. That's live and belongs to trading.
July 31, 2007 - 57 trades closed - 6 different pairs traded (new was EUR/JPY) - earned pips > 1.562 pips per trade 27,4 - winners > 55 losers 2 - return > 31%
August was for sure the best month for me. But stupid mistakes during the unwind of the carry trades could have been avoided at least 2 of the lost trades. The price dynamic was very quick and the quantity of my trades much too high. I lost more than 2.000 Dollars. The low average of pips per trade was meaningful. I was very nervous
An unforced error + my mood after I have recognized the mistakenly enter long in USD/JPY though I had 2 old open trades short in this pair. In Oanda it is not possible to hedge a pair within the same account. And this psychological situation did cost me another stupid mistake. Altogether almost 1.000 Dollar have blown away.
Nevertheless I succeeded the 4 months lasting contest in Fxstreet what initiated pressure in my behaviour even if I didn't take much notice about it.
Now you have kind of a clou what's possible in trading the methodology of BWILC. I started with 1.860,- $, deposited additionally 2.200,- $. Now my balance has blown up to almost 20.000,- by Sep 30.2007. The leverage of my trades are between 1,8 and 2,3 as a rule of my business plan. The total trade exposure to my capital varys. I figured best at 15:1, but there are times with extensions up to 20:1 when 1 or more open trades are in profiting levels and at the same time I can be sure that my newly entered trade(s) can be closed easily shortly. I have executed more than 400 trades during the last 10 months and total winning rate is at 95%.
I have my mistakes though. I haven't learnt my lesons yet. For this I am going to attend the mentorship within the next weeks.
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The free market rarely takes you where you wanted to go...but it always takes you where you ought to be.
I have to say that ........ my experiences upon first picking up the book have not been the same as Zunismyst.
Needless to say there is no way i am posting my trading log here..... you would all burst out laughing.
That said......... this book has changed my life!!!!! , (i never did a degree in economics and the forex adveristing had me in the grip of technical analysis and short time frames). I was a baby when i read this book.
I am moving up towards Zunismyst level.
I think a lot depends on how much background you have before you read the book...... I have given this book to several of my firends, (for free, please excuse me dirk), just to see if it would get them interested in forex....... They did not understand it!
Well really a lot depends on you as a person.......
But it is fair to say, no matter who you are..... it is very very difficult to go wrong here
-- Edited by blindfold at 14:25, 2007-10-27
-- Edited by blindfold at 09:20, 2007-10-28
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Life's a lottery, be lucky ! / "Nuke the site from orbit, its the only way to be sure" Ripley .......... and, shoot from the hip
1) My total drawdown (unrealized profit&loss) shoudn't extend 48%
2) The monthly total return in my published diary is equal to my balance, not my equity
Latter hasn't been considered in my journals because I wasn't sure which method to take to include my daily equity (Net Asset Value) and then to take the average to get a monthly result.
As of Nov. 1, 2007 I started with this in taking the daily equity at 4.00 p.m. EST.
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The free market rarely takes you where you wanted to go...but it always takes you where you ought to be.
