To become a successful forex trader, you need to gain sound insight and knowledge. How does one do this? By reading some of the most educational and inspired forex books on the market.
Learning from the experience of battle-seasoned traders will help you develop a thorough strategy, select promising stocks and currencies, minimise risk and boost potential earnings.
Our roundup offers an essential mix of general principles and in-depth strategies to give you the best overall understanding of trading forex, stocks, and CFDs.
1) The New Market Wizards,
By: Jack D. Schwager
A fine collection of philosophy, habits, and insight into trader psychology
If you’re looking to get into the mind of a successful trader, then look no further.
The New Market Wizards is the 2nd of two books centered around interviews with the financial superstars of the world – the traders with the highest returns year after year, the millionaires who trade for a living.
Schwager does not base his book on theories, predictions, opinions, or beliefs. Instead, the featured interviews offer a masterclass on how the world’s best managed to adopt a trading style that suited their personality, and, ultimately, allowed them to dominate the market each year.
To quote Schwager, “The markets are not random, they’re based on human behaviour”.
2) Market Wizards: Interviews with Top Traders,
By: Jack D. Schwager
A classic on how top traders reveal their secrets to ultimate success
How do you think some of the world’s most successful traders manage to churn over hundreds of millions of dollars a year? How did the Mozarts of the financial markets land success?
In the first of the Market Wizards series, bestselling author Schwager explores these questions through dozens of insightful interviews with some of the world’s top traders.
Through amazingly deep and detailed interviews, readers will discover solid methodologies combined with inspiring tips on having the right mental attitude.
This book is in equal parts a revelation of the lives of the world’s most envied traders, as well as a guidebook of principles which the reader can use to become a trading star in their own right.
Rated 5/5 by selected readers on Amazon, the book has been quoted as the “simply the best readable and usable interviews with successful traders of all types”.
The book is an engaging fusion and balance of fundamental trading vs technical.
3) The Disciplined Trader,
By: Mark Douglas
Practical and unique conclusions to help you break through a limiting mindset
In one of the first books that address the psychological nature of how successful traders think, Douglas’ industry classic examines the true causes as to why most traders are unable to raise and keep their equity at a steady level.
If you’re serious about improving the mental side of your trading game, this book offers the complete guide to ultimate psychological control.
First, there is a clear diagnosis of how beliefs filter reality.
Then, Douglas offers incisive, specific steps for engaging in belief change to accurately view the objective reality on the ground and in the markets.
And finally, you are offered incredible advice on how to apply objectivity with consistency and discipline.
A must-read for traders of all levels.
4) Beat the Forex Dealer: An Insider’s Look into Trading Today’s Foreign Exchange Market,
By: Agustin Silvani
A book that provides you with the knowledge needed to intelligently enter the forex playing field
Often referred to as the “slaughterhouse where novice traders go to get chopped up”, Silvani gives a thrilling account of the forex market, the world of egos where millions of dollars are won and lost every day.
Beat the Forex Dealer gives you the inside scoop on the truth behind scams and dirty dealer practices that are rampant in a market that has a 90% loss rate, serving up market-proven techniques designed to take down trading traps and execute successful trading methods instead.
Indeed, the book brings to life the buzz of the FX market by offering insights into some of the greatest trading triumphs that have stood the test of time, while highlighting a few legendary disasters and what we can learn from them.
According to Barron’s Futures, and Currency Trader Magazine, Silvani is consistently rated among the top-ten currency traders.
5) Forex Trading: The Basics Explained in Simple Terms,
By: Jim Brown
An excellent introduction to forex & much more. Great value for a small price
A book that’s oriented toward giving beginners the basics.
A self-taught forex trader, Brown became interested in foreign exchange and potential profits back when he attended a private gathering for stock traders.
True to form, Brown ensures he’s informative, giving intelligent overviews and insights into the forex markets, including:
• Strategies for entrances and exits
• Trading psychology
• The ins and outs of forex pairs
• Places to trade foreign currencies
• Tips for selecting a broker
You will get a full picture of how to read charts, how to interpret news, and the trading psychology required to be a successful trader. Brown offers just the right amount of information to get you excited about trading as well as the necessary tools to make your first market trades.
Brown also details of his trading strategy to help prospective traders, either to be inspired or to use as a lesson to create their own.
And there you have it! Our top forex picks that we’re sure will help you along your trading journey. Books, we hope, will land you the help or success you’re looking for.
Stay tuned for more essential reads we’ll post about soon!
And once you’ve picked up the basics, why not register with a low-cost & reliable broker to get started? Sign up today.
*66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.