Must Read Forex Trading Books
In the Forex world, there are many resources to read and learn from, but for many, it seems that is an overlooked or avoided area.
When it comes to resources, there are several books available, where they talk in regards to currency trading, which information goes from basic education on the Forex market to advanced trading strategies, where authors use as bases fundamental and technical analysis.
Traders expect to find the best Forex trading book, which wouldn’t be a bad idea, one book that provides everything you need such as strategies, ideas, or what should you focus on in Forex trading.
Well, bad news for you, because Forex trading books will always have different ideas, strategies, implementation, testing, and many points of view, with which expert traders could spend hours debating.
What you could do would be to read many of these books and build your own dedicated trading strategy to fit every single need you might have.
1. The Disciplined Trader
Being disciplined is fundamental for any trader, so this book by Mark Douglas should be one of the first you read.
The book is all about psychology and how to control your emotions. The main thesis is that the correct mindset is the most important part of trading, even above the technical and fundamental knowledge about trading.
The author has learned that the hard way, falling just short of losing everything due to trading decisions—all triggered by his emotions.
2. How To Start A Trading Business With $500
Money management is an indispensable skill for any Forex trader, and this Heiken Ashi Trader teaches you all about it.
You can become a full-time trader with as little as the title says, and know exactly what to do with every cent coming your way.
The book also reaches topics like trading habits for you to maximize your returns on limited investments and how to communicate correctly with your broker.
3. Currency Forecasting
Considered as a must-read among Forex traders and one of the groundbreaking and definitive works in the community, written by Merrill Lynch analyst Michael Rosenberg; this book has provided for decades most of Rosenberg’s concise and intuitive experience to analysts and traders.
Published in 1995, this book combines both macroeconomics of Forex with fundamental and technical analysis, and it yet remains to be a great source to learn and understand the currency markets.
4. How to Make a Living Trading Foreign Exchange
It is another popular book among new users. In this book, author Courtney Smith introduces the world of Forex, talking about the basics of foreign exchange trading and how it works as well as a brief on many trading strategies recommended by Smith for making money through Forex trading.
A huge portion of the book is dedicated to Forex strategies; Smith cites six ways that he touts an ideal guide for traders to start making an income from Forex trading. Smith also talks about the rejection rule, a unique strategy designed to double the profit generated from basic channel breakout systems.