10 best forex trading books

The 10 Best Books To Expand Your Knowledge Of Forex.

Let's use this introductory paragraph as just a bit of a disclaimer. This is by no means a comprehensive list of the "best" forex books. It's hard to say what is "best" because each reader is going to take different things from each piece of work. Not everything will be relevant or necessary to your trading style.

Books are about the best place to build a specific body of knowledge as opposed to internet resources. Why? A book that has been out for an extended period of time, will have been read (and probably reviewed) by several other people. You can quickly eliminate the sub-par books by researching reviews on them. Plus it takes quite a bit more effort to write a book than it does to write a website or a blog article. Not everyone is going to take the time and effort to do it properly - particularly if they are just in it for quick money or to sell you some software or automated trading robot.

So let’s kick off with our list of the 10 best books to expand your knowledge of forex.

"Currency Trading for Dummies" by Mark Galant and Brian Dolan.

Skill Level: Novice.

New traders have to start somewhere. "Currency Trading for Dummies" covers all the basics and essentials presented in an easy to understand way. It's a great platform to start learning how the market works, driving factors, and how to effectively trade. Advanced traders may not take much from it as is implied from it being a 'for Dummies' book, but it may be worth a look to refresh the basics if you've hit a downswing in performance. This book also offers an excellent, easy to understand introduction to fundamental analysis.

"Trading in the Zone" by Mark Douglas.

Skill Level: Moderate.

Psychology and the mind are the greatest hurdles to overcome in successful trading. "Trading in the Zone" aims to debunk several myths and eliminate randomness as being a factor of success. It provides insight on looking past the perceived randomness to make accurate assessments of trading risk based on fact. The misconception of successful forex trading being purely random sabotages the success of many new traders.

"Day and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves" by Kathy Lien.

Skill Level: Moderate.

If you haven't yet found a strategy that speaks to you; this offering from Kathy Lien may be worth a strong look. Kathy presents a number of strategies for longer time frames that span both types of analysis. Her book differs from others in that it does not rehash the essential basics while only briefly touching on the strategies. The focus is more on the strategies where it should be.

"The 10 Essentials of Forex Trading: The Rules for Turning Trading Patterns Into Profit" by Jared F. Martinez.

Skill Level: Novice.

This practical book touches on many important areas for the forex trader such as forecasting and understanding the market, charting methods, insights from an experienced trader, and risk management. As a guide, it's a great platform for the new trader or for an experienced trader to add to their toolbox.

"The Sensible Guide to Forex: Safer, Smarter Ways to Survive and Prosper from the Start" by Cliff Wachtel.

Skill Level: Novice.

"The Sensible Guide to Forex" differs from other books of the type in that it does not rely on high-risk, high-leverage trades to make money. This book is specifically built for the risk-adverse trader. It is written with retail and long-term traders in mind rather than being splashed with material aimed at professionals.

"Enhancing Trader Performance: Proven Strategies From the Cutting Edge of Trading Psychology" by Brett Steenbarger.

Skill Level: Novice.

The psychology game is an important one to win in forex trading. Dr. Brett Steenbarger addresses many psychological points and corrects misconceptions in this piece of work. His body of knowledge on the challenges traders face does come from his own mentoring and coaching activities. It should be noted that this book may not provide a great value to retail traders who do not have the same body of resources that an institutional trader may have through their company.

"Market Wizards" by Jack Schwager.

Skill Level: Novice.

"Market Wizards" is more of a pair of keywords than a title. Jack Schwager has done a couple different "Market Wizards" books that are collections of interviews with successful traders. These books are an interesting glimpse into the personalities and approaches of several successful traders. They may not provide active tutorial or pure educational material; but there is a lot to be learned from those that walked the road ahead of you. Any of this series are a worthwhile read.

"Japanese Candlestick Charting Techniques" by Steve Nison.

Skill Level: Moderate.

An oldie but a goodie, "Japanese Candlestick Charting Techniques" is considered a must have by many technical traders. Steve provides excellent insight into the application of candlestick charts with other technical indicators to forecast market movements. It can be a difficult read for the trader without good knowledge of the basics but is definitely worth looking at further down the road. Candlesticks and their formations at particular levels can you tell you a lot about what the market wants to do.

"Trade Your Way To Financial Freedom" by Dr. Van Tharp.

Skill Level: Novice.

Dr. Van Tharp's various books provide valuable insight into the basis of formulating winning strategies, interviews with top traders, and many of the challenges that traders will face. The popularity of his work is the reason it appears on this list. There are many that agree that his work is beneficial. However, there is considerable criticism that the work is purposefully drawn out with far too many "suggestions" to buy additional products. In many ways, it is more of a marketing tool than it is an educational tool. Bear that in mind should you decide to spend money on his work.

"Trading With Intermarket Analysis, Enhanced Edition: A Visual Approach to Beating the Financial Markets Using Exchange-Traded Funds" by John J. Murphy.

Skill Level: Advanced.

Fundamental analysis is an important component of long-term trading (particularly weeks/months). It can provide insights in immediate movements but fundamental events typically take more time to play out. "Trading With Intermarket Analysis" is aimed at financial players in multiple markets. While not strictly a forex book; it provides valuable insight on how various financial markets work with one another with many principles that do apply to forex.

There are so many books and education materials on forex. Remember that not every bit of knowledge you accrue is relevant or necessary to your strategy. Take everything with a grain of salt, read, research, and test! That's what Demo Accounts are for after all!

Have any suggestions for material you view as mandatory reading? Let us know in the comments!

This post was written by Dennis Heil, a private forex trader from Ventura CA. You can read more articles from Dennis over on his MahiFX author page.

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Top 5 Books to Become a Forex Trader.

For many investors, the world of foreign exchange, or forex, seems daunting and thus is often overlooked or avoided. However, several books are available on the subject of currency trading, ranging from basic education on the forex market to advanced trading strategies based on fundamental analysis and technical analysis.

"Currency Trading for Dummies"

"Currency Trading for Dummies" is a good pick for traders who are just beginning to tackle the world of foreign exchange. Published in 2011, the book was written by Brian Dolan, a veteran of the forex market for more than 20 years, working as a currency trader and market analyst. Dolan was the chief currency strategist at Forex, where he oversaw fundamental and technical analysis, and is regularly used as a resource for the latest currency developments by the financial media. The book is one of the best for beginners, as it presents clear, easy-to-read instructions on the forex market.

"Day Trading the Currency Market"

Kathy Lien's "Day Trading the Currency Market" is widely popular among new and burgeoning forex traders. Her book provides a two-pronged approach, offering both theory and actionable learning, with balanced insight into fundamental and technical forex trading strategies designed to generate regular profits. Lien's book also offers extensive and specific information on every aspect of currency markets and foreign exchange trading. Lien walks readers, step-by-step, through Forex fundamentals — such as long - and short-term factors affecting currency pairs — as well as covering technical analysis trading strategies that professional forex traders utilize on a daily basis.

Lien, a world-renowned currency analyst, has decades of experience and an extensive resume. Previously working at JP Morgan Chase & Co (NYSE: JPM), Lien is BK Asset Management's managing director. She is a frequently featured guest on Bloomberg, CNBC and Reuters.

"Currency Forecasting"

Written by Merrill Lynch analyst Michael Rosenberg, "Currency Forecasting" is considered one of the groundbreaking and definitive works on forex trading. For decades, analysts and traders have turned to Rosenberg's concise, intuitive and brainy piece, which combines the macroeconomics of forex with fundamental and technical analysis. The book was first published in 1995, but it remains a helpful current guide to the currency markets. Rosenberg links international monetary dynamics to what legitimately happens in currency markets. He has long been hailed as a leader among forex analysts, and his ability to delineate clear connections between disparate finance and economic factors continues to make "Currency Forecasting" a go-to guide for traders interested in currency trading.

"Japanese Candlestick Charting Techniques"

Steve Nison's "Japanese Candlestick Charting Techniques" provides a lengthy and in-depth education on Japanese candlestick charts, a versatile technical tool that's very popular among forex traders. The book discusses how candlestick charts are used in conjunction with other technical tools to aid in improving technical market analysis. Candlestick charting is also often used for futures, speculation, hedging, equities or anywhere that technical analysis may be applied. Nison's background, comprised of years of research and study, as well as practical application and his to-the-point and easily understandable language make "Japanese Candlestick Charting Techniques" an ideal read for traders who are seeking a better understanding of forex trading strategy.

"How to Make a Living Trading Foreign Exchange"

Courtney Smith begins "How to Make a Living Trading Foreign Exchange" with an introduction to the world of forex, explaining the basics of foreign exchange trading and how it works. The largest portion of the book is devoted to trading strategies that Smith recommends for making money through forex trading, citing six ways that he touts as ideal for helping traders earn a steady income. Unique to the book is Smith's rejection rule, a strategy designed to double the profit generated from basic channel breakout systems. Smith's book also provides important risk management techniques, as well as material on the psychology of trading.

Best Forex trading books every trader should read.

As a professional forex trader, keeping up to date and learning about new strategies and ways to improve your trading is critical to your long-term success. This self-motivation to improve and lifelong learning is actually very common amongst forex traders . We are often self-taught because of our fascination with the currency markets!

During the years, there were a couple of books that had a profound impact on how I approach my forex trading. These books were eye-openers in one way or another and were books that made me the forex trader I am today. This list of best forex books are my top recommendations for you to read and improve your forex knowledge.

If you’re in a hurry and just want one great book recommendation that will have the biggest impact on the way you trade, pick this one:

It will be the best investment in your trading career you’ve ever made .

that will still help you become a better trader (and improve your life!).

The best Forex books list:

1 . Japanese Candlestick Charting Techniques – Steve Nison.

Steve Nison is arguably the “grandfather” of candlesticks in the Western world, he is the one deemed responsible for bringing Japanese candlestick charts (which some say go back to the late 1800s in Japan) to the Western trading world.

In his book, he gives some background on the Japanese candlestick charts and how he found out about them from a Japanese broker. Then, he quickly goes into describing all the different candlestick patterns, with well illustrated examples. The second part of the book goes into using candlesticks with other techniques such as eliott wave, trendlines, moving averages and more.

This is THE definitive book on candlestick charting and candle patterns. If you want to know more about price action, this book should be the first one to pick up. I highly recommend it. Read more.

2 . Reminiscences of a Stock Operator – Edwin Lefèvre.

Something different now! This book, originally written in the 1920s, is a trader’s favourite, a true classic and definitely belongs in this best forex books list! It describes the life of Larry Livingston, a pseudonym for Jesse Livermore, one of the most brilliant traders in history. From his early days trying to make some money in the bucket shops to subsequently earning (and losing) his fortunes on Wall Street multiple times, this timeless tale is probably the book about trading I’ve most enjoyed reading.

What makes this book so valuable (other than that it’s just an absolute joy to read) is that it’s full of trader’s wisdoms, timeless advice that every forex trader should have in its mind every time they’re trading. Some examples: “Cut your losses quickly”, “the trend is your friend”, “Don’t trade when there aren’t clear opportunities” and more. I could probably read this book again, just by writing this review! Read more.

3. Technical Analysis of the Financial Markets – John J. Murpy.

This book is one of the best reference works on technical analysis ever, hands down. It’s the sort of book you pick up if you want to know more about something specific, like how to recognise the most important reversal patterns or figure out how a specific indicator works. Anytime you need something related to technical analysis, it’s very likely that it will be described in this technical analysis book.

This is pretty much the bible on technical analysis and the 500+ pages in this book are pretty much the only thing you need to build a solid foundation in technical analysis. It is clearly written and covers topics such as trends, trend continuation, support and resistance, reversal patterns, moving averages, candlesticks, most major indicators, pivot points and more. There is not a better single book that describes everything like this one does. Read more.

4 . Trading in the Zone – Mark Douglas.

This book is all about trader’s mindset. If you have a solid trading system but still find yourself losing out more than you win, this book might be for you. Trading in the Zone is a book about trading psychology , your self-worth and trading ethic, discipline, getting to know yourself and acknowledging that you might be the weak point in your trading system. After all, one of the hardest things to get right is your trading emotions, and this book lays out a mental framework to conquer these aspects of the trading business.

If you find yourself struggling in the forex market by entering trades too quickly, panicking when things don’t go your way, having emotions of fear or even excitement influence your trading, give this one a go. It might sound like soft psychoanalytical ramblings, but Mark Douglas knows what he is talking about and this book will help you become a better trader. Read more.

5. Trade Your Way To Financial Freedom – Van K. Tharp.

Van K. Tharp is an authority on coaching people to become the best traders they can be. As an academic, he’s done years of research and has coined extremely important trading concepts like R-multiples and position sizing.

I especially like the practical nature of this book. The book will guide you step by step in developing your own trading system and doesn’t leave a stone unturned. It talks about important concepts such as profit taking, what to do if the market turns against you, etc. For traders struggling to find a system they are profitable with, this is the definite book you should read!

6. Trading Price Action Trends – Al Brooks.

Whereas the previous one was all about trading psychology, this book is considered by many the best book on price action, hands down . This is only the first of a three-book series, the other two dealing with ranges and reversals.

It’s not an easy book to go through though. Al Brooks covers loads of content, explaining the meaning of every single candle on the chart and the meaning of multiple candles as price action patterns. He then goes on to trends, using trend lines, channels and trend patterns to explain to the reader how to successfully trade the trend.

Digging through the book, it’s very clear that Al knows what he is talking about. If you want to get a feel of what it’s about, have a look at his Youtube channel, where he posts regular videos on his trading techniques. Read more.

7. Market Wizards: Interviews with Top Traders – Jack D. Schwager.

This is another must-read book that belongs on my best forex books list. It’s actually not just one story, but a collection of interviews with the best traders of the business – or at least the top of around 1980s. It is chock full of timeless wisdoms that still apply today, even though the actual interviews might sound a bit dated with the advent of modern trading techniques. Nevertheless, the advice by the traders still stands, as it deals with things like trading patience, discipline, following the big trends, risk and capital management and making consistent trades.

It is a book that will make the most sense as you’ve built up some trading experience and on the one hand have no difficulties in following the conversation of the interviews, but on the other hand can relate to some of the stories of loss and what made the difference to turn around some of the traders’ routine. All in all a book with very valuable stories and rightly so a classic in the trader’s world. Read more.

8. Thinking, Fast and Slow – Daniel Kahneman.

This fascinating book has absolutely nothing to do with trading, but it’s still relevant to this best forex books list in quite some unexpected ways. Daniel Kahneman takes us on a tour of how we think, describing our thinking as divided in 2 systems, a fast and a slow thinking system.

This book is sublime in explaining human behaviour and cognitive processes and biases, and in that way is very useful to keep in mind with relation to trading emotions and behaviour. It describes why we do what we do, why we make emotional decisions that might not always be in our best interest and what we can do to make better choices. This is a book that not only will improve your trading, but will be useful in daily life as well. A highly fascinating read! Read more.

9. Pit Bull: Lessons from Wall Street’s Champion Day Trader – Marty Schwartz.

I only recently picked up this book on a recommendation from a friend, who said it was one of his favourite books. I can only agree. It’s just such a joy to read the stories of Marty “buzzy” Schwartz as he starts trading professionally, at a relatively later stage in life (he was around 35 I believe). The stories of his first steps in the pit of the Amex and the consecutive launch as one of Wall Street’s most successful traders ever is incredible to read and really motivates you to get your own trading in order and go for it. If you watch the documentary Floored before reading this book, you’ll definitely have an idea of how pit trading is completely different than what we’re used to these days, trading from our computers. A great story from an even greater trader, very much recommended!

Other books worth reading:

Way of the Turtle – Curtis Faith: Curtis tells about the legendary trading experiment where a group of 23 people with no trading experience whatsoever, get a set of trading rules. They proceed to make more than $30 million in a little over 4 years. A highly entertaining read, and for those curious, the original turtle trading rules are now available for free to download. Flash Boys – Michael Lewis: This book is a (highly successful and cohesively written) attempt by Michael Lewis to document the rise of HFT; or High Frequency Trading. I enjoyed this a lot as a general overview of how HFT happens and what the challenges were in a trading world that completely changed not too long ago.

This is my personal list of best forex books. I’ve enjoyed all, mostly for very different reasons. Together, I believe they provide knowledge and insights for forex traders of every experience level, covering topics such as candlesticks, trends, trader’s emotions, price action, timeless wisdoms and background stories on trading in general. I found some were just a nice read, others were harder to digest but all of them have brought me to be the forex trader I am today, and I hope you fill find this list of best forex books equally useful!

Which forex trading books have you enjoyed reading the most? Leave a note in the comments!

Note: This article contains affiliate links. If you click one of these links and then purchase something, I may receive a commission. This income goes towards the costs of hosting and running this website and does not affect you in any way at all.

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I'm a full-time, independent forex trader. I've been trading for over 10 years and specialize in price action trading, reversal trading, trading psychology and algorithmic trading. If you're determined to become a pro trader, I offer select consulting and coaching services. When I'm not trading, I'll either be travelling the world or rock climbing (likely both). Read my story here.

6 Pingbacks/Trackbacks.

23 July 2016 at 2:07pm.

Some other excellent books:

Very good list Felix! 🙂 Your top 3 was the first books I read, what do you think of my list: tradingwalk/10-best-investing-forex-books/

HI Johan, good list you have there as well! Always interesting to see different resources to keep improving at trading!

I am so much excited to get the name of those books, soon I will read all of them, but I already read the Japanese Candlestick Charting Techniques by Steve Nison and Technical Analysis of the Financial Markets by John J. Murpy. Now I must have to read those what remains. I am a forex trader and am trading with ECNCAPITAL. I love to read forex related books very much.

Thanks for the list.

Is this book Trading Price Action Trends – Al Brooks and the other 2 ones could be a reference in price action , i mean read them and and you can master price action .

An other important thing, why you dont put any book on Forex fundamentals, i know that trading is based on technical analysis but fundamentals are important two. Have you any reference in this topic.

Hi Taha, the reason I haven’t included any books dealing with fundamentals is because mostly, my trading style is technical. I do look at fundamental news events such as central bank speeches or interest rate decisions, but mostly my trading actions are technical based.

That said, if you want to read a great book on fundamentals, I can recommend Ashraf Laidi’s book called Currency Trading and Intermarket Analysis: amzn. to/2z2YVQT.

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About Felix.

I'm a full-time, independent forex trader. I've been trading for over 10 years and specialize in price action trading, reversal trading, trading psychology and algorithmic trading.

If you're determined to become a pro trader, I offer select consulting and coaching services.

When I'm not trading, I'll either be travelling the world or rock climbing (likely both). Read my story here.

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FOREX FOR AMBITIOUS BEGINNERS.

Good books about forex.

The best forex books challenge you to think about your own trading, teach you a specific skill or show you how some highly successful traders operate. The list below is made up of some of the best forex books available. Each of them will help you become more successful as a forex trader.

Day Trading the Currency Market.

Written by Kathy Lien—chief strategist for the number one online currency broker in the world—Day Trading the Currency Market reveals a variety of technical and fundamental profit-making strategies for trading the currency market, and provides a detailed look at how this market actually works. It contains actionable information and strategies, which can help you enter this highly competitive arena with confidence and exit with profits.

Market Wizards.

What separates the world's top traders from the vast majority of unsuccessful investors? Jack Schwager sets out to answer tis question in his interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and more in Market Wizards: Interviews with Top Traders, now in paperback and ebook. This classic interview-style investment text from a financial expert is a must-read for traders and professional financiers alike, as well as anyone interested in gaining insight into how the world of finance really works.

Trading in the Zone.

Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes on the myths of the market and exposes them one by one teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the "probabilities" of market movement that governs all market speculation.

Mastering the Trade.

Excellent selection for anyone wanting to make a living trading. Filled with simple explanations to a very complicated subject. There is no "pie in the sky" stuff that you find in many trading books. Lots of straight talk and specific examples. Book contains lots of plans for set-ups and trading structure that most traders at any level need. Entertaining too.

Technical Analysis of the Financial Markets.

This outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets. Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotation, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets. Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.

Japanese Candlestick Charting Techniques.

A form of technical analysis, Japanese candlestick charts are a versatile tool that can be fused with any other technical tool, and will help improve any technician's market analysis. They can be used for speculation and hedging, for futures, equities or anywhere technical analysis is applied. Seasoned technicians will discover how joining Japanese candlesticks with other technical tools can create a powerful synergy of techniques; amateurs will find out how effective candlestick charts are as a stand-alone charting method. In easy-to-understand language, this title delivers to the reader the author's years of study, research and practical experience in this increasingly popular and dynamic approach to market analysis. The comprehensive coverage includes everything from the basics, with hundreds of examples showing how candlestick charting techniques can be used in almost any market.

Trading for a Living.

Soviet-born author and practicing psychiatrist Elder (director, Financial Trading Seminars, Inc.) shares his learning over the years as a professional trader and expert in technical analysis and his principle of understanding the three Ms (Mind, Method, Money), which will strengthen the discipline required to be successful in trading. He explores crucial factors in the markets that most experts overlook, including time, volume, and open interest, and describes little-known indicators to track them profitably. In addition, he covers many of the more technical approaches to investing in futures, such as factoring in the meaning from the Elliott Wave, oscillators, moving averages, Market Logic, and point-and-figure charting. His unique viewpoints in this overly saturated genre explain his particular view that most traders sabotage themselves, while offering tips for others to avoid doing the same. The narration by Richard Davidson soundly guides the listener through this highly specialized work that, although first published seven years ago, remains recommended for university libraries supporting a finance and business curriculum.

Technical Analysis.

This book systematically explains the theory of technical analysis, presenting academic evidence both for and against it. Using hundreds of fully updated illustrations, the authors explain the analysis of both markets and individual issues, and present complete investment systems and portfolio management plans. They present authoritative, up-to-date coverage of tested sentiment, momentum indicators, seasonal affects, flow of funds, testing systems, risk mitigation strategies, and many other topics.

Bollinger on Bollinger Bands.

John Bollinger is a giant in today’s trading community. His Bollinger Bands sharpen the sensitivity of fixed indicators, allowing them to more precisely reflect a market’s volatility. By more accurately indicating the existing market environment, they are seen by many as today’s standard—and most reliable—tool for plotting expected price action. Now, in Bollinger on Bollinger Bands, Bollinger himself explains how to use this extraordinary technique to compare price and indicator action and make sound, sensible, and profitable trading decisions. Concise, straightforward, and filled with instructive charts and graphs, this remarkable book will be essential reading for all serious traders, regardless of market. Bollinger includes his simple system for implementation, and techniques for combining bands and indicators.