The best books about forex trading

All experienced and professional traders began their journey with training. Of course, in view of the developed information space, there are many sources of information, various articles and video lessons, but as practice shows, it is books that have the best effect on a trader during his training.

Each book is a source of knowledge, and if we talk about books on stock trading, then these are also stories of successful people who were able to identify the main thing from a bunch of unnecessary information.

It is worth noting that the effectiveness of a particular market analysis method is not spoken of by fabulous words, but by real successful traders who have put all their experience on paper. 

On our website in the Forex Books you can download a simply gorgeous set of books. However, in order not to create a mess in your head, we decided to make mini recommendations on books, reading which will bring you great benefit and teach you the basics of trading.

The first book that I would recommend that all beginners get acquainted with is this publication from the Reuters team of analysts, “ Technical Analysis.” Course for beginners ."

This textbook contains almost all the basics that are necessary to begin studying more professional literature.

In the book you will get acquainted with the types of charts and how to use them, basic graphic models, variations of their use, as well as signals for entering the market.

The book is entirely devoted to technical analysis, so it examines the most popular indicators in great detail, talks a little about market cyclicalities and the basic pillars of Eliot's wave theory.

In general, the textbook is suitable for a beginner, since you will not find much depth or difficulty in reading it. He will give a general idea of ​​technical analysis and teach how to correctly use technical methods of market research. In addition, the trader will be able to learn how to independently construct lines, levels and other graphic figures.

The second textbook that is worth reading after you have mastered the basics is “ Technical Analysis ” by Jack Schwager. In the book, the author very much focuses his attention on the practical aspects of using technical analysis.

Thanks to the book, you will get acquainted with various false figures, false breakouts of trend lines, learn how to correctly set stop orders and learn the basics of competent money management.

Compared to the previous textbook, a lot of attention is paid to each of the graphical analysis models, it is shown with real examples how the figures work out, and entry points are considered.

You will learn about the most popular graphical models that predict a market reversal or, on the contrary, can confirm the existing direction of price movement.

Also in the textbook, the author shares working trading strategies, raises the question of how to properly carry out optimization, what time frames are suitable for testing, and how to avoid simply adjusting the system to the market, and carry out real optimization.

After you familiarize yourself and study technical analysis in detail, you need to expand your horizons and become familiar with deeper factors that really influence price behavior.

You cannot completely ignore fundamental analysis when engaging in stock trading, especially when it comes to assets such as futures or stocks.

Therefore, the third book that we recommend studying is “ Fundamental Analysis of World Currency Markets ” from Likhovidov.

In this textbook you will get acquainted with the main world currencies, learn in more detail what the exchange rate is, and get acquainted with the main macroeconomic indicators.

The author also focuses special attention on interest rates of central banks and inflation; indices and methods of their calculation are described in more detail.

Overall, this book completely covers all fundamental analysis and provides detailed guidance on how to trade and react to the release of various economic indicators.

Studying the history of successful traders, you will repeatedly come across the thesis that eighty percent of your success depends on psychology, as well as understanding the market.

The psychological aspect is most important in this matter, since most traders lose their deposit precisely because they cannot cope with the psychological pressure of the market. And this forces you to make one mistake after another and still open new orders.

Therefore, the fourth book that we can recommend to you is “ The Psychology of Finance ,” which was written by the famous hedge fund manager Lars Tweed.

Thanks to the book, you will finally understand that on the other side of the screen there are people just like you, who are ruled by basic feelings and emotions such as fear and greed.

The textbook describes the behavior of all market participants from a psychological point of view, which emotion predominates at a certain phase of the market, how the crowd behaves at the moment of trend reversal, and how, based on the analysis of crowd behavior, further price movements can be predicted.

The fifth book that we would like to offer you does not directly relate to teaching a certain type of analysis, but reveals all the secrets of long-term investing in stocks.

M. Weiss in his book “ Make money during a stock market panic ” describes to us all the ins and outs of brokerage companies, gives certain recommendations for choosing securities for investment, makes clear recommendations for choosing stocks and how to avoid dummies whose prices are simply inflated.

Overall, this book is a guide for a novice investor, thanks to which you can avoid common mistakes and build your income on long-term investing.

To summarize, we can confidently say that all of the books listed above will help you form your own view of the market, and in addition to training, you will be able to learn the entire philosophy of working on the stock exchange directly from the most famous traders and hedge fund managers.