Japanese Candlesticks / What Makes a Successful Trader
I love using Japanese Candlesticks as I find it to be mildly interesting, and when I see a clear, well-defined candlestick, I take note.
But it’s just an augmentation to my overall analysis. Let’s face it, candlesticks are based on just one, two, or three days of trading. It’s all about context.
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I think it’s useful to have a passing knowledge about candlesticks, which should take about 15 minutes, tops, of free reading on the web. That’s really all you need.
In my opinion Japanese candlesticks are very effective when combined with other indicators as well as key levels of support and resistance.
Like anything in life, those who are looking for the magic pill, will have hard time finding it. Trading is the same. There is not one single method that works, but rather a combination of techniques and strategies that meets the trader needs.
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- Start by figuring one what kind of trading strategies work best for you:
Day trading
Swing trading
Position trading
Long term investor
etc..
- Get some good quality trading education:
Articles
Books
Videos
etc..
- See what type of trading assets, or combination of trading assets, work best for your portfolio:
Forex
Cryptocurrency
Stocks
Commodities
etc..
Learn good money and risk management.
Open a trading account with a broker that offers a simulator, so that you can practice trading using virtual money.
Once your strategies start making some virtual money trading, then move on to trading real money.
Keep you trades small, at least at first.
When trading, don’t think about how much you are going to gain. Rather think how much you are going risk, and potentially lose, if price moves against your prediction.
Trading is not magical, and any method which promises to forecast the future should be treated as bullshit until proven otherwise.
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Nice learning tool. Thanks for sharing.
@lordoftruth,
I also use JPY Candle Stick! Yeah it's very easy to get a clear idea about what is going on! You made a perfect article about it! This is a very useful reference for all people who wish to trade in whatever market place!
Cheers~
For new traders that are eager to jump into the markets there was a really important point made that I don't think can be stressed enough:
"Open a trading account with a broker that offers a simulator, so that you can practice trading using virtual money."
Have had clients not listen and jump straight into trading and loose way more then they should have even invested in the first place. Practice, review results, practice some more, review again, and keep repeating this.
Also understand all the taxes you will owe. Taxes can really effect things based on where you live.
For those begginers like me in the world of blockchain and cryptocurrencies, this advices are worth!!! All the best!!
You finally give most of valuable advice for beginners to do start JPY candstick trading.invest good money and get a risk. Without get any risk we cannot earn profitable advantage. Thank you for share @lordoftruth
Upvoted & Resteemed
Thank you for giving great guidelines with your kindly assistance.
I heard before Japanese candlesticks successful trading investment. If to be wanted successful trader basically want to get risk, learning to risk management. Studying and searching what kind of suitable invest projects to investing. it can find market trend, forecast and analysis chart. We can find daily it @lordoftruth posts. Also take advice from trading market big investors and advisers like as @lordoftruth. Step by step we will provide then after we will success trader.
Upvote and Resteem
Candlestick patters are easy to read and understand than others.
Good job..resteem
Great Words to live by!!!!
Great post,,,,,,,,,,,,
Nice learning ...........Thanks