If you’re new at Forex Trading and unsure where to begin, the following books should give you a good starting point. They include tried and tested methods as well as more forward thinking strategies, and will not only give you the tools needed to be a successful Forex trader, but also assist you with the appropriate mindset needed before you start. It is best to read as much you can on the subject and the following books will give you all the information you need in one place without having to trawl the internet for resources. Any combination of the following is recommended to help you on your way to a lucrative, profitable future trading in the Forex market.
Book by Kathleen Brookes & Brian Dolan
This book is ideal for anyone who already has a basic comprehension of the Forex market and wants to gain a more in-depth understanding without doing a lot of heavy reading. It benefits from the perspective of two authors; Kathleen Brooks is a research director at Forex.com, and Brain Dolan has more than 20 years of experience in the currency market. Their expert knowledge combined provides you with essential tips and secrets to success, giving readers a plain-English explanation on understanding how the market works. It highlights things to think about before you start trading and learning how to interpret data to help you more effectively read the market and offer expert guidance on developing a structured and disciplined strategy. This book can be used as a reference point or guide for specific areas of learning, so there's no need for you to read the pages in order from cover to cover. It also covers the latest SEC rules and tax laws.
Book by Courtney D. Smith
If you follow the instructions in this book to the absolute letter, there is a potential to make a profit (although this is never guaranteed due to the nature of the Forex market). It is predominantly focused on long-term investments and is aimed at position and swing traders instead of day traders. The book includes insightful chapters surrounding The Psychology of Trading and Risk Management. The author, Courtney Smith, is considered a master of the trade (he has made over a thousand television appearances on the subject of finance) and within the pages are a lifetime of experience on Forex trading. An existing level of knowledge on the reader's part is assumed, so this book is not suitable for complete beginners with no economics background or trading experience. You can implement many of the strategies outlined directly by programming them into whichever trading platform you use - other readers have reported success following Smith's methods, and this book allows you to backtest them for yourself. It offers more than just a theoretical approach, providing a detailed analysis of the different techniques, alongside a step-by-step guide on applying them to your own trading life.
Book by Rob Booker
This is one of the few books on the subject of Forex trading and the currency exchange that will keep you informed as well as entertained throughout, offering a more lighthearted take on the trials and tribulations that face anyone embarking on their journey into Forex and beyond, with a welcome splash of humour to balance out all the facts and figures. Booker offers wisdom, humility, insight and delivers this in a witty, relatable manner. It doesn't provide the in-depth analysis that other books on the subject do, but it gives a good starting point and will help you avoid some of the common pitfalls that prevent you from being a successful trader. As with any good fable, it teaches you valuable lessons you need to be aware of, and is a particularly good starting point for any new trader before you begin trading with real money. Because the focus is mainly on personal awareness, attitude and discipline, it is a perfect pairing to another book focusing solely on strategy, because essentially you can have all the tools and analysis graphs but without the mental preparedness that goes alongside them, these would all be useless.
Book by Kathy Lien
If you are a serious trader who wants to learn how to trade like a pro, then this book is for you. It presents many strategies and gives a good background for all the major currencies, explaining what makes them move. It covers fundamental and technical sides of the market, providing many charts for reference and increased understanding. Kathy Lien Speaks from experience and is well known as a fantastic analyst, strategist and trader, sharing her insight and methods with enthusiasm. It is easy to read and understand, giving you the opportunity to backtest her methods yourself. This is a must read for anyone new to the Forex market and a good addition to any traders bookshelf.
Book by Anna Couling
This book is a must read for any new or aspiring trader. It explains how and why currency markets move in the way they do, and aims to predict where the market is going next using the power of relational, fundamental and technical analysis. Looking at things from these three different angles will give you an entirely different perspective of the Forex market, telling you everything you need to know and giving you the techniques and knowledge so that you can fully understand the inner workings of Forex trading. It covers bond and commodity markets, as well as the relationship between them, There are also chapters on economic cycles and their drivers, economic and technical indicators and analysis techniques. It is a fully comprehensive guide to Forex trading and gives an in depth explanation of everything impacting the market both today, and in the future.