FX Trading Books
When learning any skill, the right tools and resources are invaluable to get you started on the right track. Here’s our pick of the best forex trading books for beginner traders.
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Trading for Profit by Oli Hille
Trading for Profit is a great resource for teaching you the basics of forex trading. The author, Oli Hille, has first hand experience in trading foreign currency, having both made profits and losses, and uses his experience to provide valuable insights for novice traders. Examples of trading help the novice quickly gain a better understanding of the technical aspects of currency trading, without overloading the reader with too much jargon. This book also goes into detail about trading philosophy and how to discover and create your own trading style that suits.
Currency Trading For Dummies by Brian Dolan
Currency Trading For Dummies is a back to basics guide to trading the forex market, from the popular “Dummies” series of educational resources. This book is designed to provide beginners and novice traders with a step-by-step action plan for getting started in the currency trading market. It offers practical tips and advice as well as an easy to understand foundation, allowing beginners to get across all relevant areas of fx trading, including a grasp on currency quotes, using leverage, managing risk and reward, trading with fundamentals, and an introduction to technical analysis.
The Complete Idiot’s Guide to Foreign Currency Trading by Gary Tilkin and Lita Epstein
The Complete Idiot’s Guide to Foreign Currency Trading is from the well known “Complete Idiot’s Guide to..” series of books, and as expected delivers a very simple, easy to understand introduction to currency trading and forex markets. The trading process is broken down to a very simplistic level, as foreign exchange expert Gary Tilkin and financial journalist Lita Epstein cover the basics, including an overview of forex trading, tips on successful trading strategies and pitfalls to avoid.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex by Kathy Lien
The Little Book of Currency Trading is a short but succinct guide to currency trading, written by veteran forex expert Kathy Lien. Starting out with an overview of forex trading, this book covers how to get started in forex, common trading mistakes and scams to avoid, and numerous insights and practical advice for anyone starting out with currency trading. Later chapters delve into value investing and the Bollinger Band strategy which is useful for those interested in learning more about technical analysis.
Day Trading and Swing Trading the Currency Market is a follow up book from The Little Book of Currency Trading by Kathy Lien
This book is ideal if you are after further instruction and insight into trading strategies for the forex market. It contains an overview of numerous trading strategies, complete with examples, and explains the preparation for the trading day, as well as background on both fundamental and technical strategies. It makes for a great resource to get an understanding of different trading strategies, from which the investor can choose those which best suit their style and needs.
Beat the Forex Dealer: An insider’s look into trading today’s foreign exchange market by Agustin Silvani
Beat the Forex Dealer is an honest and insightful appraisal of how the foreign exchange market works, often to the detriment of new and novice traders. Because this book tends to gloss over the basics of currency trading, it is better suited for intermediate level investors, or as a follow up book to a more beginner level fx trading guide. Instead, it offers traders the market-proven trading techniques to enable you to avoid dealer traps and develop winning trading methods.
To get started with Forex trading you essentially need three things: trading knowledge, a market broker or trading platform, and some money to start trading with.
In the FX trading world, a pip is considered a point for calculating profits and losses.
In forex trading, the margin is what the forex broker requires you to put up in order to open a trading position, like a good faith deposit.