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Naked Forex: High-Probability Techniques for Trading Without Indicators
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. Naked Forex teaches traders how to profit the simple naked way!
288 pages, Hardcover
First published January 25, 2012
205 people are currently reading
1498 people want to read
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Displaying 1 - 30 of 59 reviews
May 16, 2016
Overall, Naked Forex is a great book for those who are either new to forex or price action trading or are currently trading price action unsuccessfully. There are three parts to this book. I'll be taking about the second part mostly, which covers six trading setups.
A complaint that people often have with this book is that "he just renames traditional setups". Not true. People who say this may not have read the book properly, or don't actually know the criteria for the traditional setups. What Peters does is add more criteria to traditional setups, and then give the new setups silly names, which purportedly makes them more reliable (the additional criteria, not the silly name).
Another complaint that people have is that "this book is too simple". But that is the point. Peters explains that you don't want complex trading systems with too many rules. You want simple systems that work, and trade them properly in a disciplined manner. Focus on things like correct execution and trading psychology, rather than fine-tuning the period of your EMA or adding another indicator.
I am just starting to backtest these setups, so I can't comment on their effectiveness. But I have traded similar price action setups, and I think that these more specific setups look quite promising. The subtle differences in these setups to their traditional counterparts really make a lot of sense to me. I had several "a-hah" moments reading this part. Like "Oh that's probably why my pinbar trades got stopped out so often". I look forward to testing these setups.
The silly names he gives setups, like whammies, moolahs and trendy kangaroo tails I found quite annoying. But brilliant setup names are not what we are looking for when reading a trading book.
The book is an easy read. Things are explained clearly and in simple language; however, the explanations are extremely repetitive and not very well written. He goes off on frequent tangents, saying things he's already said several times while he should be explaining the main topic. The tangents are short, and he does quickly come back to the main point, but he just does it so often that it does become a bit tiresome. And do we really need equally long explanations for both the bearish and bullish version of every setup? Why can't authors just say "and the bearish setup is exactly the same, except in the opposite direction." The repetitive and redundant nature of the writing makes me suspect that he was trying to fill space. Perhaps the publisher gave him a quota for the number of pages. These things are why I'm not giving the book 5 stars.
Diagrams are rarely on the same page as they are discussed. Often you have to flip or scroll several pages ahead, passing several other diagrams and paragraphs, before you find the diagram which you are reading about. Lots of publishers do this to us. I guess they want to save pennies on paper or really care more about fitting everything all pretty on the page with no gaps. Unfortunately, this makes for a frustrating reading experience. I don't care if there is a gap on the page if it means the diagrams are where I need them.
In summary, I Naked Forex clearly presents what is probably an effective trading methodology and several specific price action setups (although I have not tested the setups). Your eyes will roll at the silly names, and glaze at the frequent redundant tangents, but in the end, you'll get what you wanted, and that is a plan on how to succeed at trading price action.
A complaint that people often have with this book is that "he just renames traditional setups". Not true. People who say this may not have read the book properly, or don't actually know the criteria for the traditional setups. What Peters does is add more criteria to traditional setups, and then give the new setups silly names, which purportedly makes them more reliable (the additional criteria, not the silly name).
Another complaint that people have is that "this book is too simple". But that is the point. Peters explains that you don't want complex trading systems with too many rules. You want simple systems that work, and trade them properly in a disciplined manner. Focus on things like correct execution and trading psychology, rather than fine-tuning the period of your EMA or adding another indicator.
I am just starting to backtest these setups, so I can't comment on their effectiveness. But I have traded similar price action setups, and I think that these more specific setups look quite promising. The subtle differences in these setups to their traditional counterparts really make a lot of sense to me. I had several "a-hah" moments reading this part. Like "Oh that's probably why my pinbar trades got stopped out so often". I look forward to testing these setups.
The silly names he gives setups, like whammies, moolahs and trendy kangaroo tails I found quite annoying. But brilliant setup names are not what we are looking for when reading a trading book.
The book is an easy read. Things are explained clearly and in simple language; however, the explanations are extremely repetitive and not very well written. He goes off on frequent tangents, saying things he's already said several times while he should be explaining the main topic. The tangents are short, and he does quickly come back to the main point, but he just does it so often that it does become a bit tiresome. And do we really need equally long explanations for both the bearish and bullish version of every setup? Why can't authors just say "and the bearish setup is exactly the same, except in the opposite direction." The repetitive and redundant nature of the writing makes me suspect that he was trying to fill space. Perhaps the publisher gave him a quota for the number of pages. These things are why I'm not giving the book 5 stars.
Diagrams are rarely on the same page as they are discussed. Often you have to flip or scroll several pages ahead, passing several other diagrams and paragraphs, before you find the diagram which you are reading about. Lots of publishers do this to us. I guess they want to save pennies on paper or really care more about fitting everything all pretty on the page with no gaps. Unfortunately, this makes for a frustrating reading experience. I don't care if there is a gap on the page if it means the diagrams are where I need them.
In summary, I Naked Forex clearly presents what is probably an effective trading methodology and several specific price action setups (although I have not tested the setups). Your eyes will roll at the silly names, and glaze at the frequent redundant tangents, but in the end, you'll get what you wanted, and that is a plan on how to succeed at trading price action.
May 15, 2017
A good book for the basics, but if you are beyond a beginner, you will have already have read most of the concepts discussed elsewhere . The 6 setups described in this book are common setups which any technical trader would have already known, though the author has given them fancy names, and added some variables to rule out poor trade setups. Part III of the book (Trading Psychology) is the best part of the book, although if you are looking for guidance in that respect, I would recommend you read Trading in the Zone.
June 2, 2015
The author of this book is trying to explain some old well known technical analysis patterns in his own terms, and it wouldn't do any favor for anyone with some little experiences in the background.
but there was also a part of the book under the title of psychology of trading (the latest chapters)that i liked and i would recommend to myself and any traders to review them once in a while.
actual rating 2.5 star.
Saeed.
but there was also a part of the book under the title of psychology of trading (the latest chapters)that i liked and i would recommend to myself and any traders to review them once in a while.
actual rating 2.5 star.
Saeed.
November 22, 2015
As always, expected more, got what I read few years ago on forums.
Here's rhe reality. You can generate random data, dispaly on charts and find a lot of "support" and "resistance" "zones" on those charts.
Here's example:
https://www.youtube.com/watch?v=5mPp7...
Here's rhe reality. You can generate random data, dispaly on charts and find a lot of "support" and "resistance" "zones" on those charts.
Here's example:
https://www.youtube.com/watch?v=5mPp7...
February 14, 2019
Avoid this book at all costs. Those who already know something about forex will understand straight away that the content is worthless. Those who are new - this book will give you a distorted view of what it takes to be profitable. It does not cover all the aspects in a balanced way therefore is dangerously misleading. In addition, it is written in a condescending manner. Instead of educating you to improve, the message is that it doesn’t matter that you are a bit stupid, you can still make it.... No, thanks.
March 1, 2021
Really some good advice to practise. This is a book that I'll be revisiting a lot for 2021.
April 11, 2018
I am learning to trade FX markets.
Highlights of this amazing book from Walter Peters who is one of my e-mentors and my community leader.
The indicator-based trader also has the added advantage of an indicator to blame when things go awry; the naked trader can blame no one but the market for losing trades. This is a subtle but very important difference point of reference for the naked trader. All trading involves an aspect of luck. All traders experience a lucky streak of winning trades and an unlucky streak of losing trades. Without the crutch of indicators, naked traders are more likely to take responsibility for their trading results.If you find yourself saying something similar, you are probably a terrible-system trader. If you are constantly changing trading systems, particularly after a losing streak, you are a terrible-system trader. All terriblesystem traders blame the system when finding profits becomes difficult.Traders around the world have found that adopting naked-trading strategies means letting go of a trade. There are no indicators to give false signals, there are no settings to tweak; there is simply the market price and the trading decision. Naked traders have a true advantage because the focus of the trade is the current market price. There is no better indicator of the sentiment, attitude, or exuberance of the market than the current market price. Naked traders make the current market price their indicator.
Where has the market moved since I entered my trade?
If I looked at the market now, would I take the same trade?
How do I feel about my trade?
What do I like about this trade now?
What do I dislike about this trade now?
On a scale of 1 (poor decision) to 10 (great decision), where would I rank this trade now?
If I were not in a trade now, would I take the opposite trade?Market Biofeedback is the one area that most traders neglect, most traders are not quite aware of this process. By paying attention to Market Biofeedback over time, you will be able to become aware of, and eventually control your trading behaviors. This will allow you to take a big step towards consistent profits.You have to pay close attention to one thing on the chart if you trade naked: price. Price is king. Price will tell you all you need to know.
1. Zones are an area, not a price point.
2. Zones are like fine wine; they get better with age.
3. Zones are spots on the chart where price reverses, repeatedly.
4. Zones may be extreme highs or lows on the chart.
5. Zones are where naked traders find trading opportunities.
6. Support and resistance zones rarely need to be modified.
7. Line charts help naked traders find zones.
8. Zones are often seen by many traders.
It is absolutely critical that the naked trader identifies the zones on the chart. These zones are the foundation of naked trading.If the market trades beyond the zone it does not mean that the market has broken the zone. This is an important and critical point for the naked trader. Remember zones are beer bellies, they are squishy, they are fat, and they consist of a wide range on the chart. This means that sometimes the market will push into the zone, and it may look like the market has broken beyond the zone, this is often not the case.The key to successful trading is to wait for the very best trading opportunities. These opportunities occur when the market reaches a well-defined zone and then prints a catalyst. These are golden opportunities.
The first is to identify the support and resistance zones, the second is to wait for the market to reach one of these zones, and the third is to take a trade once a catalyst prints on one of these zones.Catalysts are powerful price patterns. These simple price patterns suggest what the market may do once the market reaches a zone.
The last-kiss trade is a nice way to trade high-probability breakout trades. Here are the steps for the last-kiss trade:
Wait for price to consolidate in a box between two zones.
The box should have at least two touches on both zones.
Wait for price to break beyond one of the zones.
Once price returns back to the consolidation box, wait for the market to print a last-kiss candlestick on the edge of the box. The Last Kiss
For sell trades, a sell stop is placed below the low of the last-kiss candlestick, and for buy trades, a buy stop is placed above the high of the last-kiss candlestick.
Emergency stop loss is placed in the midpoint of the consolidation box. The profit target is the nearest zone.
The big shadow appears on support and resistance zones, precisely where the naked trader looks for high probability trade set-ups. Once the big shadow prints on a zone, we have a valuable hint that the market may soon turn around. The important thing is this: The big shadow must print on a zone.The cycle of doom makes sense to the trader who is convinced that profits come from trading systems. The problem is this: Profits do not come from trading systems. Profits come from traders. Traders find profits in the markets, and the tool (trading system) used to extract these profits is not as essential as the trader’s execution. The fatal mistake that most traders make is to assume that trading systems are responsible for profits.The first step toward profitability is identifying that you have been stuck in the cycle of doom. The key to breaking the cycle is to recognize that the trading system is not responsible for trading profits or losses. You are responsible for trading profits and losses.It is possible to defeat the cycle of doom. I have done it, and many other naked traders have also broken the cycle. You can certainly defeat the cycle of doom. You must want to become a professional trader. If you want to trade consistently, and if you want to find profits, it may be best for you to stick to a trading system that you believe in.You are the type of trader who must create your own trading system. You must trade a system that is completely yours. The rules of your trading system will define how you interact with the market. It may seem like this is a very small detail, but in fact it is the definition of the game. Those traders who do not have rules—and many traders enter the market without rules—are simply gambling. It is important for you to define what your system rules are, if only for the fact that having them in front of you will help to remind you that you have a method for extracting profits.In fact, impatient traders make very good scalpers.
The point at which you can place a trade, accept the risk associated with the
trade, and get a good night of sleep. If a trade is constantly on your mind or if you find yourself checking a trade at odd hours in the night, there is too much risk associated with the trade, and it should be reduced to the sleeping point.
If something is not working, step away, re-analyze your trades, and then come back to the markets. Stepping away from the markets will give your mind and your body time to rest, and you will be much better for it when you come back to the markets.”The market is constantly sending information to market participants. What will you do with that information? Will you take market data and use it to adjust your entry strategy?Some of the very best traders in the world share a simple secret: They use extremely simple and yet powerful, trading systems. The best traders in the world—hedge fund traders, bank traders, private millionaire traders you will never hear from—all have one thing in common: These people are experts. They do one thing.You probably know a gambler or two disguised as a trader. This is the difference between a trader and a gambler: A gambler has no risk management, and a gambler is willing to lose large amounts of money quickly. A trader treats each trade as a calculated risk and manages each trade according to his system rules. Gamblers can lose all the money at once, and traders lose only as much money as their system will allow. The distinguishing factor is that a gambler does not follow risk management rules, whereas a trader follows strict risk management controls.Expert traders do more than simply follow strict risk management controls; they also concentrate on one trading technique. This is the real secret of expert traders: They focus on one market, one trading system, one edge, and they use this edge in their trading repeatedly. Profitable trading is boring. Profitable traders are experts, and these expert traders do one thing over and over again.
Why do profitable traders limit themselves? The answer is simple: Profitable traders know what makes money. Profitable traders trade to make money. If you would like to make money as a trader, do what the experts do. Become good at trading one system. You know how to do this now. All you need is in this book. You simply need to put the work in, practice, and become an expert with a trading system that makes sense to you, and then trade that trading system. Trade your system over and over again until trading becomes boring (and very profitable).All the very successful traders are doing one thing. This may seem unbelievable, but entire hedge funds are built on one idea. Hedge-fund traders often have one edge, and they use this edge in their trading. Now, some hedge funds may have several traders, each with his own edge, but to be a successful trader you simply have to have one thing that you are very good at, and then you do this one thing over and over again.The most successful traders I know follow this rule. The traders that struggle, the traders who have difficulty finding consistent profits, are the ones who repeatedly change their systems, reanalyzing and reorganizing their trading rules. In other words, they are still stuck in the cycle of doom. The key to breaking the cycle of doom is to decide what makes sense to you, which of the trading systems in this book resonate with you. Once you have chosen one, you simply need to test it over and over again. Then apply this system, concentrate on following your system rules, and watch your confidence grow.Exciting trading is exciting because it is akin to gambling. Gambling is exciting. This is precisely why risking too much on any given trade is exciting. Trading should be fun, but if it is exciting. It is a sign that the system is unproven or you are risking too much.
In fact, confidence is the most important ingredient for trading success. Confidence will help you profit with an average trading system, but without confidence you will be unable to find success, even with a brilliant trading system.
You will find that there are two different types of confidence problems for forex traders: (1) a lack of confidence in the trading system, or (2) a lack of confidence in yourself.How to create a trading plan -->
Are you a market specialist or a trade specialist?
How many hours of daily screen time do you allow yourself?
Which trading session (European, Asian, or North American) do you trade?
Which timeframes will you trade? Creating Your Trading System
Which trading set-ups do you trade?
Which exit strategies do you use?
How much interpretation do you have when placing trades? How much interpretation do you have when exiting trades? What is your maximum risk per trade?
What is your maximum weekly drawdown?
What is you maximum monthly drawdown?
How do you deal with drawdowns?
How will you regain confidence after a maximum drawdown? What will you do to ensure you are physically fit to trade? What will you do to ensure you are psychologically fit to trade?
The majority of the volume in forex is from the banks and private funds, not the retail traders. The retail traders make up about 1 percent of all the forex trading volume each day.
The great thing for the naked trader is that naked trading systems are based on market psychology. The naked trading systems you have learned in this book are based on the psychology of the market participants. They are likely to hold for as long as humans participate in the markets.One thing that many traders fail to recognize is the intricate relationship between what you risk and the emotions you experience during trading. In fact, risk and trading psychology are two sides of the same coin.You are the one who knows whether you will make money or not, even though you may not have conscious access to this information. Most traders do not acknowledge this fact: Your beliefs drive your behaviors. This includes your trading behaviors. If you believe you are worthy of trading profits, you will be able to make money. If you do not believe your trading will lead to profits, you will not be able to consistently make money. It doesn’t matter if you decide to work in business or in trading. Your beliefs, whether they are accessible to you consciously, will drive your behaviors.You win (or lose) because of your beliefs. Specifically, of course I am talking about your winning or losing in the financial game. It does not matter if you are an entrepreneur, looking at establishing a new business, or if you are a salesman, looking to cultivate a stream of customers, or, perhaps more likely, if you are a burgeoning trader, looking to establish reliable trading method to pull profits from the market. The same principles apply to all people looking to make money. Your beliefs about money, and how worthy you believe you are of money will determine whether or not you make money trading.If you believe you are worthy of trading profits you will find they come much more easily.Your beliefs about money can determine how much money comes your way. If you believe money is good and you are worthy of wealth, money is more likely to come your way.
Seeing yourself making money is the first step to trading success. If you believe wealthy people are moral and good, you are more likely to become one of these people. Likewise, if you know that you will be making money, if you are confident that you have the skills to achieve wealth, you are on your way to becoming wealthy.
RISK MANAGEMENT - Super important.
There are very few laws for trading, but this is one of them: Improper risk management leads to emotional trading problems. Win or lose, if you risk too much on a trade, you will endure emotional problems. It is not only with the losing trades that improper risk management rears its head. Improper risk management—risking too much on a trade—leads to emotional issues, even if the trade is successful. If too much risk is placed in a trade and it ends up a winner, overconfidence, irrational exuberance, and sloppy trade execution may be the result. If too much risk is placed in a trade that ends up being a loser, any number of results may occur: trading rules may be ignored, psychological despair may result, and the management of the trade will almost always be exceptionally poor. There is no way around this law of trading.
Emotional issues will creep into your trading regardless of whether you like it. You think that you keep your emotions out of your trading, but, for most traders, this is not true. Most traders get extremely upset after a losing streak, or a losing trade, or missing out on a great trade opportunity. Under most circumstances traders have a very difficult time removing emotion from trading decisions.The only destructive trading is trading that is not according to your rules. So whether it is emotional trading or logical trading, if you trade in a manner that is not consistent with you rules, you are trading in a destructive matter.
The number-one trading skill you need to succeed as a trader is the ability to protect your trading account.
This is paramount to all other goals, protecting your account means survival. Traders who are unable to make the jump from novice trader to professional trader fail to recognize the importance of playing defense. Professional traders are very good at playing defense.To succeed you will need a healthy dose of determination. History is littered with stories of famous people who overcame adversity, people who accepted success because failure was not an option. Determination is the common thread among these stories.
Each of these people share one thing in common: determination. You simply must have determination to succeed in trading (or any other endeavor). All successful people share determination. Your determination will guide you to trading expertise in the form of all the hours spent in front of charts, back-testing. Your determination will yield resourcefulness when it is needed most, during drawdowns and when your confidence is shaken. Your determination will help aid you to see your success before it appears. Determination is your ride to success. Let it carry you to where you want to be.
You know what to do now. The question remains: Are you determined to succeed as a naked trader?
Highlights of this amazing book from Walter Peters who is one of my e-mentors and my community leader.
The indicator-based trader also has the added advantage of an indicator to blame when things go awry; the naked trader can blame no one but the market for losing trades. This is a subtle but very important difference point of reference for the naked trader. All trading involves an aspect of luck. All traders experience a lucky streak of winning trades and an unlucky streak of losing trades. Without the crutch of indicators, naked traders are more likely to take responsibility for their trading results.If you find yourself saying something similar, you are probably a terrible-system trader. If you are constantly changing trading systems, particularly after a losing streak, you are a terrible-system trader. All terriblesystem traders blame the system when finding profits becomes difficult.Traders around the world have found that adopting naked-trading strategies means letting go of a trade. There are no indicators to give false signals, there are no settings to tweak; there is simply the market price and the trading decision. Naked traders have a true advantage because the focus of the trade is the current market price. There is no better indicator of the sentiment, attitude, or exuberance of the market than the current market price. Naked traders make the current market price their indicator.
Where has the market moved since I entered my trade?
If I looked at the market now, would I take the same trade?
How do I feel about my trade?
What do I like about this trade now?
What do I dislike about this trade now?
On a scale of 1 (poor decision) to 10 (great decision), where would I rank this trade now?
If I were not in a trade now, would I take the opposite trade?Market Biofeedback is the one area that most traders neglect, most traders are not quite aware of this process. By paying attention to Market Biofeedback over time, you will be able to become aware of, and eventually control your trading behaviors. This will allow you to take a big step towards consistent profits.You have to pay close attention to one thing on the chart if you trade naked: price. Price is king. Price will tell you all you need to know.
1. Zones are an area, not a price point.
2. Zones are like fine wine; they get better with age.
3. Zones are spots on the chart where price reverses, repeatedly.
4. Zones may be extreme highs or lows on the chart.
5. Zones are where naked traders find trading opportunities.
6. Support and resistance zones rarely need to be modified.
7. Line charts help naked traders find zones.
8. Zones are often seen by many traders.
It is absolutely critical that the naked trader identifies the zones on the chart. These zones are the foundation of naked trading.If the market trades beyond the zone it does not mean that the market has broken the zone. This is an important and critical point for the naked trader. Remember zones are beer bellies, they are squishy, they are fat, and they consist of a wide range on the chart. This means that sometimes the market will push into the zone, and it may look like the market has broken beyond the zone, this is often not the case.The key to successful trading is to wait for the very best trading opportunities. These opportunities occur when the market reaches a well-defined zone and then prints a catalyst. These are golden opportunities.
The first is to identify the support and resistance zones, the second is to wait for the market to reach one of these zones, and the third is to take a trade once a catalyst prints on one of these zones.Catalysts are powerful price patterns. These simple price patterns suggest what the market may do once the market reaches a zone.
The last-kiss trade is a nice way to trade high-probability breakout trades. Here are the steps for the last-kiss trade:
Wait for price to consolidate in a box between two zones.
The box should have at least two touches on both zones.
Wait for price to break beyond one of the zones.
Once price returns back to the consolidation box, wait for the market to print a last-kiss candlestick on the edge of the box. The Last Kiss
For sell trades, a sell stop is placed below the low of the last-kiss candlestick, and for buy trades, a buy stop is placed above the high of the last-kiss candlestick.
Emergency stop loss is placed in the midpoint of the consolidation box. The profit target is the nearest zone.
The big shadow appears on support and resistance zones, precisely where the naked trader looks for high probability trade set-ups. Once the big shadow prints on a zone, we have a valuable hint that the market may soon turn around. The important thing is this: The big shadow must print on a zone.The cycle of doom makes sense to the trader who is convinced that profits come from trading systems. The problem is this: Profits do not come from trading systems. Profits come from traders. Traders find profits in the markets, and the tool (trading system) used to extract these profits is not as essential as the trader’s execution. The fatal mistake that most traders make is to assume that trading systems are responsible for profits.The first step toward profitability is identifying that you have been stuck in the cycle of doom. The key to breaking the cycle is to recognize that the trading system is not responsible for trading profits or losses. You are responsible for trading profits and losses.It is possible to defeat the cycle of doom. I have done it, and many other naked traders have also broken the cycle. You can certainly defeat the cycle of doom. You must want to become a professional trader. If you want to trade consistently, and if you want to find profits, it may be best for you to stick to a trading system that you believe in.You are the type of trader who must create your own trading system. You must trade a system that is completely yours. The rules of your trading system will define how you interact with the market. It may seem like this is a very small detail, but in fact it is the definition of the game. Those traders who do not have rules—and many traders enter the market without rules—are simply gambling. It is important for you to define what your system rules are, if only for the fact that having them in front of you will help to remind you that you have a method for extracting profits.In fact, impatient traders make very good scalpers.
The point at which you can place a trade, accept the risk associated with the
trade, and get a good night of sleep. If a trade is constantly on your mind or if you find yourself checking a trade at odd hours in the night, there is too much risk associated with the trade, and it should be reduced to the sleeping point.
If something is not working, step away, re-analyze your trades, and then come back to the markets. Stepping away from the markets will give your mind and your body time to rest, and you will be much better for it when you come back to the markets.”The market is constantly sending information to market participants. What will you do with that information? Will you take market data and use it to adjust your entry strategy?Some of the very best traders in the world share a simple secret: They use extremely simple and yet powerful, trading systems. The best traders in the world—hedge fund traders, bank traders, private millionaire traders you will never hear from—all have one thing in common: These people are experts. They do one thing.You probably know a gambler or two disguised as a trader. This is the difference between a trader and a gambler: A gambler has no risk management, and a gambler is willing to lose large amounts of money quickly. A trader treats each trade as a calculated risk and manages each trade according to his system rules. Gamblers can lose all the money at once, and traders lose only as much money as their system will allow. The distinguishing factor is that a gambler does not follow risk management rules, whereas a trader follows strict risk management controls.Expert traders do more than simply follow strict risk management controls; they also concentrate on one trading technique. This is the real secret of expert traders: They focus on one market, one trading system, one edge, and they use this edge in their trading repeatedly. Profitable trading is boring. Profitable traders are experts, and these expert traders do one thing over and over again.
Why do profitable traders limit themselves? The answer is simple: Profitable traders know what makes money. Profitable traders trade to make money. If you would like to make money as a trader, do what the experts do. Become good at trading one system. You know how to do this now. All you need is in this book. You simply need to put the work in, practice, and become an expert with a trading system that makes sense to you, and then trade that trading system. Trade your system over and over again until trading becomes boring (and very profitable).All the very successful traders are doing one thing. This may seem unbelievable, but entire hedge funds are built on one idea. Hedge-fund traders often have one edge, and they use this edge in their trading. Now, some hedge funds may have several traders, each with his own edge, but to be a successful trader you simply have to have one thing that you are very good at, and then you do this one thing over and over again.The most successful traders I know follow this rule. The traders that struggle, the traders who have difficulty finding consistent profits, are the ones who repeatedly change their systems, reanalyzing and reorganizing their trading rules. In other words, they are still stuck in the cycle of doom. The key to breaking the cycle of doom is to decide what makes sense to you, which of the trading systems in this book resonate with you. Once you have chosen one, you simply need to test it over and over again. Then apply this system, concentrate on following your system rules, and watch your confidence grow.Exciting trading is exciting because it is akin to gambling. Gambling is exciting. This is precisely why risking too much on any given trade is exciting. Trading should be fun, but if it is exciting. It is a sign that the system is unproven or you are risking too much.
In fact, confidence is the most important ingredient for trading success. Confidence will help you profit with an average trading system, but without confidence you will be unable to find success, even with a brilliant trading system.
You will find that there are two different types of confidence problems for forex traders: (1) a lack of confidence in the trading system, or (2) a lack of confidence in yourself.How to create a trading plan -->
Are you a market specialist or a trade specialist?
How many hours of daily screen time do you allow yourself?
Which trading session (European, Asian, or North American) do you trade?
Which timeframes will you trade? Creating Your Trading System
Which trading set-ups do you trade?
Which exit strategies do you use?
How much interpretation do you have when placing trades? How much interpretation do you have when exiting trades? What is your maximum risk per trade?
What is your maximum weekly drawdown?
What is you maximum monthly drawdown?
How do you deal with drawdowns?
How will you regain confidence after a maximum drawdown? What will you do to ensure you are physically fit to trade? What will you do to ensure you are psychologically fit to trade?
The majority of the volume in forex is from the banks and private funds, not the retail traders. The retail traders make up about 1 percent of all the forex trading volume each day.
The great thing for the naked trader is that naked trading systems are based on market psychology. The naked trading systems you have learned in this book are based on the psychology of the market participants. They are likely to hold for as long as humans participate in the markets.One thing that many traders fail to recognize is the intricate relationship between what you risk and the emotions you experience during trading. In fact, risk and trading psychology are two sides of the same coin.You are the one who knows whether you will make money or not, even though you may not have conscious access to this information. Most traders do not acknowledge this fact: Your beliefs drive your behaviors. This includes your trading behaviors. If you believe you are worthy of trading profits, you will be able to make money. If you do not believe your trading will lead to profits, you will not be able to consistently make money. It doesn’t matter if you decide to work in business or in trading. Your beliefs, whether they are accessible to you consciously, will drive your behaviors.You win (or lose) because of your beliefs. Specifically, of course I am talking about your winning or losing in the financial game. It does not matter if you are an entrepreneur, looking at establishing a new business, or if you are a salesman, looking to cultivate a stream of customers, or, perhaps more likely, if you are a burgeoning trader, looking to establish reliable trading method to pull profits from the market. The same principles apply to all people looking to make money. Your beliefs about money, and how worthy you believe you are of money will determine whether or not you make money trading.If you believe you are worthy of trading profits you will find they come much more easily.Your beliefs about money can determine how much money comes your way. If you believe money is good and you are worthy of wealth, money is more likely to come your way.
Seeing yourself making money is the first step to trading success. If you believe wealthy people are moral and good, you are more likely to become one of these people. Likewise, if you know that you will be making money, if you are confident that you have the skills to achieve wealth, you are on your way to becoming wealthy.
RISK MANAGEMENT - Super important.
There are very few laws for trading, but this is one of them: Improper risk management leads to emotional trading problems. Win or lose, if you risk too much on a trade, you will endure emotional problems. It is not only with the losing trades that improper risk management rears its head. Improper risk management—risking too much on a trade—leads to emotional issues, even if the trade is successful. If too much risk is placed in a trade and it ends up a winner, overconfidence, irrational exuberance, and sloppy trade execution may be the result. If too much risk is placed in a trade that ends up being a loser, any number of results may occur: trading rules may be ignored, psychological despair may result, and the management of the trade will almost always be exceptionally poor. There is no way around this law of trading.
Emotional issues will creep into your trading regardless of whether you like it. You think that you keep your emotions out of your trading, but, for most traders, this is not true. Most traders get extremely upset after a losing streak, or a losing trade, or missing out on a great trade opportunity. Under most circumstances traders have a very difficult time removing emotion from trading decisions.The only destructive trading is trading that is not according to your rules. So whether it is emotional trading or logical trading, if you trade in a manner that is not consistent with you rules, you are trading in a destructive matter.
The number-one trading skill you need to succeed as a trader is the ability to protect your trading account.
This is paramount to all other goals, protecting your account means survival. Traders who are unable to make the jump from novice trader to professional trader fail to recognize the importance of playing defense. Professional traders are very good at playing defense.To succeed you will need a healthy dose of determination. History is littered with stories of famous people who overcame adversity, people who accepted success because failure was not an option. Determination is the common thread among these stories.
Each of these people share one thing in common: determination. You simply must have determination to succeed in trading (or any other endeavor). All successful people share determination. Your determination will guide you to trading expertise in the form of all the hours spent in front of charts, back-testing. Your determination will yield resourcefulness when it is needed most, during drawdowns and when your confidence is shaken. Your determination will help aid you to see your success before it appears. Determination is your ride to success. Let it carry you to where you want to be.
You know what to do now. The question remains: Are you determined to succeed as a naked trader?
April 29, 2020
Erm. A1 for the cover. F for the flimsy pages.
Great book for beginners. Uses ridiculous names for double top, double bottom, pinbars and engulfing candles. Naked trading is more technical than indicators as it requires in depth reading of candles from higher time frame analysis down to lower time frame for behavior and entries.
Disappointed to be honest. I would return it but I used a highlighter on the first few pages as the intro was good.
Shame.
Great book for beginners. Uses ridiculous names for double top, double bottom, pinbars and engulfing candles. Naked trading is more technical than indicators as it requires in depth reading of candles from higher time frame analysis down to lower time frame for behavior and entries.
Disappointed to be honest. I would return it but I used a highlighter on the first few pages as the intro was good.
Shame.
June 1, 2025
Great read if you have zero knowledge of trading and want to understand candlesticks and the market from a surface-level. Lots of useful charts and example techniques. Much better read than Twilight
Only gripe is that each topic is overexplained. Less is more imo but not necessarily a bad thing
Only gripe is that each topic is overexplained. Less is more imo but not necessarily a bad thing
September 15, 2021
Quan trọng nhất là phần tâm lý cho newbie
December 6, 2018
The author Naked Forex takes a lot of well known concepts of technical analysis and gives them his own twist and renames them to something else in a pursuit of originality. While this may not be a big deal to a person who already knows these concepts and how to filter all these random words out, it's not the case with beginner's who are most likely the highest consumer of this kind of book.
This book will confuse beginner's a lot especially later when they try to branch out to some actual reasons behind how and why these things are happening. It is as if this person gave a mathematical formula and told you to just memorize it because 90% of the time it works every time.
That said, the section on the psychology of trading was probably the most useful in this book, if you have this book and can read on section, you should skip past all the technicals and read the one about the psychology. It goes over it well and in an easy to understand way.
2-stars because this book was just okay, and not worth recommending to others.
This book will confuse beginner's a lot especially later when they try to branch out to some actual reasons behind how and why these things are happening. It is as if this person gave a mathematical formula and told you to just memorize it because 90% of the time it works every time.
That said, the section on the psychology of trading was probably the most useful in this book, if you have this book and can read on section, you should skip past all the technicals and read the one about the psychology. It goes over it well and in an easy to understand way.
2-stars because this book was just okay, and not worth recommending to others.
July 6, 2025
Trading Bias: Làm Sao Nhận Biết Thành Kiến Giao Dịch?
Thành Kiến Giao Dịch Là Gì? Tại Sao Chúng Nguy Hiểm?
Các Loại Thành Kiến Giao Dịch Phổ Biến Và Dấu Hiệu Nhận Biết
Thành Kiến Xác Nhận (Confirmation Bias)
Thành Kiến Neo Giá (Anchoring Bias)
Thành Kiến Bám Trụ Vào Chi Phí Chìm (Sunk Cost Fallacy)
Làm Sao Để Hạn Chế Ảnh Hưởng Của Thành Kiến Giao Dịch?
Xây Dựng Kế Hoạch Giao Dịch Rõ Ràng Và Tuân Thủ Nghiêm Ngặt
Tìm Kiếm Thông Tin Đa Chiều Và Phản Biện Bản Thân
Tập Trung Vào Quy Trình, Không Phải Kết Quả Đơn Lẻ
Kết Luận
Trading bias hay thành kiến giao dịch là những lỗi tư duy hệ thống khiến nhà đầu tư nhìn nhận thông tin và đưa ra quyết định theo một hướng lệch lạc, thay vì dựa trên logic và dữ liệu. Vậy làm sao để nhận biết những thành kiến này và hạn chế ảnh hưởng của chúng?
Thành Kiến Giao Dịch Là Gì? Tại Sao Chúng Nguy Hiểm?
Thành kiến giao dịch là xu hướng tâm lý khiến chúng ta diễn giải thông tin theo cách khẳng định niềm tin sẵn có, hoặc đưa ra quyết định dựa trên cảm xúc thay vì phân tích khách quan. Chúng là một phần tự nhiên trong cách bộ não chúng ta hoạt động, nhưng lại cực kỳ nguy hiểm trong môi trường giao dịch, nơi mỗi quyết định đều liên quan đến tiền bạc.
Tại sao Trading Bias lại nguy hiểm?
Dẫn đến quyết định sai lầm: Bạn có thể bỏ lỡ cơ hội tốt hoặc giữ lệnh thua lỗ quá lâu chỉ vì một thành kiến nhất định.
Phá vỡ kỷ luật: Thành kiến làm suy yếu khả năng tuân thủ kế hoạch giao dịch của bạn.
Giảm hiệu quả sinh lời: Việc đưa ra các quyết định không khách quan chắc chắn sẽ ảnh hưởng tiêu cực đến lợi nhuận của bạn về lâu dài.
Gây áp lực tâm lý: Khi liên tục mắc sai lầm do thành kiến, bạn có thể trở nên căng thẳng, mất tự tin và kiệt sức.
Các Loại Thành Kiến Giao Dịch Phổ Biến Và Dấu Hiệu Nhận Biết
Việc nhận diện các loại thành kiến phổ biến là bước đầu tiên để chống lại chúng.
Thành Kiến Xác Nhận (Confirmation Bias)
Đây là xu hướng tìm kiếm, giải thích và ghi nhớ thông tin theo cách khẳng định những niềm tin hoặc giả thuyết sẵn có của bạn. Dấu hiệu:
Bạn chỉ đọc các bài báo, phân tích hoặc tin tức ủng hộ quan ��iểm giao dịch của mình và bỏ qua những thông tin trái chiều.
Bạn chỉ nhìn thấy các tín hiệu kỹ thuật xác nhận dự đoán của mình, bỏ qua các tín hiệu đối lập.
Bạn giữ một lệnh thua lỗ với hy vọng thị trường sẽ quay đầu, vì bạn "tin" vào phân tích ban đầu của mình.
Thành Kiến Neo Giá (Anchoring Bias)
Là xu hướng quá phụ thuộc vào thông tin đầu tiên (neo) bạn nhận được khi đưa ra quyết định, ngay cả khi thông tin đó không còn phù hợp. Dấu hiệu:
Bạn vẫn giữ một mức giá mục tiêu cũ cho một tài sản dù điều kiện thị trường đã thay đổi hoàn toàn.
Bạn bị ám ảnh bởi giá mua ban đầu của mình, không muốn cắt lỗ dù thị trường đã đi ngược lại đáng kể.
Bạn so sánh hiệu suất giao dịch của mình với một con số cụ thể (ví dụ: mục tiêu lợi nhuận không thực tế) và cảm thấy thất vọng khi không đạt được.
Thành Kiến Bám Trụ Vào Chi Phí Chìm (Sunk Cost Fallacy)
Là xu hướng tiếp tục đầu tư vào một thứ gì đó (thời gian, tiền bạc, công sức) chỉ vì bạn đã bỏ ra quá nhiều vào nó rồi, ngay cả khi việc tiếp tục là không hợp lý. Dấu hiệu:
Bạn giữ một lệnh thua lỗ ngày càng lớn vì "đã mất quá nhiều rồi, không thể cắt bây giờ được".
Bạn tiếp tục giao dịch một chiến lược không hiệu quả vì đã dành quá nhiều thời gian để nghiên cứu nó.
Làm Sao Để Hạn Chế Ảnh Hưởng Của Thành Kiến Giao Dịch?
Nhận biết thành kiến chỉ là bước khởi đầu. Để hạn chế ảnh hưởng của chúng, bạn cần có những chiến lược cụ thể:
Xây Dựng Kế Hoạch Giao Dịch Rõ Ràng Và Tuân Thủ Nghiêm Ngặt
Đây là tấm lá chắn tốt nhất chống lại thành kiến. Kế hoạch của bạn cần bao gồm:
Tiêu chí vào/ra lệnh cụ thể: Không giao dịch dựa trên cảm tính.
Quản lý rủi ro chi tiết: Luôn đặt dừng lỗ (stop loss) và chốt lời (take profit) theo tỷ lệ rủi ro/lợi nhuận đã định.
Luật lệ về quản lý vốn: Không mạo hiểm quá X% tài khoản cho mỗi giao dịch.
Viết nhật ký giao dịch: Ghi lại mọi quyết định, lý do, và cảm xúc. Điều này giúp bạn nhìn nhận lại các thành kiến của mình một cách khách quan.
Tìm Kiếm Thông Tin Đa Chiều Và Phản Biện Bản Thân
Đọc nhiều nguồn tin: Không chỉ đọc những gì bạn muốn nghe. Hãy tìm kiếm các phân tích trái chiều để có cái nhìn toàn diện.
Thách thức quan điểm của mình: Tự hỏi "Điều gì có thể khiến dự đoán của mình sai?" hoặc "Nếu thị trường đi ngược lại, mình sẽ làm gì?".
Thảo luận với người khác: Trao đổi với các nhà giao dịch có kinh nghiệm hoặc những người có quan điểm khác biệt để mở rộng góc nhìn.
Tập Trung Vào Quy Trình, Không Phải Kết Quả Đơn Lẻ
Thành công trong giao dịch đến từ việc tuân thủ một quy trình tốt, chứ không phải từ việc thắng một vài lệnh lớn.
Đánh giá lại giao dịch: Sau mỗi lệnh, hãy xem xét liệu bạn có tuân thủ kế hoạch không, bất kể kết quả là thắng hay thua.
Chấp nhận thua lỗ nhỏ: Coi thua lỗ là một phần của chi phí kinh doanh và là bài học để hoàn thiện quy trình.
Các
Broker Việt Nam
tốt thường cung cấp nền tảng giao dịch ổn định, nhiều công cụ phân tích và tính năng đặt lệnh tự động, giúp bạn thực hiện giao dịch một cách khách quan và ít bị chi phối bởi cảm xúc hơn.
Kết Luận
Thành kiến giao dịch là một phần không thể tránh khỏi của tâm lý con người, nhưng việc nhận biết và quản lý chúng là chìa khóa để trở thành một nhà giao dịch thành công. Bằng cách xây dựng kỷ luật, tuân thủ kế hoạch, học hỏi không ngừng và kiểm soát cảm xúc, bạn có thể giảm thiểu tác động tiêu cực của các thành kiến và đưa ra những quyết định khách quan hơn trên thị trường.
Tác giả: Tony Phạm
CEO của Broker Việt Nam, với 12 năm kinh nghiệm trong giao dịch forex trên sàn XM. Tôi dẫn dắt đội ngũ cung cấp hướng dẫn chuyên sâu, giúp trader Việt Nam chinh phục thị trường tài chính.
Địa chỉ: Lê Duẩn, Bến Nghé, Quận 1, Hồ Chí Minh
Email: tonypham@brokervn.com
September 8, 2019
The strategies covered are helpful to the more novice trader. You will hear a lot of conflicting opinions due to people’s personal preference, strategies, and market psychology. At the end of the day I think this is one of the better books in the realm of strategy. If you are looking towards the psychology aspect of the book which is talked about in later chapters I strongly suggest looking elsewhere. All and all this book serves its purpose which is to teach! 4 out of 5.
January 31, 2015
Boring due to too-little knowledge and too obvious already-known information explained in shallow manner.
September 10, 2024
This book is a unique trading strategy that emphasizes trading without indicators. This approach, known as "Naked Trading," encourages traders to focus on price action, using simple, intuitive methods rather than relying on lagging technical indicators like MACD or moving averages.
The book begins with a basic introduction to Forex, useful for complete beginners, but experienced traders may want to skip ahead to the core concepts. The authors divide traders into two categories: Fundamentalists and Technicals, a simplification some may find limiting, especially for those who believe in a well-rounded approach that includes sentiment analysis.
The central argument of **Naked Forex** is that trading without indicators offers a more direct and responsive way to engage with the market. By paying attention to pure price action, traders can enter positions earlier and take full responsibility for their trades, rather than blaming external tools. The authors emphasize the importance of "Market Biofeedback"—understanding one's emotional responses before, during, and after a trade.
Chapters 3 through 10 focus on essential skills like back-testing strategies, recognizing support and resistance zones, and identifying key chart patterns such as "The Last Kiss," "Big Shadow," "Wammies," and "Moolahs." These patterns, when used effectively, allow traders to find opportunities at key reversal points in the market.
While the book is full of practical tips for aspiring traders, its real value lies in the underlying philosophy: success in Forex requires discipline, continuous learning, and a commitment to showing up every day. Confidence in trading is built over time through repetition, back-testing, and forward-testing. **Naked Forex** encourages traders to develop their own style, trust their strategy, and ultimately, take control of their trading journey.
In conclusion, **Naked Forex** is an excellent resource for those looking to simplify their trading approach and focus on the core elements of price action. While it may not cover every aspect of Forex trading, it offers valuable insights that can enhance any trading strategy.
January 1, 2025
These highlights reflect the passages that stood out to me personally, capturing moments that resonated, challenged, or intrigued me:
"Biofeedback:
Where has the market moved since I entered my trade?
If I looked at the market now, would I take the same trade?
How do I feel about my trade?
What do I like about this trade now?
What do I dislike about this trade now?
On a scale of 1(poor decision) to 10(great decision), where would I rank this trade now?
If I were not in a trade now, would I take the opposite trade?"
"The three-bar exit is a simple and effective way to exit a trade. The three-bar exit is a trailing stop that is based on the highest high or the lowest low of the previous three bars"
"The three-bar exit is a great way to lock in profits and let your winners run. It is a simple exit strategy that works well with the naked trading setups"
"The three-bar exit is a simple exit strategy that can be used with any of the naked trading setups. It is a trailing stop that is based on the highest high or the lowest low of the previous three bars"
"All you really need is an eight-year-old. All you have to do is point to a line chart and ask your consultant this question: 'Is this line going mostly up, mostly down, or mostly up and down?' Your consultant will tell you all that you need to know. After this brief session you may pay your consultant the agreed-on fee and go forth with your trading. I would encourage you to use this method whenever you are unsure whether the market is trending or in a consolidation phase."
"Biofeedback:
Where has the market moved since I entered my trade?
If I looked at the market now, would I take the same trade?
How do I feel about my trade?
What do I like about this trade now?
What do I dislike about this trade now?
On a scale of 1(poor decision) to 10(great decision), where would I rank this trade now?
If I were not in a trade now, would I take the opposite trade?"
"The three-bar exit is a simple and effective way to exit a trade. The three-bar exit is a trailing stop that is based on the highest high or the lowest low of the previous three bars"
"The three-bar exit is a great way to lock in profits and let your winners run. It is a simple exit strategy that works well with the naked trading setups"
"The three-bar exit is a simple exit strategy that can be used with any of the naked trading setups. It is a trailing stop that is based on the highest high or the lowest low of the previous three bars"
"All you really need is an eight-year-old. All you have to do is point to a line chart and ask your consultant this question: 'Is this line going mostly up, mostly down, or mostly up and down?' Your consultant will tell you all that you need to know. After this brief session you may pay your consultant the agreed-on fee and go forth with your trading. I would encourage you to use this method whenever you are unsure whether the market is trending or in a consolidation phase."
February 3, 2020
I too realised a lot of the principles in this book, both the technical and psychology aspect of trading, are simply recycled from other classic trading books. However this book is succinct enough to cover many important facets of trading with many illustrated examples.
The “retouch principle” states that price breakout out of consolidation box usually follows a “last-kiss” candle i.e. the price will take off after the tail touches the support/resistance zone like a "kiss goodbye".
The “kangaroo-tail” at price reversals is basically the classic morning star/hanging man. If appeared on a bullish uptrend, aka the "uptrend bullish kangaroo-tail", means buyer heavy and seller’s failed attempt to push down price. Vice versa for a downtrend bearing “trendy kangaroo”. Lmao.
The bullish/bearish “big belts” is basically Monday opening gappers where opening price is below/above support/resistance. The author believes this after-weekend gap will be closed on the first trading day of the week.
The “big-shadows” trade is basically the classic bullish/bearish engulfing at price reversals. Be patient! Go long, go short or go fishing!
The “wammies/moolahs” trade (lmao) is basically a form of double bottom/double top at support/resistance with a caveat - the second bullish/bearish touch has to be higher highs/lower highs.
The naked-trading methodology is good because it sticks. It sticks because its silly to me.
Also, an important takeaway - Successful and profitable trading often is boring. Exciting trading is akin to gambling. Keep it simple, Stupid.
The “retouch principle” states that price breakout out of consolidation box usually follows a “last-kiss” candle i.e. the price will take off after the tail touches the support/resistance zone like a "kiss goodbye".
The “kangaroo-tail” at price reversals is basically the classic morning star/hanging man. If appeared on a bullish uptrend, aka the "uptrend bullish kangaroo-tail", means buyer heavy and seller’s failed attempt to push down price. Vice versa for a downtrend bearing “trendy kangaroo”. Lmao.
The bullish/bearish “big belts” is basically Monday opening gappers where opening price is below/above support/resistance. The author believes this after-weekend gap will be closed on the first trading day of the week.
The “big-shadows” trade is basically the classic bullish/bearish engulfing at price reversals. Be patient! Go long, go short or go fishing!
The “wammies/moolahs” trade (lmao) is basically a form of double bottom/double top at support/resistance with a caveat - the second bullish/bearish touch has to be higher highs/lower highs.
The naked-trading methodology is good because it sticks. It sticks because its silly to me.
Also, an important takeaway - Successful and profitable trading often is boring. Exciting trading is akin to gambling. Keep it simple, Stupid.
May 29, 2021
As a complete beginner, this book is a gem, it’s super easy to understand the concept of forex naked charts trading.
Some reviewers are complaining that the book is too basic and repetitive; that is the point, simplicity. I love that about the book.
In addition, the author focuses on keeping forex naked trading as simple as possible; without complex indicators, terminology, lingo, fluff and theory found in other trainings, books and courses.
The diehard indicator traders may not agree with this strategy, but I believe is great for the naked charts trader, even experienced naked charts traders can benefit from this book.
I enjoy it every time I go back and read it.
Great job to the author!
Some reviewers are complaining that the book is too basic and repetitive; that is the point, simplicity. I love that about the book.
In addition, the author focuses on keeping forex naked trading as simple as possible; without complex indicators, terminology, lingo, fluff and theory found in other trainings, books and courses.
The diehard indicator traders may not agree with this strategy, but I believe is great for the naked charts trader, even experienced naked charts traders can benefit from this book.
I enjoy it every time I go back and read it.
Great job to the author!
November 23, 2021
A very good read with genuine insight, especially for beginners. Great price action strategies, trading psychology, risk management, and backtesting information covered by the authors. But don't stop here. Keep learning constantly. For me, combining the knowledge from this book and watching Loma's (FlashCrash) videos on YouTube helped me build my trading system with ~74% win rate when backtested on btc charts from 2013 to present.
Builds renewed confidence especially if you've lost a lot of money to the markets, trading like a degen. Keep the discipline while trading and you'll surely find consistent profits over the years.
Builds renewed confidence especially if you've lost a lot of money to the markets, trading like a degen. Keep the discipline while trading and you'll surely find consistent profits over the years.
May 2, 2025
As someone with experience in Forex trading, I found this book to be somewhat repetitive—many concepts were recycled just to fill pages, it seemed. The technical section on getting started with Forex wasn’t bad, but it didn’t go deep enough for anyone beyond the beginner level.
What stood out most to me was the section on trading psychology—it was insightful and definitely the most engaging part of the book. I also appreciated the practical tips provided in the exit strategy chapter, which offered some useful takeaways.
Overall, it’s a mixed bag: not quite enough for seasoned traders, but it does have a few worthwhile sections.
What stood out most to me was the section on trading psychology—it was insightful and definitely the most engaging part of the book. I also appreciated the practical tips provided in the exit strategy chapter, which offered some useful takeaways.
Overall, it’s a mixed bag: not quite enough for seasoned traders, but it does have a few worthwhile sections.
April 8, 2021
Good for beginners, and we're talking REAL beginners
Overview of a few classic candlestick patterns. Nekritin abandons established terminology in favor of "kangaroo tails" (hammerhead), "last kiss" (it's literally just a breakout, calm down), and other silly names I can't even remember. Maybe these are entertaining to a beginner; I'm no expert trader but the descriptions were pretty ridiculous. To its credit, in a world of SVMs and overfit indicators, this book was a refreshing reminder that price is king.
Overview of a few classic candlestick patterns. Nekritin abandons established terminology in favor of "kangaroo tails" (hammerhead), "last kiss" (it's literally just a breakout, calm down), and other silly names I can't even remember. Maybe these are entertaining to a beginner; I'm no expert trader but the descriptions were pretty ridiculous. To its credit, in a world of SVMs and overfit indicators, this book was a refreshing reminder that price is king.
April 15, 2018
Excellent book which is easy to follow & is full of sound advice. It is pitched at the right sort of level for someone who wants to learn how to be good trader. The website that goes with looks interesting. I will do the free on-line course which is available on it once you sign up. I am making notes on what I have learned & look forward to putting its ideas into practice to see if they work for me.
June 1, 2018
Simple but effective
This book provides an excellent forex trading foundation. The concepts are easy to understand and apply. It also provides important perspective to those who are serious about trading in the foreign exchange market. This is an absolute must read for those who are new to foreign exchange trading and can also be of immense benefit to professional traders. I highly recommend this book.
This book provides an excellent forex trading foundation. The concepts are easy to understand and apply. It also provides important perspective to those who are serious about trading in the foreign exchange market. This is an absolute must read for those who are new to foreign exchange trading and can also be of immense benefit to professional traders. I highly recommend this book.
May 16, 2022
This is a really good place to find value as a beginner forex trader. At the start of my forex journey last year November, I remember finding a strategy that was the holy grail in my eyes and not knowing what the hell I was doing. I wish I read this book first before diving into live trading because I had a stack of indicators under my belt that I used to help me determine whether to execute a trade or not (bad idea!). Now, I trade naked while using only 1-2 indicators as confirmation.
March 30, 2021
Really useful book for entering into the realm of trading. I believe the techniques may not be very advanced, even though they may have high probability of success (which is what you're looking for at the end while trading).
I loved the psychology side of the book, and the self analysis part to understand yourself as a trader.
I loved the psychology side of the book, and the self analysis part to understand yourself as a trader.
January 7, 2020
Solid materials here that teaches naked forex; how to trade without indicators and focusing on the price action & market structure. However, the movements of the market is a lot different now than it was 8 years ago.
July 23, 2021
Great Refresher
If you’ve run into a stump in trading, this book will help you gain back the confidence that you may have lost. The only thing I didn’t like was that book would reference visiting his site, but the site either was no longer active or just outdated.
If you’ve run into a stump in trading, this book will help you gain back the confidence that you may have lost. The only thing I didn’t like was that book would reference visiting his site, but the site either was no longer active or just outdated.
July 30, 2019
I want to read the book
September 17, 2019
Am a bout to start reading it
February 22, 2020
A easy read and useful book for beginners. Covering important information for new traders to start with.
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