Hereforexnaked.com is a website run by Arduino Schenato, an Italy-based “naked” (i.e. indicator-free) price action trader of Forex and CFDs. Arduino is the site's only contributor and analyst. The site offers a paid trading signals subscription service, covering Forex and CFDs. The fee for the signals service is $69 per month. An initial obligation-free trial of 30 days is given. Additionally, Arduino offers a copy of his e-book “Professional Trader” for a one-off fee of $89, which teaches his trading methodology. Subscription to the signals service also entitles the subscriber to full access to Arduino's blog at www.hereforexinsider.com, providing daily and weekly market analysis. Excerpts from the blog entries are available free of charge without subscription, as is Arduino's free brief Forex guide “Trading Simple Forex and CFDs”. The guide gives an introduction to his trading style and personal theory of speculative financial markets. Arduino believes in a clear and simple method of 100% technical analysis of naked price charts, without oscillators or other indicators. Price action is supreme, time frames lower than the 4 hour chart are deemed to be too noisy and unreliable for use, and market commentary, news and general chatter are deemed best ignored as distractions. Arduino emphasises eliminating the psychological component by controlling risk management and treating trading as a disciplined business as key to achieving and retaining profitability.
The signals are published in the subscriber's section of the website. A notification email is sent to the subscriber when a new update is published. All updates are published during the late evening European Central Time, making this a very suitable service for traders in Europe, Africa and the Middle East that are unable or unwilling to access this site and/or their trading platforms during the working day. The signals are clear and very easy to understand. The signals given during the review period were all stop orders, with entry prices well ahead of the market, so order entry and execution were nothing to worry about. They usually do not include a profit target when they are first published, the target is provided over the coming days as the trade develops, according to circumstance. Clear entry levels and stop loss points are included, and the size of the position that should be risked in the trade is included too. A chart is shown next to each new signal. The signals can be for trading any Forex pair, or common CFDs such as commodities. The trades are swing/position trades, with wide stop losses, and are aimed to last a long time where profitable. Each trade is given plenty of room to breathe.
The logic behind the trades could be better explained by the charts and related commentaries, this would definitely enhance the overall subscriber experience and increase the learning potential for traders that wish to develop their understanding of price action trading techniques. Only a minority of the trade entry signals are accompanied by charts, and there is no textual explanation of the logic behind each trade. However Arduino's free blog does include this kind of detailed analysis of major Forex pairs and crosses.
During the two and a half week period that the service was followed, six complete trade signals were given, regarding both entry and exit. The instruments were two Euro crosses and the Gold CFD. At the end of the week, five of the trades had been closed profitably, and one of the trades had been closed for a loss. The overall result was an increase in account equity of 4.91%.
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