Hello,
I learned about Steve Nison in pipsology, and recently a friends dad who trades the stock market gave me Steve Nison’s book. Since his book is based off of stocks, does anyone have any clue to how accurately it can be transferred over to the Forex world? I have began reading and I love the concept. I just hope I can use it in my future strategies.
bump bump.
Which Steve Nison book are you talking about? I’m aware of at least 7 books that he has written, all dealing with candlesticks, candlestick patterns and candlestick trading.
Japanese candlesticks can be used to create price charts in any speculatively-traded market, including spot forex, spot commodities, commodity futures, stocks, bonds, etc.
If your question refers to the book titled [I][B]Japanese Candlestick Charting Techniques[/B][/I], that book was written in 1991, before the retail forex market existed. At the time the book was written, currency trading by individuals was done primarily in the futures market — and the book uses both stock charts and commodity futures charts to illustrate Japanese candlesticks, candlestick patterns and candlestick trading.
The Japanese candlesticks you see in virtually every forex platform and charting package today, and in the charts in the School of Pipsology, are the same candlesticks Steve Nison introduced to the American markets over 20 years ago. And the same candlestick rules and interpretations which he applied to stocks and commodities apply to today’s markets, as well.
In any market, Japanese candlesticks paint a picture of the psychology and sentiment of investors and traders. Those things (psychology and sentiment) are nearly universal human characteristics, which manifest themselves similarly in all markets.
I would beware of someone who has written seven books and has multiple DVDs regarding trading… Those who can’t do, teach. So don’t get too enamored.
It is really a good idea to introduce the concept of Steve Nison’s pipsology. I am finding this book but till now I did not find it. Have you any .pdf version of this book? If you have will you upload it in mediafire for me, please?
I have read and studied this book. It’s a lot of theory that in practice it is hardly turned into a profit. Much better Dynamic Trading by Robert C. Miner.
So what you are saying is that I should not waste my time with it?
No, I’m just saying that the book of Nison lets you know and understand how the candlesticks work, but at the operational level I would focus on something else.
Hi, don’t know which Steve Nison’s book you are referring to, but most traders know the candlestick pattern by Steve Nison and applying the concept into trading practices.
After reading the book, I personally think you can gain really good knowledge and get explanation of how price move and why, but trading is about application and one concept can work in one time and may fail at other time. The key is following what is work and repeat it again and again.
I can give you suggestion to know about supply and demand concept also to, because price is moved by supply and demand around the world. If there is more supply then price will fall, if more demand then price will move up.