Here’s why: Absolutely everybody in the business involved with individual own account forex trading (forex brokers and their hordes of marketers, affiliate marketers, introducing brokers and providers of all sorts of information and educational services to forex brokers) has an incentive to make it sound easy to prospective traders in order for their business model to succeed. For them to make money, wannabe forex traders must think it is an easy and fast way to make money themselves.
It is simply a historical fact of the development of the Internet as entrepreneurial domain that online forex trading by individuals and “making money online” by any individual, anywhere in the world, without specialist knowledge in any subject went hand-in-hand during the first decade of the 21st century.
As a result thousands of online entrepreneurs with no practical or meaningful knowledge of making money with forex trading began to promote forex trading! This obviously had some devastating snowballing consequences. After a few years it all sounded so easy, who would not want to try to make a lot of money with little money?
Apart from the obvious that such claims usually understate difficulty and overstate potential and thus are (in hindsight) usually “too good to be true”, there were other reasons specifically related to forex trading. Some of them are:
Leverage: Simply put leverage is in trading the ability and right to trade with more money than what you have. Give this principle to a professional Internet marketer and what jumps out is a strong believe that “I can make a heap of money with very little money to start with”! The down side of leverage never made it to traders’ collective consciousness. So, oblivious to the dangers of losing money, actually a little faster, than making money with leverage, wannabe traders lost a lot of money a little bit at a time, in stead of making lots of money with little money.
Money psychology: Long before there was an abundance of online forex trading systems, traded by millions of individuals, Nobel laureate Daniel Kahnemann and Amos Tverski did the research to show how rational individuals act quite irrationally when it comes to matters of making or losing money. Again, and unfortunately, professional Internet marketers who are well aware of these matters simply turned into a pot of gold for their clients. The operative word? “Stop loss”
“My trade always go in my favour just after it hit my stop!” How many times have you thought or said that, or heard or read someone else say that? Clearly there is a problem. Yet, trading systems are promoted as the all in solution, not only with this flaw but with this flaw amplified! Then traders wonder why they still struggle so much?
Uncertainty: It sounds so simple. “I am sure!” Well, in trading there is no certainties! None. Nadda. Zilch. Never. And that is a big problem. Uncertainty as an experience cause havoc in human brains, emotions, and lives. Trading is unfortunately an ongoing fight with uncertainty. To chose to be a trader is to chose to be at war with uncertainty.
Internet marketers (“marketing wizards” in BWILC 2010 language) change this existential problem into something as simple as “I’l teach you how to make pinpoint trade entries and exits”. And the main catch phrase: “Learn how to become consistently successful”. I’ll show you how to make consistent profits with forex trading. You see, the term “consistent (outcomes) / consistency” propose a solution for the existential problem of all trading all real traders live with : uncertainty!
There is only one problem: This type of idealistic “consistent profits” is a mirage (aka BS). If you want consistent, put your money in the bank for monthly interest. (Unfortunately no leverage available. Leverage and consistency are not bed fellows.)
Bird Watching in Lion Country – Forex Trading Explained” was nominated in the “Best Book” category of FXStreets’ Forex Best Awards 2011
Based on the experiences and input of hundreds of readers and personal Forex mentoring clients, I have gained a wealth of new insights about how to explain my low-risk Forex trading strategy to rank beginners with no trading experience and those perpetual strugglers caught up in the losers paradigm.
Hi Dirk I’m a BWILC Trader in Germany. I trade the method three years since and now I’m profitably and have a website for many German BWILC Traders.
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BWILC 2010 has consistently received rave testimonials all over the Forex trading space. here are a few from satisfied clients.
In our personal histories, there are three, maybe four or five teachers, who fundamentally change our lives.
For me, after 2 years of trying extremely hard to make a go at learning to trade forex in a consistent and profitable manner, the time had arrived to step back and take a good hard look at why I wasn’t being successful.
BWILC has really helped me in this analysis by providing a different perspective to trading forex, and whilst it is early days for me in the BWILC journey – I feel it is providing a solid foundation upon which I am slowly re-building my trading approach.
If like me you have invested in other books, systems, indicators from the internet – investing in BWILC is head and shoulders above anything I have come across – and well worth a look.
I really wish that I had found BWILC before I started trading in the Forex market. I could have saved myself a lot of time and MONEY! Dirk explains in great detail of the…
Bird Watching in Lion Country 2013 – Forex Trading Course
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