Are Forex trading strategy books influential, like logistically?
And... yes! Despite having those myriad & stone-cold pages, if you spend some quality time reading those strategy books, there is almost an 88.63% chance that you'll get a hold of the actual things in the FX industry.
To be completely honest, the Foreign exchange market can often act too cruel, and while being a novice trader, the experience of getting stuck in the world's most volatile market can feel a bit frightening.
Keeping that in essence, a trader should always accumulate some tricks on his sleeve, and one of them is ( probably the major one) "Knowledge regarding the strategic Forex aspect."
Tip: Reading books is the quickest way to gain knowledge, and you should know that better! So to get better at Forex strategy, read FX trading strategy books.
Now, what comes to mind when it comes to Forex strategies (judging by the POV of most market traders)?
Well, maybe...
- A diary filled with numbers?
- Catching candles that are dancing ballet?
- Cups and spoons showing market movements?
For a change, how about all of these at once?
From these WILD perceptions, a conclusion can be drawn that " these are the POV of non-market traders." And for the novice traders?
We're SUPER excited to announce that the blog post regarding " FX Strategy Book" is made with authentic resources and intel.
Since then, We've made hundreds of edits, additions, improvements, and trendy updates.
Hold up, and it gets even BETTER!
In this in-depth blog, we've covered all the resources in one place, including the backgrounds, top picks, overviews, noteworthy mentions, unknown factors, and much more!
So, ready to grab some efficient forex trading strategy books?
Awesome!
The following post contains all the major & minor factors about the trading strategy books that'll help you quickly get a hold of the market.
(In 2022).
Let’s get started!
These are the primary aspects that will get uncovered in this comprehensive guide, and it’s not even it!
Along with these critical characteristics, I’ll be sharing comparisons between different books, which often cause vast controversy when it comes to being called the BEST!
So, Let’s heat things up a little, shall we?
First of all, we all know what a book is and what it can do, right? Also, as per several talented individuals, "Books are often considered the BEST friend that a man can have who doesn't require anything in return.
In Forex trading, an FX strategy book is no exception as it contains amplified knowledge and necessary market intel that can be referred to as "hidden gems' ' for market traders.
There are a lot of books in the Forex industry that is specifically created to broaden the traders about the systematics of the foreign exchange market.
And if we dive a bit deeper into the financial terms regarding what exactly is FX strategy book then let me give you a glimpse of that:
According to Wikipedia, a financial trading book simply contains vast information about attainable assets, exchange rates, derivatives, essential fundamental aspects (chart patterns, trading indicators, equities, commodities), and other financial contracts.
P.S: The portfolio from instrumental financial books can most likely be sold to benefit from the short and long-term market fluctuations. However, it must be recorded on a daily basis.
What Are Actual Forex Strategy Books
While speaking theoretically, Forex books are exactly what they sound like since it showcases a comprehensive overview of Forex trading strategies?
Whether we're talking about actual trading, understanding the fundamental aspects, or even creating top-notch yet efficient strategies, a Forex strategy does everything.
And... isn't that pretty amazing? ( But are you an actual reader?)
If not, then get used to reading books since if you want to dedicate your time and effort to trading, then you'll surely need to read trading books and there's no alternative to that.
But what if you are new to this trading world? Are there any forex trading books for beginners?
Umm yes. You are lucky here, I must say!
Since we all know that online trading requires an in-depth understanding of market analysis, trading indicators, chart patterns, trading psychology, market psychology, and the list simply goes on.
Wondering how to grasp all of these necessities in a short period of time? Simple! Read Forex trading Strategy books!
So, you know what to do now, right?
If the internet has taught people something significant, it'll undoubtedly go down in history as "people are more frugal with their finances than ever."
And that's not something we made up!
As per think with google, people are going with second-hand things more frequently rather than choosing brand new ones in the first place.
More specifically, the search ratio of the keyword "second-hand products" has risen dramatically by over 300%. At the same time, the searches for "no fees, "buy now pay later" have grown respectively by 90% and 200%.
Metaphorically, these stats pretty much flash out that people are more aware of their finances now. As a result, people are investing more in online trading than ever before, which also means there are a lot of new faces in the trading sphere who are entirely unaware of the systematics.
A survey from the FX volume outlines that the transaction volumes of the Forex industry have aroused to new heights as of April 24th. The numbers really showcase how retail investors are really into "online investing" these days.
Alright then! Now that we’ve outlined some of the rare intel covering the Foreign exchange market let's move our focus to the retail market traders reading the best trading books to have a BETTER understanding of the price movements.
Theoretically speaking, forex trading strategy books or stock trading books have always been an individual aspiration in every trader's mind. As without reading the market movement, trading in the volatile Foreign exchange market is next to impossible.
Following that aspect, the usage ratio of forex trading strategy books and guides is increasing at a contagious rate, and that gets SUPER clear if we just look at the numbers and stats from the past few years.
Since 2010, the number of trading book readers has risen over 75-77.87%, and if we just look at the past five years, the user ratio increased by more than 82%. (As per Wikipedia)
Sounds unreal, but it's true!
Now, let's add more depth while highlighting some of the most followed trading books over the years.
Independent sources have confirmed that "Currency Trading for Dummies written by Kathleen Brooks and Brian Dolan is the most followed book with an approx percentage rate of 27.88%.
Just below that number, the Currency Forecasting written by Michael Rosenberg has claimed the spot for itself with a user base of almost 22.66% traders.
Speaking of the most effective forex trading books, day & swing trading the currency market by Kathy Lien, how to make a living in Forex written by Courtney Smith, FX trading by J. Brown is also followed by HUGE market traders.
And if it comes to an exact percentage following those trading books, then here's an approx figure:
Day and swing trading the currency market by Kathy Lien has a user base of 18.12%; At the same time, how to make a living in Forex from C. Smith and Forex Trading written by Jim Brown has almost 11.34% and 10.50%;
The remaining traders use other patterns that aren't exactly the types we should highlight here.
So, there you go!
Books are literally our best friend, and when it comes to Forex online trading, it's really no exception.
Trading books can also be referred to as assets since they contain a vast amount of valuable information related to essential trading aspects.
So, we really can't begin to compensate for the actual significance that forex trading strategy books hold, right?
Keeping that in essence, I'll shed light on some of the most effective Forex trading books that are compatible with both novice and advanced market traders.
Here are the deets...
Black Book of Forex Trading - Paul Langer
If it's ever come to tested contents, Black book of Forex trading beats all its competitors as it's been fabricated making a lot of background research and tests.
Specifically, the black book of Forex trading is made keeping in mind both beginners and intermediate level traders who are constantly working their heart and soul out to call themselves successful traders in the online trading sphere.
By reading this book a trader can quickly embody certain virtues such as agile movements, quick decisions, versatility, and much more!
Having said that, there are also some prospects that you'll most likely find while reading the book. Such as:
Note: The book may come in a relatively small size compared to other books but don't let the size deceive you since it contains ample essential information.
When it comes to a specific trading book that is versatile to all financial markets then the first book that comes across every professional trader's mind is " Getting Started in Technical Analysis'' which was written by Jack Schwager.
Since we all know that technical analysis mainly completes the utilization of trading and price charts in order to input exact trading valuables.
And for that reason alone, this book can prove to be the ideal place to start for all the novice and intermediate level traders across the globe.
Along with all of these HUGE beneficial factors, The book is heavily packed with chart patterns, trendlines, economic factors, and much more!
Well, you've got the right idea; the book is exactly how it sounds (made for Forex dummies). This HUGELY popular trading book series was brought in with a singular purpose: to highlight all the forex trading aspects more simply and gently.
Whether you're a complete novice trader who hasn't even heard anything about the enormous trading sphere aka Forex or maybe someone who is at an intermediate level, this book (currency trade for dummies) serves all.
And as per the contexts, the books are contained with a basic overview of currency pairs, the systematics of the Foreign exchange market and industry, trading tools and equipment, risk factors, trading indicators, trading psychology, and much more!
New Market Wizards - Jack Schwager
One of the finest among forex trading strategy books out there.
Precisely, a lot of the online trading books which are available and get followed till days are preliminary based on trader's prospects and their takes on the Foreign exchange market.
But that's not always the case!
One of the GIANT authors of the FX industry, J. Schwager has tried a rather unconventional approach in which he interviewed the successful traders of the Foreign exchange market with the sole purpose of accumulating authentic and unbiased information.
If you're relatively new to this industry then the books will work as a wake-up call for you since you'll get to know the hidden tack of expert market traders which made them a stable market trader. Along with their personal experiences, you'll also be knowing about effective trading styles as an ABSOLUTE treat.
P.S: J. Schwager also wrote a book called "unknown market wizards," which is also something you should consider reading before hopping on to the online trading sphere.
Have you ever thought of getting your hands-on insights on how brank traders actually place their traders as well as manage the risks of those trades?
Well, who doesn't, right?
Keeping all of you guys into EMPATHIC consideration, Brent D. has written a book that goes by the name "The Art of Currency Trading!" The book predominately concentrates on technical & fundamental analysis ( using the news and economic factors for figuring out the market price points).
Along with these basic fundamentals, the author also accumulated effective yet efficient forex trading strategies, which will most likely keep you BOOSTED in the long trading run.
Though the trading styles which are highlighted in this book often face a lot of controversies, if you keep that aside, it's an ABSOLUTE treat for a market trader.
Now this book has an interesting story to it. So basically, the story is all about an individual who had confronted his long-time business partner that he could make any trader successful but obviously he or she will have to come up with a strategy that has proven records.
And for executing his sole commitment, which he made to his friend, he then hired a bunch of people and trained them to be traders who are ULTIMATELY known as "The Turtles."
And the most exciting fact is, that many among those recruits later become successful market traders.
Wondering what exact strategy they followed back then? Take a WILD guess, will you?
It's widely known as the trend-following strategy, which is still SUPER popular today.
Trading In The Zone - M. Douglas
Before I dive even deeper into this conversation let me ask you this, do you think that trading is all about strategies and indicators?
Well, it's not!
Along with all the strategy and fundamentals, a trader needs to embrace discipline and [patience if he/she wants to survive in the online trading platform.
Besides, without having proper patience and discipline, a trader cannot implement strategies accordingly.
Also, while we are at it, a trader should always keep his emotions in check since emotional conflicts often get the best of the retail market traders.
How To Make A Living Trading Forex - C. Smith
If you're looking for a book that is well suited with effective trading strategies then you'll find this book " How to make a living trading the FX market" IMMENSELY significant.
The book covers six types of trading strategies that are well compatible with long-term traders and day trading.
Apart from the strategy (which can vary due to price volatility) the book also provides some glances at trading psychology and risk management.
However, there are a lot of forex trading strategy books that are also worth mentioning since all of them contain exciting hacks and knacks of the FX industry. Let’s glance at them, shall we?
| Technical Analysis for Dummies - Rockefeller |
| Three Manuscripts - Matthew May |
| Technical Analysis of Markets - John |
| 3 Dimensional Approach - Anna |
| Money Management System - Don Guy |
| Alchemy of Finance - George Soros |
| Forex For Ambitious - Jelle Peters |
| Art of Currency Trading - Brent D. |
| America’s Bank - Roger Lowenstein |
| Investment Psychology - Martin Pring |
| Foreign exchange matrix - V. Schmelzer |
| Trend Following - Michael Covel |
| Way To Financial Freedom - Van |
| The little book of trading - Kathy Lien |
| The Black Swan - Nicholas Taleb |
So, while you’re paving your paths through the Foreign exchange to become a stable market trader, check these books out, okay?
Conclusion
Since we've reached the conclusion portion of this discussion regarding Forex trading strategy books, I'll be more than happy to share a couple of Forex hacks with you which will help to keep your emotions in check.
Stay "Quite" from time to time: Pausing from time to time might prove to be the ideal hack in order to stay emotionally stable.
Prioritize yourself: Don't try to be a copycat instead, embrace yourself to the fullest. It pays off!
Find out your zone: It's important to stay in the comfort zone where any misleading thoughts won't concern you.
Fight Your Fears: Having irrational fears won't let you set your wings in the blue sky as it'll always pull you from behind. Therefore, eradicate it ASAP!
Chasing the rabbit: While trading, it's natural that you'll lose money but don't try to win those back, or else you'll also lose your current possession.
Finally, I'm hoping that you'll find these contexts effective enough to implement in your day-to-day life (regular as well as trading life). That being said, we're signing off for today!
Frequently Asked Questions
Q.1 What is the best book to read for forex trading?
Answer: Black Book of Forex Trading by, Getting Started In Technical Analysis, Online Currency Trading For Dummies, New Market Wizards, The Art of Currency Trading, Complete TurtleTrader, Trading In The Zone, and How To Make A Living Trading Forex.
Q.2 What is the best strategy for forex trading for beginners?
Answer: Top seven forex trading strategies for beginners: Trend trading strategy, Range trading strategy, Breakout trading strategy, Momentum trading strategy, News trading strategy, Carry trade strategy, and MACD trading strategy.
Q.3 What are the four types of forex traders?
Answer: There are four main types of trading styles: The Scalper, The Day Trader, The Swing Trader, and The Position Trader.
Q.4 What is FX book?
Answer: As its name suggests, a forex e-book is simply an electronic book that deals with foreign exchange trading. Forex e-books are popular among new traders who are seeking an introduction to the high-level concepts and trading techniques used in the forex market.
Q.5 Is Forex Trading Halal or Haram?
Answer: Forex trading is both halal and haram, depending on the intent and behavior of the individual investor. Trading with a proper strategy and Islamic account is halal, whereas with a regular interest charging account and no system, it's considered gambling and haram.
Q.6 Is Forex more like gambling?
Answer: Forex trading is considered by many to be nothing more than gambling. After all, whenever you take a position in a particular currency pair, you are betting on the price to either go up or down by taking a long or short place.
