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A MILLION here ... A MILLION there
... and soon we're TALKING real money

Let me explain to you once and for all
how to lose your money in the forex market.

It still amazes me every time I search "forex trading" or "forex training" to see all the new forex trading "experts" out there. Another day, another expert, all vying to reach the top of the heap.   And each one has got ANOTHER easy money-making forex trading system.

Doesn't it  irritate you that once you probe a little deeper the "experts", "trainers" and "course providers" are mostly failed traders turned "mentors", or Internet marketers? Aren't you frustrated by the fact that you only find copies of web pages you have seen many times before? Rehashed in a new form, but with the same old stories.  

Ring a bell?:  "only ten pips a trade, 4 times a day and you are financially free"; "commission free trading"; "the banks are making billions in forex, why not you?"; "I'll show you how to make 200% in the time it takes a Ferrari to go from 0 -100"; "rake in the profits with leverage of 200:1"; "make money no matter which way the market goes"; "start with $250 in a mini account and turn it into millions " Lies, every one of them.

"If you tell lies about a product you will be found out – either by the government, which will prosecute you, or by the consumer, who will punish you by not buying your product a second time " is great advice given by the advertising guru David Ogilvy.

I have summarised only a few of the great forex lies above, but I have not yet told you the #1 lie that causes so many potentially successful forex traders to get lost in lion country even before they push the button to do the first trade. (By the way, if you didn't already know it let me be the first to tell you: nothing worth your time is easy or free. There are no free lunches. Let me repeat that: NOTHING IN LIFE THAT IS WORTHY OF YOUR ATTENTION, TIME AND ENERGY is free or easy!)

One of the problems that many people have in the forex (and other) markets is their wanting to buy, ready-made and off the shelf, a turnkey solution. That is, they want to buy someone else's system and just implement it and make money without thinking too hard. This attitude is all wrong. If it were that easy no one would work and everyone would trade. But these nicely packaged solutions, usually in the form of e-books, are real money spinners. That is why they will be pumped out, year after year. Different, format, different cover, same message. "It's easy, just buy me, I'll show you the way."

Successful traders develop their own system.

The best marketing wizards in the forex trading industry however are the market makers themselves, the forex brokers. With all the cash they make from the losers who fall victim to their advertising of tight spreads (as opposed to futures), no commissions (most losers in the stock market believes the commissions are killing them) and low margins (flip side of high leverage) and recently free training, free news, free analysis, they can afford to appear on every  imaginable website with their banners, Google adwords, pop-ups and other advertisements.

Recently I had a discussion with a VP of one of the more prominent forex brokers about marketing and how they have to compete with the rest. Very casually he mentioned that really, this business was all about marketing (and that it was a very good business to be in!)

If you really want a surefire way to
lose your money in the forex market, allow
yourself to fall prey to a forex marketing wizard!

A PERSPECTIVE here ... a PERSPECTIVE there ... and soon YOU will be making REAL money!

Let me explain to you
once and for all how to make
real money with online forex trading.

Since it is lion country out there the first perspective that you must have regarding trading is where you slot into the food chain - where do you fit into the money chain as a retail trader? You have to understand your business (turning a profit) in the context of the business of the others in this money chain. They all feed off the forex market and its spin offs and so the outsider, you, often unwittinly find yourself last in the queue. There is an excellent book "Where are the Customers' Yachts - Or a Good hard look at Wall Street which takes a look at this phenomenon.  You are amongst professionals: professional marketers, professional businessmen, professional market makers, professional dealers, professional analysts and advisors...

If you want to make money in the business of online forex trading you better have a well thought out business strategy and approach. Don't make that most common mistake and think this is all about finding a system to enter and exit trades. You will lose your shirt.

Forex trading is about being a professional at what you do.

To make it easy for you let me assure you that you don't need a financial degree or a doctoral dissertation in applied mathematics to be a successful trader. What you do need is a finely tuned and constantly developing common sense.

In a weird sort of way, many of the "follow-my-1-2-3-secret-system" systems all share some of the core ingredients of how to make money. Unfortunately it is what they don't have that makes the difference.

Not so long ago the forex market was the sole domain of institutions, banks, investment companies and very rich people. Then it came to our neighbourhood, and the little man could play. Obviously, if we want to trade and win in this market we must do some analysis of what's going on in the market, what makes the prices fluctuate and so forth.

A typical institution which specializes in forex trading / forex investment has an army of analysts and economists and traders who do fundamental analysis, technical analysis, quantitative analysis and flow analysis - all contributing to their efforts and their profits. They also have risk analysts, risk managers, portfolio supervisors and a host of assistants to all the big shots. And they don't only trade spot forex, but other instruments like options, forwards and swaps as well as interest rate instruments. 

The two sectors that have most heavily invested in the collation of  timely information are the military and the markets (financial institutions). You are probably aware of the common view amongst technical analysts that the current price contains all the necessary information in the market. In the forex market information is money. There is one little problem, most information in the forex market is quite fuzzy. 

If you want to make money with online forex trading you better have a clear understanding of what information is contained in the current price as well as a few other things which I explain in Bird Watching in Lion Country. Here are some of those other things readers told me changed their fortunes in the forex market:

Leverage, timing
and randomness

Most people I come across don't have the faintest clue what the phrase 100:1 or 200:1 leverage means. I give you the right perspective which will change your fixation with timing the market and seeing value in so-called signals which are, quite literally (you can do the tests yourself),  as random as a coin-toss. The moment you understand how much time is wasted on such systems, you will be on track to start developing your own trading system that will work for you and not against you.

Technical, Fundamental
and Relational Analysis

Another whopper of a  lie  is that the forex market is ideal for technical analysis. It is the least suitable of all the major markets for technical analysis. Don't fall for this marketing wizardry. It is very easy to concoct  1-2-3-you're-rich technical trading systems with fancy names. The people that know, the people who made real money in forex long before you and I joined the queue, simply used the most basic technical analysis in conjunction with fundamental and other types of analysis. I call this relational analysis. This is one of the main keys to success in the forex market.

Cost averaging
and multiple entries

You know the market dictum "buy low, sell high". You subscribe to it. But do you execute this principle within the context of the recent price action?  I very clearly explain to you what is low and what is high in the currency market - not always as simple as it seems - and how to build a trading system that is serious about this extremely important aspect of profitable trading.

A PROFIT here ... a PROFIT there ... and very soon YOU
can be a REAL market wizard

The forex market is lion country. Bird watching in lion country can be a very rewarding, yet dangerous experience..

In Bird Watching in Lion Country I explain my take on the forex market. I do it based on my experience as a trader and mentor. My approach is "out-of-the-box". I subscribe to most market wisdom - with a twist. For instance "cut your losses and run your profits" is one of the most bandied about  trading principles. From my outside-the-box approach I certainly do not differ from the principle that your first loss is your best loss. But if your "cut my losses" is in effect "stop-your-profits", well then you are going to have a hard time making money.

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