Online Trading Phenomenon

The Internet engendered the online trading phenomenon. 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. The web is flooded with trading alerts, systems, and blogs that promise returns that will lead to instant wealth. Most of the books in the field fail to provide actionable
knowledge. 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. 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. They actually limit the evolution of a trader’s performance because they provide a disincentive to “listen” to the market. Naked Forex goes into detail on how a trading signal that is indicator-based is inferior to what Nekritin and Peters call a “naked” signal.

Another key is the importance of knowing one’s personality in trading. Trading systems that are based on untested algorithms that are purely technical will surely fail. Nekritin and Peters argue that trading systems should reflect decisions that traders would make that are based on looking at charts. Manual backtesting, they suggest, is an effective way to identify a trading system’s strengths and weaknesses.

A third major focus of Naked Forex is the concept of identifying support and resistance zones. The fact is that with the trillions of dollars that float each hour through the currency markets, prices reach certain levels and stop. One can try to figure out why they stop rising or stop falling. 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. If a price breaks through a zone, no matter what the reason, it is a signal—and a more powerful signal than any indicator. Nekritin and Peters call these points of price action market scars. It is a good metaphor because markets have memory and so do traders. The authors introduce the “last-kiss trade”
as a powerful tool in identifying when breakouts have occurred. The book is filled with gems that provide visualizations of price action, such as the big shadow, kangaroo tails, and the big belt.
by Alex Nekritin and Walter Peters

In the following topics we will publish a complete book Naked Forex and introduce you to the author's opinion

Unfortunately, most forex traders lose out. Profitable trading is reserved for the select few. 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!

Myth 1:
Successful trading must be indicator based.There are many ways to profit in forex, some of them do involve indicators, but indicators are not necessary for successful trading. There are professional traders around the globe,who use “naked” charts to make trading decisions. 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.

Myth 2:
Successful trading must be complex. These systems are incredibly simple.Do not confuse simplicity with ineptitude. Although these systems are simple when applied correctly, they may also yield big profits and build confidence in your trading. You may view this as the meat, the most important section, but I disagree. I think the third section is the most critical to your trading success.

Myth 3:
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 concerns trading psychology and how you may both identify and change your thinking, because this is the real driving factor in your trading success.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. This is unfortunate. The first section is critical because it offers
reasons for price action trading (a new belief system) and a course of action for becoming an expert at naked trading (new trading habits).

The third section is where breakeven and slightly profitable traders will learn to move into the realm of the true professional trader. All sections are important, and it is my hope that by reading it you will find simple methods for extracting profits from the market.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.