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Naked Forex: High-Probability Techniques for Trading Without Indicators, by Alex Nekritin, Walter Peters
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A streamlined and highly effective approach to trading without indicators
Most forex traders rely on technical analysis books written for stock, futures, and option traders. However, long before computers and calculators, traders were trading naked. Naked trading is the simplest (and oldest) trading method. It's simply trading without technical indicators, and that is exactly what this book is about.
Traders who use standard technical indicators focus on the indicators. Traders using naked trading techniques focus on the price chart. Naked trading is a simple and superior way to trade and is suited to those traders looking to quickly achieve expertise with a trading method.
- Offers a simpler way for traders to make effective decisions using the price chart
- Based on coauthor Walter Peters method of trading and managing money almost exclusively without indicators
- Coauthor Alexander Nekritin is the CEO and President of TradersChoiceFX, one of the largest Forex introducing brokers in the world
Naked Forex teaches traders how to profit the simple naked way!
- Sales Rank: #194382 in Books
- Published on: 2012-03-06
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.05" w x 6.30" l, 1.04 pounds
- Binding: Hardcover
- 288 pages
From the Inside Flap
Most forex traders lose because they persist in believing three myths of successful trading. Myth 1: successful trading must be indicator-based. Myth 2: successful trading must be complex. Myth 3: successful trading is dependent on the trading system. Well, it's time to get over these misconceptions and start winning, say authors Alexander Nekritin and Walter Peters in Naked Forex.
Long before computers and calculators, trading was handled without complex technical analysis and indicators. Trading was old school—based on using only price charts—and it was simple, profitable, and easy to implement. In Naked Forex, Nekritin and Peters show you how to successfully trade this way.
This lively, three-part book lays out the authors' techniques in detail. The first part walks you through the fundamentals of forex trading and establishes the ruling tenet of all naked forex trading: price is king. In Part Two, the authors share methods that lead to profits, including using resistance zones, price patterns, transitions, and such intriguing trade setups as Wammies, Moolahs, and the Last Kiss. In the last part of the book, you'll learn to understand your own trading psyche. Mastering your own attitudes toward risk, says coauthor Peters, who is also a PhD in psychology, is how you finally become a true professional trader.
Engaging and informative, this practical guide touches on many provocative topics, including:
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Is it possible to outwit some of the most determined, intelligent, and well-resourced traders in the world? Find out what it takes
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The concept of "zones" and the seven most important things you need to know about them
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Six key stages you must address for every trade
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Are you a runner or a gunner? When it comes to exiting a trade with money, it's important to know
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The one secret expert traders all share, why boring is good, and six steps to becoming an expert
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Why understanding yourself is paramount. What is your attitude towards money? What are your biases? Find out how to find out
Naked trading is liberating, exhilarating, and frees you to focus on markets, instead of the indicators, say Nekritin and Peters. Follow their proprietary techniques to profitability with Naked Forex.
From the Back Cover
Naked Forex
Simplify your way to success in the world of foreign currency trading
Today's forex traders rely mostly on technical analysis books written for stock, futures, and options traders. Yet, long before computers and calculators, trading was handled without this complex and confusing array of indicators. Trading was . . . naked.
Naked Forex reveals powerful and effective techniques for trading without indicators and, instead, teaches you to rely solely on price charts. From an expert author duo that includes the CEO of TradersChoiceFX.com and a professional forex trader who holds a PhD in psychology, you'll discover a liberating system for trading in the forex market, as well as how to tap into your own personality to achieve success.
About the Author
Alexander Nekritin is the CEO and President of TradersChoiceFX, one of the largest forex introducing brokers in the world. He has over ten years of successful trading experience in equities, options, futures, and forex. Nekritin holds a degree in finance with a concentration in derivative instruments from Babson College. His work has been featured in many web publications such as FXstreet.com and TradingMarkets.com.
Walter Peters, PhD, holds a doctorate in psychology and is a full-time forex trader. He trades for the DTS Fund and works with traders through the website FXjake.com. Peters is a technical trader and takes a unique "naked" approach to forex trading. Nearly all of the trading systems he uses and teaches are systems without technical indicators. Peters believes that an understanding of cognitive psychology in general, and in particular cognitive biases, is useful for the forex trader.
Most helpful customer reviews
34 of 37 people found the following review helpful.
I Am Naked Now
By Andrew
Let's face it... if you are reading forex trading books, then you are looking for something better. That is why I read this book. I wanted something better than I had, and boy have I had it all: mentors, indicators, systems, courses, seminars, dvd's - anything you can imagine I have bought. And to be honest, I knew that it was probably overkill in the back of my mind. I knew that covering up price with all of my indicators was, let us say, a bit crazy, when we traders are all trading price in the end. The market goes up, the market goes down, and we have to decide whether to buy, sell or stay away.
My inkling was proved true with this book. Sure, there are other trading books out there about trading price, but very few of them simplify things like this book. And let me be clear here: that is a good thing, I am glad to see that simple works. I tested these systems as the authors suggested and I really am glad that I did. It proved to me that Naked Trading works, and that is really all I do now. Whenever I go back to RSI or MACD now, it is only temporary, like looking at a photo of an old girlfriend. Sure it is nice to remember the past, but I am very happy with where I am now. I make money now and it is mostly due to this book. Not to take a shot at other books like the Al Brooks books, but they make it complex. This book gave me several strategies to trade successfully. I use the ladder exit with Kangaroos and Belts, and that has been making me money. I have paid for this book 20 times over by the profits I have made trading those two systems alone. I don't know if this book will help you, but it sure did help me. I am a Naked Forex trader now, and I couldn't be happier.
30 of 33 people found the following review helpful.
The title should read "Naked 1,2 candlestick patterns that I gave cute names to"
By Pelo
First let's get the facts out. Walter Peters is NOT a professional forex trader. People assume that he is because he co-wrote a book. Second this book covers pinbars, engulfing bars, piercing candlestick patterns, double tops and double bottoms, breakout re-test of support or resistance, and there you have it. But he renamed pinbars to kangaroo tails, engulfing candles to engulfing shadows, piercing bars to big belts, double tops and double bottoms whammies and moolahs, and breakout re-test patterns he calls the last kiss.
Besides re-naming candlestick patterns Walter offers up his opinion that trading anything below 4 hour charts is noise and that traders should trade in the higher time frames.
Walter is a candlestick pattern trader. He knows nothing of price action. His "room to the left" and "unique space" babble is not only flawed in his approach to trading a clean chart but offers no insight as to price action context, trends and trend types, and order flow behind market moves. This is why Walter only trades 4 hour daily and weekly charts. He cannot trade anything below these time frames because he doesn't understand price action. Price action isn't about a rigid candlestick pattern like the ones Ol' Walt wants to sell you. BTW he has a forum that charges monthly so really question if Walt is a successful trader or a good salesman to newbies who just picked up his book because they have no direction and no one to point them in that direction. Walter has a psychology section and guess what, he's a psychologist with an actual phd. But this doesn't qualify Walt as any sort of professional. Walt never traded for a hedge fund, investment bank or any institution. Walt simply took existing candlestick patterns from Steve Nisson's book and gave them nicknames. What distinguishes Walter from other price action "gurus" who offer you a lifetime membership to their paid for forums and courses? Nothing. Walter is no different than these amateurs perpetrating a fraud that they're somehow "pros". Walter is getting by because people think his psychology degree qualifies as something in the trading world. Don't waste your money. Really just find his book online for free and take his advice with a grain of salt. He doesn't trade "Naked", but fooled many Blind.
14 of 15 people found the following review helpful.
A very realistic approach
By SBJ400
I have been trading Forex for years now. I started back when I could only trade via dial-up. I lost a lot of money then eventually learned that it was me and not the trading world or system or signal that was at fault.
One thing I did learn was to stop relying on technicals and to just learn price action and charts. That combined with Steve Nison's candlestick training and techniques I became profitable. Soon I went from screens with 5 indicators on it down to 1 or 2 and eventually I only throw on a technical now and then to provide some confirmation if needed. A lot less stress and more clear headed, profitable trading. Otherwise, I really just trade charts and candlestick signals when a confluence happens at support/resistance or similar.
Everyone is different and there are many different trading methods that will work for some but not others. You need to discover yourself and learn what will work for you just as much as you need to learn Forex and how to trade it. Don't follow systems and guru guys online pushing their business or kindle books promising "10-50" pips or 100 pips per day garbage. Take your time and learn. The smart learns to trade for himself, his way. Even a great teacher/trader like Steve Nison does not sell a 'system' because he knows it would be dishonest! You cannot successfully trade that way. Period!
Naked Forex is not going to answer all your questions. It is not going to teach you everything you need to know. And don't even think you are going to learn proper candlestick signal trading either. Look to Steve Nison - The Godfather and man who brought it to the West - for a true education in that area. Think of it as one more tool in your trading tool box. Yes, I agree, the author is using some language in this that is of his own making but there is still solid gold advice and information for the reader to mine from this tome. You would be a total fool not to read this and learn from it.
UPDATE and other thoughts -
I should also have mentioned that generally, if you are just curious about naked trading and want to explore it first for free before buying this or any similar book, you can always Google the term "naked trading" and also can search "chart patterns". Of course, your results are going to be varied and generic and just how legit the sources of information are should be taken into consideration as well. Naked Forex is focused on teaching you naked chart reading/trading for Forex markets and the author provides his specific rules/style/protocols for the who/what/where and when of it. This does not mean he is completely right or wrong. I have my personally successful way of doing it and it developed from years and years of currency trading experience and tons of mistakes and bad trades. And so it will be the same for you - trial and error.
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