Abstract：In this article, WikiFX will list 10 of the best forex trading books to read in 2022. We read several forex trading books and did thorough research and analysis to find the most suitable ones. Finally, WikiFX has chosen the below 10 forex trading books that can’t be missed to share with you. Also, we will share some tips on how to choose the best books for forex trading.
1. Best Must Read Forex Trading Books in 2022
2. Tips on How to Choose
1. Best Must Read Forex Trading Books in 2022
1) FOREX TRADING
MT4/5 & TradingView High Probability Forex Trading Method
Trading Forex with Divergence on MT4/MT5 & TradingView
by Jim Brown
Originally from Queensland, Australia, Jim currently lives in Vietnam and trades forex full-time. Since 2002, he has evolved from manual charting to multiple screens and automated trading as his knowledge of currency trading has grown. His blogs and forums have also helped many new traders, as he has developed and shared many trading systems for free. Trading experience makes him a confident tutor, especially for beginners.
All three of Jim's FOREX books deserve reading. In Forex Trading, the author mentions one of his trading systems and indicators without charging any additional fees. A simple and direct approach has been used to cover the essential concepts and principles. For the readers to gain a practical understanding of the topic, examples from traders' daily work have also been highlighted.
MT4/5 & TradingView High Probability Forex Trading Method provides a reliable and robust trading method that Jim has been refining for many months, both on demos and live trades. This article provides you with 75 useful graphics that provide you with information regarding the merits and demerits of various technical indicators used today.
Trading Forex with Divergence on MT4/MT5 & TradingView follows the same principles as the last book we have just discussed. MT4, MT5 or TradingView platforms support any financial instrument you want to use this method with. Furthermore, you will receive a downloadable folder with Jim's custom indicators, 50+ images illustrating forex trading with divergence, and a detailed overview of trading forex with divergence.
2) Currency Trading For Dummies
by Paul Mladjenovic, Kathleen Brooks, Brian Dolan
It can be your best choice to read this book if you are planning to start trading or investing forex for the first time. The book was written by three authors. It is designed for beginners who know nothing about forex trading, as its name implies.
It begins with a detailed introduction to the forex market, which is the biggest financial market in the world by volume of trade. Throughout, basic terms such as currency pairs, leverage, and pips are explained, and the reader's knowledge is built up to technical analysis. Its language is simple and easy to understand. It contains annotations such as warning signs, tips, and reminders.
Additionally, this forex trading book teaches traders how to identify trading opportunities and open trade positions. The course teaches traders how to interpret economic data, research the markets, and apply risk management strategies. Furthermore, readers learn how to develop a trading plan that is structured and well-informed. Anyone who wishes to get into forex trading can take advantage of this book, even though it is not comprehensive enough to make an expert trader out of them.
3) How to Make a Living Trading Foreign Exchange
by Courtney Smith
You should check out this book if you are still on the fence about trading. Courtney Smith is a renowned investor and fund manager who has made over a thousand television appearances and authored six books.
In this book, you can learn almost everything you need to know about the global forex market, what it is, how it works, and how to begin trading forex. The book then teaches six profitable forex trading techniques. During times of volatility, readers are taught how to maximize profits and also how to exit when critical times are imminent. Furthermore, the book discusses how to maintain healthy trading psychology and how to manage risks. Moreover, we reveal secrets of the forex markets and how to beat them by staying one step ahead at all times.
By combining the strategies and applying risk management and discipline, the author believes he can become a successful trader and generate a steady income for the rest of his life. According to him, all traders, regardless of trading skills or previous experience, can benefit from his proven methods.
4) A Three Dimensional Approach To Forex Trading
by Anna Coulling
This book is designed for aspiring forex traders who wish to trade part-time or full-time. In a series of books, Anna Coulling explains the complex jargon and concepts found in the financial markets clearly and concisely. By learning relational, fundamental, and technical analysis, traders can approach currency trading with confidence.
Unlike most forex books that focus on trading strategies, this book does not include any trading strategies. Instead, this book explores the financial markets, how they move, and why they move. Forex is not an independent market; it is the heart of the financial system. The forex market reflects the price movements of stocks, indices, commodities, bonds, etc.
Money flow and risk are also explained in the book, which will increase the trader's confidence. As a result, you will be able to make more informed decisions about your trades and reduce your risk.
5) Day Trading and Swing Trading the Currency Market
by Kathy Lien
The author, Kathy Stern is a Wall Street veteran and forex trading expert who graduated from the New York University Stern School of Business. She is the co-founder and Managing Director of BKForex.com. She has also published other books on forex trading. There are video lessons on trading available on a companion website that comes with this book.
The book explains how currency markets work and how big players access the interbank currency markets. It also explains interest rate differentials, option volatilities, market news, and inter-market relationships. This book teaches readers how to compete with institutional traders by using fundamental and technical analysis strategies. This book teaches proven short-term swing-based strategies that anyone can use to become a profitable trader.
Aside from the latest statistics and analysis, the book provides an overview of the evolution and pace of the forex market. Additionally, it contains information on the best times to trade forex, specific currency behaviour and important data that traders should always keep an eye out for.
6) How to Start a Trading Business with $500
by Heikin Ashi Trader
This is another entry-level forex book that you cant miss. Many traders are already familiar with the Heikin Ashi strategy, which is quite useful for predicting future prices if they have been trading for a while.
There are very few means for new traders to raise capital when they start their businesses. Despite having limited start-up capital, this top forex trading book highlights realistic ways to become a full-time trader. Traders who wish to remain private as well as those who wish to eventually trade customer funds should follow this rule. With as little as $500 in capital, it provides step-by-step guidance on how to start a trading business.
Each step also has a concrete action plan. In principle, anyone can be a trader if they are willing to learn how it works.
7) The Black Book of Forex Trading
Many people follow the success stories of those who have made it big in the financial world, but few comprehend the skills and swiftness one learns after failing. This book illustrates this point. Beginners and intermediate traders who are still struggling to make it big in the trading world will benefit from this book which provides rugged strategies to handle complex situations.
In this book, forex trading is divided into three main areas: Strategies - developing a winning trading strategy that fits your lifestyle; Money Management - managing your winnings without putting too much at risk; Learning to control your emotions and become a better trader - why most traders let their emotions rule their trading and how you can stop them from playing tricks on you.
You can finish the book within several hours since it's only 82 pages long, but the knowledge it imparts is irreplaceable and can be applied to complex situations for a long time.
8) Forex Trading Money Management System
by Don Guy
Using a simplified money management system, the author provides a simple theory that reverses the forex market movement and maximizes profits. The cover of the book illustrates this difference, showing the market's performance with and without the system.
Known as 'Roulette Trader Money Management,' it utilizes reverse engineering to maximize profits while reducing drawdowns in most scenarios. While playing Russian roulette at a casino in Las Vegas, the author once lost $2000. To counter the same, this system was developed to 'Crush Financial Markets like a Professional Gambler.' It is both automated and manual.
The author returned to Las Vegas with $20 and turned it into $500 in an hour, which was locked in through the automatic profit locking mechanism. The same can be applied to financial markets as well.
9) Technical Analysis of the Financial Markets
by John J. Murphy
Among the best forex trading books on the market, this book covers everything a trader needs to know, including technical analysis. In addition to being nicknamed the bible for traders, this book is a must-have for any trader.
In the past few years, thousands of traders have learned the fundamentals of technical analysis from this book. The second edition includes new material on candlestick charting, inter-market relationships, stocks, and stock rotation, as well as computer technology, technical tools, and indicators. Readers learn how to read charts and understand indicators through an emphasis on futures markets.
10) The New Market Wizards
by Jack D. Schwager
There is a book called “Market Wizards” that contains success stories and interviews with successful traders. This book offers an insight into the trading lifestyle of some of the best Forex traders in the world. This explains why some traders are so different.
In the book, it is revealed that successful traders rely most on their abilities rather than luck. You will find it entertaining, informative, and invaluable. These successful traders and cases must attract you and, at the same time, teach you some lessons.
2. Tips on How to Choose
If you're a newbie who knows nothing about forex trading, choosing the best forex trading books can be a daunting task. All levels of traders can benefit from forex trading books. Books can be found in different forms, such as audiobooks, eBooks, and paperbacks. To help you choose the best books, here are a few tips:
1) DecideWhat You Want to Learn
Is this your first time trading forex？ Then, you should start with forex trading books designed for beginners. Do you want to learn a new trading strategy？ Would you like to improve your trading discipline or perhaps create your trading system？ To narrow your search for what you need, it is important to decide what you want to learn.
2) Conduct Online Research
Many websites offer a variety of books that they have rated as the best forex trading books. This stage requires a great deal of effort. Examine the book reviews and, most importantly, analyze the reviews from readers who have already read the book.
3) Make Your Choices
Based on your research and book reviews, make your choices. You can also ask other more experienced traders for recommendations, but the final choice is in your hands.
Anyway, no matter which forex trading book you choose, WikiFX hope your trading life will change for the better and easier. If you want to learn more about forex trading, welcome to follow WikiFX.
WikiFX advises you to think carefully and do more research before investing in any broker. WikiFX contains details of more than 37,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link below (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.
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