Johnny Forex

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Forex Manual - 10 keys to successful trading

Author: Dirk Du Toit

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.

Frequently Asked Questions

Q: Is ‘Bird Watching’ a trading system or just another introduction to forex?
A: ‘Bird Watching’ is more than the sum of its parts. It is certainly the most practical introduction to the foreign exchange market you are likely to find. In addition to this it describes in great detail and in a simple style a practical trading system. The trading system provides a framework from which the absolute novice can be assured he does not start running in the wrong direction and the not-so-novice trader will have a completely new set of tools to assess what he has been doing wrong and what he should be doing.

Q: I am a complete novice to the excitement of forex, however I have stock and futures trading experience. Is ‘Bird Watching’ for me?
A: Absolutely. I wrote the book considering who the typical reader would be. Odds are very high that it would be someone with experience of trading now looking to see if the forex market is all it is cracked up to be.

Q: I am new to trading, and have investigated different markets and hundreds of sites. I find the forex market with its demo accounts, free graphs and tools very appealing. Will reading ‘Bird Watching’ be a proper guide to get started?
A: Judging by my readers response, the answer is yes. You will however have to understand that reading even the best books won’t make you a successful trader. But I stand behind the content of Bird Watching and offer a proper mentor programme building on the basics described in Bird Watching.

Q: Dirk, I have finished ‘Bird Watching’ and discovered how silly I have been until now. But I have been burned badly. Can you help me to implement your 4 X 1 strategy?
A: Certainly. I have a proper mentoring programme which allow you a lot of freedom but will also keep you on track to continue doing the right things until everything falls in place.

Q: Everyone says 90% of traders fail. Is this true? How will reading ‘Bird Watching’ change this for me?
A: The statistic is from the futures markets, and I assume it is broadly true. It is however important that you clearly define success or failure. Losing money when you start to trade live even after months of demo trading is not necessarily failure. Having said that I describe in ‘Bird Watching’ what I believe are the main reasons why many do end up losing instead of making money early on and struggle to turn it around. There are basic mistakes that you don’t associate with highly intelligent, rational, informed success-orientated people. If you know what these basic mistakes are and if you adapt your system to exclude them you must be in an excellent position to be a part of the successful traders, however small the percentage.

Q: Can one really make a living out of forex trading? What is needed?
A: Yes. You must have enough capital in order not to have to be the best trader ever born and out-perform all other successful traders month after month. What is needed? Let me tell you what is not needed: P-R-E-S-S-U-R-E. You can’t force the market to do anything at any specific time. You can only benefit from the choices you made at certain times when the market rewarded those choices. You need gritty determination. You need realism - bucket-loads of realism. You need an approach you instinctively trust even under adverse conditions. ‘Bird Watching’ describes such an approach. It is fundamentally sound and can be implemented in diverse ways by traders with exact opposite views of the market direction and both can be successful over time.

Q: Dirk, you make the point that successful traders start as discretionary traders and eventually when they trust themselves move on to be more mechanical and automate their successful systems. You also say in ‘Bird Watching’ that you are currently busy automating the 4 X 1 median trading strategy? How are things going?
A: Sure, I stand by that. Successful traders have a few things in common. Simplicity of the system is one. A broad understanding of the markets is another. They understand the deep-down basic simplicity of what gives them profits. They have / had a specific mentor (worthy of the name) and they first trade in a very discretionary manner before moving towards a more mechanical system (only after it paid profits over a long period of time) and some then move on to full automation. These days with the prolific pace of IT development it is even easier to move towards full automation, but you can’t skip the basics.

Q: Is the book available in hard copy?
A: No. It is only available as an instantly downloadable e-book in PDF format.

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