Japanese candlestick charting techniques

Steve Missins Candlestick Book: A Must Read

‘Steve Missins candlestick book,’ you’ve got it wrong there buddy. But you’re still on track to finding the best crypto book on reading candlestick charts.

To begin with, the correct spelling of the author’s name is ‘Steve Nison’.

And ‘Japanese Candlestick Charting Techniques’ is the name of the book. It’s available in the first and second editions.

This review will tell you all you need to know about the author and why there’s so much fuss about his works when it comes to technical analysis.

You’ll also get to know if this particular book is for you or if you’re better off finding another guide to read.

One thing I can tell you is that this is the first candlestick chart course to read. That’s if you’re bent on learning Japanese candlestick charting techniques.

I became a better trader because of it and I’m sure many out there can also attest to the fact.

Who is Steve Nison?

Steve Missins Candlestick Book

Steve Nison is a technical analyst and a good one at that.

That’s a title he deserves thanks to his diligent work on technical analysis.

Steve Nison is the first to reveal the Japanese trading method with candlesticks.

He revealed this at a time when bar charts had more dominance. These bars are used to enter and exit trades.

Nison’s works brought him fame given that his books are international bestsellers.

New and professional traders who have gone through his publications attest they’re the best out there.

Two of such top-rated books by Steve Nison are the Japanese Candlestick Charting Techniques and Beyond Candlesticks.

I’ve read both of these and you too should.

According to the author’s biography of Nison, he taught professionals at the World Bank and the Federal Reserve.

If that doesn’t make you want to read this book, then I’ll point out other reasons why you should.

Why You Should Read Steve Nison’s Candlestick Book

Here are four of the top reasons why you should read Steve Nison’s candlestick book.

1. It’s Very Simple to Read and Understand:

The term technical analysis already tells you what you’re dealing with is complex.

And that could scare most people away from learning how to trade cryptocurrencies.

That shouldn’t be the case!

Steve Nison’s candlestick book seems to agree since its content is very simple to read and understand.

Why’s that?

It describes trading elements in a clear and concise manner.

Hence, beginners and advanced traders can understand its concepts.

For instance:

Some books on candlestick trading I’ve read are too complex to understand even though they contain valuable information.

The difficulty in even getting past chapter one makes reading them such a chore.

Sometimes I have to be sure I’m not misinterpreting what the author intended to say.

Now, these challenges are not what you’ll encounter with Nison’s book.

You can read it in the park, office, or while on you’re bed (even though that’s not an ideal learning posture).

Bottom Line:

Japanese Candlestick Charting Techniques is the book to read if you don’t wanna spend hours studying trading terms you’ll forget two weeks later.

It is Steve Nison’s best book.

2. It Covers a Broad Subject:

Ever picked up a highly recommended book on trading to read? Only to drop it moments later because it didn’t gradually introduce or expatiate new concepts?

How about discovering the book’s too advanced thus leaving you more confused than when you first began reading it?

I completely understand both of these scenarios because it has happened to me time and again.

In contrast, Japanese Candlestick Charting Techniques by Steve Nison covers basic and advanced trading concepts.

You’ll learn what candlesticks are from scratch, how to read each candle, and also trade with it.

The best part is, you’ll get to know why a certain candle is formed. And once you do, there’s no need to ever memorize a candle.

Understanding each candle’s formation enables you to interpret every single candle on your chart.

This means even if you forget their namings, you can still trade profitably just by knowing what the candle could yield.

This is especially useful since there are different variations of candles.

So if you’re a conservative trader who knows only the ideal form of the candle, you may miss out on profitable entries or exits that are hinted at by variants of the same candle.

Here’s an example:

You’ve spotted a hammer-like candle on your chart. But you refuse to take the trade since you’re used to the traditional definition of a hammer having a long wick.

On the other hand, Nison’s book would teach you other ways to read the same candle. You also get to learn Steve Nison’s trading strategy.

As such, you’re able to make more informed decisions.

3. It Delves Into the Japanese Mode of Trading:

The Japanese are reputably known to be one of the best traders out there.

And learning from the best is how you become better.

Nison took his sweet time explaining the history of Japanese candlesticks.

As such, you’ll learn a thing or two about the Japanese trading system and why the westerners adopted it.

It gets even better when the Japanese methods are blended with western technicals.

This means that if you’re already conversant with the latest candlestick and chart patterns, you can merge them with the patterns of old.

Writers like Clive Lambert in his ‘Candlestick Charts’ book acknowledged the effort of Messrs Feeny and Nison. This is for their contribution to modern technical analysis.

Further, you’ll find wise Japanese quotes in Nison’s book which add an extra layer of meaning to what you’re reading.

You may want to get a jotter to note down these quotes and then ponder upon them later on.

4. A Gateway to Other Books:

Start with a simple book on trading and then gradually move to advanced ones. Then you’ll realize you’re learning more and probably trading better.

Steve Nison’s ebook is a good place to start since it’s more of an introductory course to technical analysis.

It means if you’re a new trader, you should give it great consideration. It’ll ensure you learn trading the right way and be able to separate it from bad trading practices.

Advanced traders, on the other hand, who may have skipped the basic introduction have an opportunity to learn anew.

You can unlearn certain things and then see what you can take out of this book.

How to Make the Most of Steve’s Japanese Candlestick Book

If you’ve made the decision to download Japanese Candlestick Charting Techniques, then you need to know how to get the most benefit from it.

Check the following out:

1. Write as You Read:

You may be like most people out there who learn better and faster by writing as they read.

It’s the same for me!

Therefore, carefully jot down valuable points you get from the book.

Getting a separate notepad from the one you use on a daily basis is a good place to start.

After jotting down what you gain from every chapter, go through your note often just to refresh your memory.

It’s technical analysis we’re talking about. And the more you keep learning new things, the easier you may tend to forget old knowledge.

The point is to read and master what you’ve learned each day so they stick to your long-term memory.

2. Practice Concepts:

It’s definitely not enough to spend hours studying a book.

You need to put in the extra work of looking at live charts for good examples.

Make a habit of finding candles, patterns, trends, etc. you’ve learned on your chart.

I highly recommend that you practice from a computer, laptop, or device with a large screen.

What this does is give you a wider view of your chart compared to what a smartphone will.

You can even take it one step further to open a demo account. Next, carry out trades just to test taught strategies.

TradingView, for instance, is a popular trading platform that allows you to demo trade cryptocurrencies, Forex, stocks, etc.

3. Read and Read Again:

If it takes you three to four reads to finally understand important points made in Nison’s book, then go ahead.

There’s really no rush since your level of understanding will greatly determine the outcome of your trades.

You’d be surprised at the new concepts you’ll unravel on each read and that can go a long way to improve how you trade Bitcoin and other cryptos.

What I do is give myself two weeks’ break after each read and maybe study another book.

Taking some time away before revisiting the same book helps me look at it with fresh eyes.

And that has been quite rewarding.

Give it a try!

Where to Buy Steve Missins Candlestick Book

Steve Nison’s candlestick book on Japanese Candlestick Charting Techniques is available on Amazon.

Another website to get this book is Goodreads.

On either of these platforms, you can buy the book in hardcover or opt for a softcopy (PDF and PPT).

I so much prefer the hardcover since it gives you a classic feel of what you’re reading.

There’s also the ability to quickly circle out points that stand out to you on a physical paper.

On the other hand, the audiobook makes reading even easier since you can learn trading techniques while on a walk.

You’ll find the Japanese Candlestick Charting Techniques audiobook on Google Playstore and Audible.

There’s really no need to search for Steve Nison books free download PDF since they’re worth every penny you’ll spend on them.

Each copy costs around $42 to $60 depending on where you buy it from. Steve Nison’s candlestick book price also depends on the title you opt for.

Other Books By Steve Nison

Steve Nison has at least 17 books credited to his name.

These are mainly candlestick patterns books. But you’ll still find some that talk about money and risk management.

Accordingly, Steve Nison’s books include:

  • The candlestick course.
  • Japanese candle charting.
  • Profiting with Japanese candlesticks.
  • Beginning to profit from candlestick charts
  • SFO personal investor series: technical analysis.
  • Strategies for profiting with Japanese candlestick charts.
  • Advance candlestick pattern: secrets to becoming a Samurai trader.
  • A trader’s money management.

Bennett A. McDowell and Steve Nison both wrote ‘A Trader’s Money Management.’

On the other hand, all the books listed above have a very high rating hinting they’re worth the read.

Other Books Like Steve Nison Candlestick Book

Would you love to read other books like Steve Nison’s candlestick book?

Then here are some of my top recommendations.

Note that these picks are based on trading books I have read and found to be easy to comprehend.

Some of the best books like Steve Nison’s candle book include:

  • Beyond candlesticks by Steve Nison
  • Technical analysis for dummies, second edition by Rockefeller
  • New trading for a living by Dr. Alexander Elder
  • Technical analysis from A to Z by Steven B. Achelis
  • Technical analysis of the financial markets by John J. Murphy
  • How to day trade for a living by Andrew Aziz.

I’ve arranged these books in the order I enjoyed reading them.

Do well to check them out and see how they improve your knowledge of the subject.

Usually, I’d rather watch videos on technical analysis. But the simplicity of these books makes up for not seeing live visual content.

Frequently Asked Questions

Here are answers to some frequently asked questions which will prove useful:

1. How Do You Read Japanese Candlesticks?

You read Japanese candlesticks by studying each candle’s color and size.

A candle’s color can be green (white) or red (black) and its size can be small or large.

The size can be that of its real body or its shadows (wicks).

This means that you also have to study the positioning of the candle’s real body in relation to the wicks.

Consider the following:

  • What’s the placement of the candle’s open and close?
  • Is the open and close ‘near’ each other but ‘at’ the low, middle, or high of the candle?
  • Is the open and close ‘far’ from each other and ‘near or at’ the low or high of the candle?

The answers to these questions will help you read the candle as either bullish or bearish.

It also tells you whether the candle is more/less bullish or more/less bearish.

2. How is the Japanese Candlestick Chart Made in Technical Analysis?

The action of both buyers and sellers in the market forms a Japanese candlestick.

For instance, if the buyers are more aggressive, demand increases, and a green candle is formed.

A red candle shows the sellers are in charge hence an increase in supply.

This means sellers were taking profit or short-selling at lower prices.

3. What is the Most Powerful Candlestick Pattern?

There’s no single powerful candlestick.

This is because various candles can be more bullish or bearish than others by their structure.

It follows that the power of a candle is determined by:

  • Where its open and close appear in relation to the candle’s high and low.
  • The length of the candle’s body or shadow.
  • The number of candles that combine to form a single pattern.

I’ll explain each of these.

A green candle whose opening price is near the lows and closing price is near the highs is seen as more bullish than a candle that didn’t open at or near the low or close at or near the high.

This type of candle is called a momentum candle. Take a minute to study the image below.

Steve Missins candlestick book

The opposite holds for a red momentum candle. Its open is near or at the high while its close is near or at the lows.

Another powerful candlestick is the Doji. Take the gravestone or dragonfly doji for instance.

A gravestone doji has its open and close at the low of the candle.

Its upper wick says bulls lost the battle after price rallied to the candle’s high only to close at its lows.

Gravestone doji candlestick pattern

More candles combining to form a pattern is also seen as more bullish.

An example is a morning or evening star since they both have three candles.

Morning star candlestick pattern

It goes without saying that a three-candle pattern is more powerful than a two-candle pattern such as Harami.

4. How Do You Draw a Japanese Candlestick?

In order to draw the Japanese candlestick, you need to know the various parts of a candle.

These parts are the open, close, high, and low.

Japanese candlestick charting techniques

The open and close form the candle’s body while the high and low form the candle’s shadow or wick.

Another thing you have to understand is where the open and close are located on a green (white) or red (black) candle.

For a green candle, the close is above the open. Whereas a red or bearish candle has the open above the close.

The next step is to launch a chart and copy the open, close, high, and low prices.

Place these prices at the respective location for each candle.

Final Words

Steve Missins candlestick book or however you put it, is a must-read for all.

It doesn’t beat around the bush and neither does it jump into new concepts without breaking down previous ones.

Now, this review is from someone who has read Steve’s book at least four times. That means you can trust my honest opinion on it.

Each read presented an opportunity to learn new things I may have skipped in previous revisions.

You too may come to love the content of this book and how they’re presented.

Therefore, open your mind to the world of technical analysis made easy.

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