Books to read

There are a lot of great books on Forex trading, however, here is a list that will cover just about everything in terms of the basics:

• Currency Trading For Dummies” by Brian Dolan; Ever since it was first published in 2011, the book was often cited by both professional traders, and even some major media outlets. It’s a great starting point. It will definitely give you a basic understanding of how the market works
• The Black Swan by Nicholas Taleb; An absolute bestseller, adored by many Forex traders. It might as well be considered classic at this point. This book is all about risk management and risk mitigation, the unpredictability of the market, and how it is actually a good thing for us as a trader. Really fresh insight into trading psychology and a lot of useful tips
• Trend Following by Michael Covel; This one is a bit more advanced than the Brian Dolan book. It focuses on the specifics of the FX market, which major developments can it undergo, how can you benefit from such developments, and a lot of other useful stuff
• Trading in the Zone by Mark Douglas; This one can also be quite useful if you are a beginner. Human nature and emotions can play such an important role in Trading, and sometimes we can miss out on a great opportunity simply because we are too nervous or scared to lose money. The vital role of trading psychology is well explained in the book. With it we can learn to get into the right mindset
• Technical Analysis of the Financial Markets” by John J. Murphy; This book is one of the most reputable and highest-ranking on this list. Put simply, it explores the concept of technical analysis and offers you some tips on how to conduct one. Although it is not as easy of a read, as the other books listed here, its usefulness cannot be overstated

Another bestseller from the legend of the Forex trading, George Soros is;

• Alchemy of Finance; This book covers just about everything from the financial trends to keep an eye out onto the overall state of the global financial market. Soros’ personal account on Forex trading will not only help you approach Forex trading in a new and exciting way but will also offer some useful trading tips from the Trading Legend himself
• Day Trading and Swing Trading the Currency Market” by Kathy Lien; is a good book if you are interested in becoming a day trader or simply want to learn more about it. The author explains the concept of day trading well and provides some effective techniques that you can then use for your trading sessions
• Market Wizards Interviews with Top Traders – Jack D. Schwager; This is another must-read book that belongs on my best trading books list. It’s actually not just one story, but a collection of interviews with the best traders of the business – or at least the top of around 1980s. It is chock full of timeless wisdoms that still apply today, even though the actual interviews might sound a bit dated with the advent of modern trading techniques. Nevertheless, the advice by the traders still stands, as it deals with things like trading patience, discipline, following the trends, risk and capital management and making consistent trades
• Thinking, Fast and Slow – Daniel Kahneman; This fascinating book has absolutely nothing to do with trading, but it’s still relevant in quite some unexpected ways. Daniel Kahneman takes us on a tour of how we think, describing our thinking as divided in 2 systems, a fast and a slow thinking system. This book is sublime in explaining human behaviour and cognitive processes and biases. In that way is very useful to keep in mind with relation to trading emotions and behaviour. It describes why we do what we do, why we make emotional decisions that might not always be in our best interest and what we can do to make better choices. This is a book that not only will improve our trading, but will be useful in daily life as well. A highly fascinating read!
• A Three Dimensional Approach to Forex trading; If you aspire to becoming a full time forex trader, then this is the book for you. Even if your dream is perhaps more modest, and you simply want to have a second income trading the forex markets, then again, this book is for you. It has been written with one clear objective in mind. To explain how and why currencies move in the way that they do, using the combined power of relational, technical and fundamental analysis

Although this list is not exhaustive, but it should get you covered in terms of the basics. You can then move on to some more specific literature, depending on what you will find interesting

Trade Mindfully by Gary Dayton is also quite a great book recommended for trading psychology

What’s the best source for reading?

The World is moving towards Online Reading, Podcasts, Audio Books and so on. However, given the Ideal scenarios for me, I love to read mainly on a hard copy or a Paper Book

People are constantly looking at their mobile devices every minute looking for some more content(s)

There is no replacement for the touch and feel of a Paper book;

• The physical weight of the book imparts a sense of gravitas. In reading a book you are dealing with a real thing and not just digital wind. So it feels like something to take more seriously, respect more, and value greater than an ebook
• Ebooks are designed for speed with skimming, scrolling, and linking. But physical books are designed for slow processing, with larger pages, no links, and concentrated singular lines of thought. The effect is slowness and patience instead of frenetic haste
• Ebooks have “bookmarks” but it’s not the same and it doesn’t work as well as real books. With real books, you can hold multiple places at once and flip back and forth between them in split seconds without losing your original place. Moreover, since the text never changes locations in a real book, it’s easier to find your place in the book
• Books aren’t just for reading, they also decorate your walls and nightstands (and stairs, and floors, and counters, and rafters, and chimneys, etc.). Even as decoration, books breathe an air of intelligence into the room
• If you are in the thick of a research paper and you need to have five different books open at once, physical books afford that option. But your E-Reader or your phone does not. Physical books don’t have a hard drive, so you can “tab” as many locations as you want (i.e., dog-ear the corner), and they will never crash
• Books have a feel to them, with texture, thickness, and weight. There’s more interactivity with the physicality of the book than there is with an E-Reader. Many people find the “feel” of books more satisfying and nostalgic than with ebooks
• Related to the deep reading, the physicality of books invites a physical person-to-object relation, lending more “realness” to the characters and stories. The effect is that books enable emotional connectivity where ebooks do not

No one raves about the ebook smell like they do about the “old book smell. You can physically feel your progress through a book

You’ll literally be surprised at how much we can even get most of these Amazing books on Amazon

Keep in mind that while reading books on Trading is very useful, it can never be a full substitute for the experience we get during the actual trading

_______________________________NOTE: This page contains affiliate links. Which means I earn commissions for my recommendations. But NO, I don’t let that sway me from my primary Objective. You can see that on the About section of my Medium profile