Naked Forex by Alex Nekritin, Walter Peters – Book review

In the world of trading, there aren’t that many books that can make a buzz in the market. Among the few books, Naked Forex, authored by Alex Nekritin and Walter Peters is a book that has caught the fancy of many in the trading community.

Do not get misled by the book’s title. It is nothing to do about taking off your clothes and trading. On the contrary, Naked forex trading is a metaphor used to describe trading with price alone.

Of course, this means using price action techniques such as candlestick patterns, support and resistance levels and chart patterns.

The point being that with price action based techniques, you are essentially looking (and understanding) the most important element on the price chart, which is price itself.

For many beginners in forex trading, price action based trading is often intimidating if not scary. This is where the book Naked Forex comes into play and shows you how you can move away from focusing too much on indicators and trade with price and price alone.

The book, Naked Forex was published in 2012 by Wiley and is available in both paperback and in an e-format version such as kindle.

On sites like Goodreads, Naked Forex ranks 3.99 out of 5, which gives it a fairly high rating. Whether this book will encourage or disappoint you, depends basically on your experience.

If you are an experienced trader, you already know about price action based trading, then you will clearly find this book to fall short of the hype that it has created. On the other hand, if you are new to price action based trading but have considered it at some point, then this is a great book to read.

But of course, reading just one book will not change your perception or your point of view. Neither will you become a sensational trader overnight. The book, Naked Forex is merely a guide that will set you on the path to price action based trading techniques.

What is the book Naked Forex all about?

Naked forex is a book that talks about price action based trading techniques. When it comes to forex trading, technical analysis is primarily used in the markets. This is true in the case of intraday traders and scalpers.

Most of such traders make use of technical trading strategies that focuses on using a lot of trading indicators. It has gotten to a point that even swing traders use technical indicators in their trading.

However, for the most part, trading has come to a point where traders have started to rely more on the signals that the indicators they trade give, rather than looking at what the price is saying.

This is partly due to the fact that in most cases, when it comes to intraday trading, traders often dream of building a trading strategy that can be automated. While there are many ways to automate a trading strategy (including price action based methods), many rely on the buy and sell signals that the indicator gives.

One can argue that relying too much on indicators is a sign of a weak trader. When you start using too many indicators, traders call it analysis paralysis. This is where you no longer understand what the indicators are telling you.

Another disadvantage of using technical indicators is that you can get conflicting signals.

Waiting for the perfect signal to come where all the indicators that you are using are in tandem is a rare occurrence.

If one looks at any of the popular trading forums, you will find that in many cases, there are trading strategies that rely heavily on technical indicators. Some traders, take this a bit further to build their own custom trading indicators.

If you have been trading for a while, then you might have come across such indicators such as the center of gravity indicator and other similar names that sound fancy but take your focus from the real thing which is price itself.

The book Naked Forex is essentially a guidebook that will take the reader (who is understandably a trader) into trading naked, or without indicators.

While the book could have been named something more straight forward such as price action based trading, the name is catchy and without a doubt has caught the attention of many, both wannabe traders and experienced traders.

Naked Forex - The structure of the book

The book is primarily divided into three sections.

In the first section, the author talks a lot about how technical indicators are worthless and subtly introduces the concept of trading without the help of technical indicators.

The author gives out examples where traders who rely upon indicators often tend to blame the indicator when they hit a loss. While this might be arguable, the truth is that this is what happens in most cases.

When a trader tries out a trading strategy that has a number of different indicators, they end up moving to another trading strategy, or using another indicator in hopes that it would better than the one they were using previously.

On the other hand, when you are trading with pure price action and you take a loss, you have no one else to blame but yourself or the markets. Experienced traders know that the markets are always right, even when they prove you wrong.

By giving such examples, the author of Naked Forex lays out the groundwork for introducing the reader on price action based trading, or simply naked forex.

Another aspect to point out is that, one of the biggest reasons why there is such a huge demand for black box trading systems and customized indicators is that traders who rely on indicators tend to hop from one indicator to another. This leaves them with losing more money and time while at the same time, not learning anything much about the markets itself.

The second part of the book focuses on introducing the reader to six naked forex trading strategies. Each of these forex trading strategies are given whacky names such as kangaroo tails, the big belt and wammies and moolahs.

For some readers, the names can be a bit annoying. In fact this is one of the biggest complaints about the book, Naked Forex.

The techniques that the authors, Alex Nekritin and Walter Peters introducer to the reader in this book are nothing new. They make use of tried and tested techniques with a combination of price action and of course support and resistance .

But all of these methods are given new names, which often leads one to make a conclusion that there is nothing new or unique about the book.

The book also discuses a bit about exit strategies and breaks these two into one exit strategy for those who are impatient and another for those who are willing to wait for the markets to give them the profits. The authors call these strategies as gunners and runners.

The final section of the Naked Forex book focuses on the trading psychology aspect.

Many traders, who are already accustomed to trading based on price action strategies will find this section to be very interesting.

The trading psychology concepts introduced in the book Naked Forex can help readers to really understand where they are lacking in their current pursuit. This section also gives a boost to the trader’s confidence as the authors give out examples of how professional traders manage their trades and how they can keep calm even when they are facing at losses on their positions.

Pros and cons - The Naked Forex Book

Should you buy this book? Considering whether it is worth spending your time on this book? Here are the pros and cons.

The book Naked Forex is no doubt very popular in the trading community. We summarize the pros and cons of this book.

On the plus side, the authors, Alex Nekritin and Walter Peters give out some easy to use trading strategies that you can put to test right out of the box. It also introduces you to trading naked, or without indicators.

On the other side however, the trading strategies given out in this book are not backed by any statistics.

Meaning that, you don’t really know if the strategies you use will make money for you or if they have a high rate of success. But this is understandable as no one would simply give out their money making trading strategy.

The book Naked Forex also emphasizes on other factors of trading such as the psychology and understanding how the markets work. It does a good job in weaning the trader who is accustomed to using technical indicators in their trading.

There is also a concise call to action towards the end of the book which lists out the six steps that you need to take in order to take your trading to the next level.

While the book calls it as the steps to become an expert trader, you also need a lot of practice and put in effort to truly become an expert trader.

The overall language and structure of the book is put out in a simple and easy to understand fashion.

This makes it quite appealing, both for traders who know something about trading and the markets as well as complete beginners to the world of trading.

The book also talks about the two websites. These websites and basically require you to part with your email address to access the content. The moment you do this, you will be spammed with various ads and other offers.

The book, which is available in an e-format is also loaded with lots of advertisements. This might make the gullible reader to click the links which will lead them to a sales page of a forex product rather than show you some interesting glossary or tidbits.

Some readers will also find that for the most part of the book, the authors tend to repeat the same things over and over again.

Naked Forex - Conclusion

The book, Naked Forex no doubt enjoys quite a bit of popularity in the trading community. You can find numerous reviews on Naked Forex book, besides this one and every review of Naked Forex book has its own take.

The bottom line is simple.

If you are new to trading, or have been trading for just under a year or two and relied heavily on technical indicators, then it makes for a good read to encourage and wean yourself off trading based of technical indicators.

It is important to note that there is nothing wrong with using technical indicators. In fact, some of the major mainstream traders who appear on financial TV channels often cite indicators such as the moving average, or the relative strength index.

So there is nothing wrong in using technical indicators. The problem comes when you start to rely only on the indicators, or use a trading system where you end up having to looking at tons of indicators while at the same time, the price gets drawn into the background.

Trading based off price action can be a bit intimidating. And this is why most traders often start off their trading journeys by using indicators.

However, if you feel that price action based trading is intimidating for you, then the book Naked Forex is worth a read because it will slowly introduce you to how to get rid of the crutches of technical indicators based trading.

One aspect to mention is that since the book focuses on price action based trading techniques, one might expect to read and understand more about the market sentiment or the trader psychology behind the price action itself.

Concepts such as volumes, expectations of the markets, the way fundamental news plays a role are some things one would expect to be covered in this book. However, these important concepts are missing.

There is too much emphasis on the trading strategies. While Naked Forex aims to get you out from trading with technical indicators and focusing only on price action based trading, it could do a better job by explaining other concepts that would complement this book.

The book is priced at $40 for the Kindle version and can be bought off Amazon.


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I'm Mike Semlitsch the owner of My trading career started in 2007. Since 2013 I have helped thousands of traders to take their trading to the next level. Many of them are now constantly profitable traders. 

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