I want to start basic trading posts for beginners who don't know how to identify entry points, SL, TP, and risk-reward ratio. If you like it, then I will post one class daily. Today's post is about the Candlestick Strategy Simulator.
📉 Day 1: Candlestick Strategy Simulator – Basics of Trading 📈
Meet the candlestick strategy simulator
Welcome to the free candlestick strategy simulator—your step-by-step guide to mastering a proven trading strategy.
Let's explore the basics of candlestick trading and discuss three key principles of our learning methodology. These principles will guide you towards trading success.
The advantages of the candlestick strategy
a. It allows you to identify entry points without guessing.
b. It is easy to understand and suitable for beginners.
c. It provides a clear set of risk management rules.
d. It works with any asset and timeframe.
👉 How to trade with the candlestick strategy.
"Meet the candlestick strategy"
1. Identify support and resistance levels.
2. Wait for a candlestick pattern to form at these levels.
3. Determine the direction based on the type and position of the pattern.
4. Decide on risk per trade and open order.
🤔 RISK Reward Ratio
The recommended risk per trade is around 1–2% of your total deposit.
1. Go to order details.
2. Place the stop loss at 50 points from the key level.
3. Set the take profit at the chosen risk/reward ratio.
"The recommended risk/reward ratio is 1:2"
👉Identify the Entry Point from the attached Chart Pictur.
" Always DYOR"
