The best way for a Forex trader to sharpen his trading skills is to learn from the mistakes and fortunes of others. However, there are plenty of books on forex trading, ranging from fundamentals of the forex market to advanced strategies based on technical analysis.
Here is a list of five best Forex trading books that are equally helpful for both beginners and experienced Traders. These books provide different strategies and perspectives for novice and experienced traders alike to guide your attempt to profit from the forex market.
- Currency trading for dummies by Brian Dolan
Currency trading for dummies by Brian Dolan is one of the best forex trading books for beginners. The book introduces complex topics in a simple and clear way.
This book presents everything a novice reader needs to know about the forex market, including how forex works, currency pairs, risk management, helpful tools, how to get success and the characteristics of successful forex traders.
This book is more focused on the fundamentals, and not as much on the actual forex trading strategies. The book was originally published in 2011, the updated edition was co-written by Brian Dolan and Kathleen Brooks. Brian Dolan is the former chief currency strategist at forex.com and the latter is the director of research at forex.com.
- Forex Trading: The Basics Explained in Simple Terms by Jim Brown
As the title shows, this book is designed for beginners and focuses on the basics of forex trading. Jim Brown, the author, is a self taught forex trader.
The book is written in a clear and concise language. The topics covered in the books include: basic understanding of forex trading and the forex market, trading psychology, tips on how to choose the best forex broker, strategies for entrances and exits, and the explanation of fundamental terminologies of the forex trading such as the forex pair.
The author also shares his own trading strategy in the book that a novice trader can use, or take inspiration from it to develop a personalized one.
- The New Market Wizards by Jack Schwager
This book contains interviews of successful forex traders. Schwager interviews different successful traders, asking them about their trading strategies and success stories.
The interviews in this book reveal various reading styles and how they can be so effective. The book also shows that there is no single right way to trade Forex. Every successful trader interviewed found something that worked for them and then they planned their strategies that helped them in making immense profit. ‘Unknown Market Wizards’.
- The Art of Currency Trading by Brent Donnolly
This book gives you an insight on risk management and how a trader places trades. The book is focused on fundamental analysis rather than technical analysis, which focuses on news and economic conditions to determine where prices could go.
The book presents different forex trading strategies and guides the reader how to manage risk. A conversational style is used in this book that makes it more interesting to read.
