I am hoping an experienced forex trader could recommend a book which would be right for me.
I have been trading for just under a year but cannot get anywhere in terms of making profits on any consistent basis. I have taken a break due to school, but it’s only been a few months and I plan getting back into it in about two months. When I started out, I went through the entire “Forex for Dummies” book (which covers a great deal of material). I tried various plans, most from this website, but it just does not work. I don’t know why (if it’s bad plans or I’m not being absolutely precise on the plans).
So I know the basics and I have some experience (but not been successful). I guess I’m looking for a book that takes me to the [I]next [/I][I]level [/I]and something that has simple but at least somewhat effective plans (maybe plans which I practice and get better at).
You might want to try this book , ’ Secret Psychology of Millionaire Traders by Conrad Alvin Lim. I’ve just started reading the book and I have to say it helps in terms of getting you to know yourself as a trader and helps giving advice on controlling your emotions while trading so far.
Some will help you understand other traders (eg Market Wizards), some will help you understand trading (Dummies), some will give you trading plans (How to make a living trading foreign exchange), some will help you understand your self (Trading in the zone, and most of Van Tharpe’s books).
What you think you want, may not be what you really want.
What you read today that you don’t like/don’t gel with doesn’t mean you wouldn’t get use from it at another time…
I’m pretty new to forex, but I’ll add a quick recommendation.
I’m reading “Trading in the zone” right now and I can see why it’s widely recommended. If you have a strategy that works then you need to be able to execute that strategy flawlessly, without letting your emotions get in the way and causing unforced errors or deviations from the strategy. This book highlights some of the issues that get in the way of many traders. I disagree with some of the points and think others are over-promoted, but by and large it’s an interesting read.
There are no trading strategies in this book. It’s written from the perspective of making the most of what you have rather than trying to promote the next golden chalice must-win strategy. As such, it could be valuable reading no matter what strategy you eventually decide on.
Hi Dino1, you can get this new book “17 Proven Currency Trading Strategies: How to Profit in the Forex Market” published by Wiley Publishing and written by Mario Sant Singh. Available on the Amazon and Wiley’s itself.
Maybe you should increase your knowledge about forex first and develop some strategies yourself. Babaypips.com offers informative articles that could teach you all you need to know about forex. After studying I guess you would be able to develop a strategy or strategies that could work for you.
Without a doubt, the best book I have ever read is Technical Analysis of the Financial Markets by John Murphy (this is an updated version of his earlier book ‘Technical Analysis of the Futures Markets’)
I picked up this book when I first started trading several years ago, and to this day I still reference it. It covers about everything you ever need to know in regards to technical analysis.
I joke you not, I have both his books and they are the only 2 I keep on my desk for easy reference :22:
I really liked “Beat the Odds in Forex Trading: How to identify and Profit from High Percentage Market Patterns” by Toshchakov 2006.
Unlike many of the other forex books I have read, this one ends with a collection of objective entry/exit signals and patterns to look for. The author’s strategy is based around trading the daily ranges of the pairs along with the opening, closing and overlapping of the markets around the world. It is mainly a range trading strategy but it should at least give you some new ideas to apply to your own strategy.
If you look around you might be able to find it online for free and you most likely won’t need to read the whole book but can skip straight to the parts with the strategies.
Please let me know if you end up reading it, I would like to hear other peoples’ thoughts on one of the forex books that has defined me as a trader.
Try first to read 50 pips a day strategy by Laurentiu Damir , its on Amazon and cost less than 2 dollars the E-book version, he has a series of book but read this first and apply it to your trading, I believe it will suite you since you have a better chance of success if you stick to long term trading at first.
One thing you will get from this book is the truth that all those indicators you may have been using are all useless and will make you lose money in the long run, the only valuable indicator is the 200 EMA, You will be profitable beyond your expectations by just reading the price action on your charts and Support and resistance levels, at least thats what this books say.
My biggest problems at the beginning of my trading carrier was with discipline and sticking to my plan, not with the strategies I used. I can highly recommend “The Disciplined Trader: Developing Winning Attitudes” from Mark Douglas, it really helped me in my development. Hope you also enjoy it.
Regards,
Daniel
Ugh I just wrote a really long reply to this thread but it got deleted so I’m writing it again!
Basically in short, I agree, the “dummies” book was a huge let down. The specific one I read and stopped reading a third way in was “Currency Trading for Dummies” 2nd edition. Within the first 10 pages it made no mention of what a pip was yet was already saying what times you should trade. It all seemed a little backwards and disorganized to me, which was a huge letdown because I thought these dummies books were written in a way that erred on organization being its prime concern. I might go back to reading it once I have some more solid knowledge, but not anytime soon.
I am currently reading “All About Forex Trading” by Jagerson and Hansen. I am enjoying its clarity and organization is much better. It has just enough background info on issues without going on huge tangents that make you end up feeling lost (Bretton Woods Accord).
