Luckily, we live in an age where there is an abundance of different options for beginner traders, as well as disparate ways for them to be consumed. For example, the top forex trading books for beginners can come in the form of ebooks and audiobooks, and not just hardback books.
This article will provide professional traders with a clearer understanding of the best forex books to buy, by explaining all of the different types available. Therefore, beginner traders will gain a better understanding of the top forex books for beginners, as well as what will work best for them - because every trader has their own methods and philosophies in terms of what is the best way to trade on the forex market.
Key takeaways:
Kathy Lien is the managing director of BK Asset Management - a firm that is described as being a 'boutique foreign exchange research and advisory firm'. Lien is one of the most successful and prominent figureheads in forex trading, and has enjoyed success on Wall Street for well over two decades.
Lien's book 'Day Trading and Swing Trading the Currency Market' is a highly popular forex trading book among beginner traders, providing unique and practical insight that can be used to master fundamental and technical forex trading strategies.
In addition, Lien also provides a clear breakdown of the short-term and long-term factors that have an impact on trading currency pairs.
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Key takeaways:
Hailing from Australia, Jim Brown has extensive experience in the forex markets, having traded for over 17 years, and in that time, he has claimed to have tried every major and popular forex trading method. Brown offers a range of forex trading books that are targeted at both beginner traders and advanced traders.
Brown's book 'Forex Trading: The Basics Explained' is a pretty short read, but it provides a very clear breakdown of the varying concepts, terms, and important information that beginner traders need to know before they start trading in the forex markets.
Traders can expect to learn about topics such as: Pips, Technical & Fundamental analysis, trading psychology, forex pairs, forex market opening times, lot sizes, and so much more.
Moreover, this particular book also comes with a replication of Brown's personal trading system, complete with a video that explains how to use it.
Key takeaways:
This book focuses on a particular, but highly important aspect of forex trading - japanese candlesticks. Nison is often referred to as the 'father of modern candlestick trading', and when you read this particular release, you'll understand why!
Nison provides readers with everything they need to succeed when utilizing candlestick charting, together with essential information pertaining to equities, futures, and more! For traders who aim to focus on technical analysis, this is definitely a good book to start with.
Key takeaways:
Anna Coulling is a full-time professional forex trader and author, with over twenty years worth of experience in the trading field. Anna has written a range of different trading books on various topics, including: general forex trading, volume price analysis, and stock market trading.
Anna has previously described her book as being like a 'primer' (or introduction) to the forex trading world. This book also serves as a prequel to her previous and more advanced trading books: 'A Three Dimensional Guide to Forex Trading' and 'A Complete Guide to Volume Price Analysis'.
Forex For Beginners provides beginner traders with a breakdown of the basis principles of risk, as well as delivering essential trading expertise that beginners need to know. Anna defines risk according to different levels, namely: Low, Medium and High, as well as explaining financial risk for traders.
Expect to learn about forex market forces, currency quotes, the different types of forex brokers available and how their systems work, together with Coulling's approach to volume analysis.
By outlining the basics of forex trading, together with utilizing Anna's expertise in forex trading, this book ensures that beginner traders can fully grasp the concept of risk, and hopefully minimize it as much as possible.
Key takeaways:
Put simply, this guide focuses purely on the risk involved with forex trading. From the very beginning the book introduces concepts such as position sizing, suggesting that it is the most proficient way to effectively manage forex trading risk. For instance, it explains the dangers of maintaining too many open positions at one time.
Wachtel delivers a superb introduction to forex trading, as well as a detailed account of fundamental and technical analysis for currency trading.
Key takeaways:
Discipline is an essential part of forex trading that can sometimes be overlooked - especially by beginner traders. Many professional traders have discussed the importance of controlling your emotions when you're trading, and Mark Douglas is no exception.
In his book, Douglas approaches forex trading from a psychological standpoint, helping beginners traders to overcome their fears, and to fully grasp the importance of mastering psychology in forex trading.
Key takeaways:
It's a pretty safe bet that if a book has reached a 2nd or 3rd edition, it's trusted and in high demand! 'Currency Trading For Beginners' is the top ranked forex guide on Amazon, providing beginner traders with a detailed account of everything they need to know to start trading currency pairs. Learn about risk management, the advantages and disadvantages of forex trading, tax laws, up to date information on SEC laws, and more.
Key takeaways:
Everything you need to know about this book is already covered in the title! Langer provides beginner traders with a unique outlook on forex trading, though this particular book is targeted at intermediate traders (those who have been trading for a few months).
Langer explains his experiences with shilling out his own capital in the past on online trading courses and systems, together with his successful forex trading experiences, in order to deliver readers a book which promises three distinct forex strategies that 'consistently' enable traders to earn money with forex trading.
'The Black Book Of Forex Trading' is a highly popular forex book, and many copies have been sold worldwide. Langer is transparent about his own mistakes that he made when he first started trading on the forex markets, meaning that you can learn from them, avoid them, and also apply his system in order to start potentially making profits from forex trading yourself!
Key takeaways:
Coming from a slightly different background than most professional forex traders, Jelle Peters is a historian and philosopher who owns and operates his own forex trading website, providing excellent forex trading articles for his followers.
Furthermore, Peters has also created this excellent forex trading guide for beginner traders. 'Forex for Ambitious Beginners' is an honest forex trading guide, that is transparent about the trickiness of forex trading in the beginning stages, providing tips and tricks on how to avoid the most common mistakes that traders make when they first start trading on the forex markets.
This book provides traders with useful technical indicators, lessons on how to use particular forex trading strategies that Peters has picked out, as well as other useful knowledge, such as how to understand and use candlestick charts in forex trading.
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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
