Top 10 Books On Forex Trading

Best books for beginners

Engaging in forex trading is both intricate and risky. It's crucial to grasp the associated risks before diving in. While these books can provide a foundation, real-world experience is irreplaceable. Begin with practice on a demo account before transitioning to real-money trading.

"Forex for Dummies" by Steven B. Achelis

"Forex for Dummies" by Steven B. Achelis is a valuable resource for beginners in forex trading. The book simplifies trading concepts and provides a thorough understanding of forex basics, including currency exchange principles. Additionally, it introduces important technical tools like Japanese candlestick patterns, which are essential for predicting price movements. Such a foundation in fundamental forex knowledge can benefit beginners to the field.

"The Complete Forex Trading Course" by Kathy Lien and Brian Dolan

“The Complete Forex Trading Course” by Kathy Lien and Brian Dolan offers a comprehensive look at forex trading, covering fundamental and advanced strategies. You can anticipate gaining insights into fundamental and technical analysis, risk management, and the psychological aspects crucial for success in the forex market.

Beyond theory, the book provides practical application by incorporating real-life trading scenarios and exercises, enabling you to apply your knowledge effectively.

"Trading for a Living" by Alexander Elder

"Trading for a Living" by Alexander Elder offers a detailed and valuable guide to trading. Dr. Elder, with extensive knowledge in trading and psychology, presents a unique blend of expertise.

The book delves into crucial aspects of trading, including technical analysis, risk management, and addressing the psychological aspects of trading. Dr. Elder underscores the significance of discipline, a well-structured trading plan, and emotional control for success in financial markets.

This book offers effective strategies, equipping you with the tools and knowledge to make well-informed trading decisions. Whether you're a beginner or an experienced trader, this book can be instrumental in improving your trading skills and achieving profitability in financial markets.

Best Forex brokers

1

9.4/10

Go to broker

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

Study Review

2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

Study Review

Books for intermediate traders

If you're an intermediate forex trader dealing with modest sums, it's wise to prioritize skill and knowledge enhancement before taking on more risk. These books can provide valuable tools and strategies to enhance trading and boost profitability.

"Mastering the Art of Forex Trading" by Mark Douglas

"Mastering the Art of Forex Trading" by Mark Douglas is a helpful resource for those interested in forex trading. The book emphasizes the significance of managing emotions while trading, offering practical advice on handling feelings and making sound trading decisions. It serves as a helpful tool for both newcomers and experienced traders, providing tips and tools to enhance their forex trading skills.

"Technical Analysis of the Financial Markets" by John J. Murphy

This book is a useful resource for those seeking to comprehend financial markets. This book familiarizes with utilizing charts and patterns to forecast market trends. It provides clear and accessible insights into various aspects of financial markets, making it an excellent reference for those aiming to enhance their understanding of market operations and make more informed investment choices.

"The Art of Currency Trading" by Van K. Tharp

"The Art of Currency Trading" by Van K. Tharp is a comprehensive guide providing invaluable insights into currency trading. Tharp, an experienced expert, generously shares his knowledge and strategies, aiding readers in understanding the intricacies of foreign exchange markets. The book highlights the importance of risk management and psychology in trading and offers practical tools and techniques to improve trading skills. It's a valuable resource suitable for traders at all levels, offering a wealth of information and guidance to excel in currency trading.

Books for advanced traders

Advanced and prop traders already have a solid understanding of forex trading fundamentals and technical and fundamental analysis. However, even the most experienced traders can benefit from reading books that offer new perspectives and strategies.

"Forex Trading: The Definitive Guide to Trading the Foreign Exchange Market" by Paul Tudor Jones

The book is a resource for individuals interested in Forex trading. With his wealth of experience as a trader, Paul Tudor Jones imparts insights into the complications of the foreign exchange market. This book delves into elements of trading, such as strategies, risk management, and market analysis, making it an invaluable tool for traders at all skill levels. It provides advice and guidance to assist them in directing the ever-evolving landscape of forex trading.

"The New Market Wizards" by Jack Schwager

"The New Market Wizards" by Jack Schwager is a fascinating book that shares the stories and tactics of top financial traders. Schwager interviews these market experts, revealing their trading methods, risk handling, and decision-making. This book offers practical lessons from these trading legends, making it a great resource for traders of all levels. Whether new or experienced, it's a wealth of wisdom to enhance your trading success.

"The Art of Short Selling" by Michael J. Carr

Michael J. Carr's "The Art of Short Selling" serves as a thorough guide for those intrigued by short selling, a strategy that profits from falling asset prices. In this book, Carr imparts insights into short-selling techniques, methods, and risk management. You can grasp the ability to spot profit opportunities during market declines and enhance your comprehension of market trends.

The Best Book Every Forex Trader Should Read

Reminiscences of a Stock Operator

"Reminiscences of a Stock Operator" about Jesse Livermore is essential for traders aiming for market success. Livermore's career as a legendary trader provides valuable lessons on how to think like a market wizard, managing risk, and crafting a winning trading system. This book offers insights into market psychology, trend trading, and risk management. "Reminiscences of a Stock Operator" remains a timeless and invaluable resource for traders, regardless of their experience level.