I looked through the book and it looked like it would be difficult to understand unless you know EXACTLY what they are talking about. That being said, he does like it!! He says he is learing (all be it slowly) but at least he is enjoying it. He has read it and stated on several occasions that it is difficult to understand and not an easy read. but trying to make money from applying its principles certainly will cost you many more times than the price of the book."Īctually I purchased this book at the request of my husband. "This candle stick book wont cost you much. Larry Williams 'Short Term Secrets to Long Term trading' (this book is a bit cryptic, but this guy is the real deal) Van Tharps 'Trade your way to financial freedom' If you want to make money, instead of reading this book, I'v suggest you check out these books: His money comes from selling books and DVD's and doing seminars. Steve Nison is a book seller, and a TA theorist, he is not a trader. instead I look for other information eg support and resistance, or setups/patterns people like Larry Williams mentions in his books. When I look at a candle chart, I've completely forgottern about the patterns now, I pay no attention. The main point of using candlestick charting, according to Steve Nison, is to use the candle patterns. I like them visually because I can see 4 bits of information all at once (Open,Close,Low,High) as well as magnitudes. Without this evidence, the view might as well be just pure fictional rubbish. I have long got fed up of 'financial gurus' making wild statements without backup it up with data. But again regardless, in a any science theory, when you make a statement, you must backup up with evidence. Sure it could have been because I was making some mistakes or even not understanding what Id read correctly. I just followed the advise in Steves book (and others) blindly. But without statistics, its just useless information.įor 6 months I started I tried trading using candle patterns (and other technicals), but I hadnt done my own statistical analysis. The book makes vague suggestions of where to place stops. There is no information like that whatsoever.Īny more importantly, there is no statistics on what you lose when you are wrong and what you make when you are right. I'd like to see statements like eg over a 20 year period in the Dow Jones index, when this pattern showed up, 65% of the time it proved to be correct and 35% of the time it was incorrect. Steve will say 'when you see these candles it means the market should go up.' but with no stats, its a useless comment. BUT NOWHERE is there any statistics on these claims. The book will tell you about doji bars, hangmen and 3 black crow patterns etc. Most TA methods are theories without statistics behind them and therefore in my opinion useless. Now you can certainly use some TA methods to help make money, but most practitioners of TA are analysis's and dont trade their own money, which in my opinion, makes their analysis pointless. The two do not necessarily go hand in hand. There is technical analysis and then there is making money. Ok, before I start, let me say I hold a British Diploma in Technical Analysis (STA). Infact I'd bet against you that you'd lose money. ITS ALMOST A STATISTICAL CERTAINTY THAT NONE OF YOU GUYS APPLYING THIS BOOKS INFORMATION LONG TERM ARE GOING TO MAKE ANY MONEY. but years later, and several thousand trades later. I really loved this book when I read it, its well explained and has lots of examples you can do.
I was just looking to sell many of my trading books that I don't use and this is one of them. I must say, I read this book about 4 years ago. but trying to make money from it certainly will cost you many more times than the price of the book." This candle stick book wont cost you much.