Best Forex Trading Books
Some of the best forex trading books are found online and books offer an easy method to learn forex trading away from online learning. These days, trading education is done mainly online with courses through videos, webinars, and paid online forex courses.
But books still remain one of the best choices to learn trading even if they’re a bit different to learn from than online learning.
In the early days, books were the only option to learn trading due to a lack of lessons online and not enough usage of the internet. But, nowadays the internet has become the first choice for learning and usage.
Forex books offer valuable lessons that can help you in your trading. And, in this article, we will share the 3 top forex books.
Trading in the Zone (Mark Douglas)
Focused on mental preparation, Trading in the Zone is one of the best forex trading books and offers very good tips and lessons on trading psychology. Emotions and psychology in general are important in forex and this book covers these lessons. In this book, Mark Douglas highlights how to overcome fear in trading and become a disciplined trader. The book covers lessons of the fear of losing money, mistakes, and more.
Tips and lessons in this book offer a complete guide to the financial market. One of the favorite quotes of the book explains the lack of trust in your trades. “To be consistent, you have to learn to think about trading in such a way that you’re no longer susceptible to conscious or subconscious mental processes that cause you to obscure, block, or pick and choose information based on what will make you happy, give you what you want, or avoid pain.”.
Further, Mark Douglas in his forex book explains why trading offers individual freedom. The book covers the most common mistake made by traders that consider currency trading like a casino. Gambling in trading is very common and highlighted well by Douglas. Besides psychology, the forex trading book contains some lessons about technical analysis. Some lessons as moving average, trends, support, and resistance are covered in this forex trading book too.
Naked Forex (Alex Nekritin)
Compared with the book “Trading in the Zone”, Naked Forex focuses mostly on the technical part and is one of the best selling forex books online. The book covers the technical analysis and highlights the importance of the technical part of trading. Compared with the book “Trading in the zone”, Naked Forex focuses mostly on the technical part.
The book covers the technical analysis and highlights the importance of the technical part of trading and offers the best books on forex price action. Even the indicators make the list on the technical part, the author highlights the trading without indicators. The book focuses on “pure” technical analysis without extra trading tools like indicators or expert advisors.
You can read lessons and tips explained well about support and resistance. Besides that, the book contains lessons about market chart patterns. Some of the most common chart patterns as a double top, double bottom, inverted shoulder, etc.
The book covers Last Kiss, Wammies, and Moolahs which are not very common in trading.
The book is valuable to read as it covers the psychology part like the book from Mark Douglas. The book, Naked Forex covers the common mistake made by forex traders which is risk management. Lessons on this book are focused on mastering attitude towards risk and how to become a professional forex trader.
The book address six key steps for every trader to improve. Besides zones, market chart patterns, the book also covers the trend lines. In general, the book was written to inform traders to analyze the forex markets mostly on the technical part without indicators. and is an excellent forex for beginners book.
How to Day Trade for a Living (Andrew Aziz)
Day trading style is the focus of this book written by Andrew Aziz. The book describes the fundamentals of day trading style. The author explains why day trading is different from other trading styles. Beginners in trading can also read this book as the book is not complicated for newcomers in trading too.
Reading this book will help you understand trading and what to expect from day trading style according to the author. Developing a trading strategy is very important and this aspect is covered a lot in this book. Traders who pretty good knowledge of trading, can jump to chapter 7 as the first chapters cover basic lessons.
Different from other trading styles, day trading focuses on extra trading tools. The author of the book lists tools as moving average and indicators. The technical part it’s covered this with good lessons that cover different factors of technical analysis.
Most major factors in technical analysis, support, and resistance are covered in this book. You can also learn about reversal trading with charts explaining reversal movements on the forex market. The book covers the foreign exchange market chart patterns as the ABCD pattern, bullish flag, and other market patterns.
The book it’s suited for stock traders but also forex traders too. The author explains all the indicators that he uses on his daily trading basis. Strategies when to enter trades and when to close the trades are covered in this book. Take profit target and stop loss level are covered by the author of this book too.