So I just bought Naked Forex off of Amazon.
Should arrive in a few days. I’m wondering, what should I get NEXT? I’m thinking I want to expand my understanding of price action, and naked chart reading.
I’ve already got e-books of Laurentiu Damir’s Price Action Breakdown and In Depth Guide to Price Action Trading.
Honestly, I just can’t read for content off of a Kindle. It doesn’t soak in. I’m thinking of getting the dead tree version of those. But I’m not sure those are the best resources for the topic.
Bob Volman has two books, Understanding Price Action and Forex Price Action Scalping.
Although I’m not necessarily sold on the idea of scalping as the best type of trading for me. I DO want to learn to read price action, though.
I’m thinking about Trade What You See.
Although from browsing the table of contents it seems to be more about traditional technical analysis that just price action. Although isn’t that also what Naked Forex is all about?
Should I read Trade What You See after Naked Forex, and pursue understanding price action later? But then what resource can best help me understand price action?
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Sigh… Who am I kidding? I’m gonna buy all of those eventually. I AM wondering what order is best to read them in.
You’ve done and planned good shopping.
I’d advise reading both the Volman books first, then Nekritin & Peters, all fairly quickly.
Then Al Brooks - not mentioned above - at your “leisure” (Brooks isn’t suitable for everyone, but is very suitable for the people for whom he’s suitable, though some grounding and experience with PA are essential before trying his stuff, IMO).
I found the other books shown above interesting, but less practically helpful. Just a personal view, but I’m not so keen on Damir.
Also worth mentioning that they are all available for free, online, as PDF - unless your the sort of person who loves pysical books.
Yeah, as mentioned I can’t read for content on an e-reader. Enjoyment reading, sure. But if I’m reading for content I need the physical book. Then I can highlight, take notes in the margins, etc.
On a side note, when I read a physical book for content typically what I do is I read it once straight through. Then I re-read it, highlighting the topic sentence of every paragraph and any other important bits. Then I re-read it again, but this time I only read the highlighted portions.
When iImake my second pass through the book, since I know I’m going to be re-reading again and only the highlighted portions, I take great care to make sure that I highlight all the most important bits, and only the most important bits.
It is the second read-through where I gain my best understanding of the information. Fist pass is an overview, last pass is a refresher.
Then I can come back to the book a few months later and only read the highlighted portion. That way everything stays fresh in my mind.
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Hmmm. So even though I’ve already bought Naked Forex, you suggest I put off reading that until I’ve read Understanding Price Action and Forex Price Action Scalping. Would it be bad if I read Naked Forex first?
No, I don’t think so. I was just responding in general to the question “In what order to read them all”.
I do think reading Volman’s books (which are better and more important than Nekritin & Peters) may help to understand why N & P are saying what they’re saying and why some of what they’re saying actually works (not all of it does, but still quite a good book).
But I wouldn’t “not read it” just because you haven’t got the Volman books yet.
The other person worth mentioning in this context is Lance Beggs (another PA trading author) who has a rather commercial website but gives away on it a huge PDF (in exchange for an email address but he’s not a spammer) that’s also pretty good, and free.
N & P’s book is very much designed for the “popular market”, and to sell to struggling traders who have gradually gleaned from the forex trading community that the people doing better and becoming successful tend to be the ones who don’t use indicators (which is certainly true in general though there are occasional exceptions too). They’re trying to give “simple, direct help” and the fact that their book is aimed specifically at forex traders IMO is because they know that those are the people struggling, in general (also true - because people are mostly attracted to forex specifically, rather than to other trading, because of reasons which make their success rates lower, for example undercapitalisation). The fact that they’re trying to give “simple, direct help” is perhaps the thing that slightly limits the value of their book, partly because that’s a really difficult thing to do and partly because the people who need it most are also the ones to whom it will be least useful - none of which is Nekritin and Peters’ fault, of course: it’s about the way the forex brokerage market works and the people it attracts. I think most long-term successful traders probably wouldn’t argue too much with this point of view.
“Naked Forex” is the best one for learning Price Action trading! I read this book for many times!
What do you guys think of A Complete Guide To Volume Price Analysis by Anna Coulling?
She has a couple of FOREX books. But as I understand it, retail FOREX traders don’t have access to volume data. So I’m thinking this might be more of an equities only book.
Hi phydaux,
The best book to read is the live market action.
Don’t trade, just sit with it and watch how it behaves.
Start with a 5 minute chart and observe how the bars/candles (your choice) build over each 5 min interval. Make notes about what happens, especially as you see the market begin to change direction.
No indicators, just put horizontal lines at the previous turning points - what happens as the current price approaches the line? Does it race on through or bounce off it? Does it sneak past the line and then rapidly go the other way? What does that look like?
Books are ok for a few ideas, but in the end, you have to “see” it for yourself. Live, real-time.
Make notes and then check to see what happens consistently and what looks good but only happens very rarely.
Print out the charts when something interesting happens and write your notes on them (include any news events that occurred at the time as well).
Put them in a folder and review them. You will learn heaps more and you’ll know it’s reliable because you saw it with your own eyes.
Honestly, I spent hundreds on books. I didn’t improve until I sat for 2 months and just watched the price action unfold. I found useful things that the gurus don’t mention and I found that many things that the gurus tell you just ain’t true.
Sorry, this game is won by hard graft. There’s no quick and easy path.
Cheers,
Syntaxfx
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