New traders must know! 9 Forex books that can change your trading game

Entering the world of foreign exchange trading may seem daunting for the general public. However, if you choose the right Forex books, they can serve as a compass to confidently navigate trading. This guide will select 9 essential Forex trading books you shouldn’t miss, along with tips on choosing the ones that match your trading goals.

Important Things to Know About Forex Trading Books

Before diving into each book, you need to understand why Forex books are highly valuable for beginners. Each book contains insights from traders with years of experience, helping you avoid costly mistakes.

9 Forex Trading Books You Should Read

1. The Black Book of Forex Trading - Paul Langer

Source: amazon

Recommended Rating: ⭐⭐⭐⭐⭐

This book targets traders of all levels, from beginners to intermediates, focusing on avoiding common mistakes and increasing profit opportunities with clear, practical methods.

Author Background: Paul Langer has been trading in the Forex market for over 8 years. He started with a loss of $50,000 and recovered through experience and continuous learning.

Main Content: Trading techniques based on price movements and basic technical analysis.

Highlights: Clearly explains trading concepts for those without a background.

Weaknesses: May lack advanced strategies for experienced traders seeking a different approach.

2. Currency Trading for Dummies - Paul Mladjenovic, Kathleen Brooks, Brian Dolan

Source: amazon

Recommended Rating: ⭐⭐⭐⭐⭐

This book is a great starting point for those wanting to understand the basics of Forex without getting bogged down by complicated technical jargon.

Authors: Three experts—financial planner, Forex analyst, and trading strategist—offer diverse perspectives.

Coverage: How the market works, factors affecting currency values, latest information on exchange-traded funds, and digital assets.

Highlights: Covers various aspects of currency trading in simple language.

Weaknesses: Might not be deep enough for seasoned traders.

3. How to Start a Trading Business with $500 - Heikin Ashi Trader

Source: amazon

Recommended Rating: ⭐⭐⭐⭐⭐

Ideal for those with limited capital, this book shows that you can start trading as a full-time career even with a small budget.

Author: An experienced trader skilled in effective trading strategies and risk management.

Key Content: Platform selection, risk management, developing a trading plan—all tailored for those with limited starting funds.

Highlights: Practical, step-by-step guidance emphasizing risk management.

Weaknesses: Some content may lack depth for advanced traders.

4. Forex Trading: The Basics Explained in Simple Terms - Jim Brown

Source: amazon

Recommended Rating: ⭐⭐⭐⭐⭐

This book by Jim Brown from Queensland, who developed himself from hand-drawing charts to strategic trading, balances theory and practice well.

Author Background: Started trading Forex in 2002, now based in Vietnam. He has helped many beginners through his blog and free guides.

Special Features: Includes indicators created by Jim for use on MT4/MT5 MetaTrader and TradingView.

Highlights: Clearly explains fundamentals with ready-to-use trading tools.

Weaknesses: The English text may require some time to get accustomed to.

5. Trading in the Zone - Mark Douglas

Source: amazon

Recommended Rating: ⭐⭐⭐⭐⭐

This book is for those wanting to understand the psychology behind trading decisions. Mark Douglas opens a new world explaining why novice traders often lose money.

Author’s Focus: A trading psychology expert dedicated to helping people master the mental aspects of trading.

Core Knowledge: Understanding inconsistency, overcoming deep-seated mental habits, and grasping the concept of “probability” in market movements.

Highlights: Deep exploration of trading psychology with practical techniques for mindset development.

Weaknesses: Limited technical analysis content.

6. Forex - Dave Matias

Source: amazon

Recommended Rating: ⭐⭐⭐

Dave Matias, an independent analyst since 2009, focuses on fundamental analysis and understanding the relationship between supply and demand.

Approach: Developing strategies based on macroeconomic fundamental analysis, complemented by price movements and market structure.

Content: Personal experience stories combined with financial facts.

Highlights: Streamlined storytelling balancing theory and practice.

Weaknesses: Contains many technical terms that beginners may need to study further.

7. Forex Trading Money Management System - Don Guy

Source: amazon

Recommended Rating: ⭐⭐⭐⭐

This book emphasizes a simple yet effective money management system. The author claims this system comes from experience losing $2,000 playing roulette.

System Approach: Uses principles similar to achieving consistent profits, such as turning $20 into $500 in one hour.

Highlights: Presents immediately applicable strategies focusing on money management and discipline.

Weaknesses: Beginners may need to understand Forex basics first to grasp this system.

8. FOREX THE HOLY GRAIL - SIMONE SIESTO

Source: amazon

Recommended Rating: ⭐⭐⭐⭐

Simone Siesto, an economics graduate, developed proprietary indicators and expert advisors for swing trading. This book challenges traditional methods and offers new approaches.

Key Content: Unconventional trading techniques and hidden strategies for higher success.

Highlights: Engaging storytelling with lots of technical content, suitable for beginners looking to develop further.

Weaknesses: Some technical terms may still be unfamiliar.

9. The Sensible Guide to Forex - Cliff Wachtel

Source: amazon

Recommended Rating: ⭐⭐⭐⭐

Cliff Wachtel has over 30 years of experience in financial markets. This book is suitable for long-term investors seeking to reduce risks from currency volatility.

Main Strategy: Focuses on high-yield stocks, currency diversification to prevent losses from devaluation.

Highlights: Best introductory information, clearly covering fundamentals. Suitable for both beginners and long-term investors.

Weaknesses: No tools for quick-rich trading.

How to Choose the Right Forex Trading Book for You

1. Define Your Trading Style

Before ordering any Forex trading book, ask yourself:

• Are you a short-term or long-term trader?
• Are you interested in technical analysis or fundamental factors?
• Do you want to learn trading psychology as well?

Knowing the answers will help you find a book that suits your needs more easily.

2. Research the Author’s Background

A good Forex book is often written by someone with real trading experience. Check:

• How many years has the author been trading?
• Has he written other books or articles on Forex?
• Is his method widely accepted?

3. Review Structure and Content

For any Forex trading book, verify if it:

• Covers basics or advanced strategies?
• Contains topics you are interested in?
• Uses easy-to-understand language or is full of complex jargon?

4. Consider Learning Difficulty

If you are a complete beginner, look for books that:

• Clearly explain concepts
• Use simple, real-world examples
• Are written in a continuous flow without jumping around

Summary: Start Trading Forex with the Right Knowledge

Learning from a good Forex book is an economical and fast way to develop your trading skills because you learn from others’ mistakes without risking your own money.

By reviewing these 9 books, you will gain diverse perspectives and strategies. Whether you are a beginner or have some experience, the knowledge gained will help you trade currency pairs like USD and EUR or other assets confidently through CFD trading.

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