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trading without any indicator for forex.

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Trading Naked:

Secrets of Top (Naked) Traders Revealed

Rob Booker 2005 Rob Booker. All rights reserved forever and ever. And ever.

This ebook is part of a comprehensive program to train you to successfully trade currency. Alas, youll probably lose money. We all do at first. Robs not liable if, based upon the information you read here, you lose money, make money, turn into a woodchuck, possum, or other furry creature. You have to work hard, study a lot, and dedicate yourself mentally. Dont ever give up. There are no pictures of Rob in this ebook.

Heres what happened to me after I started trading live in my first forex account: I ended up like the guy in the barrel.Step 1: Get Naked

It was not long after my big loss that I realized that in order to trade successfully, I needed to have an edge. Without some kind of informational advantage, I was not going to be successful. And you know what?Without an edge, youre not going to be successful either.

Perhaps you are a profitable trader. Its possible that you already have some ferocious trading skills. One time there was this dog in my neighborhood, and he was really, really ferocious, like he could bite your leg off in one bite, and then as he was chewing on your leg while you were screaming, he would be grinning and stuff. Maybe thats how ferocious you are as a trader.

Or maybe youre not so ferocious.

Maybe thats you. Maybe youre not so confident in your trading right now, or you have a bunch of winners and then you lose big. I know how that feels. I want to help you become a better trader. The best trader you can be.

Getting naked is the first step.

Step 1: Get Naked

Ok, I dont mean that you should actually take off all your clothes. But if you are not yet successful in trading, you must strip down all of your pretenses, your pride, and your previous knowledge. Dump it all. Start over. Take a deep breath.

Let me give you an example. I once worked with a trader who had studied technical analysis for 5 months previous to hiring me as a mentor. He was fascinated by many different indicators, including the MACD, moving averages, Bollinger bands, Relative Strength Index, and a few others. He was using all of these indicators on his charts when he first started with me. He asked if we could work together to put those indicators into a system for him. A profitable system that he could use every day.

I encouraged him to delete all but 2 indicators from his charts. This would help him to focus. No longer would he be confused by the conflicting messages that all of the indicators were giving him.

Instead of being excited about the prospect of reducing the information overload, he protested. What about all those months of study that he had done? All of that would be lost if he deleted the other indicators!

Two months later, he relented. After crippling losses to his account, he was ready to get naked. He humbled himself. He agreed that he was taking in too much information. He was willing to admit that he needed to reduce the amount of information he was studying every day even if this meant that he had wasted 7 months of his trading life.

He deleted the other indicators, focused exclusively on MACD and moving averages, and has been trading profitably ever since.

Step 2: Get Some Naked BackupI trade with a team. Granted, my team consists of me and just one other person Maxwell Fox but that helps me trade better than I could on my own.

Team trading is a concept that I introduced in my training, because traders seemed to do better when they could bounce ideas off one another. They dont necessarily all take the same trades, but they at least can voice their trade ideas, get feedback, plan trades together, and keep each other honest.

I found that when I first started, it helped me to have another person to whom I would be accountable for all of my trading. Thats what I mean when I say you need to get some backup. Someone to get inside the barrel with you, to help you when you make a bad trade, to keep you humble when you make a good trade. That kind of stuff.

Step two, in essence, is to trade naked with other people.

Step 3: Make a Naked PlanOver the years, I have read at least 1,000 trading plans from traders around the world. There is one common characteristic of the best plans:They were short. They were simple. The very best were just 1 page long.

Dont run out and delete the last 5 pages of your trading plan just because I said the best plans were only 1 page long.

Wait. Wait a minute. I take that back. I think you SHOULD run out and delete the last 5 pages of your plan. Make it one page.

Make it one page, and cram everything you can into there. Tell me, in your plan,

1. When you plan your trades.

2. What money management system you use (fixed fractional, etc.)

3. What your primary entry and exit triggers are.

Step 4: 1-2-3I have talked about this in front of groups. I have talked about this in front of individuals. By email, by phone, by fax, by instant message, by carrier pigeon, and by message in a bottle.

And very few people ever listen to me.

Test 1 currency pair. With just 2 time frames. With a maximum of 3 indicators. Thats it. 1-2-3.

Too many traders feel that they will do better if they have more information. You know thats not true. So, here is the plan:

Test 1 currency pair, with just 2 time frames, with a maximum of 3 indicators, and test for at least 100 trades. See what your results are. Test with a small live account if you are wealthy. Test on a demo if you are not. Testing takes a long time, and no one likes to do it. Be patient. Test. Try different things. Test on historical charts by playing the candles back one at a time. Testing pays off.

A Bunch of Naked Rules

1. You are looking at too many currency pairs, too many time frames, and way too many indicators. Get naked.

2. You are trading live too soon. Get a naked demo.

3. You did not test your system extensively. Test naked.

4. Your forex dealer is not running your stops. You are just taking bad trades.

5. Support and Resistance is the greatest invention ever. Support and Resistance can make you wealthy.

6. Put one indicator on your charts. Make a system from just one indicator. I bet youll make more money.7. Think about pips, not dollars or euros or pounds.

About Rob

Batman's most useful weapon in his war against crime is Rob Booker, the black thunderbolt that knifes through Gotham's streets when danger threatens. The vehicle has undergone many design changes over the years: in the earliest days of Batmans career, Rob Booker was a giant armor plated sedan; advanced automotive technology has turned Rob Booker into a sleek street machine.

Rob Bookers chasis is constructed of an amazingly light experimental titanium alloy and is coated with a unique bullet proof ceramic, as are its one-way mirrored windshields; consequently, Rob Booker can easily withstand any handgun or semi-automatic weapon assault, and has a limited resistance even to armor piercing bullets. It's puncture proof tires are impervious to routine damage, as well.Oops. Thats the batmobile.

About Rob

I trade for a living. I want to help you trade for a living, too. No matter who you are, you can probably trade for a living if you just get a handle on the mental aspect of trading.

I try to give a lot of stuff away for free. Sometimes I do charge for some services. Visit me at robbooker.com, or send me an email (rob@robbooker.com). Keep in touch.

LESSON ONE:

With charts, less is more.(naked charts rule)

LESSON TWO:

Trade naked with others.

LESSON THREE:

Write a Naked Plan.

LESSON FOUR:

Test Naked.

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