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But before you can rectify the multitude of detail aspects of trading problems based on this primary false belief, its necessary to identify the trunk from which all the detail problems grow.
You see, like the roots of a Baobab tree, the primary cause of the false belief is not obvious. But the main, in your face, practical problem is like the trunk of a Boabab tree. It dominates the scene.
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Readers speak
As the years went by there is a surprising (and rising) number of readers who confess to not believing the BWILC message the first time round.
Have a look at what some of them say and note that BWILC causes a total change in traders' mindset and their approach.
A typical story?
The first time I read BWILC was more than a year ago.
At that time, I felt I already had a winning strategy, ie my cup was half full (or more like 90% full). I was basically looking for a silver bullet and the info from the book didn’t cater to that so I sort of put it on the back burner.
My strategy was the same as everyone else.
Big leverage, small targets, tight stop loss, and that I just needed patience to wait until all my indicators lined up so I could jump on those perfect trade setups.
I reasoned that others were unsuccessful because they were reckless and impatient and were over trading.
I wasn’t going to let that happen to me.
I ended up building a program and putting all my trade setup and risk management ideas in it and turned it loose.
I had one version running real-time, and then back tested multiple different profit and take loss numbers, multiple timeframes, etc. I think I back tested every combination for a year.
The program worked great, and I never missed a perfect setup.
Not one.
If I lost, I figured out what was wrong, tweaked the rules, and ran it again.
I did this process repeatedly for several months. Several combinations worked for 6 months or more, I was easily doubling my money over the course of a month or two but ultimately everything ended with the Black Swan.
That one situation that I had calculated only had a 1 in 10000 chance of happening and would clean my account out.
It was all the proof I needed to know 100% that almost everything being peddled on the web did not work.
After a small break, I picked up BWILC again.
It was the exact opposite of what everybody else was doing and was actually written by a successful trader, not a successful marketer.
That to me says more than anything.
It isn't fast and easy
We live in a world of comfort and certainty. Things are fast and easy and outcomes are certain. Can't see? Switch on the lights and see immediately!
Need a cup of coffee / tea? Instant solution. Need satisfied.
Need to solve some problem, find out important information in order to make the right decisions regarding your vacation? Google it. Problem solved!
Your kid needs to create a science project that will largely determine his pass rate. Again, google it. Project done and dusted well inside the time and A grades achieved.
But these and many other problems or needs that can be solved or satisfied fast and easily are not nearly as complex as trading the financial markets.
This is the first point BWILC leaves you in absolutely no doubt:
There exists a completely false view, developed by marketers, not traders, that forex trading is easy to do and fast to learn and execute, be successful and repeat in comfort untill the end of time.
As long as you believe that forex trading is rather non-problematic and can be easily figured out, the results of what you do in a few weeks or months at most, will be definitive and you will be set forever, BWILC will not mean anything to you.
You will default back to the easy solution path.
You will want to drain all possibilities before you give up on the easy dream.
Unfortunately in most cases that isn't necessarily a way-out get super rich quick fantasy.
Unfortunately(?), you think.
Yes, unfortunately because most people I came across over the years in the forex market place are very rational, feet on the ground, realistic and generally certain this was a place to be careful.
But, unfortunately people believe as with most other aspects of their lives it will be easy and quick to sort out how to make a lot of money with little money with certainty. This "lot of money" and "little money" are realistically seen relative to their current means and life situation.
People don't hear about forex trading, become hooked, drop their job and wager their whole life on forex trading in a week. No, they do their research, they spend money, time and energy on training or acquiring experience and knowledge.
And exactly that is the problem because it is hard to get the impression on today's Internet and with the way the Internet became a primary marketing vehicle, for corporations, small business and millions of individual Internet marketers that it is not fast and easy "to make a lot of money with little money" by means of forex trading.
The stories of successful traders from long ago to the odd present day one or two are presented to get you hooked, but somehow that it wasn't fast and easy for them, fall by the wayside.
Here's the point: because it isn't fast and easy, the "fast and easy solution" is false.
Here's the technical detail: Forex brokers for individual traders need thousands and thousands of trades to be done in a week or month in order to have a profitable business. If they even remotely present the truth about how tough trading is and how incredibly high the risk of loss is IF YOU TRADE THE WAY THAT BENEFITS THEM, they will not have a business.
Having a false believe at this most basic level is the root of the problems you will encounter as long as you have it.
From this false believe it branches out to every aspect of forex trading.
But before you can rectify the multitude of detail aspects of trading problems based on this primary false belief, its necessary to identify the trunk from which all the detail problems grow.
You see, like the roots of a Baobab tree the primary cause of the false belief is not obvious. But the main, in your face, practical problem is like the trunk of a Boabab tree. It dominates the scene.
"Time-ing" versus "time in" (the market)
As long as you believe you can time the market regularly, perfectly and only have to use basic "money management" techniques like "don't risk more than 2% of your account on anyone trade" without fail, BWILC will fail to impress you.
The success of the retail forex broker industry is based on the success they had to plant the belief that using their charting software millions of people will be able to time the market perfectly at any level they choose.
You like the bigger picture and want to trade only a few times a week? No problem. We have the charts and the forex charting tools for you.
You can't sit around and wait for maybe a perfext trading setup a few times a week? No problem. Intra day forex charting techniques were developed to cater for your need.
Sitting for hours waiting for setups a problem? No problem. Tick data, one minute, five minute, ten minute, fifteen minute charts and the tools to time the market perfectly many times a day at your finger tips!
Too demanding to sit the whole day and trade many times a day? Struggle with the timing? No problem. Automate it. "Forex Robots Inc" makes it big.
Struggle with the timing? No problem. Try this timing technique!
Struggle with that too? No problem. Here's something else!
Something else not working so great? No problem. Add this tweak!
Tweak a bit sqweaky? No problem. Here's how to oil it!
Oil leaking? No problem. Trader Pat shows you how!
Trader Pat's timing suddenly out? No problem. Let me show you!
You get the message ... (I hope so!)
Everything is based on an ability to perfectly time the market.
The belief is that the market is absolutely predictable.
That is where the timing comes in.
You can time the predictions if the very next move, in your comfortable zone, is going to be UP or DOWN.
And so can everybody else do exactly the same in whatever "time frame" suits their every desire.
There is only one problem. It is not true.
The problem of timing is huge. Undoubtedly if enough people try to time the market every day the whole day, some of them are going to appear to be right! (After all the market shows some patterns, and the behaviour of people all using the same techniques might even cause these and cause a predictable feedback loop.
However for any individual as part of this mass of people it is impossible to determine if his timing successes are pure luck or the emergence of nacsent skills in trading.
BWILC describes in some detail this "timing" problem and the bigger false belief and how to recognize it and not make it your problem as well!
BWILC goes further and describes a solution, based on, not improving your timing of the market (a gross waste of time!) but improving your rescilience when you (your trades) spend time in the market.
The moment you remove "100% dominance of timing" from your trading, EVERYTHING CHANGES.
It is like removing the trunk of the Boabab.
At every level of trading things are different.
Every aspect has a twist.
For instance, you still use charts and you still use some technical analysis but not to waste time by trying to pinpoint the next great trade, but to get perspective to determine, if and how to spend time in the current market!
It is a fact that you can't time the market by using "fundamentals". It is not in dispute at all.
But not only can you, but you should use the fundamentals to determine if you should and how to improve time spent in the market.
Therefore BWILC has little interest in giving you another pseudo technical analysis lesson but introduce you to "relational analysis". In order to spend profitable time in the market you need to understand the relationships between "events" (things that happen), "price" (how prices change) and "time" (elapse of time).
The timing fallacy creates a deep unintended and very damaging, consequence: False security. False certainty.
People open trading accounts because they are certain they can time the market.
They enter trades because they are certain that is a high probability set-up.
They place the most ridiculous stops close to the market, because they are certain, if they just stop their losses and run their profits they will be successful.
And they leverage up, because they are certain they have the risks sorted with their pinpoint perfect timing.
If you discard the timing fallacy all these false securities fall away.
That is why trading is so tough.
There are no certainties.
Ever.
That is also why BWILC doesn't offer certainties in a 1-2-3 trading system.
Decision-making under uncertainty is a well studied topic. Scientists got Nobel prizes for that.
Uncertainty is personal. Therefore trading is personal. There isn't something like a one-fits-all trading solution. Every individual observes different things under uncertainty, reacts differently, acts differently.
In order to become good at trading you have to become good at decision-making under uncertain conditions and live with perpetual uncertainty and enjoy it!
"How to" books, seminars and webinars can't and don't teach that.
Bird Watching in Lion Country - Forex Trading Explained, however is a true introduction to exactly do that.
It is the first step which put you undoubtedly on the right path.
That is why so many are so enarmoured with it, even if it is only after the second or third reading and years of time wasted.
Do you have the luxury to waste time chasing silly techniques to achieve unrealistic dreams? I hope not!
Can you afford to line the pockets of forex brokers by being ignorant about how they dupe you to do that without realizing it ever, until you simply can't afford it anymore? I hope not!
Do you have the time to be wrong despite being warned? I am sure you don't.
Don't delay, get ahead of time, learn how to spend profitable time in the market!
Take the first step of the best time of your life in the forex market now.
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