The first stages are often the most difficult, and choosing the appropriate ones will determine the overall learning curve and success of Forex traders, regardless of where they are in their trading journey.
Many novice traders are only concerned with the earning aspect of trading, oblivious to the fact that learning, which contains the term earning, is the fundamental instrument for unlocking the earning potential of trading.
Choosing the finest Forex broker for the trader's requirements is just as critical as trading the technique that is most suited to their trading style.
Forex trading continues in great demand and is the area of the global financial system that is expanding the quickest. There are various reasons for development, including the fact that it is tradable 24 hours a day and the cheap capital requirements combined with leverage enable more traders to begin trading.
Education is a sometimes-ignored part of effective trading. While there is no formal course or curriculum to follow, there is an abundance of instructional information accessible.
Regrettably, many deals, training sessions, Forex textbooks, and trading colleges are not free. They are often provided by professionals and experts who have failed at trading and who have had to start over a few times, backed up by huge marketing operations.
They strive to offset their investing and trading losses with the knowledge to generate passive income from the Forex market.
To help traders navigate the complex financial markets and help them avoid obvious mistakes, the following eBooks have been selected. These books provide a significant amount of insight, assistance, guidance, and other information necessary for traders to succeed in the forex market.
These titles include:
1. Jump Start Your Forex Trading
2. Tested Trend Trading Strategy
3. Cryptocurrencies – Bitcoin
4. Bearish Japanese – Candlesticks & Strategies
5. Bullish Japanese – Candlesticks & Strategies
6. 50 Successful Trader's Habits
7. Forex for Beginner Traders
8. Introduction to Trading Psychology: A Practical Guide to Improve Your Trading Psychology
9. Day Trading & Swing Trading the Currency Market
10. Currency Trading for Dummies
11. How to Make a Living Trading Foreign Exchange
12. Japanese Candlestick Charting Techniques
13. Forex Trading: The Basics Explained in Simple Terms
Top 10 Forex Brokers Broker Rating Regulators Min Deposit Leverage Website Top 10 Forex Brokers Broker Rating Min Deposit Leverage
1. Jump Start Your Forex Trading
Author: Adam Lemon
Recommended for: Beginners
In addition to being a Profitable trader, Adam has over 12 years of experience in the financial markets, including 6 years at Merrill Lynch. The Chartered Institute for Securities and Investment (CISI) in the United Kingdom has awarded him certification in Fund Management and Investment Management.
Lemon offers extensive lessons in several topics to help traders who are starting in the forex market. In addition to this, his book, “Jump Start our Forex Trading” is free of charge and covers the following:
- Choosing a Forex Broker
- Overrated Forex Features
- Online versus a downloadable trading platform, which is the best?
- Is it a good idea to switch between brokers?
- 4 steps to forex success
- Getting help from professionals
- Forex trading methods
- Risk and stop losses
- What is technical analysis and why traders should care
2. Tested Trend Trading Strategy
Author: Adam Lemon
Recommended for: Beginners and intermediate traders
In this book, Adam Lemon explores approaches that traders can take to ensure trading success. While there are several trading systems that traders can use, there are some difficulties, and it can take a long for traders to reach profitability.
The reason for this is that most traders are driven insane by the psychological stress involved with trading for money. This results in beginner traders losing money, with the risk that they could clear their trading account.
To solve some common issues that traders face with various trading systems, Lemon's book focuses on the trend trading strategy as a successful way to start earning profits consistently. The forex pairs that Lemon focuses on were chosen because of their historical performance, and these are EUR/USD, GBP/USD, USD/CHF, and USD/JPY.
The trend trading strategy formulated by Lemon uses fractional money management principles, which dictate that traders must risk a fixed percentage of trading capital on every trade. Furthermore, Lemon also indicates the trade entry and exit rules, backtesting instructions, and more.
3. Cryptocurrencies – Bitcoin
Author: Andreas Thalassinos
Recommended for: Beginner crypto-traders
Andreas Thalassinos is an author as well as a Certified Technical Analyst. He is also one of the most well-known and recognized foreign exchange professors in the world.
Thalassinos is renowned for his expertise in algo trading, in addition to creating hundreds of comprehensive automated forex trading systems, indicators, and trading tools that are still in use today. He has channelled his infectious enthusiasm and engaged analytical breakdowns into several eBooks.
Cryptocurrencies – Bitcoin is comprised of the following:
- The origins of cryptocurrency and the unknown creator behind it, the enigmatic Satoshi Nakamoto.
- Examples of key terms such as “proof of work,” “P2P network,” and “decentralization.”
- The process involved in becoming familiar with blockchain technology and how it works, what its applications and potential are, etc.
- Bitcoin mining and how it works
- Cryptocurrency trading and what the future may hold
- An introduction to some alternative cryptocurrencies, also known as Altcoins.
4. Bearish Japanese – Candlesticks & Strategies
Author: Andreas Thalassinos
Recommended for: Beginners, intermediate, professional traders
To get trading insights, bar and line charts must be utilized in combination with other indicators. Candlestick charts, on the other hand, provide a more detailed depiction of market movements.
These insights into the financial markets' price activity enable an investor to forecast future moves using pattern analysis. After developing some trading skills and obtaining knowledge, investors may utilize Candlestick trading charts to undertake pattern analysis to fine-tune their trading techniques.
While candlestick analysis is primarily concerned with reversal and continuation patterns, it also incorporates another critical component – market psychology.
Thalassinos provides a guide to understanding and utilizing one of the most popular and recognized technical charting techniques in forex – the Japanese Candlestick – in this book, Bearish Japanese Candlesticks and Strategies.
Some of the topics covered in this book include:
- A history of the Japanese candlesticks
- The value of reading and utilizing this chart pattern
- The integration of candlesticks into any trading strategy
- An in-depth description of 10 bearish reversal candlestick patterns
- In-depth coverage of 10 bearish trading strategies that use candlestick patterns
5. Bullish Japanese – Candlesticks & Strategies
Author: Andreas Thalassinos
Recommended for: Beginners, intermediate, professional traders
Japanese candlestick charting extends back to the 18th century when it was utilized to trade futures contracts in Japan. Munehisa Homma, a highly regarded rice trader from Sakata, is credited with inventing this form of price charting.
Homma was a prominent trader in Japan's rice coupon (futures) marketplace. Technical analysis chart reading and interpretation is a critical ability for every investor. Candlestick charts are one of the most often used types of charts – and with reason.
Not only are price swings influenced by concrete variables such as geopolitics and economics, but also by optimism, fear, and greed. Candlesticks enable you to discern fluctuations in the market's valuation, often known as investor sentiment. Candlestick charts depict the buyer-seller interplay, which is reflected in price changes.
This market attitude is a distinguishing feature of candlestick charts that is absent from bar or line charts. This free eBook covers some of the following:
- A history of the Japanese candlesticks
- The value of reading and utilizing this chart pattern
- The integration of candlesticks into any trading strategy
- An in-depth description of 10 bullish reversal candlestick patterns
- In-depth coverage of 10 bullish trading strategies that use candlestick patterns
6. 50 Successful Trader's Habits
Author: Andreas Thalassinos
Recommended for: Beginners, intermediate, and professional traders
The Head of Education at FXTM is one of the most renowned FX instructors and Certified Technical Analysts in the world. Professor Andreas Thalassinos is a world expert in algorithmic trading and is credited with creating hundreds of automated trading systems, indicators, and advanced trading tools that are still in use today.
His enthusiasm for training traders and Forex industry experts has established him as an industry Guru, with his tutorials being regularly attended by thousands of participants worldwide.
The 50 Successful Trader's habits eBook contains 50 chapters, each focussing on a habit that successful traders adapt, allowing them to increase their profit potential.
Some of the topics covered include:
- How to identify trends
- How to incorporate effective risk management strategies and a variety of risk management techniques that work
- How to understand and manage the psychological factor involved with trading
- How to develop trading strategies and much more
7. Forex for Beginner Traders
Author: Financialillustrated.com
Recommended for: Beginners
The Forex for Beginner Traders PDF eBook was created in such a manner that it may be understood and used by complete novices. It covers a wide range of topics that can help beginners in their journey towards becoming profitable and successful traders. The PDF is free to download, and traders can gain a significant amount of insight from it.
Some topics include:
- The top strategies that work
- The top market movers
- The best time to trade currencies online
- The worst times to trade
- How to read charts
- Tips and warnings when traders use leverage, and more
8. Introduction to Trading Psychology: A Practical Guide to Improve Your Trading Psychology
Author: Michael Baehre, Andrew Aziz
Recommended for: Beginners, Intermediate traders
Mike lays down the groundwork for a successful trading career in this book, focusing on the three critical foundations associated with forex trading technology, forex trading strategy, and psychology.
While tech and technique may seem to be the optimal areas to devote the most of a trader's time, it is their concentration on the psychological pillar that will elevate their overall trading to a new level.
9. Day Trading & Swing Trading the Currency Market by Kathy Lien
Author: Kathy Lien
Recommended for: Beginners and intermediate traders
Kathy Lien's background is impressive: she is a frequent speaker on CNBC, Reuters, and Bloomberg, as well as the managing director of BK Asset Management and a globally-recognised currency expert. Kathy continues to educate her readers about trading in the third edition of her popular booklet.
Through a combination of theory and practice, Kathy teaches readers how to develop useful basic and technical forex trading abilities that can create profit potential. Currency pair-specific factors, forex fundamentals, technical and fundamental analysis, and a slew of other useful trading insights are discussed.
10. Currency Trading for Dummies by Brian Dolan
Author: Brian Dolan
Recommended for: Novice traders
It is undeniable that the For Dummies series of books has established itself as the go-to brand for newcomers. Currency Trading for Dummies does not let you down, and it provides you with the sort of trading expertise that is ideal for both beginners and seasoned gamers.
It has been in print since 2011, and it is written in plain English by former Chief Currency Strategist Brian Dolan and Kathleen Brooks, director of research at Forex.com. The book is clear and succinct, yet it contains several subtle insights.
11. How to Make a Living Trading Foreign Exchange
Author: Courtney Smith
Recommended for: Beginners and experienced traders
Potential traders are introduced to the nuances of the financial markets and how they operate by Courtney Smith in this video. The bulk of this year's book is devoted to the art of producing money, which is accomplished via the implementation of a six-part planned trading approach.
The author also contains essential information on the psychology of trading, as well as well-known risk management approaches and other useful information.
A technique developed by the author to leverage the basic channel breakout system is included in all the useful material. The goal of this approach is to double your profit, which is why it is called the “rejection rule.”
12. Japanese Candlestick Charting Techniques
Author: Steve Nison
Recommended for: Beginners and intermediate traders
The popularity of this book prompted the publication of two follow-ups: Beyond Candlesticks: Revealing New Japanese Charting Techniques and Strategies for Profiting from Japanese Candlestick Charts.
Nison's renowned eBook is credited with bringing a flexible weapon – the technical-analysis tool – into the trader's armoury, which is now widely used. The author of this book delves into and extrapolates upon candlestick charting and its applications in the trading arena, including hedging, stocks, speculation, and futures.
13. Forex Trading: The Basics Explained in Simple Terms
Author: Jim Brown
Recommended for: Novice traders
A self-taught forex trader, Jim Brown, wrote this beginner's book, which is praised for its succinct writing style and non-condescending attitude toward the reader.
A wide range of subjects is covered in detail by Brown, including but not limited to trading psychology, trading techniques for entry and exit, the ins and outs of currency pairings, and suggestions for choosing a broker, among others.
What is the best eBook for beginner forex traders?
Education is a critical part of the overall trading journey, and beginners must gain as much exposure as possible to reliable sources of information.
The following eBooks are ideal for beginner forex traders:
1. Jump Start Your Forex Trading
2. Tested Trend Trading Strategy
3. Cryptocurrencies – Bitcoin
4. Bearish Japanese – Candlesticks & Strategies
5. Bullish Japanese – Candlesticks & Strategies
6. 50 Successful Trader's Habits
7. Forex for Beginner Traders
8. Introduction to Trading Psychology: A Practical Guide to Improve Your Trading Psychology
9. Day Trading & Swing Trading the Currency Market
10. Currency Trading for Dummies
11. How to Make a Living Trading Foreign Exchange
12. Japanese Candlestick Charting Techniques
13. Forex Trading: The Basics Explained in Simple Terms
Which are the best free eBooks for trading?
The following are the best free eBooks for trading:
1. Jump Start Your Forex Trading
2. Tested Trend Trading Strategy
3. Cryptocurrencies – Bitcoin
4. Bearish Japanese – Candlesticks & Strategies
5. Bullish Japanese – Candlesticks & Strategies
6. 50 Successful Trader's Habits
7. Forex for Beginner traders
8. Forex Trading: The Basics Explained in Simple Terms
Which are the best forex trading books?
Some of the best forex trading books that have ever been written include the following:
- Currency Trading for Dummies – Kathleen Brooks and Biran Dolan
- Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves by Kathy Lien
- Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination by Michael Rosenberg
- How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life by Courtney Smith
- Forex Trading: The Basics Explained in Simple Terms by Jim Brown
What is Forex Trading?
The currency market, foreign exchange, forex, or the FX market, is currently the world's biggest investment market, with yearly growth above 5%.
Forex trading is done in a financial market that operates 24 hours a day, closing only on Friday and Sunday evenings. However, the 24-hour trading sessions are deceptive.
While some sessions overlap, the world currencies in every market will be traded mostly during certain market hours. This implies that specific currency pairings will see a spike in volume during certain forex trading sessions.
Traders that stick to dollar-denominated pairings will find the highest activity during the US trading day. Forex trading is always a two-way street, and therefore all currencies are quoted in pairs — the price of a forex pair is the value of one unit of the base currency in the quotation currency.
Both currencies in the pair are designated by a three-letter code, which is typically comprised of two letters denoting the area and one denoting the currency. To maintain order, most suppliers categorize couples as follows:
- Major currency pairs. Seven currencies account for more than 80% of worldwide forex trade. EUR/USD, USD/JPY, GBP/USD, and USD/CHF are all included.
- Minor pairs. These are less often traded and typically pit major currencies against one another rather than the US dollar. EUR/GBP, EUR/CHF, and GBP/JPY are all included.
- Exotic currency pairs. A major currency vs a minor or developing economy's currency. Included are the following currency pairs: USD/PLN, GBP/MXN, and EUR/CZK.
- Regional currency pairs. Pairs grouped geographically – for example, Scandinavia or Australasia. EUR/NOK, AUD/NZD, and AUD/SGD are all included.
There are several methods to trade forex, but they all operate in the same way: by concurrently purchasing one currency and selling another. Historically, most forex transactions were conducted via an online forex broker, but with the growth of internet trading, retail traders can profit from forex price swings using derivatives such as CFD trading.
CFDs are leveraged products that allow traders to open a trade for a portion of the trade's total value. In contrast to non-leveraged products, traders do not acquire ownership of the asset but take a position on whether they believe the market will increase or decrease in value.
While leveraged products might help traders increase their earnings, they can also increase the trader's losses if the market starts moving against the trader.
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