Books can be a useful part of your trading education, offering insights into different strategies, market analysis, risk management, and psychology. But, books alone won’t make you a good trader. Practical experience, learning from losses, understanding market sentiment, and developing your own strategy are equally, if not more, important. So, combine book knowledge with actual trading, continuous learning, and self-reflection for better results. Also, remember that not all advice in every book will work for you. It’s important to test and adapt.
I know what you mean buddy, eventhough i like books, i’m not gonna say they are the only way. but i think reading good books is as good as gaining experience.
I always ask people how they stay updated, wondering if they use certain sources, but they always say “no, no, no.” It made me think, what are their sources? It’s quite interesting to ponder.
I think books can not bring much insight to traders more than experience.
Let’s talk about balance. Both theoretical and experimental knowledge are essential.
How did it go? Did you find it practical? You know, some books can become outdated because strategies are updated as each day passes.
some books can become outdated over time as new strategies and updates emerge each day and in my opinion books are written to advertise author courses.
I am aiming to read a book from each category also - thank you tommor!
I was looking in a book store yesterday and was finding books on ‘trading’ or investing, which may have focussed on futures, indices, stocks and I felt like the content (or some of it) would be useful for forex, but I was put off by perhaps not a good focus on the forex topic alone. Are these suggested authors known for their Forex writing, or is it genuinly transferabble knowledge between these types of investments?
Forex trading is a different animal to e.g. company trading stocks or shares.
the main practical difference is that stock markets have a closed session overnight and price at the open the next day can therefore gap by any amount. This does not happen in forex. The only true gap in forex is after the weekend. Many price chart patterns and candlestick patterns depend on gaps for their effectiveness - don’t expect these to work really well in forex.
As a general rule, don’t expect TA to work as well as the textbooks say they will on any time-frame less than D1. There is almost no valuable research into intra-day TA.
Okay so given that - the books you recommended are specifically useful in Forex?
When you say don’t expect TA to work as well as the textbooks intra day – you are saying all the tools, like candlesticks, wedges, fibonacci, resistance and support, are really only useful at the day to day level?
In that case – what tools do people use to trade Intra day!?
some of those are almost certainly not useful at all, and certainly not on intraday charts
the few that are useful are far more useful at the day-to-day level, but that’s true of all indicators
support and resistance are certainly useful (again, more so on slower charts)
all of the above, and more … which is part of the reason why at least 95% of them are not profitable traders
Tommor is absolutely right, and is in fact understating the reality, if anything
Sorry, I can’t name any book which I’ve read which is specific to forex.
All TA has been developed on D1 charts. Very little credible work has been done which can be verified (in the public domain) which shows how well these tools and features can be used on less than D1. Considering this plus the fact that most intra-day traders are losing money, I think we’ve got to say this stuff is not being used well at less than D1.
I don’t know of any TA tool which has been developed for daytrading and which works well there.
Well, I do agree with the first part, but not all of them are just a medium for ads.
The Big Short by Michael Lewis.
Just picked up Naked Forex by Alex Nekritinon a member recommendation. Will be starting this week!
“Naked Forex” by Nekritin and Dr Walter Peters, is that? I also recommend it - you’ll enjoy that.
it’s based on the Peters systems for trading forex without any indicators. Walter Peters used to describe and discuss those methods in his own forum, a very long time ago (i’m showing my age again!), but i’m pretty sure that forum is no longer available on the web: these days everyone’s interested in multi-indicator systems (which is of course a big part of the reason so very few ever become profitable)
Oh sorry! That’s it, got the title wrong. Thanks for the fix.
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