Best Forex Trading Books for Dummies

         FOREX TRADING BOOKS

INTRODUCTION

 Becoming really successful at Forex trading goes beyond thinking like a beginner, you have to trade like the experts do. This is why it is important to read helpful books once in a while. Reading about a new investment you are about to venture into is the key to being successful in such investment. Hence, which is why Forex books are the first step for traders in the Forex trading journey.\


If you ask many experienced traders about their journey in the Forex trading world, they would simply tell you that it is a huge challenge as there are so many different terms, ideas and strategies. Most of the experienced traders all started from somewhere and to make your journey a smooth one starting with Forex trading books is a good place to start. Thus, to understand the basics of Forex, it is best to go for a Forex manual written by an experienced trader who explained everything in simple terms. Getting the best trading guides can be quite difficult which is why in this write-up we have shortlisted 10 top and Fascinating books for Forex traders.

HOW TO CHOOSE BEST FOREX TRADING BOOKS

In order to choose the best Forex trading boos, the following factors should be considered by traders:

1.    Focus: Best forex trading books should have a focus which should be on Forex trading. If it is not directly focused on forex trading, then it is not a good forex trading book. A good forex trading book should be concise and focused on the main topic which is Forex trading.

2.    Comprehension: A good forex book needs to be written in easy and uncomplicated language to understand. It should not be filled with ambiguous terms and complex analysis that might be difficult for the reader to understand.

3.    Targeted traders: A good forex book should not be trader targeted or specific. This implies that it should be a book that cover all types/levels of traders. It should cover topics for both beginner, intermediate and advanced traders.

4.    Experience: A good forex trading book should feature either the experience of the writer or that of another experienced trader for the reader to have a better understanding of what he read in the book since Forex is more of practical than theory.

5.    Instructional materials: A good forex trading book should possess instructional materials provided by the author such as instructional videos to help the reader know how to make use of the trading method of the author.

TOP 8 BEST FOREX TRADING BOOKS 2020

1.    Forex Trading: The Basics Explained in Simple Terms (Forex, Forex for Beginners, Make Money Online, Currency trading, Foreign Exchange, Trading Strategies, Day Trading)- Forex book for Beginners.

2.    Forex for Beginners: What you need to know to get started and everything in between – (Best Forex books for Beginners).

3.    Currency Trading for Dummies Kindle Edition- (Best Forex books for Currency Trading)

4.    Japanese Candlestick Charting Techniques: A Contemporary Guide to the Ancient Investment Techniques of the Far East – (Best Forex books for Technical Analysis).

5.    Trade your way to Financial Freedom – (Best Forex books for beginners and Experienced Traders)

6.    The Disciplined Trader: Developing Winning Attitudes - (Best Forex books for trading psychology).

7.    The Black Book of Forex Trading: A proven method to become a profitable Forex Trader in four months and reach your financial freedom by doing it - (Best Forex books for Forex trading strategy).

8.    Reminiscences of a Stock Operator Paperback – (Best Forex books for User-friendly)

We highly recommend looking at the comparison table below, where we highlighted the key features of each product.We highly recommend looking at the comparison table below, where we highlighted the key features of each product. 

 TOP 8 FOREX TRADING BOOKS COMPARISON TABLE


FBS
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Forex for Beginners

·         Basics of Forex

Forex.Com
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Explains complex subjects around financial markets

Explains volume price analysis in simple terms

HotForex.Com
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Has a user-friendly guide 

An easy-to-follow introduction to the Forex market

Hogusway.Com
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The book covers Japanese candlestick as a form of technical analysis

It covers hundreds of examples showing how candlestick charting techniques works

ICMarket.Com
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Sound trading advice to help a trader develop his own trading methods

The book is focused on volume trading concepts

FXChoice.Com
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The book addressed the psychological nature of how successful traders think

A great book to help improve your trading psychology

Oanda.Com
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The book provides a link to more than 80 minutes of video content that can help you get started with your Forex trading strategy

The book addressed how to stop struggling with the markets

Pepperstone.Com
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The book has descriptive table of contents

The book covers dollar figures in 2020 dollars




 Top 8 Forex Trading Books 



1." Forex Trading: The Basics Explained in Simple Terms" - by Jim Brown


Feature

Topic: Forex for Beginners, Make Money Online

Best For : Beginners

Strategies: Fundamental, Technical and Psychological 

Writer: Jim Brown

KEY FEATURES:    The book covers temple and custom indicators. 

The book also discusses entry signals and trade management, 

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OVERVIEW:

The Book was written to give beginners an understanding of the basics of Forex. The book might seem less lengthy but what it lacks in length it makes up for it in clarity. The book is well known for its clear and concise language that breaks Forex into simpler terms. If as a beginner,the Forex trading terms you have come across so far have been complex and overwhelming, they should no longer be after you complete reading this fascinating book. Furthermore, the author also provides a copy of his own trading method and instructional videos on how to make use of it to help beginners in their journey through the Forex trading world.

 

     

    PROS & CONS 

    Pros

    Explains how forex trading works in simple terms.

    The book addresses trade management and position size for beginners.

    The book is providing to you the strategy art of war

    Cons

    The book does not emphasize keenly on risk management which is important for beginners.


     



    2.“Forex for Beginners” -by Anna Coulling

    Feature

    Topic: basics to the trading methodology

    Best For : Beginners

    Strategies: Fundamental & Technical of Trading 

    KEY FEATURES: The book addressed Trading risk

              The book addressed money management and position sizing

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    OVERVIEW:

    The book explains everything from the basics to the trading methodology which the author has used in all her trading and investing with her years of experience. The author describes Forex for Beginners as a “primer” to the world of Forex trading. This book focuses on the concept of risk in Forex trading which is important for beginners to understand in order to prevent frequent losses. To illustrate, the authorcategorizes this concept into two main areas: The level of risk (high, medium or low) and the financial risk. Also, this book helps you as a beginner to learn how to assess and manage risk in Forex trading. It starts from the absolute basics and down to the author’s own trading methods explained fully.


     

     

    PROS & CONS 

    Pros

    The book is 90% specific practical guidelines and only 10% on Forex basics. 

    The book has a lot of good information for someone who has no prior knowledge of Forex trading.

    The author sticks to systems and methods that have worked for her 

    Cons

    The book has poor chart images.


     

     

    3.“Currency Trading for Dummies Kindle Edition" - by Kathleen Brooks and Brian Dolan 

    Feature

    Topic: Trading for Dummies

    Best For : Beginners

    Strategies: Fundamental & Technical 

    KEY FEATURES: The book covers latest SEC rules and tax laws.

              The book also talks about differences between Forex market and stock market.

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    OVERVIEW

    The book is easy to comprehend which allows the Forex market to be easily accessible by the layman. It also contains instructions that are well packaged and can be easily understood. Also, the book is designed to explain the complex topics in a simpler and understandable language for beginner traders. Again, the text is easy to read and broken down into lists, bullets and breakout text boxes. Furthermore, the book also discusses technical analysis in a simpler form that can help guide beginners.


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    PROS & CONS 

    Pros

    The book provides tips and hints from professionals

    The book covers the use of various type of orders

    The book also covers economic events that can affect currency pairs.

    Cons

    The book lacked better visual of the charts and the diagrams in the kindle format are not readable.


     

     


    4.“Japanese Candlestick Charting Techniques" - by Steve Nison

    Feature

    Topic: Investment Techniques

    Best For : Beginners & Expert Traders

    Strategies: Candlestick 

    KEY FEATURES: The book presents a collection of candle patterns

              Basics of charting patterns

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    OVERVIEW:

    This masterpiece provides a lengthy and in-depth knowledge on candlestick plotting, analysis and charting, used as well in futures, equities, hedges and speculation. The book explains to beginners in expressive language the author’s years of practical experience in this popular and outstanding approach to market analysis. It consists of hundreds of examples that span the futures, equity, fixed-income and foreign exchange markets and shows how candlestick charting techniques can prove effective in almost any market. On the whole, it explains the basics such as constructing the candlesticks and learning the patterns, to the advanced topics such as the rules of multiple technical techniques. To sum up, the book teaches you how to make use of technical analysis in your trading path.


       

    PROS & CONS 

    Pros

    The book provides an in-depth knowledge on many new candle patterns

    The book is printed on high quality paper with big fonts and enough margin making it easy to read

    The book provides a proper insight into how candlestick charts are used in Japan

    Cons

    The book relies heavily on chart and chart on kindle format are strenuous to follow.


     

     

    5.“Trade your way to Financial Freedom" - by Van. K. Tharp

    Feature

    Topic: Financial Freedom

    Best For beginners and experienced traders

    Strategies: Fundamental, Technical and Psychological

    KEY FEATURES: Price sizing was well focused on.

               Great book that talksabout developing the right and perfect trading mentality

           

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    OVERVIEW:

    This book provides a beginner with a realistic view of the market and how to trade it. The author ensured he pointed out the essential factors that help a beginner trader to be successful in their trading career. He also pointed out the common traps that newbies fall into and also went a step further to explain why this happens.


       

    PROS & CONS 

    Pros

    The book covers stop-loss and how to take profit as well as position size.

    The book gives readers perspective on how to look at trading in general.

    The book stresses on money management which is important for beginners.

    Cons

    The writing style is too complex to read even for the simple concepts.


     

     

    6.“The Disciplined Trader: Developing Winning Attitudes" - by Mark Douglas

    Feature

    Book Type: The psychological nature of how successful traders think.

    Best For Experienced traders

    Strategies:  Technical and Psychological

    KEY FEATURES:

                  Trading psychology

                 Insightful book that is more focused on long-term trading

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    OVERVIEW:

    This is one of the first books to address the psychological nature of how successful traders think. The author examines the causes as to why most traders cannot raise and keep their equity on a consistent basis and brings the reader to practical and unique conclusions as to how to go about changing any limiting mindset. The trader is taken through a step-by-step process to breakthrough those queries and begin to understand that their very thoughts may be limiting their ability to succeed at trading.


       

    PROS & CONS 

    Pros

    The book focuses on how traders can deal with their emotions to improve their trading

    The book is also good for stock traders who want to improve their win/loss ratio

    The book will help improve a traders trading principle and discipline

    Cons

    The book is not written in a concise manner and also had lots of repetition


     


    7.“The Black Book of Forex Trading"-  by Paul Langer

    Feature

    Book Type: Method to Become  a Profitable Forex

    Best For: Beginners &  Experienced traders

    Strategies:   Technical and Fundamental

    KEY FEATURES: Adapting winning strategies

    Emotions control so as to become a better trader

                  

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    OVERVIEW:

    The book highlights how a trader can follow the success stories of other traders who have made it big in the financial world but only few will understand the skills one learns after going through failure. This book teaches you the macroeconomics bit of Forex and also captures the international monetary changes of both technical and fundamental analysis. In spite of the fact that the book is relatively less, it imparts significantly irreplaceable knowledge and can be adopted under complex situations for a long period of time. It gives you a simple yet powerful blueprint to plan and get control of your financial plans and achieve success in your trading.

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    PROS & CONS 

    Pros

    Explains how to become a profitable trader in four months or less

    The book will help the reader gain enough confidence to trade

    The book provides sound advice on risk management.

    Cons

    The book is not a good reference to what beginners might want to know about forex.


     


    8.“Reminiscences of a Stock Operator Paperback" - by Edwin Lefevre

    Feature

    Book Type: Emotions control so as to become a better trade

    Best For: Beginners &  Experienced traders

    Strategies:   Technical and Fundamental

    KEY FEATURES: Graph depicting Livermore’s wealth through time

    User-friendly bonus materials

                  

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    OVERVIEW:

    “Reminiscences of a Stock Operator” is a fictionalized account of the early life and rise to fortune of Jesse Livermore, one of the most famous speculators in history. Renamed Larry Livingston in this book, he gets his start as a young boy in the "bucket shops" of Boston, where small bets are made against the house on the rise and fall of stocks or commodities. Soon he graduates from quote-boy to beating the bucket houses at their own game, until they throw him out for winning too much. After that, he heads to Wall Street to try his hand at real trading, with many dramatic gains and losses along the way. Livingston becomes a force in the markets, which are not as highly regulated as they become eventually. His tips on speculating and human nature fill the pages and are still legendary among modern traders.

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    PROS & CONS 

    Pros

    The book provides inspirational quotes that can help motivate the reader

    The books makes learning fun by providing the personal experience of Jesse Livermore

    The book has an indirect, conversational tone that ensures the readers learn beyond the Livermore’s narrative

    Cons

    The book opens up with pages of quotes which can be discouraging for impatient readers.


     

     

    CONCLUSION

    Having a theoretical knowledge of Forex trading without practice is nothing. The reason for reading Forex books is to help improve your knowledge on Forex as well as to help in improving your trading strategy. It is therefore important that you put into practice what you have learnt from reading Forex trading books. The best Forex books mentioned in this article will help improve your knowledge and help improve your success rate in Forex trading despite your own strategy or prior experience in Forex trading. Traders should also engage themselves in reading financial news, study charts etc. as this will keep them informed with the current happenings in the Forex market instead of reading Forex books alone as a guide for practicing Forex trading.

     

    Comments

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