We all know that foreign currency trading, or forex trading, is a pretty complex and sometimes difficult industry to jump into. After you have managed to learn the basics, it’s often difficult to decide on the best strategies and figure out how to become a really successful forex trader. On top of that, with the thousands of Google entries, there are in forex trading, it can be hard to find the information you need. Lucky for you, there are plenty of fantastic books out there from experts in the field, who can share what you need to know to become an expert forex trader.
1. Forex for Beginners by Anna Coulling
With excellent reviews on Amazon and many other sites, Forex for Beginners gives those just taking their first steps in the forex world a fantastic introduction to everything they need to know. We all have to start at the beginning and this book provides a step-by-step guide to forex trading basics, including the theories behind it and how it works. Anna Coulling has built a wonderful guide that is simple enough for anyone to understand, so this is definitely a must-have in every want-to-be forex trader’s library!
2. The Disciplined Trader: Developing Winning Attitudes by Mark Douglas
This next book on the list, published back in 1990, is just as relevant today as it was 26 years ago. Mark Douglas tackles something that not many think about when they start trading – the psychology of forex. Whether you utilize an online broker like Portrex Markets or not, success won’t come to you without a change in mindset.
Whether it be feelings of greed, euphoria, or fear, forex trading can bring many emotions to the surface. Understanding the method of controlling these emotions and molding a mindset of success is the most important thing you can do at the start of your forex trading journey. In this award-winning book, Mark Douglas gives you the tools to make that happen.
3. Trading in the Zone by Mark Douglas
Another huge hit in the realm of trading psychology, Mark Douglas couples The Disciplined Trader with Trading in the Zone to really make the point of how important it is to control your mindset when trading. In this book, he takes the myths of trading, pulls them out in the open, reveals them for what they truly are, and shows why your mindset is really your biggest factor to success in forex trading. A must-have in your library!
4. Day Trading and Swing Trading the Currency Market by Kathy Lien
Now that you’ve got the basics down and understand the psychology of trading with the first three books, it’s time to get into the meat of forex trading. In this highly praised book, Kathy Lien dives into many different profit-making strategies that will increase your chances of making it big in the forex world. Getting an in-depth look at trading strategies has never been easier!
5. The New Market Wizards: Conversations with America’s Top Traders by Jack D. Schwager
So, you’ve got the basics down. You get how to change your mindset to succeed. And you’ve learned some of the best strategies to become a trading wizard. This last book will let you peek into the minds of the most successful forex traders. This book, written by the legendary financial mind, Jack Schwager, takes you through extensive interviews with the best and the brightest in forex trading. If you want to learn from the experts, this book is for you.
As you’ve probably learned by now, becoming successful at forex trading doesn’t happen overnight. You’ve got to put in a lot of practice and learning if you hope to excel. But, with these five book recommendations from some of the best names in the game, you’re sure to start your trading off on the right foot.