Forex Book Review: Naked Forex

Naked Forex is one of my all-time favourite trading books. Generally my favourite trading related publications are those that are biographies (& auto-biographies) and books that teach trading in a very practical way. 'Naked Forex' (by Walter Peters) is the latter, the book offers a very practical approach to trading the Forex markets. It does not offer page after page of text that teaches about position sizing, risk reward ratios and other Forex principles, instead the book is full of price chart illustrations and provides the reader with a way to make money using "naked" price charts (another term for pure price action trading). The book also covers the psychological aspects of Forex trading, something that is usually skipped in trading books that focus on trading strategies and trading techniques. Walter has a PhD in
psychology, his qualification has a great advantage as his knowledge adds some interesting insights into the emotional aspects of trading that other traders and authors have not shared.

It's about Forex Trading

It might be obvious but Naked Forex is about Forex trading. A lot of trading publications that I have read and reviewed on this site are generally about the stock market or other financial markets. Naked Forex is specific to trading Forex, this is quite a rarity, which makes the book perfect for those seeking profitability through Forex trading.

It's a "Mentor"

The book is very well written, it actually feels like Walter is your personal mentor while you read the book. The style of the book is very practical and adds to the "Mentor" feeling while reading.

It's about Price Action

Trading Forex using price action is becoming ever-increasingly popular. Naked Forex does not offer a complete guide to price action analysis or price action trading, it does however teach simple but reliable price action techniques that can be used to trade Forex. If you would like to know how to make your price action set-ups more reliable, this book is for you. If you would like to learn about the basics of price action including price patterns, I would suggest reading something else. The book also focuses on trading Forex on higher time frames, such as the 4 hour, daily and weekly charts, perhaps not ideal for those wanting to become day traders.

It's written by a Current Forex Trader

Walter Peters is an American living in Australia. He is a fund manager and a Forex trader. He actively trades the Forex markets, some of his trading services are included on my Forex Course Reviews page, Forex Trading Signal Reviews and he is part my Top 10 traders.

Summary

If you are interested in learning more about price action trading or need some assistance in becoming profitable using price action, I strongly suggest reading 'Naked Forex'.

If you would like to purchase this book, please use this link if you are in the UK or this link if you are in the US.