Forex is kind of a market that can be sometimes intimidating even to skilled or experienced traders. There is a multitude of books on forex trading ranging from simple introductions to the forex market to expert fundamental and technical analysis strategies. In this article, we have sorted 5 books for beginners in forex trading.
1. Forex Trading: The Basics Explained in Simple Terms by Jim Brown
As the title suggests, this book is targeted toward teaching the fundamentals to novices. At a private session for stock traders, the author, a self-taught forex trader, became interested in currency exchange and its gains. Brown’s simple, clear language stands out in the book, which never considers the reader’s understanding without being judgmental.
2. How to Make a Living Trading Foreign Exchange by Courtney Smith
Courtney Smith begins How to Make a Living Trading Foreign Exchange with an overview of the forex market and how it operates. However, the majority of his work is focused on producing money, with six trading tactics offered. He also includes material on trading psychology as well as major risk management tactics. It also explains Smith’s unique “rejection rule,” a mechanism for doubling the profit provided by basic channel breakout systems.
3. Currency Trading for Dummies by Brian Dolan
Jelle Peters is a legal philosopher and historian who also owns a forex website, writes frequent forex trading articles, and wrote this popular forex book. Forex for Ambitious Beginners takes pride in not selling you a “dream” about how simple forex trading is, but rather in teaching you how to avoid typical blunders when getting started with forex trading. Peters also offers courses on specific forex trading techniques, technical indicators, and other more advanced topics like candlestick chart reading. A quiz at the end of the book will assist you to ensure that you acknowledge the forex lessons you’ve studied.
4. Day Trading and Swing Trading the Currency Market by Kathy Lien.
Kathy Lien is a notable currency specialist, managing director of BK Asset Management, and a regular guest on Bloomberg, CNBC, and Reuter’s programs. Her book, now in its third edition, has a two-pronged approach, combining theory and practical learning with a balanced understanding of fundamental and technical forex trading tactics that produces consistent returns. Lien takes readers through the fundamentals of Forex, such as the long- and short-term factors that affect currency pairs, step by step. She also goes through the technical analysis trading methods that pro forex traders apply on a regular basis.
5. Paul Langer – The Black Book Of Forex Trading: A Proven Method To Become A Profitable Trader In Four Months And Reach Your Financial Freedom By Doing It (CreateSpace Independent Publishing Platform, 2015)
Paul Langer has a unique approach to Forex trading. The Black Book of Forex Trading is targeted at forex traders with some knowledge, as opposed to the books we looked at before, which are forex guidelines for beginners. Although brief, this book summarizes Langer’s own forex trading experience, as well as his experience paying thousands of dollars for courses and techniques. He takes all he’s learnt and applies it to three forex techniques he claims will help you “consistently” profit from forex trading. The Black Book of Forex Trading is a best-selling book with positive reviews that aims to help you avoid the mistakes that its author made on his forex trading journey and have you making money on your own.
Forex eBooks For Beginners
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