Best forex trading books
This is by no means a comprehensive list of the "best" forex books. It's hard to say what is "best" because each reader is going to take different things from each piece of work. Not everything will be relevant or necessary to your trading style. Books are about the best place to build a specific body of knowledge as opposed to internet resources. A book that has been out for an extended period of time, will have been read and probably reviewed by several other people.
You can quickly eliminate the sub-par books by researching reviews on them. Plus it takes quite a bit more effort to write a book than it does to write a website or a blog article. Not everyone is going to take the time and effort to do it properly- particularly if they are just in it for quick money or to sell you some software or automated trading robot.
New traders have to start somewhere. It's a great platform to start learning how the market works, driving factors, and how to effectively trade. Advanced traders may not take much from it as is implied from it being a 'for Dummies' book, but it may be worth a look to refresh the basics if you've hit a downswing in performance. This book also offers an excellent, easy to understand introduction to fundamental analysis. Psychology and the mind are the greatest hurdles to overcome in successful trading.
It provides insight on looking past the perceived randomness to make accurate assessments of trading risk based on fact. The misconception of successful forex trading being purely random sabotages the success of many new traders. If you haven't yet found a strategy that speaks to you; this offering from Kathy Lien may be worth a strong look. Kathy presents a number of strategies for longer time frames that span both types of analysis.
Her book differs from others in that it does not rehash the essential basics while only briefly touching on the strategies. The focus is more on the strategies where it should be. This practical book touches on many important areas for the forex trader such as forecasting and understanding the market, charting methods, insights from an experienced trader, and risk management.
As a guide, it's a great platform for the new trader or for an experienced trader to add to their toolbox. This book is specifically built for the risk-adverse trader. It is written with retail and long-term traders in mind rather than being splashed with material aimed at professionals. The psychology game is an important one to win in forex trading. Brett Steenbarger addresses many psychological points and corrects misconceptions in this piece of work.
His body of knowledge on the challenges traders face does come from his own mentoring and coaching activities. It should be noted that this book may not provide a great value to retail traders who do not have the same body of resources that an institutional trader may have through their company.
Jack Schwager has done a couple different "Market Wizards" books that are collections of interviews with successful traders. You can use this as a way to build new Forex trading ideas or strategies of your own. His Forex strategy in this book is not meant to be your bread and butter system, but instead, you can use it as a basis for future trading systems which are suited to your trading style. Currency Trading for Dummies is more of an encyclopaedia of Forex basic, technical analysis, trading strategy and everything you need to know about the Forex markets.
As you know, the currency markets are driven by key fundamental data releases. You need to be aware of the critical economic data releases and how that impacts on your Forex trading. Currency Trading for Dummies will help you navigate the fundamental aspect of the FX markets with ease. They also cover technical analysis, the patterns you may consider for your Forex systems, but not in the greatest of detail.
If you are involved in FX, then you will want to know all the tips and tricks to using MT4 in the best possible way. In this book, Jim outlines a simple Forex trading method which is given away freely.
You can literally read the book, pull down his trading method, implement it within your own MT4 trading platform and be executing it live in the markets in no time. But of course, you want to make sure you understand the risks associated with FX trading. For those who are more advanced, then you can still use his trading system as an idea generator for your own.
Take his methods and apply them to what you know to be true and fitting for your style of trading and personal time frame. You may be looking for specific trading systems to add to your Forex Trading.
This is not that book. Instead, this book by Coullin is more of an approach. It is a set of ideas around the key components that make up what it takes to do well with Forex trading. In reality, this is one of the best books you can grab as it is the foundation that is so often missing from Forex traders.
Forex traders love the idea of a new Expert Advisor EA or some magical forex system that will spit out endless money. If you are going to end up purchasing EAs, then you will want to have the foundation with which to thoroughly evaluate a new trading system.
Just double-click on it, activate it and start trading. It will get you thinking. It will help shape your mind to what is needed to get the most from your Forex trading.