Reading books is one of the best & most effective ways to learn something.
By reading books, we can slowly understand a topic, even if the topic is unfamiliar to us. Of course, as long as you are patient and willing.
Likewise in forex. There are some good books to read in order to equip us to become a successful trader.
In 2023, let’s change our mindset to be more serious about doing things that bring profit, be deeper and passionate about forex trading to achieve a better life than today.
Are you confused about where to start reading? Follow the following Finex recommendations.
- Forex Trading: The Basics Explained in Simple Terms by Jim Brown
Jim Brown is a professional forex trader from Australia. Two of his books on forex have Best Seller status on Amazon.
He has developed and shared various trading systems and helps new traders a lot through writing on his blog and forums.
The Basics Explained in Simple Terms are suitable for those of you who are just starting to trade forex or maybe just starting to want to step in. As the title suggests, there is a basic understanding that will really help you in this relatively thin book (only 72 pages).
In order to understand something, it’s important to highlight a series of principles, and you’ll find them in this book.
- Forex Trading Money Management System by Don Guy
Don Guy developed the system he describes in this book over a period of 12 years, after one night in Las Vegas, he lost $2000 playing Roulette. At that time, he used the Martingale system which he thought he could not lose.
He learned from his mistakes, then spent the next 12 years fixing what was wrong with the system. Don Guy found a Money Management system which he said was easy for everyone to learn.
Long story short, he returned to Vegas and turned $20 into $500 in 1 hour at the roulette table. According to him, the system he wrote about in this book is good for the casino arena, but one thing for sure, works very well for financial markets.
- The Disciplined Trader by Mark Douglas
Mark Douglas is known as a successful trader who has a portfolio of economic books. In this book, he also discusses the concept of trading psychology besides explaining about the investment industry.
Apart from that, you can read directly from his experience as a trader, where one of the keys is that mental preparation is very important, both in your daily life and in your work (trading).
You will know how to systematically cultivate the right habits and attitudes to achieve success in trading.
- 12 Habitudes of Highly Successful Traders by Ruth Barrons Roosevelt
Another book that discusses the concept of psychology in trading. Here you can get it from Ruth Barrons Roosevelt, an international trading psychology coach.
Everyone has bad habits that are difficult to change. In this book, Roosevelt will teach how to manage emotions, resolve conflicts, and apply good habits to become natural traits that we can implement in our trading careers.
- Currency Trading for Dummies by Brian Dolan
Often you can guess the contents of a book from its title. This book is no exception.
You can easily learn a number of currency market rules as well as a sample trading plan step-by-step.
Currency Trading for Dummies also provides you with practical guides and tips from how to understand currency quotes using leverage, trading with fundamentals, and understanding technical analysis.
- Common Stocks and Uncommon Profits by Philip Fisher
The classic book on trading and investing from one of the most influential investors of all time.
First released in 1958, in this book Philip A. Fisher describes his trading philosophy, which has been widely studied and applied by financial market players and investors to this day.
- Momentum, Direction and Divergence by William Blau
This book completely explains to you the technical indicators and how to use them.
The three basic components in technical indicators are momentum, direction and divergence. Understanding all three can make you able to apply them in various types of trading.
Clearly and concisely William Blau explains it to you, without needing to mention basic assays of complicated calculations.
Those are seven books recommended by Finex to read and absorb in your free time in 2023.
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