There are many website and social forums where you can learn a lot, i am trading with liteforex and they have supported me well in my early days, so if you could open an account with a reputed broker, they can also help you in learning.
The best books on FX are not FX books but economic books. I doubt most here will bother but of course that explains the high failure rate in FX trading by the retail crowd. The only two that I found useful that slowly helps you make that transition are: "currency trading and intermarket analysis" by Laidi and "foreign exchange: a practical guide to the fx markets" by tim weithers at UBS. Skip the squiggly line crap and the you can do whatever you set out to do psychological crap.
I think most of the really helpful ones are probably "trading books" rather than "forex-trading books". Different approaches can help different people with different outlooks and backgrounds, but in case it might actually help/interest you, here's a list of the dozen books that have really helped me to become a successful trader (the last three on the list, in particular, are not "easy reading" and all the benefits I found from them came from very slow, attentive, second and third readings) ... Trade Your Way to Financial Freedom (Van K. Tharp) - an outstanding starting-point (not so much his other books) Beyond Technical Analysis (Tushar S. Chande) Understanding Price Action (Bob Volman) Naked Forex: High-Probability Techniques for Trading Without Indicators (Alex Nekritin & Walter Peters) Profitability and Systematic Trading (Michael Harris - not so much his other books) Trading The Ross Hook (Joe Ross) A Mathematician Plays The Market (John Allen Paulos) Fooled By Randomness (Nassim Nicholas Taleb) Why People Believe Weird Things (Michael Shermer) - this book and Taleb's, just above, are hugely helpful - albeit indirectly - for "understanding what's going on in forums"! Trading Price Action Trends - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) Trading Price Action Trading Ranges - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) Trading Price Action Reversals - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks) The 12 books listed above should probably, in my opinion, be the compulsory "first year's reading list" for an aspiring forex trader. ... but perhaps only if you have the judgment and experience to filter out all the nonsense and decide by whom to be guided. And that's typically far from easy, for beginners. I think most beginning traders are probably much, much better off with some beginners' textbooks than with online "information", overall. This is why: there's no "informational quality control", online: anyone can publish anything offering advice, especially when (as is the case with many online tutorials) they have some additional services/products to promote. There's some good information among it, doubtless, but when you don't yourself have the experience and judgement to identify it confidently, it's a real lottery, depending on advice from online "information". In contrast, longstanding, recognised, accredited textbooks published by mainstream, orthodox publishers have (a) stood the test of time and (b) undergone extensive and authoritative peer-review before ever seeing the light of day in the first place. Trading is about "getting the odds in your favour", and so is learning to trade. Choosing to learn from well-established textbooks rather than from tutorials is doing exactly that. Be aware that very few beginning traders ever really become successful, and people's failure to do this is one of the reasons why. There's a huge amount of misguided "information" about online, but far less of it in authoritative, established textbooks. Be careful by whom you choose to be guided. This is an activity in which the great majority of people fail, so perhaps it stands to reason that a high proportion of online "information" might be misguided.
I have come to the conclusion that authors of books on trading are not trustworthy, they are not consistently successful traders, their information is only slightly (if that) more vetted and reliable than freely available online information; authors of trading books often include misinformation, jargon and vagueness to obfuscate in order to appear like an authority on the subject, in which they are in fact not an authority on.
They're hugely variable, of course. Collectively, I think authors of physical textbooks published by mainstream, orthodox, established publishers are a rather better bet, for beginners, than internet "information" which anyone can publish with absolutely no quality control or peer-review at all.
I disagree. Trading information found on open forums is self-correcting and not usually motivated by financial gain, unlike the arrogant and authoritarian marketing gimmicks that are left unchallenged in trading books.
Yeah..! instead of reading books, you can learn Forex Trading, through Demo Account. It is the best way to learn about Forex Trading.
How will you know what to do with a demo account without reading books first? I'm glad my doctor, lawyer and accountant didn't learn on demo clients before they'd had any professional education ...
Well said Xela. You need to learn and before learning through Demo account, you also need to learn about the Forex trading. You cannot learn it without having some basic knowledge about Forex Trading.
Why not. When I was starting I opened demo and after understanding basic interface of hotforex MT4 I intuitively figured out prices move from support to resistance and vice versa. In other words it is Supply and demand rule which works everywhere and also known without any specific knowledge.