Naked Forex: High-Probability Techniques for Trading Without Indicators By Walter Peters
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.
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:
Is it possible to outwit some of the most determined, intelligent, and well-resourced traders in the world? Find out what it takes
The concept of "zones" and the seven most important things you need to know about them
Six key stages you must address for every trade
Are you a runner or a gunner? When it comes to exiting a trade with money, it's important to know
The one secret expert traders all share, why boring is good, and six steps to becoming an expert
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.
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