Stephen Bigalow and Candlestick Forum

Stephen Bigalow and Candlestick Forum
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Stephen Bigalow is yet another Japanese candlestick hustler. Has been pushing candlestick courses and books for over 15 years. He refuses to verify whether he even trades, or whether he even has a trading account. Japanese candlestick patterns have been thoroughly debunked by modern computer testing, and yet suckers still flock to spend $4900 to listen to this guy talk about a concept with more harmful than helpful attributes. Save your money, time and frustration by investing in yourself…learn to backtest and verify the validity of these tired old ideas.

User Review
2.41 (17 votes)
Comments Rating 4 (1 review)
Pros: Steven Bigalow is a great talker. Very entertaining speaker and writer. Has been pushing Japanese Candlestick educational products over 15 years and is well polished.
Cons: Absolutely no track record. None of his candlestick patterns, when programmed and tested using modern computers show any predictive attributes. Steven Bigalow refuses to verify any of his personal trading. Science has thoroughly debunked his assertions and interpretations.

Today’s Review is Stephen Bigalow and Candlestick Forum

Who is Stephen Bigalow and what is the Candlestick Forum? About once a month, I get a request to review a company or person this offering a specialized training course on Japanese Candlestick trading. The largest volume educator, in terms of web traffic, would be Steve Nison. He likes to call himself the godfather of western candlestick trading because he was the first to write a book back in 1991. At that time, the nation was  culturally enthralled with everything Japanese. Steve had excellent timing and has had a 25 year run of selling courses, and educational materials. You can read Steve Nison’s review here, much of my Steve Nison review also applies to Stephen Bigalow as they are essentially selling the same thing. So lets now talk about Stephen Bigalow and the Candlestick Forum.

Back in the mid 1990’s, Stephen Bigalow was a student of Steve Nison. Stephen read Steve’s books and became a big believer in Japanese Candlesticks. In speaking with Steve Nison, he would describe Stephen Bigalow as, “Yet another pretender copying my original work”. In fact, over the past 25 years there have been literally hundreds of people that have published books and courses on Japanese Candlestick charting. A quick search on Amazon proves the popularity.

So who in the heck is Stephen Bigalow? He is just another educator. He has been battling Steven Nison for the candlestick audience for the past 15 years. In fact, both seem to crank out books and educational materials in some sort of perverted attempt to beat the other to the punch. And they fight over speaking engagements as well. Go to a trading seminar and they will introduce Steve Nison as the original and still the best person in the trading universe at interpreting Japanese candlesticks. Go to another trading seminar and they will introduce Steven Bigalow as the ultimate authority on candlestick investing.

To date, Stephen Bigalow has written three books on candlestick trading; (1) Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profits, (2) High Profit Candlestick Patterns: Turning Investor Sentiment into High Profits, and  (3) Candlestick Profits: Eliminating Emotions With Candlestick Analysis.

What is Stephen Bigalow Selling?

In addition to the books that are listed above, Steven also has a forum and a day trading room (no track record of live trades) that can be subscribed at $97 per month. In addition to the books and forum, a person can also be immersed in the full Bigalow educational experience by attending a two day day event located in upstate New York. This 48 hour event comes at a price tag of $4900. The $4900 price tag also comes with a autographed copy of one of Steve’s book.

This educational event really piqued my interest. And so I emailed Steve and explained that I was interested in sending my $4900, and booking my $700 flight from San Diego, Ca, and reserving a room for two nights at $120 a night….but before I opened my wallet and sent my money, I just needed to verify a few things.

The first thing I wanted to know before I spent several thousands of dollars is the trading track record of Steve Bigalow. And so I asked him. I just wanted a one year worth of brokerage statements that verifies that he actually trades. I simply asked, Steve please show me your trades. I just want to see if over your 20 years of trading and educating if you have ever had a winning year. I don’t even want to see more than a year, just send me one year. Of course, as with the vast majority of these trading educators, when you start asking questions about trading performance…the excuses start flowing like water over Niagara Falls. In short, you wont find any proof that Steven Bigalow even has a trading account. The excuses that he uses are very similar to Steve Nison’s excuses, “oh I don’t need to prove anything to anyone anymore, my reputation speaks for itself”, or “if I show statements than I am considered to be an investment adviser”, or “you should speak with my thousands of successful students, they are all the proof that one needs”.

Where is the Proof?

Not only will Steve not verify any of his personal trading, but you will find absolutely zero reference to any trading performance on his websites. I find it amazing that this guy has spent the past 15 years selling books, seminars, dvd’s, subscriptions, etc. And nobody has taken the time to ask, “Do you trade Steve?”. How could anyone just wire this guy $4900 and get on a plane to upstate New York on nothing more than his word? How could anyone risk their hard earned savings on some Japanese scribbles? If a person spotted a Long Legged DoJi, or a Gravestone Doji, or a Hammer, then why not go the extra 5 minutes and simply back test these simple patterns for authenticity. Amazing that people believe this nonsense. Its like making investment decisions based upon the daily horoscope.

Candlesticks Are Random

Candlestick PatternsSteve likes to offer a free .pdf download of his “12 Signals to Master any Market”. You can get a copy of it here. These are the exact same patterns that Steve Nison is offering in his free download. I challenge Steven Bigalow to show me how these patterns are predictable. For instance, one of Steve’s favorite patterns is the Bullish Harami which is ridiculously easy to program and test. Which I did, it has absolutely no predictive value. In fact, after testing the pattern on every stock in the NYSE  over the lifetime of available data….it shows a win rate of 49%. No better than buying on any random day, and then selling at the close. How is this predictive? And this is the problem that I have with all of these Japanese candlestick salesman, not a single one exists that can make show a profit from these mystical Japanese interpretations.

I also find it frustrating that people love to put these candlesticks on charts without doing even the minimal amount of research and testing whether Japanese candlesticks have any value.

Its the Newbies

I think that part of the reason that Japanese candlesticks have been able to cling to relevancy is because all of the platform providers include them as an alternative to a standard bar chart. So what typically happens is that the newbie trader starts putting up his first bar charts and then accidentally bumps into candlestick charts. They put it on the screen and it looks interesting. And since it is included in the charting package, then it must be important. Why would esignal, tradestation, ninjatrader, put this on the platform unless it held some sort of value. A value that they do not understand. And since it has the word “Japanese” then it must be extra valuable, like their car. And so this person goes onto Google and searches for Japanese candlestick chart. Once they hit that search button, then they are introduced to the wonderful world of Steven Bigalow and Steve Nison, both fighting over market share, and to lure the next sucker into paying $3,000 for a load of crap.

A Personal Note To Steven Bigalow

Steven, you have been pushing this candlestick nonsense for over 15 years. You know what I think? I think you are a complete and total sham. I would love for you to shut me up! Open the kimono and show the trading world your personal trading. Isn’t it time? We have been watching you and Steve Nison lecture us on how these Japanese candlestick charts are the holy grail to trading. And that wealth is only an education course away. That your mystical interpretations of these ancient symbols will unlock all the wealth that the financial markets hold.

Well that’s it for today. Hopefully I don’t have to spend another day researching and writing a review about yet another salesman offering the latest and greatest interpretation of Japanese candlesticks. I am sure that many readers are going to totally disagree with me on this candlesticks stuff. But I would encourage everyone to grab their back testing platform and run the numbers. Candlesticks are ridiculously easy to program and back test. Science and math are absolutes and they don’t lie. Candlestick patterns are just mystical mumbo jumbo, no more or less predictive than reading a daily horoscope.


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Scott Hanne
Scott Hanne (@guest_5056842)
8 months ago

Question educational.
I hope I can get it educated answer.
If a person bought 980 shares of a APA.
The stock is down to 15 50.. the person bought the shares at 17.60
This is a loss of $2,049.
Should the person get back in at the lower level and start trading again.
At the lower level. To hopefully regain more shares.
Or should the person wait until the stock price reaches backup to 17.60 per share.
Hope I could get an opinion from somebody on this question thanks .
Scott Hanne

mariajason (@guest_5056279)
11 months ago

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Does anyone have a solution?

mohsenhashemi (@guest_5056237)
1 year ago

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url finder (@guest_5056225)
1 year ago

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mike (@guest_5056175)
1 year ago

Does anyone here know any comprehensive database of company emails? I’m really tired of searching them in the net.

Rod H
Rod H (@guest_3054552)
1 year ago

you say ‘candlestick nonsense’?? really. come on…. they are useful to any trader. they depict sentiment in the market extremely well. much better than bar charts IMO.

now most good candle teachers will say DO NOT USE CANDLES on their own ! they need confirmation to proceed with a trade. if just using candles alone, (ie without further indicators) that confirmation comes in the following candle going in the direction of what the pattern says ( confirming sentiment held or not). so for a bearing engulfing candle, the next candle needs to close lower in the direction to confirm the signal. if using an indicator as well, it has to match up for a trade, like an overbought/sold oscillator, or trendline break, or moving avg break etc. all good teachers of cnadlestick analysis teach this. not to blindly follow the pattern. of course not all work. take that trade and exit out if it doesnt work.

to dismiss Bigelow just b/c he hasnt provided YOU his personal trading a/c doesn’t dismiss the whole edict of candlestick analysis !!! ( nor does it mean he doesnt trade either ?!!). come on, that’s totally NOT reasonable! the Japanese rice traders were onto something.

to Bigelow’s credit, he does NOT just use candles for trades. he uses further triggers to enter the trade. any analysis of his videos for free can see that.

he waits for a candle pattern to show mkt sentiment, then looks at stochasitcis (?) to be in right position of overbought or oversold, then also waits for signal to pass above his “T-line” which is an 8 EMA. also uses the 50 SMA as a support/resistance barrier too to help entries or stop losses.

dont think your being totally fair here. $4900 is a hell of a lot of money, god knows what you get for that. i dont agree with that. that sounds like a money grabber. but for $97 per month to listen to him daily and see his mkt analysis, learn his patterns and trading technique seems reasonable. if you dont like it in a month or 2, no great loss, just leave the forum.

BTW – im not a forum member, but believe in candles. they help my trading immensely. and yes i think they are a little more suited to daily trading. not so much intraday. they give a clear mkt sentiment of the traders in a a visual way thts hard to dispute.. dont tell me the Japanese traders were wrong and didnt make a dime off of it ! they did. and they are useful. $4900 no thnx, but some good books yes, or a month to try a forum, then ok.

Emmet did you at least even try his forum for a month ?? if not, why not. ?? you should try it out if you really are going to give a constructive informed review and analysis shouldn’t you ?

Longshot (@guest_38825)
2 years ago

Vince Rowe (a guy who had a trading podcast years ago) said some of his listeners let Bigalow manage some money and the results were horrible.

People have done systematic tests on candlestick patterns and there’s very, little statistical evidence that they’re profitable. The few patterns that are profitable don’t have a high enough probability to make really outsized returns, either.

Wade Hale
Wade Hale (@guest_38679)
2 years ago

I am trying to find a phone number / email address that I can contact Stephen Bigalow to cancel my subscription but the 866 251 4015 number will not work from Canada and I am unable to find any other contact number..
Can anyone help me, please?

Paul (@guest_32812)
2 years ago

Candlesticks work best when trading daily, weekly charts. I studied candles at Nison University for some years. To trade solely from a candle structure is doomed and so will your account be.

I was at a Nison seminar yrs ago and after some debate Steve Nison eventually admitted to myself and Ziad M****** that they have no edge on the shorter time period.

Shewolf Of Forex
Shewolf Of Forex (@guest_32774)
2 years ago

I knew this entire article was FAKE news when the anonymous writer (first red flag) said candle sticks aren’t important lol. Ok, then I guess they are used on the charts for looks every where hahahhahaa. Omg, seriously, why do people try to steer others away from successful trades? People are fully capable of doing their own research and if he wasn’t a good trader, he would have never been employed where he was (I’ll let the readers research what legit firm he traded with for years). Anyways, haters gonna hate. Also, the inventor of candlesticks was (by today’s standards) wealthier than Buffet. Next, the writer will write on how Buffet doesn’t have money lol. That’s about the logic of this article

Paul (@guest_32814)
2 years ago
Reply to  Emmett Moore

Shewolf won’t reply because she/he is trying to trade FX using candles..LOL. FX brokers can manipulate the price and the formation of the candle structure giving traders the perfect manipulated candle to trade from and loose.

Henry (@guest_32789)
2 years ago

Newcomers to trading are drawn to candlestick patterns because they contain a seductive allure: simply wait until an obvious, easy-to-spot candlestick pattern appears on a chart and make money.

There are two problems with this:

1. Any knowledge that has a low (or no) barrier to entry of obtaining, is knowledge that has already been disseminated amongst all market participants, and any original edge has been arbitraged out. So it may well be that the person who first started trading candlestick patterns traded them successfully, because he was able to leverage a unique insight. That is not the case today. All the information about candlesticks is available for free at the touch of button. Everybody knows about candlesticks and everybody is looking at the same charts. Low barriers to entry = low margin value. This goes for any freely-available, turnkey solution that you may wish to apply to markets.

2. If certain patterns did have a demonstrable statistical edge in predicting a market move, there would be nobody willing to take the other side of those trades.

This isn’t simply my opinion; there has been much statistical back-testing of candlesticks, and very few patterns have any predictive quality. Most have the predictive power of a coin toss. I would direct you to the work of Thomas Bulkowski in this regard, who tested over 100 patterns across 4 millions bars.

When you say, “I guess candlesticks are used on charts everywhere for their looks” you are actually correct. That is indeed why candlesticks are used: because they represent a simple pictorial of price action across a certain time period in a way that easy to assimilate. Consumer-level charting packages push candlesticks because they know that their user base likes them. But this is not the same as being able to successfully use candlestick patterns to make money trading.

Longshot (@guest_38826)
2 years ago
Reply to  Henry

Great post, Henry. Should be required reading here and on other trading forums. It’s not just true of candlesticks, but other chart patterns, indicators, “pure price action trading” and other forms of TA.

paul (@guest_32813)
2 years ago


Your comments refer to a time when there were no computers and candles did carry some information handy to The Dojima Rice Exchange, established in the late 1600’s. Notsure if you have noticed but its now 2018 and there lays the difference in markets and methods to trade them.

Michael (@guest_32368)
2 years ago

brought a $12 package explaining basic candle stick patterns,
and they have taken a unauthorised payment of £72.67

Truth Crusader
Truth Crusader (@guest_31427)
3 years ago

i swear i had unusbbed and still this guy finds me ..possibly/thru S&C ..

URL (@guest_30820)
3 years ago

… [Trackback]

[…] There you will find 84965 more Infos: […]

Ronald Sanderson
Ronald Sanderson (@guest_30426)
3 years ago

It sure would improve your presentations if you would talk slower, mark on the drawing what you are saying. No question then as what you are saying and where you are at.

drgonfly (@guest_29664)
3 years ago

Bigalow is now offering a life time membership for around $675.

drgonfly (@guest_28390)
3 years ago

I have discontinued Bigalow’s trade room, my account goes back up.

drgonfly (@guest_28287)
3 years ago

If you want to chat, to socialize , join his room.
If you want to learn how to trade, make money, you might be disappointed.

Would love your thoughts, please comment.x