One can trade anywhere there is a connection to the World Wide Web. The result has also been the creation of instant experts, trading gurus who offer modern versions of snake-oil cures for traders. In this environment, Alex Nekritin and Walter Peters in Naked Forex: High-Probability Techniques for Trading without Indicators provide an honest and effective presentation about forex trading that certainly beginners need, and that more experienced traders forget they need. Naked Forex makes some powerful points about trading forex that really apply to other markets as well.

First and foremost, price is the most important indicator of all. All indicators are derived from price.

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Many traders have forgotten this fact because computerization has made it easy to generate new indicators. Indicators work more like training wheels for learning to ride a bicycle. They are temporary in their capacity to help traders build their skills. Trading systems that are based on untested algorithms that are purely technical will surely fail.

A third major focus of Naked Forex is the concept of identifying support and resistance zones. But the job of the trader is to observe accurately where the price is and where it came from. Price zones provide the naked truth about market sentiment. Nekritin and Peters call these points of price action market scars.

It is a good metaphor because markets have memory and so do traders.

As someone who has been training people on how to trade forex for nearly 13 years, I welcome this book as one that stands out as a basic manual on how to evaluate and trade the increasingly chaotic forex markets. I will use it for my students. Abe Cofnas author of Trading Binary Options Bloomberg and editor of The Fear and Greed Trader Newsletter, Agora Financial, Inc. Expectations drive reality for many things in life, and successful trading is no different.

Most forex traders have three preconceptions about successful trading. These are the three myths of successful trading, and the structure of this book is based on each of these myths.

Successful trading must be indicator based.

In some ways, indicators delay the progression of the trader because the focus is on the indicator, rather than price action. Indicators become the scapegoat for losing streaks and often keep losing traders in a holding pattern. It is much easier for the novice trader to begin trading without indicators from the beginning. Successful trading must be complex. The second part of this book is about naked trading systems.

These systems are incredibly simple. Do not confuse simplicity with ineptitude.

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You may view this as the meat of the book, the most important section, but I disagree. I think the third section is the most critical to your trading success.

Successful trading is dependent on the trading system. This is probably the most widely held belief among traders. This is precisely why there are thousands of trading systems on the market, all promising great riches to the brave traders who pony up the money for the next Holy Grail. Many veteran traders understand the importance of trading psychology.

Personal beliefs and attitudes toward risk are the greatest predictors of trading success, and the trading system is not nearly as important as many traders assume. For most traders, after years of trading, this fact becomes apparent.

The third section of the book concerns trading psychology and xi.

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Many readers will continue to hold onto these myths. In fact, some readers those who believe trading success depends on the trading system will simply read the second section and begin trading the naked trading systems. You can trade successfully without indicators. For many traders, naked trading is both refreshing and easy to apply. You can trade successfully with simple trading systems. Simple systems are robust and powerful. However, ultimately, your success as a trader will depend, not on the trading system, but on how you incorporate your beliefs and attitudes about risk into your trading routine.

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I hope this book will aid you in your journey to trading success. I also hope that you keep in touch by stopping by the companion web site for this book, complete with live market trades, additional tools, and new naked trading systems. Walter Peters, PhD Sydney, Australia October The list includes but is not limited to the following: Meg Freeborn for patience and unique ability to turn rough stones into polished gems I know because I have seen her do it.

Eddie Kwong deserves credit for putting this book idea in front of the right people. Sean Lydiard is living proof that six degrees of separation is fact.

Arshia Bolour, who is a true brother in every sense of the word. Abe Cofnas, for his patience and kindness in helping me with the conversion from trader to trading author. Evan Burton for believing in the book idea and making it happen. Colin Jessup for his unique perspective on naked trading. My brother Ashkan Bolour, who introduced me to the world of forex so many years ago. My parents for unconditionally supporting me in every endeavor. My dissertation committee and Dr.

David Estes in particular who taught me years ago how to write so that others could understand me. My sister for always being there for me. Create a free account Login.