This best forex trading book will go to the ground for trading and improve the trading mechanisms related to trading currencies, pairing currencies, understanding price quotes, the flow of global trading day, etc. Then you can put your knowledge and intuition to the test by creating a practice trading account with a foreign online broker before actually putting money into the real market.
With technology and communications advanced to unscaled heights and with no borders between countries, foreign exchange is an integral part of the economy today. We provide an overview of the best forex trading books. Below is the list of such books –
- FOREX TRADING: The Basics Explained in Simple Words (Get This Book)
- The Death of Money: The Impending Collapse of the International Monetary System (Get This Book)
- Forex Trading Money Management System (Get This Book)
- How To Start A Trading Business With $ 500 (Get This Book)
- FOREX: Using Fundamental Analysis and Fundamental Trading Techniques to Maximize Your Profits (Get This Book)
Let’s discuss in depth each of these forex trading books along with their key takeaways and reviews.
Best Forex Trading Books
# 1 – FOREX TRADING: The basics explained in simple terms
by Jim Brown
It will be of great use to those who have just started trading forex and need proper guidance given the wealth of information on the internet. It is a good book for understanding from the ground up. The author has also mentioned one of their trading systems and the indicators with no further associated costs.
The main concepts and principles were dealt with in a straightforward manner and in simple language. Examples traders encounter in their day-to-day work have also been highlighted to give readers a practical understanding.
# 2 – The Death of Money
The US dollar has been at the heart of the global economy since World War II, and its performance can affect the financial condition of other countries around the world. This book is a fast-paced look at the financial future, taking into account the greed of financiers, the incompetence of the central bank, and the risk of over-reliance on the US dollar as a reserve currency.
The 2008 global financial crisis hit the US economy and therefore the Fed is paying the worth for helping bankers. it’s being forced to print money to make inflation to offset the deflationary effects of the debt overhang from the banking crisis. The government’s ability to borrow is required to save lots of Wall Street. The drawbacks of devaluation thanks to excessive pressure that reduces intrinsic value have also been mentioned intimately . The author made two assumptions so as to reach certain theories:
- The 2007-08 recession was structural and central banks used the wrong tools, assuming the situation is cyclical.
- Gold is the only “real money”
None of the assumptions has been adequately supported by this book. However, it is written in simple language and one can expand one’s financial understanding by combining basic financial knowledge and the current economic situation in the world.
# 3 – Forex Trading Money Management System
This book contains a simple theory from the author that reverses FOREX market movement with a simplified money management system and helps maximize profits. The cover of the book highlights this difference, which shows the performance of the market with and without a system.
It is popularly known as “Roulette Trader Money Management” which implements reverse engineering to increase profits while reducing drawdown in most scenarios. The author once visited a casino in Las Vegas and lost $ 2,000 on Russian roulette. To counter this, this system was put in place to destroy financial markets like a professional gambler. This system can be automated and also used manually.
# 4 – How to Start a $ 500 Trading Business
Most new traders starting their business have very few resources to raise capital. This top forex trading book shows a realistic way how to become a full-time trader with limited capital, including private traders. It has a step-by-step guide on how to trade with just $ 500 capital. However, this forex trading book does not highlight how to quickly expand the business to a large goal of, say, $ 100,000. Some of the other important parts of the book are:
- How should one acquire good trading habits and implement them smoothly?
- How to be a Disciplined Trader
- Social trade
- Communication skills with brokers
- How to be a Professional Trader
- Maximize the return on the $ 500 available and make it feel huge
- Trading activity for a hedge fund
# 5 – FOREX: Use Fundamental Analysis and Fundamental
This edition will focus on the importance of fundamental analysis to the movement of the currency markets. Fundamental analysis is the basis of trading and a main driver of foreign exchange flows and gives the practitioner the practical knowledge and understanding that is very unique. The market is inherently very volatile and sensitive to all types of micro and macro releases. Therefore, the use of such a fundamental analysis is of great importance.
While technical analysis should not be neglected, a mixture of both of these analyzes must be maintained. This book will highlight the following aspects:
- Fundamental Trading Myths
- How can macro and micro events affect the market?
- Currencies and bonds
- Using practical examples and using models in fundamental trading
- Global market flows and other major trading concepts
- Flow of trade and capital in relation to the foreign exchange market.
While we are still on forex books topic, I am sure you would be interested in knowing some of the best forex brokers for traders online.
Below are the forex brokers that are recommended across different countries:
|Our Selection||Bonus offer||Country|
|4xtrading||£200 Free - No Deposit Required (UK Only)||UK|
|Forex brokers Australia||AUD 500 Free For First Deposit||Australia|
|Forex Trading South Africa||R100 Welcome Bonus||South Africa|
|Forex brokers USA||$100 Welcome Bonus||USA|
|Forex Bonus SA||R500 Welcome Bonus||South Africa|