Best Forex Books for Traders in 2022

Such strategies could be employed in any market, including currencies. The book discusses why trend following strategies have stood the test of time and includes interviews with successful trend following traders. At well over 600 pages, it is an extended and thorough read, not a quick one. First published in 1991, ‘Japanese Candlestick Charting Techniques’ by Steve Nison equips the reader with everything they need to analyse candlestick charts. The beginner’s guide provides a blueprint to build a trading plan with the use of Forex and how one can maximize their earnings with the same.

This guide should not be considered investment advice, and investing in gold CFDs is done at your own risk. This also goes into detail about the products from forex options trading desks with ways to do accurate pricing of the products. The book is a bit more advanced than the other books here and provides a wide range of knowledge in everything from forex options to pricing. The book will show how to plan personalized winning strategies to maximize the benefits with fewer risks. In addition, the book also shows traders how to control emotions and not be biased when making financial decisions. Regardless of the trading strategies you use, the right mental attitude is always necessary to become successful.

I’ve read nearly all Michael Douglas, Jack Schwager and Michael Lewis books, which are good too. Sure, this one will summarize many of the greatest lessons from the series, but it doesn’t replace the other books in their entirety. There are tons of invaluable lessons to be learned from the three books above that you simply won’t find here. This book was also written by Jack Schwager and includes excerpts from the other books in the series.

Smith also shares a strategy aimed at doubling profit generated using a simple channel breakout system. Anna Coulling is a full-time professional forex trader and author of several books about forex and stock market trading and volume price analysis. Success inforex tradingcan feel like a feat and a half to anyone who’s just starting out. Having a fundamental understanding of industry terms, trends and techniques might mean the difference between making a profit or watching all your capital go down the drain. What many forex traders don’t know is that you can learn how to trade the forex market and apply the exact same principles to trading the stock markets (and vice versa!).

Traders need to have the discipline to create and stick to trading plans and learn to accept losses as part and parcel of the overall process. Between 74-89% of retail investor accounts lose money when trading CFDs with this broker. This book is definitely not a get-rich-quick book and it’s more about developing a proper trading mentality which the author sees as a key ingredient for most successful traders. It does not spoon-feed but it does force you to think and do your homework.

In the meantime, we’d like to gift you our trading roadmap and its best 55 resources.

Any combination of the following is recommended to help you on your way to a lucrative, profitable future trading in the Forex market. The complete list of some of the good forex trading books we could find out there. We hope that you’ll be able to pick one of these 10 and that you’ll see your trading life change for the better with each chapter you peruse.

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If you are looking for tools to help you with forex analysis, we recommend reading our reviews of TradingView and Finviz to get started. If you don’t know how to identify chart patterns with ease, this book is for you. It also explains the ideal entry and exits for each pattern, and what to expect for profits in terms of percentage gained. The book contains a detailed breakdown of each of the major currencies along with tons of tips and tricks on how to trade fx markets.

Learning to trade the markets with any asset can be daunting, especially with SO many books available. Here at we do not provide any form of investment advice. Our goal is to give you the best information possible on how online trading works.

Currency PairA currency pair is a combination of two different national currencies valued against one another. Its purpose is to compare the value of one particular nation’s currency to another. Gain sufficient confidence to trade with the appropriate knowledge and numbers in place. Traders are required to take control of their emotions and biases while execution and follow a few simple steps to be followed while trading.

Best Forex Books for Traders

One can also keep the trade on auto-pilot once the entry order is filled, keeping the trade management to a minimum and thereby reducing costs. This edition will lay its focus on the importance of Fundamental Analysis in the movement of the FX Markets. Fundamental Analysis is the base of trading and a primary driver of FX flows and also provides one with the practical knowledge and understanding, which is unique.

The books in this section are to give you an overview and insights into prolific traders as well as teach you some golden nuggets passed on by them. It doesn’t really explain all the forex trading indicators but focuses primarily on the trend trading turtle system only. This is a great read if you want a solid foundation of the markets and how to profit from them in a shorter time period. Currency Trading For Dummies breaks down the fundamentals of forex trading in their world-renowned way.

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In this section we will list the best forex trading books for technical analysis, these books focus on strategies, methodologies, and how to trade the forex market. It includes hundreds of examples that span the equity, futures, fixed-income, and foreign exchange markets and shows how candlestick charting techniques can be used in almost any market. The strategies vary in that some can be used for longer-term trades, while others can be used for day trading. Methods are provided for determining when short-term price reversals are occurring, as well as longer-term ‘major’ turning points. Subsequently, one can put their knowledge and intuition to test by getting a practice trading account with an online foreign brokerage before actually putting money in the real market. Anyone can pick this book up and understand it, and use it to create their own trading strategies.

How many pips a month is good?

To answer your question, I think netting anywhere between 300-500+ pips a month is good. It has nothing to do with pips per day, week or month. Some traders are negative pips an make a profit. Some traders are are positive pips and lose their ass.

One of the best-selling trading books of all time has been updated. This book is an in-depth analysis of the trading system that was developed and refined by Mark Fisher from his many years’ success in trading. His trading style works in today’s currency market and will forever do so going forward. Jesse Livermore was one of the worlds best traders at the time, a trader who made and lost fortunes many times over. Bill Williams is known for creating several technical indicators to predict market movements with high probability. It’s actually considered one of the bests books written on trading.

In this book, readers can also find a mental analysis, a section about discipline and focus, and how to transcend fear. The death of money the lazy way of forex trading is a book about the financial future of the world. It also tries to examine how the global monetary system rotates around the dollar.

Like other Market Wizards books, Interviews with Top Traders also includes a psychology of trading section in the back. In it, you can read an interview with Dr. Van K. Tharp, which is enlightening, to say the least. Do note, however, that none of the five books below are Forex-specific.

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It follows the same Q&A style as the other books in the series but includes interviews with more than twenty new traders. That’s what these books offer – an unprecedented look inside the minds of some of the greatest traders who have ever lived. A key objective for any writer is being able to make the material both easy to understand and also applicable to everyday life. Too many new traders believe that they must know what will happen next if they want to profit or that there always needs to be a reason for a market to move a certain way. Yes, some of these books were written in the 90’s, but the lessons contained within them are timeless and without equal.

To make things simpler, I decided to write an article with my recommendations as well as a small summary of each book. I recommend only books that I read or audiobooks that I listened to. Indeed, this book by Paul Langer teaches you the macroeconomics bit of forex and also highlights the international monetary dynamics of both technical and fundamental analyses. To us, this book makes a lot of sense to entry-level traders who might be wondering whether they have a winning chance in a world dominated by the Wallstreet Fat Cats. Is there anything that’s important as self-discipline when it comes to trading? One minute the markets are moving in your favor and before you know it, the odds shift against you and you’re in the red.

You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. It focuses on risk, probabilities, and more, to achieve greater gains and fewer losses. The system is also designed to “pyramid” profits to achieve the largest possible return on investment. It’s often considered one of the better trading training books available today.

The book dives into both fundamental and technical analysis, as well as introduces traders to a variety of trading strategies that can be applied to generate profit regularly. This is a beginner’s guide to forex trading alongside some of the best forex trading strategies. The beginner’s guide section of the book covers everything from how to get into forex trading to how to maximize the profits earned from it. As the title of the book shows, it comes with 10 techniques that traders can use to get better at forex trading.

best forex trading book

Pay close attention to the section titled, “Failure to Take Responsibility”. The ideas discussed here will certainly resonate with many of your experiences as was the case for me when I read this book for the first time many years ago. Michael is a discretionary trader who has a particular intolerance for losses. But instead of hampering his ability to make money, it has made him extremely selective about the trades he puts on, making him more profitable than he would be otherwise.

One Good Trade

In “Forex Trading Strategies” you will learn a number of simple methods for trading price action. These strategies are clearly illustrated with the use of over 50 full-color Forex trading charts. When it comes to trading successfully and achieving consistent market-beating results, it is not about how much money you make but about how much money you keep. Many traders have streaks where they achieve exceptional interim trading results, only to witness a few quick losses evaporate those hard-earned pips. Understanding risk and reward in Forex trading will allow you to assess which positions to take, how to identify profitable entry opportunities, and how to manage your stop loss orders. Even if you can only improve your trade management by a few pips per trade, it adds up to a significant performance boost.

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The reader will be able to identify and utilize hidden opportunities when it comes to trading with the help of this book. Book #4 – TECHNICAL ANALYSIS – Learn The Power of Using Simple Technical Analysis Techniques. Although the phrase “technical analysis” may sound complex it really doesn’t have to be.

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