Naked Forex: High-Probability Techniques for Trading Without Indicators (Wiley Trading Book 534) 1st Edition, Kindle Edition

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.

I learned about Walter Peters and his book Naked Forex when he was interviewed by Hugh Kimura on Hugh's blog called Trading Heros. The book is a quick read, especially if you're like most forex traders and have read just about everything on the subject. I like the fact that the book simplifies all of the aspects of forex trading without leaving anything out. He first shows that it is possible to trade without indicators, and then he gives several very simple trading strategies, all of which use no indicators but price. He emphasizes the fact that if you want to be a successful forex trader, you have to do back-testing. Finally, Walter covers the part of forex trading that he considers to be the most important which is the psychological part. Walter is particularly qualified to speak regarding the subject due to the fact that he has a Ph.D. in the subject of psychology.For me I think the most value I got from this book was that it finally convinced me to spend the money on Forex Tester software so that I can begin back-testing strategies like a professional instead of simply stepping through bars in MT4.

I highly recommend this book. It absolutely help me to eliminate indicators for better entries and exits. It also helped me to eliminate lots of charting. So if u want to learn the simple way to trade and to add flavor to your strategies I advise you to get this book.

I traded many different instruments and many different systems. All of these systems I used were indicator based so what interested me in this book was the premise that it does not use any kind of indicator at all to identify trade setups. It does rely on identifying support and resistance areas on the chart which the book describes how to do. Each type of setup is introduced in its own separate chapter and the key points are summarized at the end for easy reference. In fact, I have made my own cheat sheet of these points with charts that I have marked up as part of my own trading plan.Another aspect of this book which I like is the emphasis on back testing. A lot of trading books that I have read (and I have read many) do not stress this point enough. If you want to get good at something, you must practice, practice, practice. Waiting for 1 hour or 15 minute candles to close day in and day out does not advance the practice skills as much as using tools where one can move through a month's worth of 4 hour candles in about an hour. This gives one the experience of trust in their trading system so there is no second guessing a trade setup. Along with practice, the other elements of trading start becoming apparent. Most importantly, risk management.The psychology behind trading is also touched upon in this book. After finishing this book, these sections, I felt, only scratched the surface of this topic. However, I don't believe the intent of the book is to go deep into this area. Otherwise, this book would be quite lengthy and will probably turn away some readers who are just starting out.

I bought this book to gain a better understanding of price action, but I've gained a whole lot more, and a lot of the material in this book invaluable.I knew that backtesting was important, but this book helped me truly to understand why it's absolutely essential for trading. I started just skimming this section, but I soon realized just how important it was.Ditto for the section on support and resistance. I mean, everyone already knows about that. But the tips in the book were very insightful and I couldn't imagine trading now without them.The book has also (as I was hoping) improved my understanding of price action. The explanation of 'engulfing candles' ('the two candlestick formation') is the best I've seen and I'm using the checklist to backtest with very impressive results so far. I'm looking forward to backtestng and demo trading the other strategies in the book.There is also a video that accompanies the course, which is accessed online. I haven't watched it yet as I wanted to do some backtesting first.I'm grateful to the authors for making this material available.

While requiring a basic understanding of trading to understand and apply its contents, the Naked Forex book is an amazingly helpful book for profitable trading and mindset. With a clear and uncomplicated writing style, the authors go a long way -- with relevant examples -- to assist retail traders in upping their game for high strike rates and above-average rewards. An essential read for all wishing to hone their trading skills!

Top

And on time

This book is not worth its price, basic things to follow named trading. Worst decision on a book.

Un libro essenziale per ogni trader. Scritto in un inglese più che fruibile, necessita di un po' di conoscenze tecniche per essere compreso e illustra concetti miliari per il trading. Non lo consiglio a chi si affaccia sul mondo del trading per la prima volta, ma è perfetto per i trader principianti. I trader esperti lo hanno già :).