Heya, can u guys recommend best books on price action and candlesticks preferably add some on swing trading and fundamental analysis. My goal is to grow my account 2% each month and am willing to put couple of hours a day into forex. I really would appreciate some advice on high probability low stress strategy. Just 2% a month, to pay some bills that’s all. I kinda read Steve Nison before and he was convinced candlessticks can tell you alot bout the market, would you guys agree in your experience?
Nison’s books are very educational. Thomas Bulkowski has done more comprehensive testing of candlestick patterns in a “scientific” and methodical style: his conclusions are opposite to conventional wisdom on some candlestick patterns.
Of course, no patterns work quite as well as the text-books say they will…
yeah def noticed that, oh look a hammer or bearish/bullish engulfing with a doji… aaand the market goes in the same direction counter trend. that’s why i wanna but some fundamentals. Can u say the exact name of the books you find useful from “Bulkowski”? Thanks!
Forex major pairs operate based on long-term price charts, there’s a way to take advantage of probabilities because prices tend to pull back towards moving averages.
There’s a lot of ways to make 2% per month with little risk by following a strategy but it is time consuming. It’s easier to use low leverage and holding shorter-term trades for weeks until they profit significantly and be willing to take 1% account net gain profits rather than shooting for 10%. This will get you accustomed to the concept of a draw-down, sustaining draw-down is required to succeed trading Forex as a retail trader.
Most important part of trading Forex is looking at the right information feeds regularly. The news and politics is a huge factor in Forex.
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While I am cautious with drawdown, and will use it, why do you believe that it is required to succeed as a retail forex trader?
KC
hmmm, ok, will def check it.
Can you give me an example of good news speculating site? What is a draw down and a “retail traider”?
also how should I read the news, everyone says read the news, but doesn’t say how it impacts price. I want preferably a book for that.
Edit: saw the recommended books on the pattern site, guess i’ll start from there
lots of book are available in online particularly price action or scalping basis , but i dont think so bookish knowledge can bring good result without regular practice.
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Absolutely. You can’t buy experience and you only learn so much from other people’s.
I think new traders, serious about trading, should demo trade just to understand the mechanics and rules and anomalies of their strategy - should take no longer than 2 days - then get trading asap with tiny capital risk.
completely agree , practice first of all needed to bring good knowledge by any trading book.
Yes, but I’ve trading for a couple of days on demo and most times i feel like i’m just guessing - "oh look the price did a breakout at the support/resistance area and is following the trend - go for it! The MA’s are right and got couple of candle signals and yet I still have like 40% losing trades. I need solid refinement of my general strategy - when to get in get out and how to read the news - I have no idea how to read the news and how it impacts price for example and I believe that’s a huge minus. I’m just following signals and going for 1:1/2 profits, with no more than 2% per trade but it doesn’t seem to be enough. I can’t distinguish when it’s a good time to enter a trade and not. I usually enter at a bounce from the support/resistance area or when a breakout happens but still it’s tricky.
If you are getting 60% accuracy, with good money management you will be profitable… but, if u feel like U are guessing rather than having a defined strategy with entry and exit rules and using confluence to validate…do not use real money until U have nailed your strategy, back tested, demo traded and know exactly what and why you are entering/exiting trades.
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demo is the master place for practicing as a beginner trader , but practically traders get nothing from here , because they trade here with no analysis. so i prefer cent account instead of demo.
“Forex Price Action Scalping” by Bob Volman; “Forex for Beginners” by Anna Coulling.
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yes got it you tube , looks different than others in on line.
Because the market is unpredictable and Forex major pairs by nature moves in 2 directions.
Retail traders are people who have accounts with Forex brokerages rather than the market makers. Draw-down is how much at maximum your equity has dropped below your balance.
You should read the candlestick trading bible. If you haven’t…
You’re doing fine, what you need most is practice with a good R:R:R experience is best. Talking about price action, trading the news doesn’t give much direction as following the trend…
Price action using Daily TF and proper Money Management…
You will be in the right track… before going in some complex strategies