I am really new to FOREX. I have gone through the school of pipsology a couple times and read many threads on this board. I have been trading a live account for a few weeks now. (I only started with $150, I wanted to learn how to control emotions in trading and I had no feeling with a demo account, real money real emotions.) I am not very fond of indicators, I have found that they just do not fit my trading personality. I have been reading everything I can on candlestick trading, support and resistance lines, scalp lines, etc. I have read the joy of candle stick trading as well as nickb method. There are several books mentioned in one of the stickies but I am wondering if any one has had any experience with the following books, and if so what did you think of it? I am trying to find a book to go more in depth with trading based on candlesticks.
Japanese Candlestick Charting : A Contemporary Guide to the Ancient Techniques of the Far East by Steve Nison
Steve Nison is good, he has a video of a 1 day seminar, but of course he want’s money for it. On the other hand if you go to NickB website (google) you find all the candles explained and this should do the trick. NickB does not bother to much with all the names for this, that or other candle or candle formations. I agree, learn a few basic ones so when somebody is talking about a doji you know what it is but you can get this all for free in here or on NickB site. Happy Trading
I read all the free stuff available on many sites. However, nothing drilled it into me quite like the Steve Nison book.
If you trade Forex, he has a few candle signals in there that you will very rarely get. I agree the major ones are covered on these sites for free.
Best source I would recommend is Steve Nison’s one day forex seminar. I notice quite a few copies are being sold on Ebay at shall I say a Jolly Roger prices. It covers the candles you need to know, and it’s not three crows and a drink waitress patterns either, and more importantly how to trade them. He doesn’t go into that in his trading books but he does on the video. He’s also a lively presenter in a field loaded with sonnambulist presenters.
He shows that there are some changes in the traditional candlesticks that are necessary for Forex. Spend a couple of days going through the course will save you a lot of time and money. You can pick up an education for free in the streets or at Harvard, Harvard costs more for a reason.
Definitely favorite Tymen’s link and use it because that is a great site for patterns.
I have Steve Nison’s Seminar. It’s good. It’s not “Life Changing” in any way. But I don’t trade Candlesticks and I never will. I only use the patterns to increase my probability.
And Tymen is right you can’t just learn patterns and then trade them. The market will spank you. Candlesticks don’t work like that. They show you signs of “probability” just like any other form of indication. It doesn’t mean that what you think or believe based on the past outcome will happen, the outcome is always random because the “market” is random. It’s not what you think and what you see in a pattern or price, it’s what the majority of other Trader’s see and think and how they react at that given time.
Trading “Candlesticks” takes IMO years to master. So, definitely diversify your probability when developing a system. I could never trade based just on patterns, but Candlesticks have increased my probability significantly.