Naked Forex - Alex Nekritin

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.

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Editorial Reviews

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.

About the Author

ALEXANDER NEKRITIN is the CEO and President of TradersChoiceFX, one of the largest forex introducing brokers in the world. He has over ten years of successful trading experience in equities, options, futures, and forex. Nekritin holds a degree in finance with a concentration in derivative instruments from Babson College. His work has been featured in many web publications such as and

WALTER PETERS, PHD, holds a doctorate in psychology and is a full-time forex trader. He trades for the DTS Fund and works with traders through the website Peters is a technical trader and takes a unique “naked” approach to forex trading. Nearly all of the trading systems he uses and teaches are systems without technical indicators. Peters believes that an understanding of cognitive psychology in general, and in particular cognitive biases, is useful for the forex trader.

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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.

Let's face it... if you are reading forex trading books, then you are looking for something better. That is why I read this book. I wanted something better than I had, and boy have I had it all: mentors, indicators, systems, courses, seminars, dvd's - anything you can imagine I have bought. And to be honest, I knew that it was probably overkill in the back of my mind. I knew that covering up price with all of my indicators was, let us say, a bit crazy, when we traders are all trading price in the end. The market goes up, the market goes down, and we have to decide whether to buy, sell or stay away.

My inkling was proved true with this book. Sure, there are other trading books out there about trading price, but very few of them simplify things like this book. And let me be clear here: that is a good thing, I am glad to see that simple works. I tested these systems as the authors suggested and I really am glad that I did. It proved to me that Naked Trading works, and that is really all I do now. Whenever I go back to RSI or MACD now, it is only temporary, like looking at a photo of an old girlfriend. Sure it is nice to remember the past, but I am very happy with where I am now. I make money now and it is mostly due to this book. Not to take a shot at other books like the Al Brooks books, but they make it complex. This book gave me several strategies to trade successfully. I use the ladder exit with Kangaroos and Belts, and that has been making me money. I have paid for this book 20 times over by the profits I have made trading those two systems alone. I don't know if this book will help you, but it sure did help me. I am a Naked Forex trader now, and I couldn't be happier.

Well, when we want to write a review we must go into the details and mention the technical points of the book and its pros and cons specifically:

I have read some of the reviews. Some argued that the stuffs in the book is easy to find all over the internet, like kangaroo tails are hammers and shooting stars, big shadows are classic engulfing patterns and so on. That's right; but as a trader who just found his way into decent profiting after struggling for 5 years I must say that one mistake many make is they tend to brag about their system: fancy indicators on the charts, ellliot waves theory and so on.. But at the end of the day the goal is just to make money and what I found during these years is that the best way to make money is sticking to price action, support and resistance and trading higher time frames (H4 at least). Even the experienced traders can learn one or two good insights from the book that although they seem nothing special they are very helpful in filtering the bad trades for them, and also psychology part is very straightforward and practical. In summery here are the positive and negative points of the book in my view:

Positive Points:

1. This book is straight to the point and practical and very easy and fun to read.
2. The focus on candlesticks and price action (most of the refined classic setups mentioned there are great) for a novice trader instead for indicators is priceless.
3. The psychology part is also very direct and practical specially the pressure the author put on back testing (He even says back test my ideas first).
4. Author insisted that trading higher time frames are easier and more profitable to trade an that's 100 percent true.

Negative Points:

1. I don't agree with last kiss setup and wammies and moolahs (I think they are not as strong as the other setups because the focus is more on the zones instead of candlesticks in these two setups).
2. Author must mentioned the use of multiple time frame analysis in the setups for completing his ideas.
3. He must mentioned the importance of some news like NFP that may destroy technical setup in a part.

I think everyone must read this book but for novice traders it would be a great shortcut to profitable trading.

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