The world of foreign exchange or Forex can be very intimidating and discouraging even for season traders and experienced hands-on investors. And one of the most surprising facts is that 75% of retail traders lose money that can never be recovered. This is because most of this population of traders who lose money are beginners. As a beginner, it is important to make time and learn the Forex world and the Forex market before jumping into it with real money. Fortunately, beginners can easily learn the in and outs of Forex through some of the best Forex trading books available in the market for beginners. There are plenty of quality Forex trading books for beginners on the subject of currency trading, ranging from a basic introduction to the Forex world to advanced strategies based on fundamental and technical analysis.
Here are the top 10 best Forex trading books for beginners:
- How to Start a Trading Business With $500 by Heiken Ashi
In the initial stages, most retail traders start with limited capital. Heiken realised this fact and shaped a step-by-step approach to carry out successful trading with small amounts of money or capital. The book “How to Start a Trading Business With $500” teaches beginner traders on how to achieve the correct manner to implement good trading habits. The book also beautifully outlines some of the communication skills with your Forex broker and trading activities for hedge funds.
- Day Trading and Swing Trading the Currency Market by Kathy Lien
Kathy Lien secured a job at Wall Street immediately after graduating from NYU. Experience in the financial markets allowed her to create this popular book. She created several books on trading apart from Day Trading and Swing Trading the Currency Market. This particular book is specifically designed for beginners to intermediate traders and consists of strategies that are easy to apply. This book also explains some time tried and proven strategies to use along with the mechanism of Forex. Another attractive content of this book is that you get to learn how to earn money from short swings and how to steer the oversold and overboard market conditions.
- The Black Book of Forex Trading by Paul Langer
The contents of this book are entirely drawn from the experiences of a trader. And the trader is Paul Langer who shares his experiences and knowledge of losing money as well as knowing and learning what works in the process. His book’s aim is to help beginners and novice traders learn from his mistakes and gain success faster.
- Currency Trading for Dummies by Kathleen Brooks and Brian Dolan
As the name suggests this book consists of simple and easy to understand language for beginners. It talks about the size and scope of the market and major drivers to the Forex market while offering advice on the common mistakes made by traders, their pitfalls, and ways to avoid it.
- Currency Forecasting: A Guide To Fundamental and Technical Models of Exchange Rate Determination by Michael Rosenberg
Michael Rosenberg published this book in 1995. He was an analyst at Merrill Lynch when he published the book and is still relevant to traders as well as other analysts even in the present day. This Forex trading book throws light on macroeconomic factors of Forex on the dynamics of analysis as well as how to use exchange rates to predict the future of currency pairs. This book by Michael Rosenberg was dubbed as one of the best Forex trading books in the market.
- How to Make a Living Trading Foreign Exchange by Courtney Smith
This is another great book for beginners that provide several strategies that can be implemented in trading. It shows traders in detail the six ways to earn a steady income from foreign exchange while also focusing on other important aspects such as risk management, investor’s psychology, discipline and some other factors responsible for success in trading. Courtney Smith has also ensured to include an actionable strategy called the rejection rule which is all about doubling profits from the channel breakout.
- Forex Trading: The Basics Explained in Simple Terms by Jim Brown
This Forex trading book is put together in the simplest language for better understanding. It consists of topics such as what is the Forex, the advantages of trading Forex, and other similar things. It also consists of important topics essential or beginners such as money management strategies for entries and exits and trading psychology.
- The Japanese Candlestick Charting Techniques by Steve Nison
Steve is a global coach and author when it comes to Japanese candlestick trading and has introduced trading strategies to the western world. He has also written other books besides this one on candlestick trading. This strategy is utilised in other markets as well including cryptocurrency, futures and stocks. This book is ideal for beginners who wish to understand the Japanese candlestick chart and techniques and implement them with other strategies.
- Trading in the Zone by Mark Douglas
The book Trading in the Zone offers knowledge by teaching you five elements but you must utilise to become successful. It also teaches how to think about possibilities and odds. It is very beneficial for beginners as it consists of actionable examples on our supply and demand affect the price action of the markets.
- The Disciplined Trader by Mark Douglas
The Disciplined Trader is a book by Mark Douglas that focuses on the importance of proper trading psychology. In his book, he says emotions are the enemy and explains how an average trader with proper psychology of treating can excel much longer in the market that an experienced and seasoned trader with limited psychological strengths.
The above-mentioned are the top 10 best Forex books for beginners. If you are a beginner as well you must learn and understand the Forex world in order to avoid losing large sums of money and enjoy success at a faster rate.