To be successful in trading, a trader needs to absorb as much information as he can and should take advantage of every educational resource. Books are a great way to hone skills and improve. They are a great way to build skills, grow over time, and take advantage of that dead time. Everybody has a time where they’re waiting at the doctor’s office, for the Uber, or an airplane. Maybe waiting for that next class or commuting, sitting on a plane, or whatever. Take advantage of that dead time. To get better, you have to maximize your time, and trading books are a great way to do that. Here are the five best Forex Trading Books for all novice traders to learn and grow.
Top 5 Forex Trading Books to Read
The Daily Trading Coach by Brett N. Steenbarger
Brett Steenbarger is a trading psychologist, a sharp guy, and the book is well-written, but the best part is its 101 chapters. All of them are five-minute reads, some less, some a few minutes more. Even if you’re not a person that likes to read for hours a day, you can grab that book, again, while you’re sitting there waiting for a ride, waiting for the next appointment, and you can read one of these lessons.
Reminiscences of a Stock Operator by Edwin Lefevre
The book is a fictional story of Jesse Livermore, the most successful momentum trader ever. He made millions, lost millions, ultimately ended up committing suicide. That’s the sad part of the story, but the significant part about it is he tells his journey through the bucket shops, i.e., locate hot trends, whether that be cotton or grains. Some of these commodities that we necessarily don’t trade well; are still traded today. But in the momentum lane, we don’t trade them, but the charts & patterns are there. He would recognize hot sectors. If the fictional character mentioned in the book were alive today, he’d be trading cryptocurrencies. One might not learn trading techniques, but it gives you great in-depth into the mind of a momentum stock trader.
Trend Following by Michael W. Covel
When someone talks about swing trading, it’s investing over multiple days and multiple weeks, and the book puts a great nuance on the technique. It is holding stocks numerous days, weeks, maybe months, or even years, and what Michael Covel talks about in this book is isolating those charts. It’s an excellent charting book to get started there and learn that knowledge. One common mistake a lot of new traders make is they’re out too early. They take profits too early and let their losses run. People let their losses grow & grow, and the moment they see green, they take profits.
Trend Following is a great book to get you in that mindset of as long as you’re green on trade, let it work. If you’re red on trade, cut that loss quickly, and you’ll be on your way to maximize success; small losses, big wins.
The Psychology of Trading by Brett Steenbarger
The book is suitable for traders who have little experience, and complete beginners might not relate to that extent. The book, one by one, reminds the investor of investment mistakes and provides the solution to them. The experienced ones might remember these mistakes and would be requiring the solution. One strikes out a lot in trading, and there are so many lessons in this book that can potentially be a-ha-type moments.
Japanese Candlestick Charting Techniques by Steve Nison
Candlesticks have become a prominent chart pattern which every investor and trader is required to understand patterns effectively. Candlesticks charts show you the high of the day, the low of the day, how far the stock went, where it opened, where it closed. It’s incredible the amount of data one can garner from a candlestick chart. Seasoned veterans and other day traders can look at a candlestick chart and instantly recognize it to be a bullish pattern, bearish pattern, or a stock’s breaking out, breaking down.
Bonus Book
American Hedge Fund by Timothy Sykes
Tim Sykes’ American Hedge Fund came out in December 2007. The book helps discover day trading these low-priced stocks, short selling, or short sell low-priced stocks. The book details starting with $12,000 in high school, turning that into $1.65 million, trading on a boat back in the early 2000s when the internet access was nothing like it is today, traveling the world, and still, be successful, and primarily shorting these low-priced stocks.
Top Brokers for Trading Stocks
Global Trade ATF:
Bayline Trading Ltd trades in the financial market with the name TradeATF. It was founded in 2013. TradeATF follows all the rules and regulations of Belize and got itself registered with the Belize International Financial Services Commission (IFSC). The company Bayline Trading Ltd and TradeATF operate under the jurisdiction of Belize. TradeATF is also a digital sponsor of the Argentine National Football Team.
The broker provides a wide range of tradable products and services, which includes over 350+ CFD instruments such as Stocks, Indices, Forex, Commodities, precious Metals (Silver, Gold, Platinum), etc. It facilitates Islamic swap-free accounts for its Islamic clients.
ETFinance:
ETFinance is a leading financial service provider, established in the year 2018. The broker aims at offering top trading services to all ambitious traders across the world. Moreover, it takes care of your trading needs concerning the contemporary world.
It is a well-regulated brokerage firm offering advanced tools and educational material to enlighten your financial future. The educational hub of ETFinance includes financial courses, tutorials, articles, and videos on demand. The language of these courses is straightforward and easy to understand irrespective of the fact that you are a beginner or experienced.
TradedWell:
TradedWell is an online broker and financial service provider headquartered in Cyprus. It operates under iTrade Global (CY) Limited.
The company is registered under the Republic of Cyprus. The unique selling proposition associated with TradedWell is that they provide trading products and services and low and affordable prices to their customers. TradedWell offers trading in more than 170 assets and is authorized and regulated by CySEC – Cyprus Securities and Exchange Commission.
Conclusion
So, these were the best forex trading books of all time for trading, investment, and finance. Investing in the stock market can be an intimidating task, but the best part is one need not be an expert in the field to make rational decisions. The most prominent part is selecting the right broker, like TradedWell or ETFinance, which further helps their clients to make good profits.
The books would aid, but other learning materials like videos, journals, and articles are equally helpful.
