A beginner’s best way to start the journey as a trader would be by acquiring a lot of knowledge. And guess what? The prominent method is to read books. The market is full of forex books, but seeing the fast-moving pace of life today, no one can read them all.
Thus, we shall help you spend minimum efforts and time on books but still get the most.
Here in this article, we would introduce you to a good-read list of forex books. Remember, these books are useful for beginners only. Moreover, every book would get you something new. At last, we would conclude the post.
10 Forex Books For Beginning Forex Traders
The Disciplined Trader: Forex Books
If you think that attitude has no role play in the trading ground, then here’s an eye-opener for you. This tremendous work by Mark Douglas is one of its kind.
Most books on the list are related to theories, research, case studies, tools, trading strategies, techniques, etc. but this publication emphasizes the importance of being disciplined during emotional stress.
He further argues it might be possible that a trader with little knowledge and skills can win, but one with no control over his psychological levels will never be a winner.
Moreover, this book would start with telling you that having mental control is more complicated than it sounds, and will give you tips to control the same. One will also be able to track his trade performance and minimize their risk level after reading it.
Mark told that this book is a result of all his losses which he had because of his pathetic trading decisions. And, once he lost everything, he documented his transactions and found the ’emotional’ issue.
At last, you can have all the best tools for traders in the forex world, but without the right attitude, you have nothing!
Currency Forecasting: Forex Books
Everyone knows that price anticipation is the gist of forex trading. Thus, here’s another beautiful book for beginner traders. It is one of the most popular and best forex books.
Currency Forecasting is written by a long-term analyst of Merrill Lynch, i.e. Michael Rosenberg. Most traders still prefer this 1995 book because of its simple, brief, and logical language.
Michael used his long-time skills in this book and combined macroeconomics and monetary dynamics of international forex trading. It helped in consolidating the fundamental and technical analysis in simple language and therefore, in predicting forex prices.
The book also help traders in understanding the market and how to become a succesful Forex trader. It should be a must on every forex trader’s checklist!!!
Japanese Candlestick Chart Technique: Forex Books
Japanese Candlestick charting hold an exceptional place in the hearts of traders trading Foreign exchange. This popular tool helps traders get more information in small candles.
One can see the closing price, opening rate, and market behavior in a single candle. Thus, you can understand the significance of this tool.
This master book by Steve Nison would help you understand the charts easily and how you can combine this tool with other technical analysis indicators in the price pattern. This is one of the best forex trading books.
Steve is accredited with launching the candlesticks among the traders, and now it is used by every market trader, whether stocks, Forex, CFDs, or commodities.
Nison, who was also working in a similar field, made it then famous in the west and has written several other books after the success of this book.
Day Trading and Swing Trading the Currency Market By Kathy Lien:
Day trading and swing trading the currency trading, technical and fundamental strategies to gain from market moves, is one of the best selling intra-day Forex trading books ever.
This masterpiece is written by a well-recognized market analyst, Kathy Lien. You must have seen her on Bloomberg and CNBC as a guest. Moreover, she is also the MD of BK Asset Management Company.
One would be able to get the best learning experiences from her from the book. This publication is a perfectly balanced approach that uses both fundamental and technical forex approaches.
Further, you would get some right hand on fundamental factors that influence forex prices, short and long term both. The book is considered as the best forex trading books.
Trading in the Zone: Forex Books
Here is another master publishing by Mark Douglas. Again, the focus is on a trader’s emotional aspects, but it would help you by providing techniques to control your psychological pitfalls.
Feelings like fear and greed are common among traders and overcoming them is the first step, according to Douglas.
Further, you would also know the ideal psychological features required to be a successful investor and the ways to develop them.
Mark, working as a trading coach and consultant for years, introduces the ‘Thinking Strategy’ and the five elements which consistent winners always have in common.
He argues that the forex market doesn’t work on what seems right or wrong; instead, it operates within the probability dimensions. Thus, one should think of ‘even’ and ‘odds’.
Currency Trading For Dummies:
“Currency Trading for Dummies” was revised in 2015 and is an excellent place to start for a novice forex trader. This is considered as one of the best forex books of all time.
The book’s straightforward language makes the forex market understandable to even novice trader. The two authors of the book Kathleen Brooks and Brian Dolan have a lot of trading experience and expertise in the currency market.
The book “Currency Trading For Dummies” series is aimed to explain difficult concepts in layperson-friendly terms. The material is divided down into lists, bullets, and breakout text boxes to make it easier to read.
This book discusses technical analysis in a way that every trader from beginner to the professional can understand. It is considered one of the best forex trading books.
Forex Trading Money Management System:
This book provides an author-provided basic theory that uses a Simplified money management technique to reverse the Forex market movement and maximise earnings. Many forex traders considered it as one of the best forex books.
The book’s cover emphasises this distinction by depicting market performance with and without the system. It’s known as ‘Roulette Trader Money Management,’ and it uses reverse engineering to increase earnings while lowering drawdown in the majority of circumstances.
The author had previously visited a casino in Las Vegas, where he lost $2000 playing Russian roulette. This technique was created to ‘Crush Financial Markets like a Professional Gambler’ in order to counteract this. This method can be automated as well as manually operated.
Following the development of the technique, the author returned to Las Vegas with $20 and transformed it into a profit of $500 in a one-hour period, which was locked in by the automated profit locking mechanism, and the same may be used to the financial markets.
The reward is about four times bigger, while the maximum drawdown is just approximately one-third the amount, according to the front page of the book.
Foreign Exchange Option Pricing: A Practitioner’s Guide
The author covers all elements of Forex trading from the perspective of a finance practitioner, and it includes all necessary knowledge for a trader or quantitative analyst working in a bank or hedge fund.
It includes both the theoretical and practical aspects of mathematics, as well as implementation, pricing, and calibration.
Traders’ input and real-life examples are used to create the curriculum. It will also offer the more typically requested products from FX options trading desks, as well as numerous methods for collecting risk characteristics that are necessary for appropriate product pricing.
Another topic discussed is the numerical methods necessary for model calibration, which is an important part in practise but is often overlooked. Overall, it is one of the best forex books.
The Black Book Of Forex Trading:
The contents of this version have been created over many years of testing and having fingers burnt in the financial market’s volatility.
While it is easy to follow the success tales of individuals who have made it big in the financial world, few people grasp the skills and quickness that come through failure, as this book tells us.
This book is aimed for beginners to intermediate traders who are still trying to make it big in the trading industry and who want to learn how to deal with difficult situations.
Although the book is small in size, the knowledge it teaches is invaluable and may be applied in a variety of scenarios over time.
Forex: A Beginner’s Guide To Forex, Forex Trading Strategies:
This is one of the best forex books for both beginers and professional traders. It concentrates on two major topics: a beginner’s guide to Forex trading and best tactics or high profit and low risk.
The beginner’s book lays out a step-by-step process for developing a Forex trading strategy and maximising one’s profits. It focuses on the most fundamental elements of an introduction to the $2000 billion currency market.
This foreign exchange book clarifies how an individual should attempt to build a savings account based on their financial demands throughout time for events such as marriage, retirement, and so on.
Following simple guidelines of the Forex market, one may make a profit margin of 70-90 percent.
The second section will concentrate on the Best Forex Trading Strategies for maximising profits while minimising risk.
With the use of numerous different tactics, one may become an expert in Forex and become a successful trader. In addition, an experienced trader might experiment with a strategy that they haven’t seen before.
Confused about which book to start first? Anyone, it doesn’t matter!!! But start technical analysis books. Apart from all these books listed above, you can start with Anna Coulling’s ‘A Three dimensional approach to forex trading’.
As we said, reading is the first step. However, only reading is not enough. When you are learning from books, start practicing alongside too.
It would help you practice and learn things practically also. After all, the real world is significantly different from the textbook world. Above, we have listed 10 best forex trading books.
Moreover, people take trading a bit too seriously. If you spend your time with the right material with dedication, then it is less effort than you think.
If you still find it difficult to figure out which book is best for you, you can read ‘A Three dimensional approach to forex trading’ by Anna Coulling.
At last, we would say, read, research, analyze, and strategize. These are the critical elements of being a winning trader!
As you have understood the core of the Forex markets with these best Forex books, its time to put your theory into practice.
Just open a brokerage account with a good forex broker such as InvestBy and start your trading journey today!