Sorry, but this statement looks very intimidating for me, please let me add for the sake of future traders out there.
Its about the common misconception of traders about the term “NAKED TRADER”.
To break it down, I would divide this so called naked traders in the world into 2 different types;
1)Real Naked Traders
2)Bare Naked Traders (Dumb,Wannabe Naked Traders or any silly names you could imagine)
Referring to the 2nd statement about Bare Naked Traders is that, they may not know wth they are doing and they might just be straight forward gambling.
They are GAMBLERS pretending to be traders. Period.
I have a friend that has been trading for about 5 years or maybe more. He even traded forex longer than me and have more experience on the market for sure.
Everytime we met and have a discussion about the market.
He would open up a chart and brag about him being a NAKED TRADER instead of a person like me who always has a reason for everything and using most of the tools all the time where it is possible.
Everytime I question him for any of his actions, why sell here? why buy here? exit? why close? Do u use fibs? where is your level? kinko hyo? Dragonball? Donald Trump?
He cant even answer me properly and instead, he claims he is a Naked Trader and does not need to use any of those silly tools (fibs,snrs,pivot,bb and etc)
So, in the end, I felt being more stupid everytime I met him because I was still drawing stupid snr’s, trendlines, channels and so on.
I became stupid because I believe I found a Real Naked Trader.
But a few months back, I heard in one of Akil Stokes podcast about a guy who is doing so well in trading commodities in the US.
The guy then was asked to make a presentation in a Forex International summit in US a few years back.
On his presentation, he was displaying a fully NAKED CHART of the Oil market and explaining how he made a ton of money by trading that market. Everybody knows he is color blind. So his charts look nothing but just black and white candles.
What was confusing was, the guy was giving his presentation and answering questions of the participants with all the technical levels, 23.6%, 38.2%, 61.8%, 78.6% fibs, pivs, snrs, when questioned. Even when his charts were empty and doesnt have any tools drawn.
Akil himself was very surprised and went to meet this guy in person on the break session to ask him all the same question again and get all the same answers again.
So, as you can see here.
There is no shame in drawing S&R and trend lines.
There is no shame in sharing any basic opinion or sentiment.
A person may not be drawing nor using all those silly tools on their chart to interpret the market all the time.
But, that doesnt mean they are not using any of those tools at all.
Naked Trading is a skill.
Its not a method nor a trading system.
Its not a proper way of trading especially for newbies.
And it requires years and years of diligent practice to develop that skill.
Akil Stokes himself required a minimum of 5 years real trading before he could really develope the skills to read a Naked Chart. He was in the front page of Forbes.
So ask yourself.
Who am I?
Who am I to read a Naked Chart?
I developed my method to be a profitable trader just in time before I found this thread and knew @The_Baller only to find out that my method was the same as his.
I knew I was on the right path.
I’m so grateful and glad to be in this community.
What happen to my Naked friend?
He is still trading naked.
And he is still NOT PROFITABLE with thousands and thousands of dollars lossed.
Plus, I am still meeting him regularly to learn
HOW NOT TO BE A NAKED TRADER.
Just my 2 cent.