Forex trading is one of the best business opportunities of our generation. It is unarguably the perfect home business opportunity. Access to the foreign exchange market has opened up exciting opportunities for the retail trader. The small retail trader can now trade alongside the big institutions in this highly liquid market that is global, traded around the clock and highly leveraged. With over US$3 Trillion changing hands daily, the forex market is indeed enormous. However prospective investors must understand the factors affecting the market before jumping into it.
The forex market is like any other security based market in that it requires the trader to approach the market in a disciplined and systematic manner. Just as in any other business you may decide to enter, you have to learn all that you can and continue to learn about the forex market so that you will eventually make money from this market.
Forex books are useful resources for the new and experienced forex trader to acquire the proper education about how the forex market works. For the new prospective investor, good forex books can introduce you to the basics of the forex market and the forex trading business. A good forex book will provide you with the basic knowledge to start the forex trading business and a step by step guide on how enter and exit your trades.
For the experienced forex trader, a good forex book can be a critical tool that introduces advanced concepts of forex trading including but not limited to concepts like technical analysis and fundamental analysis. Forex books can also help you to build you own forex trading system and assist you to confront the emotions that you expel from your body as a natural reaction o external events and the techniques to control these emotions.
Experienced forex traders know that there is nothing new in trading action that we have not seen before. History surely repeats itself. I will therefore like to make a very simple but succinct observation- NOTHING REPLACES EXPERINCE IN TRADING.
The challenge for a professional forex trader, who wants to enjoy consistent success in the forex market, is to seriously educate himself about how the market works. We are now in a historic place in time. The world economy is just pulling itself out of a crippling recession and this is setting up a very big opportunity in the forex market. However, before you can profit from this historic recovery, you have to adequately prepare yourself and take advantage of good forex books out there which can teach you strategies and tactics that may be the difference between success and failure in the market place.
Experienced forex traders who have had consistent success in the forex market regularly share what they know by writing forex books . These authors try to share tips and strategies that they have proven to work consistently in the market place. Beginning and experienced traders can then follow these tips and strategies so as to avoid what does not work.
Over the years, I have come across a good number of forex books that have helped me to be a good forex trader. I will introduce you to a few of these books in this article. I have also included my own personal commentary about these books so that you can then decide whether to buy the book if the book contains what you need.
One of the first forex books that I came across while learning to trade the forex properly is “Bird Watching in Lion Country- Retail Forex Trading Explained” written by Dirk du Toit. If you are a beginning forex trader, this forex book is highly recommended by me.
The author has written a comprehensive book about all aspects of the forex trading that new and experienced forex trader will find very useful. Since the author trades for as living, the book is regularly revised to include new market information.
Dirk du Toit says that to make money in the forex market, you need to understand many things, most importantly, you need to understand perspective. He says that you need to understand how the big boys, the people who move the market think and operate and then do what they do. This book teaches you how.
This forex book breaks through all the lies and misconceptions that marketing wizards use to part you from your hard earned money. It details the steps you need to take to run a good forex trading business and how to make a good living in the foreign exchange market.
Bird Watching in Lion Country-Retail forex trading Explained is available for purchase as an ebook and can be instantly downloaded from the publisher’s website.
Another good forex book that I have come across is Warrior Trading-Inside the Mind of an Elite Trader written by Clifford Bennett and published by John Wiley and Sons Inc. This 172 page book is written for the experienced forex trader who is most likely to benefit most from the different topics covered. The author starts by trying to explain deceptive noise and admonishes traders to avoid it as they inevitably leads to losses. The author also states that contrarianism is an important factor in forex trading success. In few words, the idea is that unsuccessful traders follow the pack which invariably leads to losses but the triumphant warrior follows the road less travelled.
The author also argues that it is futile for forex traders to try to fit an unknowable future into a model based on the past. He then suggests that traders should rely on intangibles, a concept which in my view is not easily understood by the reader. In this forex book, the author points out the difference between the consensus view of an economic environment and the underlying forces affecting this environment. Bennett also tries to identify the different types of traders. He mentions the ‘swordsman’ who he says is primarily a range trader looking for opportunities to buy low and sell high and the ‘archer’ who is a trend follower who usually waits for the right opportunity before releasing his arrow. This forex book is primarily written for the experienced forex trader. However, a newbie can benefit immensely from the thought provoking information provided. I strongly recommend that you include it in your trading arsenal.
Anyone can be truly successful as a forex trader. However, you have to do your homework and properly educate yourself about how to take advantage of the many profitable opportunities afforded by the forex market. One way to acquire this education is to buy and study good forex book including but not limited to the books I have mentioned above.
A good forex book is an extremely useful resource for the serious professional forex trader who wants to make money in this market.
Good forex books will teach you strategies that can make you a fortune in the forex trading business. If you want to be a successful forex trader, I advise you to buy and study these two books as a first step. You can find other useful books in Amazon.com. If you read good forex book regularly, you will get up to date information about the forex market, dramatically increase your chances of success in this market and eventually make a lot of money for yourself.
Here are some other forex books sites that I found for you to browse. Thanks for visiting e forex books!
Forex Predictor - Improve Your Trading Experience Today - YouTube
Marian Virgil (@5forexbooks) on Twitter
forex - Twitter
harry delio - Twitter
The Forex Tutor (@TheForexTutor) on Twitter
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