Candlestick Pattern Training Course
I should also say that have completed a full 2-day podcast training course with Steve Nison that turned out to be a complete waste of my time. During the course, Steve couldn't even answer some of the questions put to him. But one thing I did learn, Candlestick Patterns are not to be trusted. Why, because they "don't always work".
From my perspective
Understanding "candlestick pattern setups" didn't enrich my trading life because they just didn't work for me. From my research, I should say "extensive research" & from personal experience, not one strategy was successful in making money on a "consistent" basis.
Don't spend the money
I could have said that in my first post, but I had to get a few things off my chest.
Skate.
Hi Skate,
Sorry M8 but I have to challenge you on your Candlesticks Posts.
I’m only posting the following with Newbies in mind – they deserve a contra view.
To be fair M8 I feel you are a little harsh in your condemnation of Candlesticks.
I may be wrong, but I presume from your recent posts, that you used, or referred to “Amni Broker along with extensive research” to base your comments on – Using some experts formulas from within a Software Program is fraught with danger – you are presuming that the software formulas are written by someone that you hope understands Candlesticks, and that those formulas somehow produce the correct & desired results – huge mistake IMO.
Brokers, Merchant Bankers etc do not solely rely on a Software Based Candlestick Program signals to make decisions, they might, as I do, use them as something worth investigating.
Not really sure if the Mathematicians of this world have come up with the ultimate Candlesticks Software Program yet.
Over the years I have bought various Software programs that claim to have accurate Candlestick predictions, at one stage many years ago I compared 5 such programs – every time, on every scan they would produce 5 different results, hence I don’t use any of them in my daily research, the one that I do use, purely as a lead in for
in depth Candlestick analysis, is “Trading View”.
Anyhow, nobody should use just Candlesticks to trade with.
Candlesticks should only form a Small Part of anyone’s TA, to be more precise, IMO, Candlesticks should rate at about 4% or 5% at best of anyone’s TA Tools.
For most TA Types, Candlestick Construction, Candlestick Addition, Candlestick Patterns, Candlestick Formations,
along with - Indicators, Waves, Fibb’s, ABC’s,
along with Several different Charts like P&F, etc, and a dozen other TA Tools (total of about 20) should all be used to help form an individual’s TA Arsenal.
Even then TA should, at best, only form a Max 40% of a TA Traders decision making process.
I’ve helped thousands of newbies (yourself included) over many years, they have all eventually understood how to include Candlesticks in their decision making.
I feel your condemnation should be directed to Amni Broker & other Black Box Formulas within Some Software Trading Programs – Not towards Candlesticks in general.
I might also point out that most aspects of this Share Trading Profession "
Don't always work" the way we want them to.
This post will probably attract a lot of uneducated and negative comments, which is usual for me, and it will probably get me banned.
I will return to my cave now.