Forex trading is not everyone’s cup of tea. However, it can be if one can develop the skills and knowledge to minimize the risks due to the high liquidity of the Forex market. Even experienced traders learn daily by getting their hands on new strategies as the currency market witnesses high volatility all the time. Because of the involvement of currency pairs in forex trading, it is essential to sharpen your skills to get the most out of your investment and cut off the potential losses.
The foreign exchange market is the largest market in the world. Exchange of more than $3 trillion takes place every day.
Mainstream is getting attracted to Forex trading as it comes with massive potential of higher returns. However, the potential gains are so high is a clear indication that there is also the possibility of greater risks. Beginners usually learn from Youtube and online articles about foreign exchange, but Forex trading requires more than that. One of the best ways to learn about the Forex market is a Forex trading book.
There are several forex trading books for traders with different experiences, from novices to seasoned traders. However, if you are a beginner, a reputed broker like ETFinance can be a great option for you. It provides a perfect trading environment for beginners to learn and begin their trading journey with a minimum brokerage fee.
Here are our top 10 picks out of numerous forex trading books available in the market.
Best 10 Forex Trading Books
Day Trading and Swing Trading the Currency Market (Kathy Lien)
The book focuses on the complete outline of the Forex market that covers both theoretical and practical approaches. This book is efficient enough to serve each kind of trader. Kathy Lien took the detailed approach to build concise content on foreign exchange present in the book. Traders can enhance their knowledge and learn new marketing strategies that can be well utilized through this book.
Kathy focuses on how one can trade in Forex currency pairs in specific market conditions and identify potential risks associated with the investment. Minimizing the risks and increasing the chances of higher gains is the only goal of a trader whale trading any asset.
When you follow the paths mentioned in this Forex trading book, it would be easier for you to look at the market in a way so that you can make the most out of your investment portfolio. This is because so many fundamental strategies are discussed, including option volatilities, Intermarket relationships, news events, etc.
Currency Trading for Dummies (Brian Dolan)
One of the greatest books for novices is Currency Trading for Dummies. The book starts by covering everything there is to know about Forex trading. Then, in order to develop a clear roadmap and a game plan for execution, one could examine numerous trading approaches. It contains simple, easy-to-understand instructions for currency trading as well as details of the forex market.
Authors also provide instructions for interpreting data and events effectively, exactly like top professionals do. This user-friendly explanation explains how a Forex market works and how one can profit from it. This book is a real deal for forex traders who wish to be well-organized and prepared. It’s a good read for more experienced players who need a refresher on the fundamentals. It gives light on the economic factors that have a significant impact on currency values.
The Forex trading book gives you a behind-the-scenes peek at what makes seasoned and successful currency traders tick. Furthermore, they share several crucial qualities with traders who have reached the pinnacle of success. The financial press frequently refers to it as a source. The book certainly deserves to be at the top of any list of the finest FX trading books.
How to Start a Trading Business with $500 (Heiken Ashi Trader)
This best forex trading book focuses on a realistic strategy for private traders to become full-time traders with limited cash. The majority of novice traders that start their business have little financial resources. It gives step-by-step instructions on how to start a trading business with as little as $500.
Traders will learn how to develop and implement effective trading habits and how to be disciplined traders. You can get the most out of the $500 you have available by making it feel like a much larger sum. This book contains further information regarding a hedge fund’s trading activity. The book covers social trading concepts as well as broker communication abilities. Finally, it instructs you on how to become a professional trader.
The Death of Money: The Coming Collapse of the International Monetary System (James Richards)
This is a fast-paced look at the financial future, taking into account the financiers’ greed, the central bank’s incompetence, and the consequences of over-reliance on the US Dollar as the Reserve currency. Since World War II, the US Dollar has been at the centre of the global economy, and its performance can have a rippling impact on the financial conditions of other countries across the world. This book does not provide enough evidence to support either of the assertions. The US economy has been plagued by the Global Financial Crisis of 2008, and the Federal Reserve is paying the price for assisting the bankers. It is compelled to print money to counteract the deflationary effects of the banking crisis’s debt overhang. To come as a saviour to Wall Street, the government’s borrowing power is required.
This Forex trading book is, however, written in plain English, and it can be used to increase one’s financial comprehension by connecting basic financial information to the current global economic crisis.
Forex Trading: The Basics Explained in Simple Terms (Jim Brown)
This book is designed to teach the fundamentals to novices. However, given the quantity of information on the internet, it is extremely useful for individuals who have just begun trading foreign exchange and require adequate assistance. At a private conference for stock dealers, the author, a self-taught FX trader, became interested in currency exchange and earnings.
It is one of Jim’s best-selling publications and one of the greatest forex trading books available. All prospective traders who want to enter this arena should read this book as a first step. It’s a good book to start with if you want to learn the basics. This Forex trading book also teaches you how to use technical analysis effectively.
The most important topics and principles have been explained in a straightforward manner. Do you wish to master the fundamentals of Forex markets and trading in plain Words? Then, Jim Brown’s Forex Trading should be on your desk. For readers to gain a practical grasp, examples from traders’ day-to-day jobs have been presented.
How to Make a Living Trading Foreign Exchange (Courtney Smith)
Courtney Smith starts How to Make a Living Trading Foreign Exchange with an overview of the forex market and how it operates. Although the title makes some high claims, the book’s contents provide substantial knowledge. Smith also works for a money management firm as the chief investment officer. Aside from strategies, the book’s foundations include risk management, discipline, and investor psychology.
This Forex trading book contains a comprehensive explanation of the forex market as well as numerous trading tactics, including a system for analyzing the forex market on a weekly basis.
A Three Dimensional Approach To Forex Trading (Anna Coulling)
Readers will learn why the currency is the most complicated of all financial markets since it regulates money flow and risk, making it the link between all financial markets. This book is intended for both novice investors who require a high-level overview of the forex market and more experienced traders who want to learn more about what makes the forex market tick. Anna Coulling’s A Three Dimensional Approach to Forex Trading is a must-read for all prospective traders.
The author does an excellent job of explaining the fundamentals of currency markets and offering a clear and practical strategy for traders to follow. He also discusses how changes in the primary markets of commodities, equity, bonds, and stocks affect currency markets. Couling’s book claims to be able to explain how and why the currency markets move. He describes the three types of analysis utilized in trading: relational, technical, and fundamental.
By analyzing these related markets and employing creative, analytical tools, both novice and expert traders can improve their ability to predict market movements. This book will undoubtedly provide information and confidence to its readers. This outstanding book is unquestionably one of the best FX trading books available. The author emphasizes the importance of using relational fundamental and technical analysis to understand the underlying workings of currency markets and trade more effectively.
Adventures of a Currency Trader (Rob Booker)
This is an excellent option if you’re seeking non-technical forex reading or how-to instruction. Rob Booker, a popular Houston-based trader who offers live Facebook events and free webinars for traders, has written this interesting book. Rob Booker’s Adventures of a Currency Trader is the ideal book for individuals who are tired of how-to books.
Readers will learn about numerous Forex trading problems and how to overcome them. In addition, the book provides forex tips and guidelines. The brief read is both fun and educational. Wisdom and psychology are rarely as fun as this. This is without any doubt one of the best FX trading manuals ever written.
The 10 Essentials of Forex Trading (Jared Martinez)
The Forex trading book is jam-packed with information and knowledge. This is a step-by-step approach to using successful currency trading tools and tactics to generate great returns with low risk. The author shows you how to predict when currencies will fall or grow in value. He encourages his readers to develop enough confidence by acquiring the necessary knowledge and abilities.
Sideways market swings are also covered in-depth, as well as how to profit from them. Charting techniques can be utilized to successfully detect underlying trade trends and make informed decisions for increased earnings. Finally, the author provides a strategy for long-term investors to reduce risk and the level of complexity commonly associated with forex trading while also reducing execution time and attaining desired results.
This finest forex book is designed for risk-averse traders who do not want their portfolios to depreciate as the value of major currencies continues to decline.
Forex for Ambitious Beginners (Jelle Peters)
Jelle Peters’ Forex for Ambitious Beginners paints a realistic image of forex trading for his audience. One of the important takeaways from the study is that relying solely on technical indicators may not be enough to obtain consistent outcomes or guide one to the ultimate notion of FX trading.
In his work, Peters teaches some of the most important principles of forex trading. Given the fast-changing dynamics of the currency market, the fact that this study is still relevant is a remarkable feat in and of itself. In addition, he assists his readers in developing a trading strategy that is compatible with their personalities and characteristics.
This would help to reduce risk while consolidating bigger capital gains and income. In addition, this project will offer traders advanced trading instruments, such as forex binary options and social trading accounts, that can help them improve their trading performance significantly. He also shows you how to create and optimize your own trading method.
Trading can be done based on the beat of a pulse, and one does not have to wait for the trading day to end. This forex trading book will also provide advice on how to deal with such scenarios.
There are several books to choose from. A Forex trading book can guide you on a tentative trading path. But it only depends on the trader how well s/he can extract from the given paved way of trading journey. The practical applications along with learning are quite necessary to improve your trading. It will also help to build an investment portfolio strong.
For trading in forex currency pairs, you need a broker. One has to be aware while choosing a broker as traders need to pay high brokerage fees sometimes. ETFinance is one of the best brokers that offer world-class services to their clients at minimum brokerage fees.