10 Books every forex trader should read10 Books every forex trader should read

Want to sharpen your skills as a forex trader? Looking to learn from the mistakes of others, or are you seeking tips to better your forex trade? Well, maybe it’s time you start reading up. Here we provide various books for you to choose from that help you understand the basics, like what is forex trading or get you to learn about exotic currencies like the Russian ruble and Polish zloty. But most importantly, it helps you make a profit in the forex market.

Trading in the Zone by Mark Douglas

When it comes to trading, forex traders can often get a bit sentimental with their trade. Here is a book that lets you explore the psychological attributes needed to become a successful forex trader. Considered by many as a book to develop the much-needed psychological characteristics while providing numerous techniques to control emotional responses to trading. These techniques can’t replace your plan or analysis, but they can assist you in executing strategies and minimizing losses.

Getting Started in Technical Analysis by Jack Schwager

This is the perfect book to start for traders about to begin trading. As a book, it is not just about the forex market but makes it easy for the reader to understand the financial markets and share trading. It delves into chart patterns, indicators, support and resistance levels and more.

Forex Trading: The Basics Explained in Simple Terms by Jim Brown

At just 91 pages, this short book introduces readers to the forex market and how it operates. Meant for beginners, this book provides practical tips on choosing a forex broker or investment consultant, how to place a trade and basic strategies. It’s a perfect entry point, highlighting how a trader can further progress.

Currency Trading for Dummies by Brian Dolan and Kathleen Brooks

While as the title suggests, the book introduces complex topics in a simple way. This is another book perfect for beginners, giving readers knowledge about the forex market, like currency pairs, what is forex trading, how does the forex operate, helpful and insightful tools, risk management, how to use forex trading platforms and most importantly, the characteristics of a successful forex trader.

The Alchemy of Finance by George Soros

World-renowned businessman and philanthropist George Soros explains his approach to trading. In the book, he introduces ‘reflexivity,’ a theory where prices can influence fundamentals. True, it does contradict standard economic thought, but according to Soros, reflexivity has given him an edge. But more importantly, this book offers readers insight into one of the most successful traders that has ever lived.

The New Market Wizards by Jack Schwager

This is the second by Jack Schwager on our list and gives us insight into multiple forex traders through interviews. He quizzes them on their trading system and what makes them profitable. It reminds readers there is no single set formula. It is an eye-opener on various trading styles and how every forex trader found a strategy that worked for them and perfected that very method.

Day Trading and Swing Trading the Currency Market by Kathy Lien

Revised and updated in 2016, so the content is still relevant to today’s market, the book gives readers an opportunity to learn and use various technical and fundamental strategies to apply overbought and oversold markets. The book opens up on strategies that include interest rate differentials, inter-market relationships and more.

The Complete TurtleTrader by Michael Covel

Now here is an interesting story–a trader bets his business partner that if a proven strategy is in place, anyone can be a good trader. So to prove his point, he funded and trained his recruits or turtles as they were called. Many of his turtles did become extremely successful traders, and the strategy they were taught is revealed in this book.

The Art of Currency Trading by Brent Donnelly

Want to know the ins and outs of how a bank trader places his trades and manages his risk? Primarily focusing on fundamental analysis, the book provides several forex strategies while helping traders manage risk and position sizing. By using a conversational approach, it gives the reader a chance to see how a professional trader thinks and dissects a trade.

The Man Who Solved the Market by Gregory Zuckerman

This book is the story of Jim Simons and how he started Renaissance Technologies. With a long track record of giving more than 50% yearly returns through his quantitative fund, which analyses price data, the book reveals how it finds profit opportunities, and an automated program will exploit it.