Friday, 26 August 2016

Naked Forex Now

The Naked Forex Now forum is a great forum that has been set up by Walter Peters, author of the book "Naked Forex - High Probability Techniques for Trading Without Indicators". His background is in psychology but he got bitten by the forex bug and has spent many years researching and developing his trading approach. His main idea is to throw away all those indicators and just to rely on price action itself, hence the "naked forex" in the title. What is so refreshing about his site is that he doesn't preach trading in any one style, rather the idea is that one should come to ones own method of trading that suits one's own personality and his site is all about going through that process. Firstly, I should mention that this is a private forum for which you pay a fee to access it. Whilst many wannabe traders may balk at this prospect I suggest that you at least read through until the end before dismissing it out of hand.

The site is set up in different sections. To start with there are the "house experts", currently Mr. Peters himself, Darren Littlewood and Jorge Espinosa who each have a different trading style. They each post their trades and answer questions on their trading approach and are generally very accessible. Walter uses support and resistance lines on daily and weekly charts for his set-ups, Jorge uses the "4E" strategy, a short term swing approach whereas Darren trades using his "Flow Method", an unusual form of stop and reverse trading which has a refreshingly unique philosophy behind it. Each expert posts regular video updates (Walter often doing two updates a day) on their trades. They are also very willing to answer any questions that you may have and will go out of their way to help.

As well as this there is also a whole host of teaching material from Walter. He's developed a vast number of courses over the years and all these are on offer as part of the membership of the site. These include the trading set-ups that Walter uses as well as a great psychology course that is a must-do for any trader (I can testify to this!). There are hundreds of hours of video material all available for members to view.

But what makes the Naked Forex Now forum stand out from others is the community feel. There is a supportive and encouraging atmosphere from the various members like nothing I've found anywhere else on the web. What's more these other members post some great content of their own. There are a number of trading journals from people, some of whom are really expert traders. "Rupin9999", a very successful trader who trades for a living, did a webinar for the forum a while back which blew people away and she now has a thread on the forum dedicated to followers of her methodology. "Martin" has taken some of Darren's ideas and made them his own with some very profitable tweaks that you can follow within his journal. "James" is a professional fund manager who has joined the forum and who kindly shares some of his many techniques within another thread. There are many others who have taken some of the basic ideas and have made them their own and then are only too happy to share their ideas with members. 



This does illustrate the core idea behind the forum, namely that of finding something that suits your personality and then making it your own. The basic process is that you take a look at the many approaches that are on offer, have a go at trading them using ForexTester which is a great bit of software that allows you to back-test bar by bar, making your trading decisions and then seeing how they play out. Gradually you should start to adapt these approaches to suit your own psychology and to make them your own before trading a demo account, then a small live account and finally a full-sized live account. There is a lot of emphasis on the psychology side of things all the time, with constant mention of how important it is to find something that suits your personality otherwise at the first sign of trouble you're going to dump it.

One point I should mention is time-frames: most of the traders on here tend to be trading off at least 4 hour charts if not longer. Walter often has daily or weekly set-ups and whilst Darren has traded off 1 hour charts he's presently doing 4 hour as well. For short term traders or scalpers you might find relevant content rather thin on the ground. There has recently been a webinar on a short-term scalping approach and people have been doing journals on high frequency EA trading but the general focus does tend to be on slightly longer term stuff. This also applies to automated trading as well - there isn't a great deal of content on this though there are one or two people who are posting regularly about this.

To add to the mix, on the forum there are regular webinars, sometimes from the house experts but often from either guest speakers or from members of the community themselves who want to share a trading approach. Walter also does a regular Non-Farm Payrolls trading webinar where he uses a simple trading approach off 5 minute charts to trade this news release. As an aside, if you want to learn more about what Walter and Darren think about trading then they post weekly podcasts under the title "The Two Traders", well worth a listen!

In conclusion, this is a fantastic site for supporting traders on their quest to becoming profitable and successful and I personally have been a member since April 2015. By way of full disclosure I should mention that I've been posting so regularly that Walter has promoted me to one of the regular "house posters" for which I get modest compensation and free membership. Having said that, I can definitely say that I would willingly pay for membership - it's one of the best investments a trader can make to help them on their way to becoming successful.

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