Forex trading is a big and diverse field to explore. Setting your foot in it can seem scary and challenging. But don’t let that put you off.
Here’s a small tip: the sooner you start learning something, the sooner you’ll master it. Every successful forex trader you read about online or in magazines had to start somewhere. Lucky for you, a lot of them wrote books about their experiences, failures, and forex trading strategies.
These books on forex trading can guide you throughout your journey, right from the basics to becoming an expert.
Best Books to Learn Forex Trading
Here are our recommendations of the top seven forex trading books you can read to start learning forex trading from scratch.
We considered several factors when selecting books for this list, such as the author’s expertise, awards, critical acclaim, and online reviews. We also included new and noteworthy titles to provide readers with a diverse range of options and keep up-to-date with the latest trends.
1. Technical Analysis For Dummies
by Barbara Rockefeller
Do you know the secret behind the success of most savvy traders? They don’t wait for an expert analysis of the market to make investment decisions. They instead depend on their knowledge and perspective of the real-world market. This book will teach you all the basic principles, theories, and formulas in the world related to forex market trends. But it doesn’t end here. It will also give you tips to apply these theories in actual life to make practical decisions in the world of investment. Are you a young businessman or investment enthusiast who has just entered the field?
If so, it is most likely that you are quite overwhelmed with all the investment tips and techniques. There is plenty of free resources online, but many of them might appear confusing and are not reliable. This book is an excellent option for you if you are willing to learn all the fundamentals in-depth to understand the market. The topics are varied, starting from trading risk management, future currencies, equities to interpreting financial charts and graphs. Overall, this book can be a great place to start for any newbie in finance.
2. The Black Book of Forex Trading
by Paul Langer
“Financial Freedom” seems like a dream for the millennial generation. But it isn’t something you can achieve just with your monthly salary and a few extras here and there. It would be best if you had a proper investment plan to actually become financially independent. You need to plan every penny right from the beginning. But how do you do this taking no major financial risk? This book deals with that. It will open up to you all the winning strategies, money management techniques, and surprisingly, it also deals with trading’s emotional aspect.
All the forex traders who are well-established experts right now spent their years testing, trying, and learning all the systems and tactics of this field. This book results from these experiences of the author. Don’t waste your money on third-party systems you know nothing about. If you are continually struggling with the market or losing money, you will find this book very useful. Sitting in front of the television watching the market will not make you feel as much confident as reading this book will. Once you have read this book, you can start making profit in your investment.
3. Currency Trading For Dummies
by Kathleen Brooks
If you are a newbie in this field, the first thing you should do is learn about the foreign exchange (forex) market and how it works. Don’t get attracted only by the glamorous lifestyles of people who have succeeded in it. It’s a fast-changing financial trading avenue, and it’s always wise to know about the downside of it. The market is enormous and continuously expanding. This book will explain the size, opportunities, and current players in the market. You will be able to predict the market and the changing currency values only when you are well aware of all the economic factors that influence these things.
This book will teach you how to study and interpret data and financial events right from scratch. Do you want to peek into the financial habits of successful currency traders or know all the financial risk management methods that the pros follow? This book has it all. It covers all the currency trading conventions and tools and can make you organized and prepared to enter the forex market. If you are someone who doesn’t believe in shortcuts and wants to explore the different trading styles and options to prepare a customized game plan that suits you best, this book is your perfect pick.
4. A Three Dimensional Approach To Forex Trading
by Anna Coulling
No matter how complicated it seems, forex trading is all about making money, and it all boils down to common sense. You can almost never hit the aim if you shoot in darkness. You need to know about how and why the money moves. This book will give you a basic understanding of how changes in the market in commodities, stocks, bonds, and equities affects the currency market. The market is tough to analyze, but once you know all the concepts, be it market risks or the people’s motives in the market, you will enjoy the process.
Every topic in the book has explained the various aspects of forex trading in layman’s language with logical illustrations and graphics. The book basically uses a three-dimensional relational, technical, and fundamental analysis approach to explain the forex market. Do you want to feel confident enough to be a full-fledged trader who invests money without thinking twice? The secret to such confidence is knowing everything about money flow and risk. Forex is a risk game, and the higher you put the stakes on, the faster you grow. This book is the right choice for you if you genuinely want to know the game with no shortcut techniques.
5. Forex For Ambitious Beginners
by Jelle Peters
Do you want to choose the business of a forex trader as a career path or maybe just create an extra income source for yourself out of the profits you earn for it? Either way, you will find this book useful. Don’t turn blind by all the glitter of the Forbes magazine covering stories of young, ambitious entrepreneurs turning millionaires before 25 with the help of forex trading. You know nothing about their backstories. This book is not some get-rich-quick scheme that will teach you to earn money in no time. You will have to be patient and treat this as a new subject to learn. The book will teach you a reliable system to earn money in the market, the key strategies, and capital management.
If you are someone who knows nothing about forex markets literally, you won’t find a better read than this one.
6. Trade Your Way to Financial Freedom
by Van Tharp
As told by the experts, finance is not just math, it is also psychology and art. You have developed a certain mindset and notions about money from your early adulthood itself and how it works. You have your own set of beliefs and traditions about how much to save, how much to spend, and what part of the savings to invest. Can you suddenly unlearn these strategies and start following a trading system you read about somewhere that has been developed by someone who knows nothing about your financial status and goals? It will always be hard to do so.
This book emphasizes exactly this psychology. It helps you figure out the trading method that makes sense to you. The entire book is based on the fact that you don’t trade the market but only your beliefs about it. If you are someone who is frequently in a mental conflict with what the market trends suggest because your thought process is different, you must read this book.
7. Investment Psychology Explained
by Martin J. Pring
This book has been written by one of the most respected independent investment advisors globally, who believes that there are no shortcuts or magical tricks to succeed in the forex market. He thinks finance is more of a lifestyle than calculations. The book teaches you the core values one must have to become a successful trader. It highlights the importance of hard work, patience, self-discipline, and overcoming emotional restraints to freely take investment decisions.
This book will break all your delusions and myths regarding the market and teaches you how to deal with brokers and money managers skillfully. If you are someone who wants to make an independent investment plan and stick to it, this book is your go-to guide.
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Conclusion
Learning finance is difficult, and forex trading is one of its most complex branches that few can analyze and interpret. After reading these forex trading books, you’ll soon be ready to start trading fx currencies and making profits.
If you are looking for tools to help you with forex analysis, we recommend reading our reviews of TradingView and Finviz to get started.
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