Firstly, let me caveat this article by saying this is just my opinion. Opinions are like assholes, everybody's got one. So take it or leave it.Originally Posted by ;
I don't know what research you've done to reveal candlesticks only work 10 percent of this time. That is bs. Emperical evidence was accumulated and supplied by many academics, that indies price action and candlestick patters are 75% effective as a predictive instrument. (don't quote me on that figure, it is from memory, but it is way over 50% I know that much )
As for all these fine books folks are suggesting, by all means, read them if you have the time and inclination, they surely can't do any further harm. I suggest Street Smarts: High Probability Short Term Trading Strategies by Laurence A. Connors and Linda Bradford Raschke Day Trading with Short Term Price Patterns and Opening Range Breakout by Tony Crabel (if you can Contact a copy and afford it) Last, get exercise and screen time. You have to become competent.
To do that you need to execute many, many transactions. Trade/Train just like a prop trader. (on a demo account)
Close your charts and just look at price (market view or whatever it is called on your chosen platform)
Spread 70-100 transactions a day, carrying two pips and exiting. (regardless of profit possible. This is implementation practice recall )
Input 70-100 transactions a day randomly and manage them.
Do this in sessions, everyday, for as long as possible concentrate/focus (generally 1-2hrs at a time)
Do this for a min of 6 months, then begin taking a look at your charts for another 6 months, but follow the same routine on a brief time-frame (tick 1min charts, 5 min max)
Attempt to see setups on these brief time frames and execute, execute, execute and execute more.
From here it is possible to begin looking for a system or anything you want and begin looking at more term trading or whatever style suits you. Your implementation will be way.
After all that, the only thing that could fuck this up, is that you.
All of the best.