BWILC describes the true nature of the retail forex market. It describes the market as it is, in contrast to how it appears to be from many other sources.
BWILC alerted me of the need to beware of the spin put on descriptions of forex market dynamics by parties with vested interests, e.g. internet marketers and market makers. I came to realise that all was not as it appeared superficially. Each source of information needed to be viewed by taking into account the likely motivation behind it being made available.
One of the major revelations I gained from reading BWILC concerned the motivations of brokers/market makers. I had previously (naively) imagined that they derived their income only from spreads and perhaps from a small mark up on their price quotations compared with the slightly better prices they could access as larger players. The idea that these organisations also sought to derive benefit to the direct financial detriment of their (loser) clients was a real eye-opener for me.
Another insight I gained was from the commentary in BWILC about the limitations of technical analysis in currency trading. The idea that a given combination of TA indicators will have next to no predictive value (contrary to what most trading system marketers say) was, to me, probably the most valuable material in BWILC. This value comes firstly from the simplification of the whole approach to trading that occurs when you dont have to watch (or be concerned about) a plethora of complicated TA indicators. Secondly the trading losses avoided by not trading a heavily TA-based system is a tangible measure of such value.
Overall, in reading BWILC I gained the impression that it was written with the intention of giving the reader genuine education, without the underlying motive to promote or sell something else. The book as a whole appeals as a genuine source of well-intentioned information.
