Why it is necessary to get a grip of candlestick patterns ?

MoneyTec Forums Technical Analysis Why it is necessary to get a grip of candlestick patterns ?

This topic contains 3 replies, has 3 voices, and was last updated by  OctaFX_Farid 2 months, 2 weeks ago.

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  • #1018

    zee
    Participant
    • 30

    If you are to become a professional FOREX trader then you must get familiar with at least few candlestick patterns. These patterns are extremely helpful in understanding the existing price movements in the market as well as forecasting future price movements. Big White Candle, Doji Man, Inverted Hammer and Hanging Man are among the popularly used candlestick patterns in FOREX. Each candlestick pattern is defined by preset rules; hence, it is usually very easy to understand and use such patterns in order to make more informed decisions when making real-time trades.
    I will try to discuss few candlestick patterns in more detail in future posts. However, it should be understood here that candlestick patterns can have their own limitations. Hence, they should be used only after getting adequate knowledge and experience regarding how FOREX market works. These should not be solely relied upon for professional trading.

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    #1374

    FXGuru
    Participant
    • 34

    Yeah, I also believe that candlestick patterns are awesome if understood accurately. It’s not just about the professional trader, as even as newbies, it is almost a very starting part that you learn about candlestick patterns, as it is something that will help us lifelong.

    I learned about it from Babypips.com, it took me nearly 8 months to complete their course, it had guide about these patterns as well. However, I be very honest that I do keep a sheet of these patterns with me, as to avoid any confusion.

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    #1442

    FXGuru
    Participant
    • 34

    When I started learning from Babypips, I found this the most interesting thing to learn. Although, I can say that it is not easy and you got to have sharp memory for it, but I know this very well how much it can reward us. So, need to work out carefully, it can be really rewarding but ONLY if one clearly understands the concept and whole thing.

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    #1637

    OctaFX_Farid
    Participant
    • 28

    To be very honest, I consider it weird if anyone says no, it’s not necessary. As it is the way through how you get into learning things. I mean, if you are doing studies, it starts with K.G, Class 1, 2, 3, etc.

    And, if anyone skips that then it is weird and you just are not in right shape to go ahead. So, that is exactly what Candlestick pattern learning is.

    We have to learn it on our way up, I see no other option if we are to become serious in trading.

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