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Forex trading can be a daunting task for beginners, as there are numerous aspects to consider and strategies to understand. One way to gain a better understanding of the forex market is by reading books written by experienced traders and experts. In this article, we will discuss the 10 best forex trading books that every beginner should read to gain a better understanding of the forex market.
Best Forex Trading Books Every Beginner Should Read
The forex market, also known as the foreign exchange market, is the largest financial market globally, with an average daily turnover of around $5 trillion. Forex trading involves buying and selling currencies, and it can be a profitable investment strategy if done correctly.
Reading books about forex trading can be an effective way to gain a better understanding of the market and learn different strategies from experts in the field. The following are the ten best forex trading books that every beginner should read to learn the ropes and enhance their trading skills.
List of 10 Best Forex Trading Books
- Currency Trading for Dummies by Brian Dolan
- The Complete TurtleTrader by Michael Covel
- How to Make a Living Trading Foreign Exchange by Courtney Smith
- The Disciplined Trader by Mark Douglas
- The Little Book of Currency Trading by Kathy Lien
- The Forex Trading Course by Abe Cofnas
- Day Trading and Swing Trading the Currency Market by Kathy Lien
- Market Wizards by Jack D. Schwager
- Forex Price Action Scalping by Bob Volman
- Japanese Candlestick Charting Techniques by Steve Nison
Explanation of Each Book
Currency Trading for Dummies by Brian Dolan.
Currency Trading for Dummies is a comprehensive guide that provides a detailed introduction to the forex market for beginners. The book covers everything from the basics of forex trading to more advanced concepts, including technical analysis and trading strategies. The book is written in a simple and easy-to-understand manner, making it an excellent resource for beginners.
The Complete TurtleTrader by Michael Covel
The Complete TurtleTrader tells the story of how a group of novice traders, known as the Turtles, were trained to become successful traders by legendary trader Richard Dennis. The book is an inspiring story of how anyone can become a successful trader with the right mindset and training.
How to Make a Living Trading Foreign Exchange by Courtney Smith
How to Make a Living Trading Foreign Exchange provides an in-depth guide to forex trading for beginners. The book covers topics such as trading psychology, risk management, and different trading strategies. The author also shares his personal trading experiences and insights, making it an excellent resource for anyone looking to improve their trading skills.
The Disciplined Trader by Mark Douglas
The Disciplined Trader is a classic trading book that focuses on the psychological aspect of trading. The author, Mark Douglas, explains how a trader’s mindset can impact their success and provides strategies for developing discipline and self-control when trading.
The Little Book of Currency Trading by Kathy Lien
The Little Book of Currency Trading is an excellent resource for beginners looking to learn the basics of forex trading. The book covers topics such as currency pairs, trading psychology, and risk management in a concise and easy-to-understand manner.
The Forex Trading Course by Abe Cofnas
The Forex Trading Course is a comprehensive guide to forex trading that covers everything from the basics to more advanced concepts. The book includes trading strategies, technical analysis, and risk management techniques, making it an excellent resource for both beginners and experienced traders.
Day Trading and Swing Trading the Currency Market by Kathy Lien
Day Trading and Swing Trading the Currency Market is a practical guide to forex trading that focuses on day trading and swing trading strategies. The book covers topics such as technical analysis, trading psychology, and risk management, making it an excellent resource for anyone looking to improve their trading skills.
Market Wizards by Jack D. Schwager
Market Wizards is a classic trading book that features interviews with some of the most successful traders in the world. The book provides insights into the mindset and trading strategies of these successful traders, making it an excellent resource for anyone looking to improve their trading skills.
Forex Price Action Scalping by Bob Volman
Forex Price Action Scalping is a practical guide to forex trading that focuses on price action trading strategies. The book covers topics such as chart patterns, trading psychology, and risk management, making it an excellent resource for traders looking to improve their price action trading skills.
Japanese Candlestick Charting Techniques by Steve Nison
Japanese Candlestick Charting Techniques is a comprehensive guide to candlestick charting for forex traders. The book covers everything from the basics of candlestick charting to more advanced concepts such as chart patterns and technical analysis, making it an excellent resource for traders looking to improve their candlestick charting skills.
Conclusion
In conclusion, reading books about forex trading can be an effective way to gain a better understanding of the market and learn different strategies from experts in the field. The ten best forex trading books every beginner should read are Currency Trading for Dummies, The Complete TurtleTrader, How to Make a Living Trading Foreign Exchange, The Disciplined Trader, The Little Book of Currency Trading, The Forex Trading Course, Day Trading and Swing Trading the Currency Market, Market Wizards, Forex Price Action Scalping, and Japanese Candlestick Charting Techniques.
We recommend that beginners start with Currency Trading for Dummies, as it provides a comprehensive introduction to forex trading and covers all the basics. However, each of the ten books listed above provides valuable insights into different aspects of forex trading and can help traders improve their skills and strategies. By reading these books, beginners can gain a better understanding of the forex market and develop the skills necessary to become successful traders.