Naked Forex: High-Probability Techniques for Trading Without Indicators by Alex Nekritin and Walter Peters introduces an innovative and stripped-down approach to forex trading, teaching traders to rely on raw price charts and innate market behavior rather than traditional indicators.
The authors, Nekritin and Peters, both seasoned traders with deep market experience, build a compelling case for trading forex without the usual array of technical indicators. They argue that these indicators often lag behind the actual market movements and can even distract traders from the primary data source: price itself.
“Naked Forex” emphasizes the concept of price action trading, a method that focuses on actual price movements and patterns on the chart. The book presents a detailed guide to identifying and trading a range of price patterns, including the big shadow, kangaroo tail, and the last kiss. The authors explain these patterns thoroughly, providing visual examples, statistical data about their success rate, and comprehensive trading rules for each pattern.
This book also delves into the realm of trader psychology, discussing how emotions can impact trading decisions and offering practical strategies to manage these emotions effectively. The authors present real-life examples and personal experiences, offering readers a glimpse into the psychological challenges they may face and how to overcome them.
One key feature of “Naked Forex” is its focus on risk management. Nekritin and Peters stress the importance of protecting trading capital, discussing various strategies for setting stop losses, managing trades, and ensuring that losses from losing trades are more than compensated by the gains from winning trades.
“Naked Forex” offers a fresh perspective on forex trading, taking readers beyond the realm of indicators and into the heart of the market itself. The book is ideal for those who prefer a minimalist and focused approach to trading, favoring the purity of price action over the complexity of various technical indicators. Whether you are a novice trader or a seasoned expert looking for a new strategy, “Naked Forex” provides valuable insights and practical techniques for trading forex.