Online Day Trading Training with CandleSticks

Welcome to CEO’s online day trading training session! This article is to provide a practical and useful training regime that I use in my short trading adventures.

The high excitement and lucrative reward of day trading attract many traders into the speculative market. Every year new blood flocks into this euphoric frenzy with the dream of quick wealth and riches. The truth, however, is often far from the dream.

This article is not a guaranteed success training program. I do not believe such thing exist. Not when it comes to trading in the equity market. What I do believe are the results of hard work and practice.

On the other hand, this online day trading training program is entirely risk-free. There is no cost associated with this training program, all it requires is your desire to get better and the commitment to practice.

At the core of this training session is to spot and identify proven Japanese Candlesticks patterns. Japanese candlesticks are very accurate in predicting market reversals, which is why it is one of the most famous charts that day traders use.

From my experience, we are our worst enemy when it comes to day trading. Understanding the technical attributes is easy, cultivating that fortitude and resolve to execute on the knowledge against our intuition is the most challenging part. A key attribute to day trading success.

Online Day Trading Training: Focus

So this is not an educational post, I will most likely not teach your anything new. Instead, this online day trading training focuses on cultivating that resolve to act appropriately every time you see a signal. Going against your intuition regardless of the situation is the key objective of this training.

The reason why we train this way is to replace our unproven, untested, and most of the time inaccurate intuition for proven, tested, and more accurate pattern recognition.

In this training session, you will memorize several proven Japanese Candlesticks patterns and apply the right action every time you see it. You do not analyze the trend or the momentum, all you do is follow an asset and wait for a pattern to appear and act on it without hesitation or uncertainty.

Tools to use

There is no point to practice on simulations. The market is always changing, what you see on a simulation may never appear again. So to train properly, you must train on real and live markets.

There is also no point to train on delayed market reports, what already happened does not concern a day trader. What is important is what is going on now.

Hindsight is always 20/20, especially in day trading, but it is incredibly useless.

So what you need to do is to practice on the real market through real brokers with fake money. Ideally, you should always use real money, because that added risk factor will put your resolve and fortitude to the test.

For all the intended purposes of this online day trading training program, I recommend you use the fake money first. Gain that confidence and fortitude as a day trader, and when you feel satisfied with your performance, graduate yourself.

There are a few options to do this, and I will go over them quickly. I recommend you stick with one that works for you but play around. Different brokers offer different asset, depends on what asset you want to trade in the future it may be a good idea to find it from the start.

Online Day Trading Training Broker #1

Step One:
First Open a demo account with Iqoptions, A Binary Options broker.

You should see something like this:

online day trading training 01
All they need is an email address to get you set up

Iqoptions is great because they offer a broad range of assets such as stocks, Forex, and Commodities. They don’t need anything other than your email address to get set up.

Once you are ready, explore a little bit or get started with practicing.

Step Two:

Pick an asset to trade: I picked Forex EU/USD, since its midnight this is on the OTC market. Stocks are closed at this time too. For our purpose, it does not matter.

The next thing you need to do is to turn on Candlesticks Charting. You can do this by clicking on the pen icon and choose the top option “Chart Types” and click Candlesticks.

online day trading training 02
You are on a demo account, to get a real money account like me you need to make a deposit.

Step Three:

Look for the bear reversal pattern of Dark Cloud Cover.

online-day-trading-training-04 online-day-trading-training-03

According to Investopedia, a bearish dark cloud cover appears in an uptrend with a long green (Upward) candle followed by a big red (downward) candle. This pattern signals a falling momentum in traders.

Key Points

  1. It must be on an upward trend.
  2. The large red candle must start higher than the previous green candle.
  3. The large red candle must pierce below the middle of the last green candle and closes below the half point.

Action Plan

  1. pick an asset, for example, EUR/USD.
  2. Watch it carefully.
  3. Whenever you see a bearish Dark Cloud Cover, you put.
  4. It is important that THIS is the only thing you do throughout the session.
  5. Set a timer for yourself.
  6. Make a record of your gains and losses.
  7. Note why the loss occurred.

You can also practice with any other patterns. Try to establish a connection and confidence with each different model.

Gradually you can start adding pattern combos. Usually the more complex a combo, the more accurately it predicts.

 

 

Warning

The success of this online day trading training program strongly relies upon your ability not to be tempered by anything other than your set pattern. This exercise is about fortitude, an essential ingredient for day trading success.

Online Day Trading Training Broker #2

If Iqoption doesn’t work for you or is not available in your country, you can also try this broker, Nord FX.

online-day-trading-training-05
Click Open Demo Account

Online Day Trading Training Broker #3

If neither Iqoption or Nord FX work for you, try this broker, Grand Capital.online-day-trading-training-06

Online Day Trading Training: Graduation

Congratulations on completing your online day trading training! I wish you all the best, wealth and fortune in day trading.