Forex trading is a diverse field that traders need to explore. Starting an investment in this field can be daunting, but you shouldn’t let that put you off.
One of the best ways novice forex traders can sharpen their skills is by learning from professionals’ mistakes. Learning is essential; you must garner as much knowledge as possible to succeed in any field.
Daily forex says, “you can teach yourself how to be a profitable forex trader if you have the aptitude for it.” You can achieve this by watching YouTube videos, reading books and articles, or getting a mentor.
In this article, I will focus on the best forex trading books you should read. These books offer several things to learn, from basic introductions to forex to a more advanced technical and fundamental analysis approach.
Knowing common terms in the forex market is a significant step toward effective trading. These books’ knowledge will give various perspectives and strategies for experienced and new traders. It will expose you to how you can profit from the currency market.
So, if you are looking for additional studies to supplement your trading education exposure, you are at the right place! Follow me as I list the best forex trading books and why they have made it to my list.
8 Best Forex Trading Books of All Time
1. Technical Analysis of The Financial Markets – John J. Murphy
As its name indicates, this book covers everything you need to know about the technical analysis of the financial market. It explains the basic trading concepts and builds them to advanced indicators. The book was written and published in 1998 by John Murphy, a former director of Merrill Lynch. It has since then been regarded as the “bible for trading.”
The book gained so much acceptance that it was nominated by analysts, compared to other titles on this list. Its content includes over 400 charts that extensively explain technical analysis and sections to help readers practice what they’ve learned. This makes the book even more interesting because trading is more practical, rather than theory.
2. Currency Trading for Dummies – Kathleen Brooks and Brian Dolan
Currency Trading for Dummies is one of the best forex trading books in the bookstore today. It was updated in 2015; a must-read for traders at all levels. The diction is simple, making the forex market accessible to entry-level investors and beginners.
The book has two authors, and both writers offer extensive trading experience. Brian Dolan has 18 years of experience in the forex market, while Kathleen Brooks works as a research director at forex.com. She also provides commentary for CNB, BBC, and Bloomberg. The book’s text is easy to read and broken down into bullets, lists, and breakout text boxes.
3. The Alchemy of Finance – George Soros
In this book, George Soros introduces “reflexivity,” a theory that states that prices can influence fundamentals. Soros also explains his approach to trading. Although it contradicts standard economic thought, the writer claims it has given him an edge over other field traders.
The book was published in 1986 and gave a fascinating insight into the mindset of one of the best traders.
4. Trade Your Way to Financial Freedom – Van K Tharp
This book is limited to forex traders and all dealers in the financial market. It teaches readers how to design a trading plan and ensures that these are well thought out and tested. If you have already garnered knowledge and ideas on how you want to trade, this book will help you figure out how to apply that knowledge to create a personalized plan.
Trade Your Way to Financial Freedom is more like a workbook, with most chapters outlining steps to complete before moving on.
5. Day Trading and Swing Trading the Currency Market – Kathy Lien
You can find this book on amazon for $46. The writer is a world-renowned currency analyst, a frequent guest on Bloomberg, Reuter’s programs, CNBC, and BK Asset Management’s managing director. The book has been edited and published three times.
It employs a two-pronged approach combining actionable learning and theory with balanced insight into the technical and fundamental forex trading strategies to generate regular profits. Kathy Liens gives a step-by-step explanation of forex fundamentals like short- and long-term factors affecting currency pairs.
The book also covers the technical analysis in trading that professional forex dealers and investors use daily.
6. The New Market Wizards – Jack Schwager
The New Market Wizards is another piece of literature on trading strategies. However, this is better than others in this category because its profitability analysis adapts to several trading styles. Jack Schwager has taken many insider views and interviewed several successful traders on what it takes to trade skillfully.
Interviews of successful traders with different success stories and styles will help readers understand there is no one way to trade.
7. A Three-dimensional Approach to Forex Trading – Anna Coulling
This book is one of the best books for forex trading, self-published with 416 pages. Anna Coulling started teaching and publishing about forex after 17 years of trading and investing. She was formerly a teacher, so she can explain complex financial terms and markets in a clear way that will make it understandable.
The book was written for beginners in forex trading who need an overview of the market and for advanced traders searching for information on what makes the market tick. It expounds on how and why the forex market move, explaining how trends in the primary markets play out.
Although it offers meaningful insight, the book doesn’t provide specific trading strategies.
8. Trading In the Zone: Master the Market with Confidence, Discipline, and A Winning Attitude – Mark Douglas
One of the keys to successful trading is to maximize the trader’s state of mind. Contradictions, conflicts, and paradoxes in thinking can cause disaster for even the highly motivated trader. The book was written to influence a trader’s success rate.
The author has been a trader, industry consultant, and personal trading coach since 1982. Douglas addresses five major issues to give traders insight and understanding about themselves to make them consistent winners. Through simple exercises, traders can adopt the beliefs necessary to develop a winner’s mindset and think about probabilities.
Which Is The Best Book For Forex Trading?
The decision on the best book for forex trading is subjective because all the books on this list have their focus on different topics. Getting more than one book is advisable for a beginner in forex trading looking to garner as much knowledge as possible.
Nevertheless, some argue that the best book for forex trading is “ Technical Analysis Of The Financial Markets,” written by John J. Murphy. The book is comprehensive, touching all subject matter on technical analysis – one of the most important aspects of forex trading. In addition, its diction is simple, making it easy to comprehend.
Final Thought On Best Book For Forex Trading
One of the most effective ways to learn is by reading, and learning finance is complex especially forex trading. With approximately 10 million forex traders worldwide, you must up your game to be prominent in the field. For instance, the knowledge of risk management in forex trading is a must-have. In addition, reading books will expose you to most of the risks involved.
The best forex trading books listed above will expose you to the necessary knowledge to navigate, making you a successful trader. After reading all this literature, you will be well equipped to start your forex trading journey as a beginner.
Check out these books today to learn more about the trading market as an investor.
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