This book which is the second in the popular series ‘Trading with Traders’, looks at the types of price charts that widely used by traders around the world, both professional and retail. We shall concentrate on Candlestick Charts as these specific charts are the most popular with traders today. By the time you have finished this book you should have gained enough confidence to trade with some success on your dummy account using these charts. The only two ways to analyse the financial markets are by using fundamental analysis and technical analysis. Candlestick charts are a technical analysis tool. Successful traders do not use one approach and disregard the other; they use both approaches on various levels depending on the their comfort zone or the particular strategy they want to implement. While fundamental analysis uses the approach of studying and analysing political, social and economic developments and the impact they have on the supply and demand of currency pairs and other assets, such as stocks and shares. Technical analysis is based around the various types of price charts that are available to the trader. As technical analysis uses the approach that the current price is the culmination of everything that has happened in the past, historical and current chart patterns help traders make correct trading decisions. When studying a price chart you are in effect viewing price action that has happened in the past and which should give you an idea of where the price is going in the future.
About the Author:
Philip was born and educated in the United Kingdom. He joined Citibank in London before moving to Athens where he worked as a foreign exchange trader for both Citibank and Chase Manhattan. Philip was then posted to Citibank's Middle East North African Training Centre in Athens/Beirut as the operations manager and a foreign exchange trainer. After returning to the United Kingdom Philip joined Union Bank of Switzerland as the Head of Learning and Development and introduced trading simulations as a safe way for new traders to trade. In 1993 he was appointed Head of Learning and Education for UBS in North America. He later left the bank and went into partnership with two colleagues and set up a successful financial training company (New Learning Developments) in New York City. At New Learning Developments he developed relationships with all the major investment banks such as Goldman, Lehman, JP Morgan, and other major financial institutions such as The Federal Reserve Bank, Chase, Citibank, ABN-AMRO and the World Bank. In 2001 he returned to London where he worked as a training consultant to financial services institutions and the Ministry of Defence. He now spends his time developing knowledge databases for on-line brokerage houses and conducts webinars on foreign exchange and on-line retail trading. He also writes fictional short stories and is in the process of writing a political thriller.
Web: http://one2get2no.hubpages.com and www.booksforyourbookshelf.co.uk
Other books by the author:
Trading with Traders (Books 1 – 8)
Sparky the Baby Green Dragon
Night Walk in Beirut