One of the most reliable candle in candlestick pattern is none other than mr doji …

All the above candles are doji. The far left doji is a very nice doji as the body and the shadow is just nice. Basically a doji tell us that the people who are trading or investing the stock do not know which direction to go. That is the reason the candle showing no particular up or down trend. This is a very good indication that the stock will have a pause as the bull and the bear has to fight it out to see who is the ultimate winner. 

Usually the next candle will be the deciding factor on who is the ultimate winner. Thus the doji give me a signal to watch the stock. If the bear win the battle i will stick to the bear and if the bull win the battle then i will stick to the bull. 

It is very truth about an old trading wisdom… Professional always waiting at the sideline to slaughter the newbies. Professional will let the newbies to kill one another in the market while watching at the sideline. Eventually there will always be a winner and the professional will act upon it and prey to loser which is the majority of the market people who make up of the newbies. 

Once again patience is the key and wait for the next candle to go for the glory. 

Do you have the problem of deciding which duration chart is most suitable for Candlestick Patterns for intraday trading?

1,2,3,4,5,10,13,15,30,60 minutes?

Today i have a nice chat with one of the visitor from Invest Fair about this topic. I told him that 1 and 2 minutes are not so reliable even if you are a scalper. The candle will not have enough time to form. His reasoning was every minute is very crucial to the scalper. I told him even if you use 3 minutes charts, your chart still streaming every second to minutes.

In my experience and research, (3,5,10,13,15) minutes are very reliable. Personally i use 3 minutes and 5 minutes for scalping. This is the best combination that I have always use in scalping. This is because many people uses 3 minutes and 5 minutes for day trading. It allow the candles to form.

The last thing that make this tick is none other than fibonacci. (3,5,10,13,15) minutes are basically fibonacci numbers. So that is the reason you have 13 minutes candle in the chart.

Find out more about candlestick pattern @ http://patterntradertools.com/PDCS.php

Today i went down to Suntec City in Singapore for the Invest Fair. I was at the Adam Khoo Booth helping Conrad to promote his course and give awareness to the public. I got to interact with quite a lot of people. I love to interact with people (stranger) to find out what they really want in the market.

I guess many people get out off by me when i tell them the truth in the business of trading/investing world. I told them that at least they need to practice for 6 months to 1 year in order to be profitable. Most of them will quite disappointed and give me the “Sian Look”. This is because i think a lot of people are looking for quick and sure fire method in making money. People have the wrong concept that the stock market is a place with EASY MONEY …

This is absolutely not truth!!! part of the fact is that there are many so call gurus selling dream to people instead of teaching them the real stuff. Sad to be said … Reality is hard to accept and sometime it may seem to be a crush in the face. I rather put people off then killing them in the market.

People who really succeed in this business will have these following qualities …
- Discipline
- Passion
- Fighting Spirit (Never give up attitude)
- Patience
- Hardworking
- Strong Believer in yourself

Discipline is the key factor towards the success of trading/investing. Lack of discipline will result a bigger loses when you hesitate in cutting lost or when you enter a trade too early. Discipline no doubt is the bigger key deciding factor in any kind of field.

You need passion to drive you towards the success that you are hunger. You need the passion to do the boring job yet very rewardable at the end of the trading journey.

Tough time come you need to press it on. Never say quit attitude!!! Most of the Good Trader or Investor will experience a major downfall before they succeed in this business. If they did not fight back again then they will never succeed. Once again tell yourself press it on till you succeed.

Many people including me lack the virtue of patience. Trading and investing require plenty of patience as most of the time we are waiting at the sideline and let the newbies to kill each other. Once the market decide to go in the trend then we as a professional trader and investor will act upon it very fast. Being Patience alone will save you plenty and tons of money.

The more sweat you put in the greater reward you will get. Then again if you are doing the wrong thing every time again and again, this mostly likely tell you that your system of trading is not working and thus you need to change. There are a big different between hardworking and just stubbornly sticking to the failed plan. If the system of yours is CLearly not working after you put in months of efforts then you should just change your strategy.

Last but not least you need to strongly believe that you will be able to take money out of the market consistently. Believe that your Tested system will be able to last as long as the market condition do not change much.

Have you been searching for the magic formulae in striking pots of gold in the world of stock market?

These are some of the question that i have been asking myself ever since I involve in this market. I will want to say again that there are no magic system or formulae that will guarantee you in striking rich. If there are really such a system or formulae, do you think that the inventor will want to sell it?

Is auto system really that good for trading and is it really profitable in long run?

Automation system will only be profitable for a period of time as the market is too dynamic. You need to pay money for the system too. The computer system might spoil or HANG (Freeze). Just be careful with the temptation of easy money.

So i guess you guys will want to know how to create your own profitable trading system. It is rather simple to do it. There are a few things that you need to know before you start creating your own profitable system.

You need to know that the system that you are going to create will only suit you personally as each of us is build differently and have different characteristic. In short none of us is similar even for twins. Thus the system that you created might only suit you and not others.

You need to know that the system will need to change accordingly to the future market condition. This is easy as you will know what to modify if you are the creator. The system that work for you now might not work for the future as once again the market is very dynamic and the present economic is different from future economic.

Trader journal is the key towards creation of Your Profitable Trading System…

In your trading journal you need to have all the record of your transaction detail. On top of it, you need to indicate your feeling (bad mood) , your reason (rebounding off the support) and your environment (trading at my bedroom facing the green color wall). The key is to make it as detail as possible. You need to at least keep track for 6 months to a year. You need to review it weekly or monthly.

Slowly and surely you will be better in trading after you have review your trade with all the detail that you have put in. I know that it is a lot of work. This really cant be help as this is the ground work towards the future success. If you can’t put in this much of work, I rather you park your money into fix deposit or just buy GOLD BAR …

All the best in Creating Your Profitable System …

I’m really very worried for the youth nowadays. Most of them spend money like nobody business. This is especially so in Singapore and the parent spoiled them with money instead of love.

Singapore used to be a fishing village not too long ago. One of the main factor contribute to the rapid growth of Singapore is due to Saving. I still vividly remember that when i was in primary school, the government encourage the citizen to save money even if you are still a kid. I can also remember the commercial by POSB with the their mascot. A saving country like Singapore spur up very fast and becoming a Rich Country in a matter of less than 50 years.

Learn To Manage Your Finance First Before You Start To Invest

You have to really start to invest since young. The very least you can do is to save 10% of your allowance or whatever money that you can grab hold with into a piggy bank. You can also start to read book about managing your finance.

Well most of the people including me only think about investing investing investing and nothing else … The truth of growing your wealth is rather how your MANAGE it. There is no point of knowing the skill of investing or trading yet you mismanage it and spend all the money.

Thus besides knowing the technical aspect of trading or the knowledge of investing, You still need to learn basic personal finance. Believe me … I have seen too many people lose back all the money that they made from the market as they just lack of the skill in managing the finances.

Personal Finance 101 …

Set aside 10% of your income (pocket money, prize money or whatever …) to INVEST in YOURSELF every MONTH …

Is there such a thing, program, software, book and even system that will 100% guarantee of making YOU rich? 

There will always be people asking me about will this or that trading strategies or even system 100% work? It is pretty normal that You are seeking the Guarantee Protection of making money. It is a good practice too as You are cautious to every investment.

Then again think carefully … Is there really such a magic formulae?

BEWARE WHEN A PERSON PROMISE 100% GUARANTEE OF MAKING MONEY!!!

The truth is there are no sure fire stuff in this world that will make YOU an instant millionaire. It is through tremendous hard work and sweat that will make YOU a millionaire. It is through the old age of wisdom from the REAL Professional in the relevant field that will GIVE YOU the PRICELESS knowledge of making money.

Knowledge is the path towards becoming millionaire.

Recently I have just launch an Educational Trading Tools website www.patterntradertools.com. I did not claim that YOU will 100% guarantee of making money. Though this claim can attract plenty of gullible people who are seeking to make a quick fortune, I just did not put it as i do not want to give people a false hope.

I truly believe in hard work and plenty of practice. Thing that come easily will go off very fast too. Only through hours of hard work that YOU will taste the sense of achievement. If YOU ever been to the www.patterntradertools.com to look for a product that i recommend, never ever think that the product will help YOU become millionaire instantly.

Instead those Education Trading Tools will help YOU to reach YOUR million dollar dream a step closer and will definitely give YOU the priceless knowledge in acquire tons of cash. Those Educational Trading Tools will speed up the process of learning.

Do not get fool by those 100% guarantee of making money products!!!

Good products will help YOU to gain PRICELESS knowledge in the shortest time.

Nothing can help YOU if YOU want to take the easy path …

So once again … Is there such a thing, program, software, book and even system that will 100% guarantee of making YOU rich?

If there are such a program, please let me know … thanks