Are you a candlestick trader?

[Kingstone]

There are many ways to predict the rise or fall of currency pairs in the forex market. Neglecting the fundamental analysis, people use many analytical tools to know when to enter and exit the market.

I am a candlestick trader. I learn many candlestick patterns and j understand which trend they are formed. This gives me what to expect of the market. The candles do not lie but they can give false signals. No strategy is 100 percent accurate. My main focus is to understand more reversal patterns. I combine these patterns with areas of support and resistance levels to have a clearer price entry.

I have also understood that not all reversals are reversals. Hence, learning continuation patterns will help me to stay in the market a bit longer. I have used many indicators over the years but they are always having loopholes.

Do you use indicators to trade or are you a candlestick trader? Which is more than reliable for beginners?

 

[moonchild]

I'll call myself a candlestick trader going by your definition, I don't use any indicator I find them annoying and distracting and also full of fake signals, but my mentor always use them, he got like four indicators on his charting screen, well, I think its just preferences.

As a beginner is impossible not to go through the indicator journey, it's really crazy, it's okay to experiment, it's a process that beginners go through, but you'll realise that it's the same thing whether the indicator is telling you or candlestick is telling you.

Just learn to read candlesticks, it'll really help you in trading.

 

[Setho]

Candlesticks are one of the most fundamental things about trading of financial markets and as such I do not like to see them as a particular strategy because everybody who is actively into trading knows how to interpret them. Perhaps the most important thing about candlesticks is that they can be able to represent time for you and the prices that are involved in multiple time frames for you to easily make decisions. This is why it is important to consult multiple time-frames before trying to make any kind of decision whenever you are trading actively in the market .

 

[Critomancy]

Well, if you mean that if I use candlestick patterns to make my trading decisions, then yes, I am a candlestick trader. I don’t use many indicators. Instead, I focus on the price action because I believe that there’s no better indicator than the price itself.

 

[Tactical]

Imo, candlestick patterns are very helpful. They indicate how bulls and bears are performing in the market. Combining them with two or three indicators can help you make a good trading decision.

 

[tetramorium]

Candlestick charts are the best and most effective way of conducting technical analysis. They are very precise and clear. I also prefer conducting my technical analysis on candlestick charts.

 

[Mary Frederick]

Market analysis is a big part of trading, which is of two types including fundamental and technical analysis. Besides that there are some other traders who prefer price action trading, meaning taking a conception over the market seeing the candlestick pattern. I appreciate this type of trading.

 

[Feeble]

I am not a candlestick trader. I heavily rely on indicators but I hope that I learn to make trading decisions with the help of charts only.

 

[Hydrogenic]

I tried the candlestick pattern and I feel it works best for long term traders as you get to see multiple time frames and different prices before you decide on making a move. It is one of the best analysis techniques and gives you a good overview.

 

[Asahi]

Random trading on multiple pairs reduces traders’ equity and leads them to commit mistakes. Besides so, analyzing all the pairs at a time is a very tough job. So, traders should pick up a single pair to analyze and trade. Pure analysis and dept-study is needed to better forecast the market. Eurotrader is a dedicated broker which provides signals on and off to help traders make trading decision.

 

[King bell]

A candlestick trader is someone who trades in Forex currency markets, using candlesticks to predict market trends.

The basics of this type of trading are quite straightforward: if a market opens and closes with a large body part above the previous day’s close and both sets of shadows on the same side, then there is likely to be upward pressure on that currency.

One issue many traders have is being able to read what the candlesticks are telling them. Another issue is when they look at the candlesticks, they find that the large bodies of the candlesticks are in different colors and it is not clear what the future direction might be.

Here's a simple way to identify these problem candlesticks: If a trader is using a 20-period moving average for their swing trading strategy, then these problem candles will generally appear as swings or whipsaws or have periods that are clearly wider than expected. This signal is particularly strong when profits are taken on any trades.

 

[Emptings]

I take up trades after looking at the charts but I do have a strategy that I follow. I think all traders should take some time to learn about price action and technical analysis no matter what. Candlestick charts do give us a clear cut view of the market situation allowing us to make better trading decisions.

 

[Jack Reacher]

Earning on a daily basis is nearly impossible but on average is possible. First and foremost, you have to avoid over-trading because it will reduce your equity day by day. Besides so, a trader must earn knack at how to analyze the market properly. Eurotrader never creates any issue while withdrawing money and provides traders with the best facilities.

 

[Honkie]

Yeah, I personally like candlestick patterns.
Candlesticks provide a wealth of information that can be used to make informed trading decisions. I find them more precise when it comes to identifying trends, reversals, and continuation patterns. Candlesticks are also useful in identifying support and resistance levels. All of this information can be used to make more informed and profitable trades.

 

[Jack Reacher]

Trading with big capital and big lot size on demo account is akind of mockery. So, traders should choose small capital and small lot size on demo account to practice. As one of the safest trading broker, FXOpulence is popular nad they offer signals at times to help traders.