2Bull Forex Blog

The above describes the theme of a book by Melvin Pasternak and it tells you the best 21, of over 100 candlestick patterns which you can see or use on a forex chart. If you love candlestick charting or you want to learn, this book is a good place to start and at just $20.00 it’s a steal.

Pasternak claims that by Knowing these 21 formations traders can gain a trading edge. There are those that occur most often and are more reliable and there are those that are warning signs of turning points.

Why are Candlesticks such a great Trading Tool?

The reason lies in the fact that they paint a picture on a chart.

This give you a more visual illustration of human psychology than a bar chart ever can. Candlestick charts bring human emotion to life right before your eyes and that’s a good advantage to have, to initiate new positions or as a warning to cut and run!

A deep insight into human psychology

The answer can be found in the clear and straight-forward nature of the candlesticks themselves-offering traders the ability to see the bigger picture.

Continuation patterns, reversal patterns, emerging trends, bottom and tops — all of these insights come together in a way that other charting systems just can’t compete with.

The book explains the following:

- About the candlesticks (21 formations) every trader must know by name
- Discover the candlesticks that occur most often
- Learn about the candlesticks that will immediately affect your trading decisions
- Find out how to increase your accuracy and trade with greater confidence.

Candles combine well with other tools of technical analysis such as support and resistance, moving average, and indicators such, stochastics, RSI, ADX and MACD to name but a few.

I think Paternick’s choice of candlestick patterns is excellent and if you like the idea of candlestick charting, or are trading with them already, then this book will appeal to you.

Candlestick charts have been used for thousands of years and it’s only in the eighties that they became popular again and let’s hope that they stay popular. There fun, easy to use, can give you a deep insight into human psychology and if you are using forex charts - that’s just what you need.

21 Candlesticks Every Trader Should Know, is 128 pages, an easy read and at a price of just under $20 it’s a bargain.

This is one of those books that is an essential for all traders we all know technical analysis can work and forex charts are a great way to make money - but which 7 chart patterns consistently make money? That’s the subject of this book and its essential reading for trader’s both novice or pro.

Omni Trader founder Ed Downs reveals the 7 best formations and the reasons why.

What attracted me to the book was some of the chart formations he picked and saucer formations caught my eye.

When I first started trading 5 years ago, I used saucers as a cornerstone of my trading arsenal and still do - but how many traders use them today, or even know what they are?

Not many, yet it’s a powerful formation and learning to use it correctly, is worth the price of this book alone.

7 Chart Formations for Profit

I personally don’t agree with all his chart patterns (6 of them I do though!) but the book itself is a great idea and most of the chart patterns I have been using for years and they have consistently made me money too.

The book covers the following formations:

Support and Resistance, Trend line Break and saucer formations Fibonacci retracements gaps -breakaway, measured, exhaustion, volume climax, volume trends and consolidation patterns - flags and triangles.

An Under Rated Formation!

I found all the above interesting, helpful and informative and in addition to saucers liked his view on gaps. I love trading gaps; many traders hate them and think it’s dangerous to trade them. I have always made money with them and learned something new from Ed Downs ideas on them.

Applying knowledge for Profit

Downs doesn’t just share his info on the chart formations, he also goes into detail on how to spot the formations and profit from them using correct market timing.

The books also shows you how to Master money management techniques-including setting Profit Targets, Stop Loss levels and how to determine the risk/reward for each and every, trading signal you place.

Today, traders don’t want to just trade chart formations, there seen as old school by many - but there not.

We all know human nature is constant and this means that certain chart patterns repeat and repeat. Some of course are more reliable than others and this book tries to give you the best ones and how to make money from them.

Personally I liked 6 out of the 7 and gaps and saucers, I have used for years yet the book taught me new things about these chart formations and also gave me a greater insight into the others discussed.

Get this book - it’s not strictly a currency trading book and is applicable to all traders.

Get 7 Chart Formations That Consistently Make Money and will find that your increased profitability will pay for the book in just one trade. A great book for any traders library.

I read this story over 5 years ago and it still inspires me - How did ordinary people (with no trading experience), learn to trade in just 14 days and make hundreds of millions of dollars?

Curtis Faith was one of these traders in Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders he outlines how and it’s simply a great, educational and inspiring read.

If you have never heard of the turtle experiment here is some background:

Legendary trader Richard Dennis was convinced that anyone could learn to trade - if they had the right mindset and the right method.

He set out to prove it.

In just 14 days, he taught a group of people of all ages, both sexes and of varying educational abilities to trade - the end result?

They made him over $100 million in just 4 years and many went onto become trading legends.

The experiment proved conclusively

Anyone can learn to trade but of course 95% of traders don’t win, not because they can’t but because they underestimate the discipline that is needed to win.

Anyone can learn a trading method but the hard part is applying it with discipline when you hit a losing streak. If you can’t continue trading with discipline, then you have no method.

Way Of The Turtle

Curtis Faith in Way of The Turtle explains just about everything you need to know about the experiment from an insiders perspective (he was one of the most successful turtles), why trading appears so easy and why success is so hard to achieve.

Faith tells us, there is no secret to trading success its all down to a simple method executed with discipline and this has always been the case.

All systems lose and when they do you must stay on track and stay with it.

Successful traders analyze markets to find an edge, then remain disciplined enough to pursue that edge and keep their emotions in check.

He knows what he is talking about to, as he made $30 million as a trader.

Curtis Faith writes concisely and clearly and describes what an effective trading system should contain, what its core component parts are and he of course makes reference to the Turtle trading system.

If you are looking for a short cut to trading success or looking to discover some secrets, you will be disappointed - but if you want sound advice, from a trader who has walked the walk and done it - Way of the Turtle is an inspirational book.

Curtis Faith and the Turtles made millions after just 14 days training - could you?

Maybe not, life simply isn’t like that - but the opportunity is there and maybe just maybe…