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Bird Watching in Lion Country

Fri, Aug 11 2006, 15:05 GMT
by FXstreet.com Team

FXstreet.com

About the Author

Dirk du Toit is an experienced self-directed trader since the late 1990s and founder of DayForex (www.dayforex.com). DayForex is a discretionary financial services provider and offers managed accounts and introducing services in the forex market. Dirk offers a personalized Internet based mentoring program based on his unique relational analysis. Dirk also wrote An Introduction to the Forex Market – Investment and Trading Perspectives.

Book Synopsis

There is no “trading system” that can be learnt by wrote and then applied. This is a blindingly obvious fact, yet it is largely ignored. This e-book does not sell a system. It sells a pattern of successful behaviour, or rather the steps a trader must take in order to acquire this pattern of successful behaviour.

Forex trading is like bird watching in lion country. If you don't know what you are doing you end up being someone else's meal. In fact, in this market, that's exactly what happens to 90% of participants, and that statistic is the inspiration behind this book which explains why this happens, and how you can be the 10% which makes money.

Do you understand the role of randomness in the markets, or are you a lucky fool? Success in forex trading requires an understanding of the role that randomness plays in markets (and life) and this book shows how an understanding of this fact can be used to great advantage.

Structure:

Bird Watching is divided into four parts:

Part 1 – How to build a bomb (Who is this book for, and why?)
Do you understand why you want to trade, what the aha! experience is, and the most common fatal mistakes traders make?

Part 2 – Understanding the edge (Why is it even possible to make money?)
There are certain advantages you take in with you when you open a trade, and edge which you have. If you are wrong about what your edge is, your lion food.

Part 3 – And all that jazz…(Forex basics, everything you wanted to know)
This explains the nuts and bolts, the mechanics of the business

Part 4 – Using the edge (Putting it in practice)
Knowing your edge is not enough, you have to know how to use it. Explaining relational analysis, the 4X1 strategy and median grid trading methodology.

More about Bird Watching

The difference between winners and losers is a way of seeing, but it is a complex and sophisticated way of seeing which requires an understanding of the relationship between a number of factors. It is a form of market analysis called relational analysis which relates the key elements of price, event and time.

Bird Watching explains how to learn and apply relational analysis to the forex market and, apart from covering the important topics of technical and fundamental analysis, money and risk management, and the limitations of importing analysis tools from the equity markets, it deals comprehensively with a largely ignored topic: the difference between the market wizards (the traders who make money) and marketing wizards (the institutions who take money).

In “Market Wizards” Jack Schwager offers conclusive proof that the best traders very often had diametrically opposed trading systems, yet they all made money. How? How is this possible? It is this seeming mystery that Bird Watching in Lion Country explains. (...)

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Published on  Fri, Aug 11 2006, 15:14 GMT