Discussion in 'Forex Trading' started by watchdaride, Jul 29, 2003.
Can any one recommend some good forex trading books?
Anything on technical analysis. It's all the same - works for stocks, futures, forex, etc. Trader Vic's 'Methods of a Wall Street Master' has some good stuff. Steve Nison's 'Japanese Candlestick Charting Techniques' is good. There are lots of good websites with free stuff. Even though I bought hundreds of books, I think if I was starting over now, I'd just google my way to success.
'Alchemy of Finance' by George Soros if you've got 10 years to read and understand what he's saying in there. He is a god. *Do not* read this first, it will drive you insane and I will be blamed when they find you on the roof of your local college wearing only an American Flag as a diaper and shooting left-handed midgets with a high-powered rifle, screaming "debt service and the flight of speculative capital may combine with the trade deficit to generate a catastrophic collapse of the dollar hahahahaha!".
Victor Niederhoffer can help you think logically and avoid flaws in reasoning (I prefer his 'Education of a Speculator'). Ayn Rand's 'Atlas Shrugged' can help you get your greed on.
'Foreign Currency Trading' by Wasendorf and Wasendorf. Basic, but it shows you how things work behind the scenes, if you care. But you shouldn't care. I don't. Focus on your trading skills and ignore the evil market makers. Read it anyway for the other parts, like how to calculate what losing 61870 pips on the USDCHF just cost me.
More important, FAR more important, is to sign up for a free demo account with a forex broker. Start trading the demo 'game', and save as much money as you can while you're learning. Once you can go six months straight without losing your shirt and having to reset the thing to your original starting capital, take the money you saved up in the ten years it took to go six months without losing and step up to the plate against the big boys.
Your final *and most important* step is to PM me with your secret profit-making techniques. ;-)
It is a good book for Forex traders:
"Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing (Hardcover)"
by Rob Booker
As an into book that gets you past a beginner's understanding:
Day Trading and Swing Trading the Currency Market - Kathy Lien
Outside of that, the babypip's school section to their website is better than most anything published, and it's free.
There are many forex trading books available on the internet and choose the right one which helps you to understands properly and read the books with full attention to get the positive results from the trading.
I like Bob Volmans Forex Price Action Scalping. It is an easy read and provides useful information on trading with tick charts, trading based on price action and scalping Forex.
There are a number of books that you can choose from. Some are as below:
1. Mindtraps: Unlocking the Key to Investment Success by Roland Barach
2. Trade Your Way to Financial Freedom by Van K. Tharp
3. Elliott Wave Principle: Key To Market Behavior by Robert R. Prechter Jr.
4. The Definitive Guide to Momentum Indicators by Martin J. Pring
Aside from free,babypips is recommended by lots of traders.
Babypips is one of the famous site for Forex learning. A number of experienced and expert traders have been recommending this Web site for new traders to learn. Another is the so called Hermes Academy, which is also a sort of School of Forex for fresh starter traders.
Separate names with a comma.