Best Forex Trading Books

Best Forex Trading Books


Best currency trading books on Amazon.com. 2016 highest rated, top recommended best sellers Forex trading books to read and learn for beginner to advanced traders.




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Best Forex trading book - FX Bootcamp's Guide to Strategic and Tactical Forex Trading, by Wayne McDonell


Wayne McDonell is the Chief Currency Coach of FX Bootcamp, a live Forex training organization. As a professional Forex trader and teacher, his list of credentials and experience is long and varied. Successfully trading currencies takes the highest level of information, preparation, strategy, and discipline. McDonell's "Bootcamp" method takes a serious, organized, military-themed approach to learning how to trade Forex.

The book's five parts are titled "Basic Training," "Strategic Analysis," "Rules of Engagement," "Tactical Planning," and "Psychological Warfare." The FX Bootcamp Guide shows readers how to successfully trade the Forex market. The book uses the war analogy to emphasize that trading is a zero-sum game and each trade has a winner and a loser.


Review


Starting with the assumption that potential Forex traders are already experienced in other financial markets such as stocks, bonds, or commodities, FX Bootcamp's Guide assumes a high baseline of knowledge of terminology and concepts, and builds on that baseline. Still, important definitions are provided in Part I, ”Basic Training," such as moving averages, MACD, stochastics, and Bollinger Bands. Unfortunately, the list of indicators defined and used is rather limited, which may be intentional based on the author's biases toward using indicators that fit his trading system. Still, some readers may come away confused as to why other indicators they see being discussed in other publications and media outlets aren't even mentioned in the book.

Part Two, "Strategic Analysis," is a thorough discussion of the key factors that influence world currency fluctuations. This is perhaps the most complex component of Forex since virtually every important world event will have some impact on at least the local currency, which in turn will influence all the other world currencies. McDonell devotes a significant portion of his book to these factors and explains each in a concise style that is easy to understand.

Perhaps the most important part of the book is the last part, "Psychological Warfare," since the mental part of trading is the most difficult aspect for most traders to master.

Although limited in scope and basically a marketing tool to recruit readers to the FX Bootcamp website, the book is a good starting point for intermediate traders who are considering expanding into Forex trading.




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Best Currency trading book - Currency Trading for Dummies, 3rd edition, by Kathleen Brooks and Brian Dolan


Fans of the "… for Dummies" series of books now have an easy-to-read, easy-to-understand guide to the world of currency trading, also known as foreign exchange trading, or Forex. Laid out in a logical five-part sequence, Currency Trading for Dummies will introduce you to the basics of currency trading, show you what drives the currency markets, help you develop and execute a trading plan, and summarize with a section on how to emulate successful traders and manage risk.

This book isn't designed to show you how to win big trading currencies, but will give you a solid foundation on which to build if you decide you'd like to begin trading Forex.

Review


Currency Trading for Dummies is a solid book for beginners and capitalizes on the "Dummies style"—easy to read, simplification of complex terms and concepts, and logical progression of teaching fundamentals. The largest section of the book is devoted to analyzing and understanding the currency markets, fundamental data, applying market news and information, and understanding the major and minor currency pairs. Little space is devoted to actual trading strategies other than outlining the basic fundamental and technical analysis tools that traders use. Some specific methods are outlined in the appendix, but implying that a one- or two-page explanation of a complex trading strategy is sufficient knowledge to trade successfully is misleading.

This is certainly a book worth reading but as a prelude to a more detailed trading book about methods, strategies, and analyses.




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Best Currency trading book - Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market, by Greg Michalowski


This book focuses on long-term trends in currency markets and explains how to identify and successfully trade those trends. Tailored for those not interested in day trading, Attacking Currency Trends guides traders toward profitability by showing them how to draft an explicit mission statement and game plan for each trade, how to enter and exit those trades, and how to ride out the inevitable dips and reversals that are inherent in trading long-term trends that contain short-term hiccups.


Review


This is an extensive book about trading currency trends, although by no means comprehensive. No book on Forex trading that is less than thousands of pages long can be deemed comprehensive. Nevertheless, Attacking Currency Trends is a thorough book on trend trading as well as a good refresher on trader psychology, self-awareness, and planning and executing trades.

Michalowski is a qualified author who knows his field and has walked the walk as a successful forex trader. He discusses some of the key technical tools used for identifying trends: moving averages, trend lines, and channels; but leaves out discussions of other technical tools that can be used to further validate a trend such as Bollinger Bands, linear regressions, and MACD or stochastic crossovers.

His use of the term "Remembered Lines" is unique and perhaps confusing to readers who know them better as support and resistance levels. Also, any book touting one trading method or another will always stack the deck with charts and other illustrations that support the trading method. This book is no exception. Readers should also be aware that trending markets are not the norm in any asset class. The vast majority of the time in most markets the trend is merely sideways, which does not allow large profits to be made no matter what trading strategy is used.

Bottom line, Attacking Currency Trends is a better-than-average book for intermediate traders who want to master a specific trading strategy that may enhance their profitability.



Updated on 6/11/2016.



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