Naked Forex: High-Probability Techniques for Trading Without Indicators (Wiley Trading)

This book really clicked with me. I was missing something in my trading and I firmly believe this book is going to help "gel" everything together. I love the stripped down approach to trading presented. No BS indicators that predict where the market is going. Technical analysis in its raw form is presented here and it works. There is also the meditation aspect that I was interested in that was covered in the book, but more so the additional content that comes with the book is where Walter gets more into that sort of thing. This book gives a few strategies and some helpful hints how to follow them and what to look for. Honestly if you put in the work you will succeed as a trader. Walter goes over some key points and goals to set that make sense and will definitely help to improve my trading and trading mindset. The book doesn't go into too much detail about the background info of the market, but Walter actually sent me a free e-book that I think goes over that. If you know some basics about the market and are ready to get serious about trading and need that little push in the right direction you need to get this book. It's a bit more expensive than other FX books but honestly in my opinion it's worth the extra money. Especially with the extras that come with the book. Best $50 I've spent in a long time! Thanks Walter! -Jeff

I can’t express the amount of rich information and simplistic but profound steps mentioned within 260 pages. It has been a total paradigm shift for market analysis. Simple and efficient is the key to success. Highly recommend this read to anyone either looking to get into trading or anyone who is struggling in the process to finding consistent profits.

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.

This is hands down one of the best trading books I have ever read! The simplicity of the concepts leads to a deep comprehension of price action trading. The book is packed with practical examples and strategies that are easy to adapt, making it a great resource for traders at all levels. What sets this book apart is the inclusion of video links that reinforce the lessons, bridging the gap between theory and application. Additionally, the psychological aspect of trading is covered brilliantly, helping traders develop the mindset necessary for long-term success. I highly recommend this book to anyone who is tired of cluttered charts filled with indicators and wants to focus purely on price action. The only drawback for me is my deep love for the volume indicator, which will take me some time to remove from my trading setup. However, the book’s insights are invaluable and worth every penny! If you’re looking for a fresh, effective, and indicator-free approach to trading, this book is the perfect choice!

Positives: Provides actual, simple and executable strategies, with clear descriptions, examples, and rules for entries, exits, stops, and Targets, including examples of when the strategies could backfire if used incorrectly and why. Good reading for the novice or middling investor especially. Several of the setups for strategies, while containing candlestick formations which may be familiar to someone with experience, were unique in terms of how they were identified. Negatives: The writing is dry and often very redundant. While I think he was trying to drive his point home through repetition, it often puts me to sleep. The author, also, uses his own names for candlesticks, like “kangaroo tail” (aka hammer or shooting stars) and big shadows (aka engulfing candles) rather than using the already widely accepted names in trader vernacular, which can be somewhat confusing at times (as in, “wait what was the kangaroo tail again?” Oh yeah, he means hammer candle.) Overall Impression: While I’ve yet to backtest the strategies laid out, the examples were useful, and sparked new ideas. Most traders or those looking to get into trading will probably find this worthwhile reading.

I rarely feel inclined to write reviews, however, after reading Naked Forex and because of the quality of the instructions I feel obligated to give Naked Forex and honest review. I know almost all the candle patterns and their names and what they indicate, but it doesn't mean they necessarily signal high probability trades. In fact, historically profit of my trades have been inconsistent, even after learning from candlestick gurus. This book along with many of Peter Walter's web seminars is really what turned my trades around. Before watching any of his free web seminars, I strongly feel this book is a prerequisite/required reading, otherwise you are going to find holes and gaps in your knowledge. Peter Walters is a generous person, great personality, and is my hero. In a few months, I will gladly a (I think it is around $1000) to go through his mentorship program. Even if you think you know what you are doing, buy this book and watch his videos, you will be in for a pleasant surprise and may even be somewhat humbled. Peter Walters really knows what he is talking about, he knows how to trade, and is willing to share; in the world of forex there are many scammers and fake gurus, Peter Walters is not one of them and is a breath of fresh air.

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.

The amount of information about trading freely available online these days can be overwhelming. I have read quite a few books on Candlesticks, Western indicators such as Bollinger bands, RSI, CCI, Stochastic et. al. I was introduced to fxjake by a UK Forex trader - Richard Hill. I came across "Naked Forex" from [...]. I purchased the Kindle version of this book from Amazon and have thus far read it twice and will re-read it again until I become proficient in some of the powerful trading systems discussed in the book - I'm curreently focusing on the "Kangaroo tail" and "Big Shadow" trade set ups. Folks, over reliance on Western indicators (laggard indicators as we all know them) to predict trends or identify high probability trades are sheer waste of time. I have ditch out all indicators, and now look at actual market price actions. Naked Forex continues to teach me the best way to improve my trading - identify high probability trade set ups, back test and forward test the "heck" out of my ideas using Forex Tester. I highly recommend this book to all newbies (like myself), and I strongly believe experienced traders will also learn from the book.