A Guide to Bullish Candlestick Patterns

A Guide to Bullish Candlestick Patterns

If you want to start being a consistent and profitable trader, knowing what Candlestick patterns are all about is very important. As far as technical analysis is concerned, candlestick charts are some of the best tools that you have at your disposal. These candlestick patterns are ideal for helping you to identify trends and trend reversals in the market.

What we are here to look at today are very bullish candlestick patterns, and what they mean. In case you didn’t know, candlestick patterns usually form at the end of a trend, and they generally signify the beginning of a new trend. candlestick patterns are formed when one, 2, or more candlesticks form a certain pattern. Even a single candlestick can sometimes be an indication of what is to come.

As far as identifying trend reversals go, being able to read a variety of Candlestick patterns is extremely important period today, we want to look at bullish candlestick patterns, which usually form at the end of a downtrend, and signify that an uptrend is going to happen. Let’s take a closer look at how to read Candlestick charts, as well as what some of the most common bullish candlestick patterns are.

How to Read a Candlestick Chart

Candlestick patterns have been used in the western world for trading for well over 100 years at this point, and for good reason. This is in part because they provide you with various pieces of information about a security.

For instance, the four things that a candlestick tells you is what the closing price and the opening price was at, as well as what the highest price and the lowest price traded at was during a day.

In terms of the anatomy of the candlestick, that large or rectangular part is known as the body or the real body of the candle. This indicates the link between the opening price and the closing price for a given day. This body also shows you what the price range is between the opening price and the closing price for any given day.

If you see that the real body of the candle is black, filled in, or red, it indicates that the opening price is higher than the closing price, and this is what is generally known as a bearish candle. It indicates that the price opened high, but the bears then pushed the price down, causing the price to close lower than the opening price.

On the other hand, if you see that the real body of the candle is empty, white, or green, it means that the opening price was lower than the closing price. This is what is known as a bullish candle. This is a strong indication that the price opened, with the bulls then pushing the price upwards, which caused it to close at a higher level than it opened.

Those thin and vertical lines that you see both above and below the real body of a candle is what is known as the Wick or the shadow. This tells you what the lowest and the highest prices for an asset was during a given day. Bullish candles represent strength and they are always green.

5 Bullish Candlestick Patterns for You To Know

What we want to do right now is to take a closer look at the five most common bullish candlestick patterns that you need to be aware of.

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Three White Soldiers

The three white soldiers Candlestick pattern consists of three long bullish candles. These do not have long shadows, or any shadows at all. Each candle opens at least halfway above the open of the previous candle. This is a bullish candlestick pattern that forms at the end of a downtrend and it indicates that a bullish reversal is in the works.

The Morning Star

Another common bullish candlestick pattern that forms at the end of a downtrend is the Morningstar. The Morningstar also consists of three separate candlesticks. The first candlestick is a bearish candle, the second one is a doji candle, and the third is a bullish candle.

The first candle indicates a continuation of a downtrend, the second candle shows indecision in the market, and the third candle is a bullish one that indicates that the bulls are back in power. Keep in mind that the second candle should be completely below both the first and the third candles.

Bullish Engulfing

One of the most common bullish candlestick patterns out there is known as bullish engulfing. This is a candlestick pattern that forms at the end of a downtrend and indicates that there is a bullish reversal happening.

This particular pattern consists of two candles, with the second candle completely engulfing the first candle. The first of the two candles is bearish, and it indicates a continuation of a downtrend, but the second candle is a much longer and larger bullish candle that completely engulfs the first one, and signifies that the bulls are back in power.

The Piercing Pattern

The 4th bullish candlestick pattern that we want to take a look at is known as the piercing pattern, and it’s also another one that forms at the end of the downtrend. This particular candlestick pattern consists of two separate candles, with the first one being a bearish candle that it signifies a continuation of a downtrend. However, the second candle is a bullish candle, with the gap down closing more than 50% of the real body. This is another strong indication that the bulls are back in power.

The Hammer

The 5th and final bullish candlestick pattern that we want to take a quick look at is known as the hammer. The real body of this candle is very small and is at the top with a lower shadow that should be more than twice the length of the real body.

It also has absolutely no or a very little upper shadow. Here, you can see how the prices open and the sellers then pushed the price down, but the buyers then came back into the market and pushed the price back up, with the result being that the price closed higher than it opened.

Bullish Candles – The Bottom Line

The bottom line here is that if you could read candlestick patterns, then you’re one step closer to being your consistent and profitable trader. Today, we’ve covered bullish candlestick patterns, but stay tuned, because we will also be covering bearish candlestick patterns.

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How to Start Forex Trading for Beginners

November 2, 2021 AndyLatest News / Latest News / NewsLeave a comment

How to Start Forex Trading for Beginners

If you are a beginner who is just getting into the world of forex trading, there are a lot of things that you need to learn in order to be successful. The fact of the matter is that forex trading is not easy, not in the least. It takes many different skill sets in order to be a successful trader in the world of foreign currencies.

Now, when you start trading, chances are that you probably don’t have very much capital despair. This means that every action you take is extremely important because the less money you have the bigger of an effect of losing or a winning trade has on your overall balance.

If you are just somebody who’s just starting trading, you probably have no idea what you are doing, and you have no idea where to start either. Today, we are here to look at one specific video that Andrew has uploaded on his trading channel, Andrew’s Trading Channel. This video is all about how to start forex trading for beginners, especially for those who don’t really have any money. Let’s get to it and teach you the fundamentals that you need to know as a beginner to start forex trading successfully.

How to Start Forex Trading for Beginners

What we want to do right now is to talk about the tips and rules that Andrew provided you within this video, all of which are designed to help you start trading Forex as a beginner. We did expand on Andrew’s original video, but with that being said, all of the rules and tips that we are about to share are equally as important. Let’s go through a step-by-step tutorial on how to start trading forex successfully.

It All Starts with an Education

If you plan on being a successful forex trader, then perhaps the most important thing that you absolutely need to do is to go get yourself a forex trading education. The fact of the matter is that there are many different assets and things about forex trading that you need to know in order to be successful.

You need to know all about trading platforms, indicators, charting solutions, trading strategies, technical analysis, fundamental analysis, and much more. The fact of the matter is that it can take many weeks or even months to develop a full skill set that will allow you to be a successful foreign currency trader.

What we recommend doing is taking a look at the Income Mentor Box Day Trading Academy, which is at this time one of the most popular forex trading schools out there. Yes, this trading school is led and taught by none other than Andrew himself, and quite frankly, there is no one that we would rather be learning from than him.

Andrew is a fantastic trader and an even better teacher. The bottom line here is that if you want a chance of being successful in the world of foreign currency trading, then you absolutely need to have a good education.

Try a Demo Account

If you want to start trading for it successfully, then another huge tip that you need to follow is to start using a demo account. Of course, when you first start trading, you are going to lose some trades. this is absolutely normal, especially as a new day trader who has never traded before. There is quite a bit of a learning curve involved here, and it will take a while for you to get over it.

However, just because there is a learning curve and just because you need to practice doesn’t mean that you need to risk real money. The reality is that every good trading platform and broker should come with a demo account option, which is a type of trading account that simulates real market conditions, and also uses real current market conditions, thus allowing you to trade without having to risk any real money.

It’s like a practice version or a trial version of the real thing, but one that is fully functional, and allows you to practice the most important skills. Never start trading with real money before you have spent at least a few days trading with some kind of demo account.

Practice Your Fundamentals

Another thing that you should familiar eyes yourself with if you plan to start forex trading, is fundamental news analysis. Fundamental analysis is one of the leading ways in which forex traders determine which trades to place at any given time.

Fundamental analysis involves analyzing various news events that are related to specific companies, national currencies, or companies, all of which can happen effect on the value of forex currency pairs, or on other assets as well.

You need to be able to use those economic calendars on investing.com, and you need to know what three bull news is all about too. The bottom line here is that if you want to start forex trading, then you absolutely need to know what fundamental analysis is and how to perform it as well.

Practice Technical Analysis

if you are planning to start forex trading, then another very important thing that you need to be able to do is to perform technical analysis. Of course, there are literally hundreds of different indicators out there, and they all work in a slightly different way. This means that there are quite literally thousands of different trading strategies that you can utilize.

The bottom line here is that you need to familiarize yourself with the various types of indicators out there, which indicators work best for what trading situations, and what some of the best trading strategies out there are. If you already have a good trading strategy under your belt, your starting forex trading is going to be much smoother.

Practice Makes Perfect

In order to start forex trading successfully, the final recommendation that we want to leave you with today is that you should practice your trading skills for at least 21 days before you start trading with real money.

You can trade either on paper or you can use a demo account, but the bottom line is that you should find yourself being relatively successful when trading with fake money before you start trading with the real thing. There is absolutely no point to start forex trading with real money if you haven’t even been successful with fake demo money yet.

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Start Forex Trading Today – Final Thoughts

If you follow the five steps that we outlined above, then your start to Forex trading should be quite smooth and successful. Remember folks, to start Forex trading successfully, having a good foundation of knowledge under your belt is crucial.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.

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The 7 Basics of Forex Strategies

August 20, 2020August 24, 2020 Fabian FabianLatest News / Latest News / NewsLeave a comment

The 7 Basics of Forex Strategies

When it comes to the world of Forex, something you really cannot do without are trading strategies. Yes, Forex strategies are very diverse and there are plenty of them to go around, hundreds in fact. If you plan on actually making a profit in foreign currency exchange trading, you need to have a solid plan in mind.

In other words, you need to have a mastery of various Forex strategies in order to profit. Without the right knowledge, skills, and some solid strategies in your arsenal, chances are pretty big that you will not see success anytime soon. Yes, FX trading is much harder than the pros make it look. Now, today we do not want to focus on specific Forex strategies for profitable trading.

What we want to focus on here are the basic components and the fundamentals which go into creating and using Forex strategies the right way. Specifically, today we want to cover the 7 basic components that you need to prepare for in order to make your Forex strategies work for you.

The 7 Fundamentals of Forex Strategies

Alright, so as we mentioned above, there are 7 vital components to every Forex strategy. More than that, these 7 fundamentals are crucial to master and to keep in mind at all times when you are trading, and this is regardless of the specific strategy you plan on using. If you follow the 7 tips that we have outlined below, you should be able to make any and every Forex trading strategy work to your advantage.

Money Management

Perhaps the most important component that you need to factor into all of your Forex strategies for Trading is money management, which is another way of saying risk management. Of course, the risk of losing money is an inherent part of trading FX, as well as with stocks, commodities, and so much more. What you need to know here is that losing money is inevitable.

No, we don’t mean losing everything, but losing a trade here and there is going to happen no matter how well prepared you are. This is the nature of the game. However, it’s all about how well you manage your money and the risk of it all. In other words, never risk more money than you can afford to lose comfortably, so no using your rent or mortgage money to trade currencies! Don’t use it if you can’t afford to lose it.

Time Management

The next important component of Forex strategies for profitable trading is time management. No, of course, you cannot spend the live long day trading, especially if you have a day job. However, equally as important to know is that profitable traders do spend all day trading, with many being full time traders who make all of their money in the world of FX.

Now, if you have a day job, you will still need to dedicate at least a few hours per day to trading, at least if you plan on being successful. The reason why people who trade for only an hour each day usually are not successful is because they miss the best opportunities. Simply put, you always have to be on the lookout for the best opportunities by keeping an eye on the market whenever possible.

Starting Small

Something that you always need to do, particularly if you are newbie testing out new Forex strategies, is to start off small. By this, we meant that you should stick to the smallest lot sizes possible and never invest a large chunk of cash into any one trade. If you are not yet very experienced, risking so much money is not worth it, especially considering that due to your status as a newbie, things are likely to not go your way.

Therefore, it’s best to start small. Moreover, by starting small, we also mean that you should not place a very large number of trades per day. Just like with anything else out there, it’s all about quality, not quantity. Also, having too many trades open at once makes things hard to track. It’s best to practice with some Forex strategies and master them before you start trading high volumes.

Being Consistent

The next important basic of Forex strategies, no matter which one you use, is that you need to be consistent with it. Now, this only applies if you are using a proven strategy that has shown results in the past, either for you or others.

However, the point here is that you need to keep things the same and constant. If it works, don’t fix it. You need to stick to your plan, especially if it is a good one. Don’t veer off course, don’t let your heart and your emotions tell you what to do, and don’t start changing things up if there is no need. Consistency is key.

It’s All About the Timing

Something else to keep in mind in terms of using various Forex strategies as a newbie is that timing is very important too. As a beginner, it’s best not to start trading right when the market opens up or right when you open up a chart.

As a newbie, you want to take your time, you need to evaluate the best course of action, and you need to strike while the iron is hot. That said, rushing into a trade too quickly is not a good idea. So, if you see a profitable opportunity, take it, but don’t execute lackluster trades just so you have made a trade.

Getting an Education

If you want to learn everything there is to know about Forex strategies, what they are, how to use them, and so much more, it’s best to get educated. FX trading is not something you can just do successfully without any training. It takes a lot of hard work and skill to get to a level where you are profiting on a consistent basis. Therefore, getting a solid Forex trading education is crucial.

Practicing with Demo Accounts

Finally, you do want to get some practice in. There are plenty of brokers and platforms out there that come with free demo accounts where you can trade using fake money. Before you start using new Forex strategies, test them out using such a demo account, just to make sure that you know what you are doing.

The Basics of Forex Strategies – Final Thoughts

There you have it folks, the 7 basics of Forex strategies for profitable trading. Now that you know what these fundamentals are, you can get to mastering some simple Forex trading strategies that will put money in your pocket!

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Fundamental Analysis vs Technical Analysis

February 11, 2019 Fabian FabianLatest News / NewsLeave a comment

Fundamental Analysis vs Technical Analysis

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Here at the Income Mentor Box Day Trading Academy, our main goal is to help you become a successful day trader. The biggest part of our program is to provide you with various trading lessons and tutorials on a wide variety of topics. For the low cost of $299, you can join our academy and gain full access to all course materials, which includes of 51 video tutorials that cover all of the ins and outs of day trading. When it comes down to it, there is really no better place to learn this stuff, especially when it comes to topics such as fundamental analysis vs technical analysis.

One of the more recent trading tutorials led by Andrew himself, the leader of the Income Mentor Box Day Trading Academy, covers analysis. To be specific, this tutorial is all about fundamental analysis vs technical analysis. Now, the free video is already pretty comprehensive on this subject, but if you join our academy, you will get access to the full lesson. Let’s do a quick rundown of this technical analysis vs fundamental analysis topic so you know what awaits you.

Fundamental Analysis

When it comes down to it, as you will learn from Andrew, fundamental analysis is a method of evaluating assets by measuring the intrinsic value of them. When you engage in fundamental analysis, you look at factors such as earnings, liabilities, expenses, and assets. Moreover, you also look for the overall economy, the state of the industry, and the current financial condition of the stock, asset, or currency in question.

Technical Analysis

There is a big difference when it comes to fundamental analysis vs technical analysis. The main point here is that technical analysis functions by looking at graphs and price charts of a certain asset type or class to figure out certain patterns. The point of technical analysis is to try and recognize in which direction a price will go, and how far it will go, based on past patterns. Simple moving averages, support and resistance, trend lines and momentum-based indicators are all examples of technical analysis.

Mistakes People Make

There are some really big mistakes in regards to technical and fundamental analysis which even trading schools will teach. Here at the Income Mentor Box Day Trading Academy, we know these mistakes.

For instance, one of the biggest mistakes newbies make is to think that fundamental analysis is far more important than technical analysis. However, this is simply not true, as both of these analysis methods can be really useful.

For a full rundown of the mistakes which people make in regards to fundamental analysis and technical analysis, please view the video embedded here. Even better, for a fully comprehensive lesson on the subject, join our Income Mentor Box Day Trading Academy today.

Fundamental Analysis vs Technical Analysis – Conclusion

If you want to learn everything there is to know in regards to this issue of technical analysis vs fundamental analysis, please join the Income Mentor Box Day Trading Academy. It’s hands down the best way for you to become a knowledgeable and profitable day trader.

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