Naked Forex Vs Babypips

Use the one with which you are comfortable with. I have found that indicators only mess up my trading decisions (often giving conflicting signals) so I only keep 2 EMAs and 1 SMA. The rest is just support/resistance zones (drawn manually) and watching the candlestick patterns on multiple time frames.

Nekritin & Peters? Yes, I’ve read it and widely recommended it to many people, in many threads here.

Out of a huge number of trading books I’ve read, over the last decade, it’s certainly in my “top ten”.

I think that for the average aspiring trader, its approach is far more likely to be helpful and instructive than most other books they’re likely to read, and [I]overwhelmingly[/I] more likely to be helpful and instructive than almost all the “information” they’re likely to find online. :cool:

Naked trading is just a buzz word. Supposedly you’re more intelligent if you trade ‘naked’ - you’re superior to those ‘fools’ who are slaves to their indicators. I think trading is much more nuanced, not just black (indicators) and white (naked).

Great post,

Manxx!!!

This choice of method is very individual and just like looking in your own wardrobe:

  • Some spend a fortune on only wearing the latest fashions, which only last for a season at most and are discarded instantly as something new appears

  • some can only manage the most basic of items and gratefully take any offerings from others that might help

  • Some dress to stand out from the crowd, make a statement, protest, walk their own path, even creating their own clothes

  • Some dress to blend in with crowd and be part of the majority and find security in following their lead

  • some dress strictly according to a code or rules in order to belong to a gang or a profession and in order to be able to follow the activities of that particular community

  • some only wear the same old favourite clothes that have become like a second skin and they are never going to change them because they are so familiar, comfortable and actually work for them

But whatever the clothes we choose to wear, they ultimately have to fulfil some basic needs and protect us from the environment and help keep us alive and warm - but if we ever try living in a community without ever wearing any at all (unless no one else does, either) then we are soon going to find ourselves permanently excluded from the local supermarket…

Another excellent post, Manxx!!!

I believe both can work, and what you choose to work with is a matter of preference.

Still, at the end of the day, if you dont understand price direction, distribution, accumulation, and manipulation, your going to fail regardless of which ever approach you choose.

Yes you are right an that is why i prefer to first of all understand the Price action so that my trades are profitable in the end.

Actually just the opposite is true, We who trade naked ( I prefer to call it price action) do so because we admit that we are not intelligent enough to quickly understand all the information that multiple indicators are telling us at any one time. The whole reason for not using these indicators is to stay true to the KISS method of trading “Keep it Simple Stupid”

In any case it all comes down to TREND, with or without indicators we are looking for clues of a trend change, for us price action traders a candle stick reversal at support or resistance give us a good entry with a positive risk vs reward ratio. And as I stated in post #2 of this thread, I will match a simple candle stick pin bar reversal against any fancy indicators any day

You’re only more intelligent if you make money trading forex.

The “The trading naked” is nothing new. You can read about it in “Reminiscences of a Stock Operator”.
There is more than one way to use indicators:

  1. Generate buy/sell signals.
  2. Filter trades.
  3. Confirm trend.
  4. Use as market sentiments.

If you believe that all indicators don’t work than just trade against them.
Wait for some well known indicator such as MACD, RSI or stochastics to give solid buy signal. Wait for you favorite sell signal and sell the rally.

The main advantage of mechanical systems based on indicators is that you can back test them.
Trade during the day and backtest at night.
Cloud computing and machine learning make it even easier.

The main disadvantage of naked trading is that if you look for a long time at the price chart you can see anything.
Your brain will find some pattern.

There cant be a disadvantage in Naked Trading,

unless you dump your coffee on your chest,.:17:

For the first time in my Forex career, I Always know where the price is going, how far it will go, and when it turns, and I dont use 1 single indicator but the adjustable rectangle box, :27:

i like the most on naked trading when good female traders do it :slight_smile:

Well said!

Thank you @lcomerennah. It was interesting for me to read something from so many years back! I still think the same but I suspect you may find others that think very differently - but that is fine. Afterall, that is what a forum is for.

It is important to fully understand what we are actually doing and using and why. What is right for one is wrong for another. However, we should always remember that in trading we are all on the same side with the same ambitions, and not competing in any way. Sharing is only a benefit to one and all, but one should also always evaluate everything that is offered.

Welcome to BP - I hope you enjoy your stay here and that it is fruitful. :+1: :slight_smile:

I think the right phrase is “Use the one that brings more profitable signals for you”. Everyone with their level of understanding and perception

@Dennis3450 I can’t believe I am actually saying this, because I like price action a lot but is this challenge still open? :slight_smile:

Sometimes people are trying to make it more interesting but there no need really