Lifestyle

Five Best Books on Forex Trading

Knowledge and Experience of the World’s Top Traders


Books on trading are the fastest way to follow an advanced trader’s steps without risking one’s own funds. However, the question of which books to pick is still relevant.

Not every writer deserves your attention. The information in some of the books is outdated, and some of the ideas just failed to prove their reliability.

Especially for you, we have prepared a selection of the best and most interesting books on Forex trading. Here are just a few topics of the books in this pick: technical analysis, real stories of traders, psychology and even ready-made strategies.

You can find all these books on the Internet, and they have been translated into many languages of the world.

 

Everyone Can Become a Trader. “Way of the Turtle. From Ordinary People to Legendary Traders” by Curtis Faith

This book is usually popular with those who have gained their first experience in the market. This is the story of a dispute between two friends, professional market players. One of them believed that everyone can become a trader, and his friend had the opposite point of view.

As a result, they invited some people off the street to join them and trade together. Without any experience in trading, did those newbies rock this business? Read the book “The Way of the Turtle. From Amateurs to Legendary Traders” to know it.

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The book has some bright examples from the everyday life of Wall Street traders of different levels. Many pages are devoted to psychology and mind training. There, you can also get the mathematical component of a trader’s work explained.

Perhaps, the strongest part of the book is recommendations, which you start to receive from the very first pages. For example, the list of technical analysis indicators used by professionals.

 

A Millionaire’s Workbook. “Long-Term Secrets to Short-Term Trading” by Larry Williams

Let us remember one of the basic rules of a trader’s journal — record our observations. Over time, you will be able to extract patterns from this information, which will bring you profit.

But if for some reason you are too lazy to do it, make sure you read “Long-Term Secrets of Short-Term Trading” by Larry Williams. All the knowledge you get from this book is tested by Williams in practice.

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He started his trading career back in the 1960s and has conducted a lot of market research, which he shares with the readers not only in his written works, but also at in-person seminars.

This book is a must read for you if:

  • You are a trader without a strategy.
  • You have never studied candlestick analysis.
  • You want to systematize your knowledge of technical analysis.

 

The Best Knowledge Base to Begin With. “Getting Started in Technical Analysis: Comprehensive Coverage” by Jack Schwager

One of the most famous books in the world, Jack Schwager’s “Getting Started in Technical Analysis”, will help you understand once and for all what technical analysis is and which aspects are included in this science.

You can use it as a reference book and сheck it out now and then. Or you can take a deep dive in the collection of patterns, trading strategies and practical examples. In any case, you will gain valuable knowledge of the market.

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The first part of the book is devoted to charts. Schwager tells in detail about the types of charts, graphic models, trading signals, as well as ways to choose where to set Stop Loss and Take Profit.

There is a huge number of examples from history in the second part, which show how to use the knowledge you get from the first chapter. You will not only learn how to make more profitable trades, but also how to work with wrong predictions.

The third part talks about oscillators and an interesting concept of cycles.

You can find a ready-made trading strategy and learn to optimize any system from the fourth part.

The final fifth part of the book is a collection of tips from Schwager, like 82 trading rules, a tutorial on how to keep a trader’s journal, and much more.

 

Training Mindfulness. “The Disciplined Trader: Developing Winning Attitudes” by Mark Douglas

This book is perfect for beginner traders who have not understood the importance of psychology yet. The author faced with bankruptcy at the beginning of his career, but managed to make it big.

The tips and exercises given by Douglas can be applied not only to trading. By practicing them, you will learn to how to deal with losses and unpleasant emotions cold-headed and focus on your goals in everyday life.

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In general, this book is like a philosophical treatise based on Douglas’ experience. Also, a large part of it is devoted to global market processes and how one can get closer to understanding them.

 

A Trader Party. “Market Wizards” by Jack Schwager

The new “Market Wizards” is a collection of unique interviews with famous traders. Each hero is a professional with own understanding of the market, trading strategies, and attitude to life.

The previous book by Schwager “Stock Market Wizards” was entirely devoted to trading in the stock market, but from the new “Market Wizards” you can learn about famous Forex traders.

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In our opinion, this book is an inexhaustible source of motivation. Bright stories from the life of successful traders will not make you feel bored.

 

Rules for Working With Books on Trading

  • Study the content and highlight the chapters that are most interesting for you.
  • Take notes of the important points to get back to them later.
  • Practice the patterns from the books in the market and keep track of the statistics.
  • Combine different ideas to create a unique strategy.

We hope that these books will not only help you to explore the world of trading, but will also become a source of important tips on how to improve your trading. We wish you success on the Olymp Trade platform!

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