After learning about the basics of candlestick chart patterns, you’re ready to move on to a new and more difficult subject. But how fast can you memorize the candlestick patterns?
Your goal is to memorize the basic patterns in one day. If that sounds like an impossible task, check out these tips! Keep reading for a few easy methods that will help you learn these concise and complicated charts in no time flat.
You’ll be amazed at how well your memory holds up after learning so much so quickly.
Tips to Memorize Candlestick Patterns Quickly
1. Use Mnemonics
You can develop a little mnemonic device to help you remember candlestick chart patterns. This can be something as simple or as elaborate as a rhyme or saying. A common mnemonic device is the acronym OUIJA. OUIJA stands for open, upper, inside, lower, and outside. You can use this to remember candlestick patterns by thinking of the patterns that are in the chart: open candle means there is a reversal; upper candle means the pattern is bullish; lower candle means bearish; inside candle means a bullish trend may continue, and outside candle means it’s probably time to hedge.
2. Grouping Similar Patterns
Grouping similar candlesticks together can help you build better relationships between the patterns, allowing you to learn them more quickly and easily. For example, you may group all Doji patterns together. This will make it easier to remember each candle in the pattern since they’re so similar. You can also think of a memorable phrase or sentence that describes the pattern—or develop a little mnemonic device that embodies that pattern.
3. Write it Down
Recall is a difficult skill. If you really want to remember something, don’t just try to mentally write it down, but write it down in words (or symbols if you’re learning Japanese). When you do this, you spend at least six times the amount of time learning it one way than the other. You’re essentially learning six ways to remember something instead of just one.
4. Use Patterns To Remember Other Things
We tend to remember things more easily if we can relate to them. When you link one thing to another, you start creating a mental connection between one memory and another. That allows you to use one memory to help confirm or enhance the other. If you’re still having problems at this point, try making up a story to help you remember all of the patterns. You can then associate the characters in the story with each candlestick and make up a unique way for them to relate to each other. You’ll be able to remember the story and the pattern much more easily if you make a strong association between the two.
5. Practicing Makes Perfect
Practice is the key to success. The more you practice flipping through your charts, the faster you get at it. It’s true with anything and everything in life—driving a car, playing sports, knitting, and more. The more experience you gain, the better you get at it. So keep practicing!
When you start trading with candlesticks, practice makes perfect. If you want to be a professional, you have to practice. No one becomes successful in anything without some dedication and attention to detail. Practice your candlesticks every day, and before you know it, they will become second nature.
6. Meditate
Meditation is a proven way to improve your memory. If you’re looking for an interesting way to calm your mind and train your mental muscle, try studying the patterns as you meditate. Use this as a replacement for TV or radio. You can view the candles from an alternate perspective and see how they relate to each other and the overall price action on their own. Just take some time each day to watch and think about them, and it will pay off greatly in the end.
7. Trading Bootcamps
There are a number of great trading boot camps you can do to help improve your analysis skills. A Bootcamp is a course where you take a bunch of traders and put them into group situations, where they have to watch candles in action, analyze the action, and make decisions on their own. These are some of the best ways to learn candlestick chart patterns since you can get a good feel for it in real-time with fellow traders. There are also candlestick courses available that teach you the basics of candlestick analysis, but these have a steep learning curve. Having completed a boot camp or course can help you keep your knowledge up to date and sound like a pro at the same time.
8. Group Discussions
Take some time every week and meet with your fellow traders for candlestick discussion sessions. You can order drinks and share ideas about different techniques, strategies, and candlestick chart patterns you’re seeing in new markets. You can challenge each other to make better trades, learn from each other, and share perceptions. It’s a great way to fully understand candlestick analysis since you’re getting your hands dirty with real-life market analysis. You can even come up with some new strategies to try out together.
9. Journaling
Journaling is a great way to remember everything you want to do. Write down every single candle pattern and write down why you chose each one. Write down patterns that are confirmed or denied. What would you have done differently? What was your method of analysis? You can write down the price events, candlestick patterns, and changes in the market on a daily basis. The more you write down, the faster you’ll learn—and you can always refer to them while reviewing your charts.
In conclusion, you can learn everything about candlestick analysis in a matter of a few weeks. The problem is that, sometimes, patterns don’t repeat themselves after months or years. So you need to develop a critical eye that can quickly make the appropriate assessments every time.
Comments are closed.