There is no doubt that practice is the best teacher when it comes to something like online trading. Unless you experience both wins and losses, you will not be able to create a unique identity for yourself.
Forex is one of the largest online trading platforms in the world with its trading volume being 4 times more than the global GDP. The market is volatile, and easily accessible. As a result, more and more people are joining the Forex community every day.
If you are a beginner, then you should take all the help you can get. It will take some time for you to adjust to the trading world. There are forums dedicated to giving support to newbies.
However, some traders feel uncomfortable asking for help from other traders. If you are one of them, then you should turn to books because they can be your faithful companions through the learning curve. You can then apply the theoretical knowledge provided in the books to your trading career.
The Top 10 Forex Books You Need to Read to Do Better
There are a number of self-help books when it comes to Forex. Pick any book from the following list and start reading today!
This book by Michael Rosenberg is considered to be one of the most definitive texts on Forex. Traders have relied on this gem for years now, and it lets no one down. Rosenberg’s writing is concise and intuitive. The book presents a combination of macroeconomics and fundamental analysis which can really help improve your game. Even though it has been a decade since it was first published, the book remains relevant even today. The relationship between international monetary dynamics and an actual currency market is clearly portrayed in his analysis.
Day Trading and the Currency Market
Kathy Lien is undoubtedly one of the most respected currency analysts in the financial community. When she wrote this book, there was no doubt that it was going to be a comprehensive Forex guide.
She has capitalised on her years of experience in the Forex market and written a book that can help you improve as a trader. Once you read this book thoroughly, you will become a professional in no time. Not only does it have elaborate facts and theories, but it also recommends different strategies.
Thirty Days of Forex Trading: Trades, Tactics, and Techniques
Whether you are a full time professional or a part-timer, you will find this book helpful. Raghee Horner is a respected personality in the Forex community, and she uses this book to talk about her real experiences in Forex. Instead of pages of theory, you will find a step by step walkthrough of her trading in a month. You can read about all the strategies she used and details of the entries/exits. Through this book, you will discover different trading styles, order types and time-tested indicators.
Currency Trading for Dummies
If you have just entered the world of Forex trading and have no clue how to proceed, then this is the book for you. The name says it all. Written by Brian Dolan who is a Forex market veteran, the book tells you everything you need to know about the working of Forex. The book has all the knowledge that Dolan got as a chief currency strategist. He has made sure that the language is simple and lucid so readers have no problem.
How to Make a Living Trading Foreign Exchange
The name of the book sums up exactly what it is about. Courtney Smith introduces the readers to Forex and tells them how the foreign exchange trading works. Then he goes on to list some excellent trading strategies which will amp up your trading game in no time. He talks about real life scenarios where he has used them and suggests what traders should do for a steady income. The book also focuses on risk management techniques and the basic psychology of trading.
Currency Trading and Inter-market Analysis
You do not want to remain stagnant in the trading game. Growth is essential. Ashraf Laidi wrote this book based on his years of experience in the world of finance. It deals with the more technical aspects of Forex and gives a comprehensive inter-market analysis. If you are someone who is looking to improve their hold on Forex, then this is the book for you.
The Sensible Guide to Forex
Cliff Wachtel wrote this book in order to support all the Forex traders and investors who want to survive in the volatile Forex market with a steady income. The book provides readers with strategies that can help them achieve their Forex trading goals. It talks about minimizing high risks and planning high-value investments carefully.
Japanese Candlestick Charting Techniques
Have you always been curious about candlestick charts? This book by Steve Nison will give you the in-depth education you have been craving. Japanese candlestick charts are a technical tool that can help Forex traders make it big. The book discusses how candlestick charts, in combination with other technical tools, can help you do better technical market analysis. The language of the book is simple because Nison wanted his readers to understand the importance of this technique.
The Forex “Set & Forget’’ Profit System
Written by Mark Boardman, this book is a treasure for those traders who want to improve their forex trading skills. Boardman talks about his unsuccessful years as a trader, and how he turned it around with the help of a profit system called “Set & Forget’’. This book will open your eyes to newer possibilities by introducing radical concepts.
Forex for Beginners: What you need to know to get started
You cannot go from being a beginner to an expert in a day. You need to learn the basics before proceeding further. This book, written by Anna Coulling, will help you do just that. It contains details of everything you should know as a beginner so that the foundation of your knowledge is solid. \
It is time to start reading!