Trading education is a large part of learning to become a forex trader. It’s an ongoing process, one that ensures you maintain your expertise and skills. One of the most common ways to learn about the complexities of trading is through trading books. In this article, we’ll explore some of the most popular books on trading consumed by global traders.
Currency Trading for Dummies
If you’re new to forex trading, this is probably one of the best books to purchase. If you’re looking for a user-friendly guide on currency trading, descriptions of popular trading terms and a good understanding of the forex market, Currency Trading For Dummies is probably your go-to. The updated version of this easy-to-use book was co-authored by Brian Dolan, the former chief currency strategist at Forex.com, and Kathleen Brooks, the director of research at Forex.com. This makes it an obvious choice for someone looking to get a good grasp of the forex space or update their knowledge of currency trading fundamentals.
Forex Trading: The Basics Explained in Simple Terms
Written by Jim Brown, this book is great for someone with little to no expertise in forex trading. It offers a great guide to someone who has never traded before, covering some of the most important components that a beginner trader needs to know. This includes topics like trading psychology, how to pick a forex broker, definitions of related forex terms, trading strategies, and more. Brown is said to have written Forex Trading: The Basics Explained in Simple Terms in a way that engages a beginner trader, without the arrogance that may come from a more seasoned professional.
Japanese Candlestick Charting Techniques
Authored by Steve Nison, Japanese Candlestick Charting Techniques explores this technical analysis tool in a detailed, in-depth way. This book helps rookie and experienced traders better learn how to use candlestick charting for trading different financial instruments, in combination with other forms of technical analysis.
How to Make a Living Trading Foreign Exchange
Courtney Smith, the author of How to Make a Living Trading Foreign Exchange, offers invaluable insights into the forex market. Smith also provides several strategies for making money from forex trading and touches on risk management techniques and trading psychology. He has also been featured in thousands of episodes of Moneyline, and Wall Street Journal, and has appeared on CNBC and other news networks and organisations like Fox News and Bloomberg.
Day Trading and Swing Trading the Currency Market
Written by popular currency analyst Kathy Lien, Day Trading and Swing Trading the Currency Market covers many of the complexities associated with the forex market and trading. Regarded as a comprehensive trading guide, this book combines theory with fundamental and technical analysis to help traders maximise potential profits. The book is now in its third edition.
The Disciplined Trader
Mark Douglas’ book The Disciplined Trader is largely based on his own experience of almost losing it all and the lessons he learned from his own trading mistakes. Douglas’ books highlight the importance of risk management and monitoring trades. He also focuses on how a trader can overcome their adverse trading psychology and barriers to attain their objectives.
Trading in the zone
Also written by Mark Douglas, Trading in the Zone explores the emotive aspect of forex trading. The book teaches traders how to better manage their emotions, in particular feelings of fear and greed, to become more successful in trading. Douglas seeks to help traders overcome mental habits that often lead to negative trading outcomes.
Market Wizards
An oldie but a goodie, Market Wizards was published in 1989. Authored by Jack Schwager, this book is regarded as one of the classics. In it, the reader will find interviews with top traders from different financial markets, including their takes and strategies on trading. Schwager also touches on risk management, discipline and adaptability in trading, and the psychology of trading.
Buffet: The Making of an American Capitalist
Although not a book on trading per se, Buffet: The Making of an American Capitalist by Roger Lowenstein is a fascinating read about the life of Warren Buffet and his investment approach. Renowned as one of the most successful investors in history, this book explores Buffet’s journey as an investor and the principles that saw him achieve near-unprecedented success.
To sum up, this article underscores the significance of comprehensive research and education for individuals new to forex trading. We’ve stressed the significance of utilizing books as references to gain insights and grasp the intricacies of the forex market. The suggested books encompass a variety of subjects such as technical analysis, trading approaches, market psychology, and the journeys of prosperous traders. By delving into a selection of these books, you can establish a strong knowledge foundation and cultivate the essential abilities for triumphant trading.
T4Trade Academy
In addition to books, there are many other resources traders can use to expand their trading knowledge. T4Trade is a powerful broker that offers traders a wealth of educational material to boost their skills. The broker’s Academy gives traders access to:
- Expert e-books compiled by an award-winning T4Trade research team. Traders are provided with trading tips, forex and other educational insights to guide them through trading.
- A range of free forex webinars covering topics like technical analysis, fundamental analysis, Q&A sessions, trading strategies, etc.
- A variety of forex podcasts cover a little bit of everything for all types of traders, regardless of expertise.
- Videos-on-demand through which traders can get trading tips and daily market insights delivered by top T4Trade analysts.
- A new real-time Economic Calendar to keep track of current and future financial activity and indicators.
- Live TV to watch daily discussions with an expert team of presenters and research analysts, stay on top of market trends, learn trading tips and identify trading opportunities with in-depth analysis from T4Trade’s analysts.
For more practical hands-on learning, consider opening a demo trading account with T4Trade. A demo account offers a simulated trading environment in which you can practice implementing different trading strategies. Use the knowledge that you acquire from the different educational resources available to open and close trades, and assess outcomes. Using virtual money means you can practise trading with confidence, without putting your own money at risk. Once you’ve built the expertise and gained the skills needed to execute real trades, consider opening a live trading account.
Disclaimer: This material is for general informational & educational purposes only and should not be considered investment advice or an investment recommendation. T4Trade is not responsible for any data provided by third parties referenced or hyperlinked, in this communication.
