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Nugget's from Nisons Beyond Candlesticks book.

  
  Education
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Beyondcandlestick

Here’s the first nugget from Nisons Beyond Candlesticks book.

(It’s A BIBLE and my Hot favourite Book )

“A single candle by itself is rarely sufficient reason to forecast an immediate
reversal” (21)

When you cannot see the state of your opponent, you pretend to make a powerful attack to uncover the intention of the enemy. This concept, as related to trading, is one of the reasons a spring is so important. 57

In effect, these traders act like the aforementioned “moving shadow,” testing the battlefield by entering a large order to try and break support (or resistance). (more…)

My Favorite Passage

  
  Education
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It is interesting to observe the way most futures traders play the futures game in relation to the possible ways that money games can be played:

1. The most effective approach to the objective of maximizing results is to play a favorable game on a small scale.
2. Less desirable, but still providing a reasonable chance of success, is playing a favorable game on a large scale with enough profits coming early in the game to avoid ruin.
3. A basically unfavorable game may yield profitable results (presuming that one insists on playing unfavorable games) if one plays seldom and bets heavily.
4. The only road that leads inevitably to disaster is playing an unfavorable game continuously.
The trader who trades on impulse or uses some other invalid method of making trading decisions is following the fourth route, which is crowded with bumper-to-bumper traffic.

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