Forex trading, or foreign exchange trading, is the act of buying and selling currencies in the global market. Forex trading is one of the most popular and lucrative forms of trading, as it offers many advantages such as high liquidity, low transaction costs, and 24-hour availability. However, forex trading also involves many risks and challenges, such as volatility, leverage, and market psychology. Therefore, it is essential for forex traders to learn from books that can provide them with valuable knowledge, insights, and strategies to succeed in the forex market.
In this blog post, we will review the top 10 books that every forex trader should read. These books cover a wide range of topics and benefits.
The main purpose and goal of this blog post is to help you discover and learn from the best forex books that can enhance your trading skills and results. Whether you are a beginner or an expert, you will find something useful and interesting in these books. So, without further ado, let’s dive into the top 10 books that every forex trader should read.
Forex Books 1: Japanese Candlestick Charting Techniques by Steve Nison
Japanese Candlestick Charting Techniques is a classic and authoritative book on the ancient art of candlestick charting, written by Steve Nison, the first person to introduce this technique to the Western world. The book provides a comprehensive and in-depth explanation of candlestick plotting and analysis, covering topics such as the history and philosophy of candlesticks, the construction and interpretation of candlestick charts, and the integration of candlesticks with other technical tools.
Candlestick charting can help traders analyze and predict market trends by revealing the psychology and sentiment of the market participants. Unlike traditional bar charts, candlestick charts display the open, high, low, and close prices of each trading period in a graphical form that resembles a candle, with a body and a wick. The body represents the range between the open and close prices, while the wick represents the range between the high and low prices. The color and size of the body and the wick indicate the direction and strength of the price movement.
Forex Books 2: Reminiscences of a Stock Operator by Edwin Lefèvre
Reminiscences of a Stock Operator is a classic and captivating book that tells the fictionalized biography of Jesse Livermore, one of the greatest speculators who ever lived. The book, written by Edwin Lefèvre, a journalist and former stockbroker, is based on the interviews and experiences of Livermore, who used the pseudonym Larry Livingston in the book. The book chronicles the rise and fall of Livingston, from his early days as a boy plunger in the bucket shops, to his spectacular successes and failures in Wall Street, to his final bankruptcy and suicide.
The book reveals the mindset and psychology of a successful trader, who relies on his own observations, instincts, and rules, rather than following the crowd or the opinions of others.
Forex Books 3: A Beginner’s Guide to Forex Trading by Matthew Driver
A Beginner’s Guide to Forex Trading by Matthew Driver is a practical and easy-to-follow book that introduces the fundamentals of forex trading to novice traders. The book covers all the essential topics that a beginner needs to know.
The book is written in a clear and simple language, with plenty of examples, diagrams, and screenshots to illustrate the concepts and techniques. The book also provides useful tips and advice on how to improve your trading skills and performance, as well as some recommended resources and tools for further learning and practice.
A Beginner’s Guide to Forex Trading by Matthew Driver is a great reference book for anyone who wants to learn the basics of forex trading and start trading in the forex market. It is a book that can help you achieve your trading goals and dreams.
Forex Books 4: Trading in the Zone by Mark Douglas
Trading in the Zone by Mark Douglas is a groundbreaking book that explores the psychological aspects of trading and how they can impact performance. The book argues that the most important factor in trading success is not the methods or analysis, but the mindset and attitude of the trader. The book helps traders to develop a winning attitude by overcoming the common mental obstacles and biases that prevent them from achieving consistent results.
The book is based on the author’s extensive experience and research in the field of trading psychology, as well as his interviews and observations of successful traders. The book provides practical and actionable advice on how to master the mental game of trading and achieve trading in the zone, which is a state of mind where the trader is fully focused, confident, and relaxed, and where the trading decisions are effortless and natural.
Trading in the Zone by Mark Douglas is a must-read book for anyone who wants to improve their trading performance and results by developing a trader’s mindset. It is a book that can transform your trading and your life.
Forex Books 5: The Little Book of Currency Trading by Kathy Lien
The Little Book of Currency Trading by Kathy Lien is a concise and practical book that introduces the essentials of currency trading to anyone who wants to enter the forex market. The book, written by a renowned forex strategist and analyst.
The book is filled with real-world examples, tips, and strategies that can help you make money in the forex market. The book also provides a comparison of forex trading with other types of trading, such as stocks, bonds, and commodities, and explains the advantages and disadvantages of each. The book also gives you access to a website where you can find more resources and tools for forex trading.
The Little Book of Currency Trading by Kathy Lien is a great guide for anyone who wants to learn the basics of currency trading and start trading in the forex market. It is a book that can provide you with valuable knowledge and insights on currency trading.
Forex Books 6: Forex Trading: The Basics Explained in Simple Terms by Jim Brown
Forex Trading: The Basics Explained in Simple Terms by Jim Brown is a friendly and accessible book that aims to demystify forex trading for beginners. The book, written by an experienced and successful forex trader.
The book is written in simple and easy-to-understand terms, with plenty of examples, illustrations, and screenshots to explain the concepts and techniques. The book also includes a bonus system, which is a set of custom indicators and videos that the author shares with his readers for free. The book also gives you access to a Facebook group and a Telegram group, where you can interact with the author and other traders.
Forex Trading: The Basics Explained in Simple Terms by Jim Brown is a great book for anyone who wants to learn forex trading in a simple and fun way. It is a book that can help you start your forex trading journey with confidence and success.
Forex Books 7: The New Trading for a Living by Alexander Elder
The New Trading for a Living by Alexander Elder is a revised and expanded edition of a modern classic, popular worldwide among both private and institutional traders. The book provides a comprehensive guide to trading in today’s markets, covering topics such as technical analysis, risk management, and trading psychology.
The book teaches a calm and disciplined approach to the markets, based on the author’s extensive experience and research in the field of trading. The book provides the knowledge, perspective, and tools for developing your own effective trading system.
The book is written in a clear and engaging language, with new and full-color charts, comments, and illustrations. The book also includes templates for rating stock picks, creating trade plans, and rating your own readiness to trade. The book also gives you access to a companion website, where you can find more resources and tools for trading.
The New Trading for a Living by Alexander Elder is a must-read book for anyone who wants to lift their trading to a higher level by sharing classic wisdom along with modern market tools. It is a book that can help you achieve your trading goals and dreams.
Forex Books 8: The Complete TurtleTrader by Michael Covel
The Complete TurtleTrader by Michael Covel is a fascinating and inspiring book that tells the story of the Turtle Traders, a group of novice traders who were trained by a legendary trader to make millions in the markets. The book, written by a bestselling author and trend following expert.
The book is based on extensive research and interviews with the original Turtles, as well as other market participants and experts. The book provides a detailed and candid account of the Turtle experiment, its successes and failures, its lessons and implications. The book also reveals the Turtle rules and methods, as well as the author’s own insights and advice on trend following trading.
The Complete TurtleTrader by Michael Covel is a must-read book for anyone who wants to learn from one of the most remarkable and profitable trading stories of all time. It is a book that can motivate and educate you to become a better trader.
Forex Books 9: Intermarket Analysis by John Murphy
Intermarket Analysis by John Murphy is a pioneering and comprehensive book that shows the interrelationships and influences among different financial markets, such as stocks, bonds, commodities, and currencies. The book, written by a leading expert and author in technical analysis.
The book is based on the author’s extensive research and experience in the field of intermarket analysis, as well as his collaboration with other market analysts and experts. The book provides a wealth of charts, examples, and case studies to illustrate the concepts and techniques. The book also includes a self-test section, where you can check your understanding and application of intermarket analysis.
Intermarket Analysis by John Murphy is a must-read book for anyone who wants to gain a deeper and broader perspective of the global markets and their interactions. It is a book that can help you enhance your market analysis and trading skills.
Forex Books 10: The Black Swan by Nicholas Taleb
The Black Swan by Nicholas Taleb is a provocative and influential book that examines the impact and unpredictability of rare and extreme events, or black swans, on the markets and the world. The book, written by a former options trader and a scholar of randomness.
The book is based on the author’s personal and professional experiences, as well as his extensive research and analysis of various fields and disciplines, such as philosophy, mathematics, economics, psychology, and history. The book provides a rich and diverse collection of examples, anecdotes, and stories to illustrate the concepts and arguments. The book also challenges and criticizes the conventional wisdom and methods of experts, academics, and policymakers, who often fail to account for the role and influence of black swans.
The Black Swan by Nicholas Taleb is a must-read book for anyone who wants to gain a deeper and broader perspective of the world and its unpredictability. It is a book that can change the way you think and act in the face of uncertainty and risk.
Conclusion
In this blog post, we have reviewed the top 10 books that every forex trader should read. These books can provide you with valuable knowledge, insights, and strategies to succeed in the forex market. Here is a quick recap of the main points and benefits of each book:
- Japanese Candlestick Charting Techniques by Steve Nison: How to use candlestick charting to analyze and predict market trends
- Reminiscences of a Stock Operator by Edwin Lefèvre: How to develop the mindset and psychology of a successful trader
- A Beginner’s Guide to Forex Trading by Matthew Driver: How to master the basics of forex trading, from currency pairs to trading platforms
- Trading in the Zone by Mark Douglas: How to overcome the psychological obstacles and improve trading performance
- The Little Book of Currency Trading by Kathy Lien: How to apply fundamental analysis, technical analysis, and risk management to currency trading
- Forex Trading: The Basics Explained in Simple Terms by Jim Brown: How to learn forex trading in a simple and fun way
- The New Trading for a Living by Alexander Elder: How to lift your trading to a higher level by using technical tools and indicators
- The Complete TurtleTrader by Michael Covel: How to learn from one of the most remarkable and profitable trading stories of all time
- Intermarket Analysis by John Murphy: How to understand the interrelationships and influences among different financial markets
- The Black Swan by Nicholas Taleb: How to deal with uncertainty and volatility caused by rare and extreme events
Forex trading is a challenging and rewarding activity that requires continuous learning and improvement. By reading these books, you can gain a competitive edge and enhance your trading skills and results. We hope you enjoyed this blog post and found it useful and interesting. We encourage you to check out these books and apply the knowledge and strategies to your own trading. Happy trading!
