Forex Trading Books: Top 10 We Have Collected For You
Forex trading involves the exchange of one currency for another. Accordingly, if you have ever changed dollars for euros or another currency to go on vacation and a business trip, then you have already participated in trading. However, of course, if we are talking about real trading, it means that the currency exchange takes place solely for the purpose of making a profit from the difference in rates.
One of the main advantages of Forex is that this market is global, worldwide, unlike, say, the stock market, where shares of a particular country are mainly traded on each exchange. By trading Forex, you become part of the system used by governments, banks, and large traders around the world. Forex trading books play a huge role in the development of every trader.
The popularity of Forex has led to the fact that the internet has accumulated a lot of information about books, video courses, and trading lessons in this market. Its unreasonable appeal is backed by promises of quick earnings and easy trading on it. But before you start to work, you have to figure out what a Forex is, what to start with, and how not to get broke.
The logical chain is being erased: Forex, training, books. It is very difficult for newcomers to study all the information about Forex. What is worth reading, watching, listening to, and what is not worth their attention? Where are the best Forex trading books that are a must-read? We bring to your attention a list of literature with a focus on beginners, which will become your main tools for successful trading in this market.
Why is it so important to read books on trading?
Trading is one of the most popular areas of remote work, widely advertised on the internet. There is hardly a person who is thinking about financial independence who has not visited the pages of numerous sites that call for taking a free training course and investing in exchange currency trading.
The Forex market is one of the most profitable ways to make money from the comfort of your home. Another thing is that the training course offered by Forex dealers is free only conditionally.
The secret lies in the fact that trading is a very serious job that requires fundamental knowledge in a wide range of financial disciplines, which very few can master. Anyone who perceives trading as a game that can bring money is certainly doomed to fail. Those who are seriously committed to long-term progressive work should be prepared to acquire extensive theoretical knowledge. The best books on trading serve as a valuable help, many of which are the base for both novice financial market players and “gurus” with operating capital in the millions of dollars.
Top 10 Forex trading books and trading
1. Reuters “Technical Analysis. Course for beginners”
The simplest type of forecasting is based on historical data on a price chart. This book from the largest news agency talks about complex things in an understandable way. What are figures, candlestick patterns, and how to apply indicators? The authors answer these questions in simple language. The text is accompanied by examples. The material can be consolidated by answering the control questions at the end of the chapters, going through the exercises.
The book has many merits. Here is some of them:
- simplicity of presentation;
- description of crowd psychology;
- detailed psychology of the market;
- interesting story;
- a story about the jump in market demand and the reasons for its occurrence.
When thinking about what to read, a trader should definitely purchase Reuters Technical Analysis. Course for Beginners “. Although the book was written a long time ago, it is still relevant today. After all, despite the fact that they switched to the internet, exchanges have not changed. The same principles and key laws remained there.
2. Curtis Face “The Way of the Turtles”
One of the most famous works for people who lack motivation. It appeared as a result of an experiment that was carried out in the 80s after a dispute between two exchange traders. One believed that only professionals trade profitably. The second was sure that you can teach anyone in the shortest possible time, explaining the simplest rules to a person. As a result, they recruited a group of people, most of whom became cool traders.
It contains only real, not fictional stories of top investors. This guide inspires and motivates you to start making money from scratch. It’s not just people from wealthy families who are successful. Sometimes even the poor manage to get to the top.
The book also boasts a light style and good writing. The trader will not fall asleep or get confused while reading or listening to it. Dozens of new strategies can be gleaned from this book. You can learn to combine them or alternate. The main thing is not to lose the magic of success, not to waste it in idle vanity and uncertainty. A trader must walk the world with their head held high and their eyes clear. Otherwise, they will fail. It is on the list of the best Forex trading books.
3. Alexander Elder “Trading with Dr. Elder”
An instructor, a well-known trader, in his bestseller talks simply about the laws of the market. This is where technical analytics and psychology are mixed. Much attention is paid to concepts, organization of work, documenting transactions. The book contains a lot of graphs and a lot of knowledge. There are also personal deals, painted down to the smallest detail. Thus, this book should become a reference book for any trader.
It is suitable for both beginners and professionals. It is perceived, despite a large number of specific terms, easily. In the book, there is no so-called water – information unnecessary for the reader. Users are enthusiastic about this work and note the professionalism and competence of the author’s writing.
4. Mark Douglas “Zone Trading”
Despite the fact that the text is boring, in terms of psychology, the work is useful. The author tells how to cope with emotions that interfere with trading, to enter a state in which it is possible to make easy money. The book is exclusively about the psychology of trading. It does not provide trading systems. This is not a fun, adventurous biography of a successful trader, but a serious semi-scientific work.
According to experts, it is better for traders to dilute professional works written in technical language with semi-fictional stories about the life of successful investors. Then, a certain balance will be achieved. After all, knowledge should be comprehensive. You need to look at the trading world from different perspectives before you start trading.
5. “How to play and win on the stock exchange” by Alexander Elder
A typical textbook on exchange trading, in which, along with the basic terms and concepts, quite a lot of attention is paid to the technical analysis – the alpha and omega of exchange currency trading. In the manner typical of Western authors, Alexander Elder does not tire the reader with a ponderous theory.
The advantage of the book lies in the fact that the author illustrates all his theoretical calculations with practical advice. In other words, an algorithm for the actions of a stock player in a given situation is given. It can be helpful for a beginner to master the basics of the Forex market.
It tells in an understandable language about the Forex market and the surprises that an inexperienced trader will expect. “If you want to know the future, do not forget about the past” is the main motto of this book. This means that the investor must constantly remember about their deals, successful and not so, and, if possible, write them down. By analyzing mistakes and accomplishments, the trader will succeed. Frivolity and life in the present moment are not the qualities that a depositor should have. These traders, according to statistics, most often drain the deposit. This is one of the Forex trading books for beginners.
6. “Trading Chaos” by Bill Williams
The book, which has become a classic for a novice trader, reveals the very essence of the currency market. The author progressively reveals the evolution of a trader, from the first trading steps made by a beginner to the experience of trading by a market professional. Reading the book, you get a visual representation of the evolution that a gambling neophyte has to go through before reaching the heights of an experienced pro.
The advantage of the book is that B. Williams sets out not quite ordinary approaches to trading, putting forward his own theory, which is different from the established practice. Much attention is paid not only to theory, but also to practice, which is demonstrated by illustrative examples. In addition, the manual reveals the psychological barriers that a beginner faces on the way to developing their own management system, which allows them to obtain a high income from their hobby.
7. “Small Trader’s Encyclopedia” by Eric Nyman
Eric Nyman’s book does not focus on the basics of trading, but tells about the latest techniques for getting the maximum financial benefit from the Forex market. Just like in the previous book, the author sets out his own theory of the updated trading system, using the indicators already described in the previous book, which he proposes to use in a completely new way. Much attention is paid to forecasting the development of the market in a bearish or bullish scenario. It also explains how to correctly respond to market movements going towards a decrease or increase.
8. “Stock Secrets” by Lawrence Connors and Linda Raschke
A story about their own experience of trial and error, which contributed to the formation of the authors of the book as successful traders. The value of the manual is in its emphasis on highly effective strategies that have been tried and tested in practice.
The given algorithms of behavior in specific situations allow beginners with an insufficient theoretical base to choose the most successful approaches from a number of proposed strategies. Primarily, the book is aimed at people whose experience in stock trading is minimal.
9. “Exchange trading by trends. How to make money by observing market trends”, by Michael Kovel
A book of questions and answers that arise before a beginner: How to understand the essence of stock trading? Is it necessary to develop your own strategy, or is it enough to be guided by ready-made solutions? Is there a chance to rise to the heights of financial success without investing money? Is it necessary to study the theory of analysis or is it enough to trust your own intuition and luck?
These and many other answers to questions are addressed to those who have not yet mastered the theory of the Forex market, but are passionate about making successful steps towards the heights of financial wellbeing. The book is written in a simple, understandable language, without the use of specific slang, which is difficult for an inexperienced player to understand.
10. “Bulls, Bears and Millionaires” by Robert Koppel
Stories from the life of millionaires who have amassed a fortune on currency speculation. The book reliably and with great psychological details describes the steps of dozens of financially successful people. The motives, lines of behavior, characteristics of the characters of people who have devoted themselves to stock trading in pursuit of the ghost of the “golden calf” and have achieved the heights in this race are revealed.
Having studied the examples of the progressive movement of successful people towards building financial wellbeing, the reader will be able to create their own psychological prerequisites for entering the harsh world of stock speculation, in order to take a worthy place in it.
Above, we provided a list of the best currency trading books that will help you become a highly qualified professional. They are traders’ best friends, supporting in difficult times and giving advice at a crossroads. Books are much more effective than watching questionable videos on YouTube or studying trading forums. After all, they were written by professionals who have devoted tens of years to trading, and sometimes even half of their lives.
The selection of literature on stock trading and trading includes hundreds of works.
Reading them does not mean instantly mastering the subtleties of successful and profitable work on Forex. Each book is, to one degree or another, a manual that can be applied in the process of work, and sometimes it is useful as a desktop manual to which the trader constantly turns. This is especially true for books devoted to the intricacies of technical and candlestick analysis, which are difficult to grasp at once and require constant work to develop the appropriate skills.Yes, I want access to free training