There are several ways to learn trading successfully on forex market: you can sign up for an introductory workshop at a broker’s office, you can find experienced trader and take master class lessons, or you can choose the hard way and to learn all of that on your own without anyone’s assistance. No matter which one you choose, you will be required to learn trading basics that are stated in books.
For now there are many books on forex, since even inexperienced brokers or traders write articles and books. With that in mind, it can be tough for a beginning trader to pick a book. Surprisingly these books have a great impact on a beginner’s strategies and techniques on market. That is why the first books must be qualitative and give proven techniques and advice on speculations.
One should realize that forex market is comparatively new and all strategies and methods of trading came from share market. That is why quite often must-read books on forex include books with exchange trade basics.
Probably, the first one from the list is the book written by psychologist Dr. Alexander Elder “How to play and win on market”.
In this book the author talks about the easiest graphical analysis, but the main goal of this book was to describe the psychology of trading, the problems of discipline when trading. The key idea of the book is that success on market depends on self-control and on risk reduction, and also on strategies with positive expectation value.
After reading Elder’s book the beginners do not believe in simplicity of rules of successful stock trading and try to download forex books with Grail. Unfortunately, there are many people who would love to profit at the expense of these beginners, who swallow the bait easily. That is why we continue the list of useful forex books in Russian.
Other useful books for forex traders on the list are books dedicated to technical analysis. Classic graphical analysis is presented in D. Schwager’s book “Technical analysis”, where all classical approaches of financial instruments analysis chart are described. You will also find real life examples of application of the mentioned methods of analysis. It is a solid book with many pictures, so it is worth buying. Another useful book on technical analysis is called“Technical analysis of futures market: theory and practice”, by John Murphy, that is also full of pictures.
If you need a great book about candlestick analysis, it is better to download a forex book written by Steve Nisson. In this book Steve explains how to use candlestick charts, their types, what kind of candlestick formations exist, how to find them and how to trade with them. This is a number one forex book if you are planning to use candlestick analysis, which is so popular among Japanese traders.
You can download another forex book written by V.N. Likhodeev “Fundamental analysis of foreign exchange markets. A method of assessment and a decision making” in order to understand how trader’s fundamental analysis of forex market can be. Unfortunately forex market rarely demonstrates fundamental factors correctly, nevertheless, one should know the basics of fundamental analysis of Forex market. That is the reason we recommend to download this forex book to enrich your instruments for analyzing the market and to always compare your positions with current market sentiment.
To understand the reasons for success and failure on the market it is recommended to read Jack Schwager’s book “New wizards of the market” (the older version of the book is “The wizards of the market”). In the book you will encounter real stories about the US’ traders, who were trying to achieve success and reach accounts with millions, overcoming trials and temptations. Only the analysis of others’ mistakes and premises for success can help a beginning trader to save a lot of personal money during his professional formation, so don’t put aside this book.
Certainly this is not a complete list of forex books that are useful for a trader but these books will give a base for a beginning trader’s development and will assist in building his own profitable trading system on the forex market. All the above mentioned forex books may be downloaded on our website.Social button for Joomla