I would just like to say that I have purchased and read Japanese Candlestick Charting Techniques, Second Edition. I completely disagree that it is a waste of money. I found it extremely useful and recommend it highly.
In my opinion the more books you read the better but that does not mean that you cant find lots of free useful information on the net.
Start with a good book that discusses forex in general including fundamental and technical concepts. A good example of such a book may be: The Forex Trading Course by Abe Cofnas. Once you have some basic information you can develop your understanding further by purchasing books on more specific subjects such as candles, fibonacci, economic indicators, trader psychology etc.
I am fairly new to forex trading myself but reading and studying a lot of books has definately helped me find my feet and I am a strong believer in books as a source of wisdom.
The only thing with reading all these books on Forex is you’re bound to get confused at all the different approaches to the market. I like to keep my trading simple. Using very few indicators, etc.
Kinda like trading more than 2 systems at a time. You’re bound to confuse one system with the other sooner or later.
How does the saying go? Jack of all trades, master of none.
Just be careful on loading up with information found in books.
I dont agree with that sentiment. Knowledge is power in my opinion. Just because you use a simple strategy does not mean you can get by with a simple understanding of the markets. Reading and learning is always a good thing.
You’ll understand what I’m trying to say later on. Agreeing with you 100% on knowledge is power. Also, the wrong knowledge is not worth the paper its printed on.
I’m going to have to take a position opposite to Trade It’s. I’ve been in the markets nearly 20 years now, both trading and as an analysts, covering just about any market you would think to trade. I’ve read loads of trading books and I’ll continue to do so. I’m to the stage where there isn’t much out there that will fundamentally change the way I trade, but won’t keep me from reading more if I find something interesting.
Why? Part of it is that I’m probably a bit of a trading scholar in that I study trading in its various forms and approaches. That helps me to be a better educator. Secondly, sometimes an author gets you to look at things differently than you have. Maybe they’ll explain something in terms which really hit home with you. That might not mean a massive change in your trading, but it could mean subtle ones that are meaningful, nonetheless.
As for trading multiples systems, some of the best traders going do exactly that. It might mean different timeframes or different approaches (swing vs day vs position) or different markets. Regardless, the point is they use a system that they think most appropriate for what they want, and if they trade more than one market or style then that can mean more than one system. Confusing them is not a problem I’ve heard any complain about.
You’ll understand what I’m trying to say later on. Agreeing with you 100% on knowledge is power. Also, the wrong knowledge is not worth the paper its printed on.
Trade-it, I understand what you are trying to say already. I think your 100% correct about not over-complicating trading, I can also see how people new to forex/trading could easily get analysis paralysis reading about too many indicators/methods. However I dont think whether it is good to read books or not is debatable, of course there is misleading rubbish out there but in general reading books on any subject is a great way to educate yourself.
The babypips school should be first, then Trading in the Zone, if you ask me, should be the second one you should read and the only one you should be reading at the time. Anyone else agrees? I read somewhere in this website I should not put another trade until I finished reading that book, and boy were they right.
DISCLAIMER: this is just my own personal experience. Others may differ:D
technical analysis for dummies was a good start for me along with Steve Nisons candlesticks.I am reading Mark Douglas “The disciplined trader” right now.He also has a newer book “trading in the zone”
I would recommend Technical Analysis of the Currency Market by Boris Schlossberg, Japanese Candlestick Charting Techniques: A Contemporary Guide To The Ancient Investment Techniques Of The Far East by Steve Nison, and Bollinger Bands by John Bollinger. Those are the only ones I have read so far. I am going to read about Gann’s Numbers by W.D. Gann. I haven’t finished the Intelligent Investor by Benjamin Graham yet. A few more books I plan to read is on MACD by Gerald Appel, RSI by Welles Wilder and I want to find a Currency Market book about the Double Crossover method. A book that gives the history of the Double Crossover method and its intent.
That post from Castillo is several years old. Since then, FXCM has replaced that 8-day course in favor of live video-based training at DailyFXplus.com. The site is divided into sections for live webinars, real-time trading signals and on-demand video courses. Access is available for a monthly subscription of $19.99 but is free to FXCM account holders.
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