Thoughts on 10 of the Best Trading Books for Foreign Currency Traders

Money in books

A currency trader is a professional, just as a doctor, dentist, attorney and accountant are professionals.  All professionals begin their careers with education and all of the best professionals continue their educational reach for the duration of their careers.  Could you imagine going to a doctor who refused to read trade magazines and learn of the latest medical developments?  You wouldn’t feel very comfortable working with such a professional…

In the same vein do we as professional Forex traders need to continue our educations throughout our entire careers.  Do you think that the best fund managers in the world think to themselves, “I have surely learned everything that I ever need to know about the currency markets and therefore I do not need to continue my education any further.”   Surely not.

You know that the best in each professional field are on a lifelong learning journey.  In such a way I wanted to provide you with some material that can make a very important impact on your trading career.  These are materials that you can study and learn from on a consistent basis.  These are some of the books written by some of the most successful traders who have ever lived.  Do you want to count yourself among their number?  Then be prepared to learn from them—each and every day you have to invest in your trading business.

Please take the information available on each of these great books and use it as motivation to add to your own education library. Here are some of the best books that can help you become a better foreign currency trader… and bear in mind that not all of these books are from currency traders, but do not let that dissuade you from learning from their market mastery.

  1. Market Wizards, Interviews With Top Traders by Jack D. Schwager
  2. How I Made $2,000,000 in the Stock Market by Nicolas Darvas
  3. Trend Following: Learn to Make Millions in Up or Down Markets by Michael Covel
  4. Trading for a Living: Psychology, Trading Tactics, Money Management by Dr. Alexander Elder
  5. Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude by Mark Douglas
  6. The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires by Richard Dennis
  7. The Disciplined Trader: Developing Winning Attitudes by Mark Douglas
  8. Come Into My Trading Room: A Complete Guide to Trading by Dr. Alexander Elder
  9. Japanese Candlestick Charting Techniques, Second Edition by Steve Nison
  10. Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing (Wiley Trading) by Rob Booker

Market Wizards, Interviews With Top Traders

Market Wizards Interviews with Top TradersThis is a series of books—interviews with successful traders and investors. Market Wizards, Interviews With Top Traders by Jack D. Schwager is one of the most recommended books that you can find online or for sale at Amazon.com.  It is a good read and one that is highly recommended for any type of trader who needs to kick their business up to the next level.

If you are like me then you appreciate reading and hearing the interviews of very successful traders.  One thing that I find is that when I get a chance to listen to the way a very successful trader thinks that I can identify with them and it helps to shape my focus and what my approach to the markets should be.  Do you find this to be true for yourself also?  Do you listen to successful traders and use their experiences to identify with your own?

In such a similar way you can take the information in this book(s) that comes in the form of these interviews and use it to help shape your own investment/trading career growth.

Word of caution: Do not look to these books for insight into current market conditions and for finite trading strategies, as you’ll gain neither from these books.  But you will gain encouragement to hear about the failures (and successes) of these brilliant traders and investors.  Like almost all investors/traders, these men interviewed share their struggles along the way before they became successful.

For me, I find it almost more valuable to learn from a successful persons failures that I do to hear about their successes.  Their failures help me to identify with them because I have failed many times myself.  If the superstar traders done everything right from the beginning then there would be little hope of following in their footsteps.  Because everyone fails along the way you can take comfort in encouragement in reading their stories and learning from their experiences.  I hope you’ll take the time to do so and use this series of books to help you gain more insight into your own trading future.

Here is an excerpt from the book that I thought you would enjoy reading and would benefit from.  It comes from an interview with Richard Dennis, a famous trader who organized a highly successful training experience which you’ll read more about in one of the books to follow (The Turtle Experiment).

“Most dramatic emotional trading experience. One day, I made a particularly bad trade and lost about $300. I then compounded the error by reversing my original position and losing again. To top things off, I then reversed back to my original position and lost a third time. By the end of the day, I had lost $1,000, or 1/3 of my entire capitalization. Since then, I have learned that when you have a destabilizing loss, get out, go home, take a nap, do something else…”

He went on to say that if these rules had of been followed and the risk per trade had of been controlled then his most painful trading experience would have been avoided altogether.  And in this brief example there is a warning and an encouragement to you as a trader: do no trade too aggressively!  Yes, you may make some quick gains, but if you are not careful a losing position or two could wipe out your entire account.  This is not a place you want to find yourself in!

Now aren’t those amazing insights into the mind of a multimillionaire trader?  I don’t know about you, but I can learn more about trading success from a couple of paragraphs like that than I can from 50  cheap ebooks given out online.

How I Made $2,000,000 in the Stock Market

How I Made $2,000,000 in the Stock MarketYes, I know this is a stock trading book, and you are concerned with the currency markets, but this is a very good book that can teach you a lot about yourself as a trader.  Nicolas Darvas is the author of the How I Made $2,000,000 in the Stock Market and it is a sensational one.  You will be able to learn about the problems that a very successful trader has faced and has overcome.

What I wanted to share with you also with regards to this book is this video training which summarizes some of the points and lessons from the book. It is recorded by a professor and a very successful trader also.  It is a great overview of this book and its material if you do not have the money or time to purchase this book.

Again, this is a stock market course and I do not mean to distract you in any way.  I would ask you to review the material on the video link so you can learn from these good lessons.  These lessons and this material will, I believe, help put your own Forex trading (success or failures) into greater perspective.  I think you will be able to learn useful lessons from the material in this book or in the video summary and from these lessons you will be able to make good strides in improving your trading business.

This is an especially helpful book if you are still at the stage of ‘gambler’ in your own Forex trading business.  If you have not yet identified your edge and have not yet solidified your trading strategy then this is the book for you.  I believe it will help you to identify the mistakes that you are making with your own Forex business so that you can shore them up and move on to more successful trading.

Like me, you might also gain a new-found appreciation for the world of modern trading technology that we are now lucky enough to have.  If anyone was successful in the past to the tune of millions of dollars in profit then you and I should be more than capable of creating a profit when we have access to computers and high speed internet accounts compared to the author who received his stock ticks via telegram.   😉

Trend Following: Learn to Make Millions in Up or Down Markets

Trend Following- Learn to Make Millions in Up or Down MarketsThis is not a book that I have personally read but it is one that a lot of people talk about.  I think you could learn a lot from the authors website at turtletrader.com so I recommend you stop by and see what Michael Covel has to say.

Trend Following: Learn to Make Millions in Up or Down Markets is written by Michael Covel. This is an excellent reference for those who are seriously into alternative investments. This is especially the right book for those who not only have an experience in trading but also for those who are open to taking their chances beyond basic retirement account and mutual fund investing. All traders will definitely find this book very valuable as it is thoroughly researched and well documented. In this amazing book for traders, the author especially educates his readers regarding the little-known chances they are capable of taking through one reliably excellent hedge fund strategy. Thus, this book is precious to every smart investor.

During the 2008 crash, many incurred losses in their investment while the trend followers benefited a great deal from it. In this book, the author reveals accurately how they were able to come up with such amazing results. He shows the reasons why a single technical system that is based on just following the price trends is able to win over for a long period of time. He also shows the readers ways to follow the exact strategies in their own portfolio in order for them to keep on gaining profits regardless of the ups and downs of the market.

Trend Following is a classic book on trading which is accepted by most professional traders. This book is an interesting read recommended to all serious investors. There is a certain investment strategy which works in all markets and it is revealed in this book. Trend Following is a foundational type of book that describes in detail the concepts and philosophy underlying a certain trading system that is driven alone by price trends. The author uses both anecdotal evidence and hard data, emphasizing on concepts associated with behavioral finance throughout to put his message across.

In this masterpiece, Covel informs the readers that even if they do not purchase everything, questioning their past actions, preconceptions and assumptions is always of value. Not all trading strategies are perfect. This book will at least help the readers recognize the weaknesses and flaws in what they are doing at the moment.

Michael is a believer in the Turtle trading system which you will see documented further down this list.  He has a number of books available, and again, I cannot recommend this book from my own experience but only from the recommendations of others.  You can learn some things from some of Michael’s YouTube videos so you might want to take a look at those for a bit of investing insight.

One of the lessons I remember from a trading instructor was a reference to a very successful trader from the past.  I do not remember the name of the trader that was being referenced but the underlying lesson was that this trader never looked for the tops or bottoms in any market.  This trader’s goal was simply to capture the middle third of any trend.  If you think about that for a minute, it is astonishing and powerful.  As a successful trader, you don’t need to have a magic ball and pick the tops and bottoms of any market.  All you need to do is find a trend and trade with and that trend.  If you can capture that middle third (1/3) then you’re golden and you will have all the money you ever need.

Trading for a Living: Psychology, Trading Tactics, Money Management

Trading for a Living- Psychology, Trading Tactics, Money ManagementTrading for a Living: Psychology, Trading Tactics, Money Management is an interesting book—excellent for beginner and intermediate traders written by Alexander Elder who is a Soviet-born practicing psychiatrist. The author of this book also works at Financial Trading Seminars, Inc. as a director and he shares in this valuable book what he has learned professionally as a trader throughout the years.

As a practicing psychiatrist, Alexander Elder understands how psychological fitness and state of mind are important in facing the challenges associated with Forex trading. Thus, he formulates pragmatic ideas which help shun anxiety and improve performance. This book makes a complete guide for traders in understanding the psychology of trading to achieve beneficial results.

This book especially teaches the readers how to make the most out of understanding the behavior related to the market crowd.  They will learn how to decipher the market’s overall mood and understand how it goes at a certain time by looking at the trends, chart patterns, gaps, and support and resistance. This book further informs the readers about the typical psychological behaviors that brought the failures of many traders and teaches tactics on how to focus their minds on the right track so they can be prevented from leaning towards the psychological pitfalls from which many traders fail.

Dr. Elder also discusses some trading strategies for the traders to use while trading. He also developed and introduced 2 new indicators such as the Force Index and Elder Ray in this trading book. There is such great information written about making the most of the computer in finding good trades and developing a very effective trading system. This basically helps traders find trades with excellent chances of success.

Furthermore, as a technical analysis expert and a trader, Alexander Elder shares great insights. He has coined a principle associated with understanding the 3 Ms which represents “Mind, Method, Money.” This especially is important in strengthening the discipline needed to succeed in trading. Elder also addresses crucial factors such as volume, open interest and time which are considered significant for Forex traders.

What is represented in this book is the benefit of trading expertise and psychology. The author looks at two things. He gives emphasis on pragmatism and at the same time stresses on psychological strength which is vital for traders when the market is down. Thus, this book teaches traders how to coolly and calmly deal with the world of trading.

A good number of technical approaches are covered in the book related to investing in futures associated with Elliot Wave, Market Logic, moving averages, oscillators, etc. Traders are taught about entry points and exit points since these basically determine their performance in the trade, whether they will succeed or fail.

This practical book which was written by an authority on such a complex subject is written in such a way that the author handles money management and technical analysis in a very delicate manner. Traders who have already read the content recommend this book for their colleagues in the field who have little knowledge about money management and technical analysis. They regard the book to be very helpful in making the readers understand the topic with less stress to the brain. In short, this is a good book for those who are seeking content which weaves altogether the topics related to the psychological aspect of trading, protection of trading capital and market trading methods in an easy and readable way possible.

Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude

Trading in the Zone- Master the Market with Confidence, Discipline and a Winning Attitude (Review)Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude is a fascinating book for traders written by Mark Douglas who has been a trader, an industry consultant and a personal trading coach since 1982. The author specifically notes in this book how the “thinking strategy” can profoundly influence the success rate of the trader. Even a well-grounded, a highly motivated and an astute trader can encounter disaster due to the conflicts, paradoxes and contradictions in his thinking. In this important trading book, Douglas tackles five very distinct issues to give insight to traders and to teach them how to understand themselves which will help them win consistently in the market.

This informative book provides relevant solutions to the so-called “people factor” that is associated with price movement. It reveals the real causes for inconsistency associated with stock pricing such as the lack of self-confidence and focus. By being introduced to simple exercises, every trader will not only be able to think with regard to probabilities but also adhere to the distinct beliefs essential to possessing a winner’s mindset. In the course of time, the traders will also be able to gain significant insights regarding the entrenched misconceptions they have concerning the market.

Supported with compelling examples, this book adds some valuable dimension on the trader’s end to acquire some advantage when dealing with the market. By being able to understand themselves better and the realities of Wall Street, the traders will have the chance to make the most out of their psyche to achieve unprecedented profitability.

What book could give the traders more profit potential than this which helps them gain focus on benefiting the most from the market as the author uncovers the reasons for inconsistency and gives them insights on how to overcome the firmly established mental habits that are costing them money. The author takes on some myths associated with the market, then after which exposes such myths one at a time coaching the traders how to have an understanding of the true nature of risk. This helps them see beyond every random outcome, and to take the “probabilities” of every market movement and understand them in greater detail.

This is a good selection for your library especially if you are into trading. This book proves how your beliefs, emotions and thoughts regarding the market more often than not, do not reflect what is being plainly, neutrally and unemotionally communicated by the market each moment. The ending of this book shows steps on how to build your own solid system as the initial stage of developing into an excellent trader. Level two refers to subjective trading which is mastered by only a few while the third stage refers to intuitive trading which is mastered by even fewer individuals.

Like most traders, after their first losses they learn a better approach to market analysis. After their succeeding losses, they learn how to manage risks. However, these are not enough since there is another significant challenge that needs to be conquered and that is, yourself. Conquering yourself is the basic aspect of this book as this serves as its major premise. This actually means that when you are able to successfully forecast the market there still remains some room to focus on other aspects. This ability to successfully predict the market is not the only thing that is necessary. As explained in the book, the individual’s self-worth, work ethic, moral perspective on money, tendency to concentrate on the positive while dismissing the negative, and more are also important elements that need to be taken into consideration.

The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires

The Complete Turtle Trader- How 23 Novice Investors Became Overnight MillionairesMichael Covel’s The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires is regarded as an international bestseller which is based on a true story of Richard Dennis, a Wall Street legend along with his disciples referred to as the Turtles as well as the trading techniques they used in becoming millionaires.

This is a story of how ordinary people learned a system through training to make a pile. By investing with the use of a few basic rules, Richard Dennis was able to gain profit on Wall Street. Armored with his conviction that excellent trading was learnable as a skill and to give light to a debate with his partner over trading as either an inborn talent or learnable, Richard Dennis had an experiment where for two weeks novices would be trained about his investment philosophy and rules and after which, each of them would be given $1 million to use as an investment as they start trading. The Wall Street Journal classified ad section was soon added with details of recruitments for novices to be trained. There were a total of 1,000 applicants who underwent a rigorous kind of application process which was designed to test each applicant’s ability in managing risks, mathematical skills and intelligence. His recruits, which were later called the Turtles, did not possess any typical Wall Street background. The recruits included a pianist, a designer for a fantasy game, and a pro blackjack player, a Harvard MBA, an accountant, and a pilot of the US Air Force. When the experiment was done, Dennis had gained $100 million from his recruits, the Turtles, and became a Wall Street legend.

In this important trading book, Michael Covel, the author and who is also the Turtle’s leading website TurtleTrader.com’ s managing editor, tells the Turtles’ riveting story including their individual record interviews. He narrates how Richard Dennis conducted the interview and selection of his students, details their experiences and education as they worked for him, and discusses the Turtle set of rules and system in full. He particularly reveals how they were able to make astounding fortunes, and makes a note of their lives from the commencement of the experiment to their present lives. Some of the Turtles have grown to live wealthier lives than ever and even include among today’s major hedge fund managers. Equally important as well are those who were able to pass along the Turtle’s approach to the Turtles’ next generation, proving that their system is really remarkably reproducible, and that any individual with the desire and the discipline to succeed is capable of doing as equally well as or more than the major hedge fund masters of Wall Street.

In this period of time which is bombarded with slapdash advice on investing and guarantees of spot on stock tips to make it big as introduced by pundits such as “Jim Cramer of Mad Money,” the easy objective rules taught in TurtleTrader become the excellent guide for practically benefiting the most from your money. He intelligently shows how the Wall Street legend’s rules worked and can even work to this day for any individual with the commitment and desire to gain insight and knowledge from among the most excellent investing stories ever.

The Complete TurtleTrader is a must read book for investors. It is a great story and truly eye-opening. There is no other book that brilliantly captures how the legendary Turtle investment system was formed and evolves than The Complete TurtleTrader. It is filled with fascinating anecdotal insights including lessons on life, risk and trading that are worth following.

The Disciplined Trader: Developing Winning Attitudes

The Disciplined Trader: Developing Winning AttitudesThere is no other useful book that can turn your daily stresses into excellent behaviors and attitudes that bring success than The Disciplined Trader: Developing Winning Attitudes. This is a fascinating book written by Mark Douglas, a master in “the dynamics of trading.” In this book, he reveals the reasons for the unpreparedness of most traders when it comes to different, often unfamiliar strategies needed in order to succeed in the trading arena.

With a unique insight learned from his actual trading experience, Mark Douglas explores why the individual beliefs learned necessary for functioning effectively in society often become formidable obstacles in trading since a great number of traders are basically emotionally unprepared in dealing with the trading environment. Nothing can bring failure to successful trading like emotions. This is so since the trading environment requires individuals to disregard what they were taught to be relevant to effectively function in a typical society. After examining the reasons how the losing attitudes are developed, the book specifically guides the readers into a detailed “mental house cleaning” of traditional thinking processes and concepts that were deeply rooted. It then shows the readers how they should develop and apply such behaviors and attitudes that surpass psychological barriers and help them achieve success as a consistently better and disciplined trader.

This classic book helps the readers become one of those who have developed ways to control their behavior towards trading (these are the few types of traders who are able to consistently make the most profit from the market) through developing a step-by-step and systematic approach for making it to the top all week, all month.  In a logical and comprehensive manner, the author teaches the readers certain ways to not only examine their trading behavior but also to limit those as well as to develop the kind of mental discipline the few winners possess in making money consistently yearly, monthly and weekly.

More often than not, only very few traders consistently gain huge profits on the markets either in bear or bull market conditions, and these few ones are those that have the mental discipline needed to withstand even unpredictable, choppy markets. The skills that are targeted in this book include: recognizing one’s skills necessary for a trader to make progress and ways on how to maintain them rather than just the money which is considered as the by-product, gaining knowledge on the positive action towards achieving goals, being able to adapt oneself to respond accordingly to fundamental changes on the market, being able to identify one’s own “risk comfort level” and learning necessary steps to expand that level, being able to act at once on opportunities, gaining insight on knowing when to let the market make you aware of how enough is enough, being able to limit your perspective concerning market movement, and so on.

The four sections of The Disciplined Trader contain the following steps to eliminate the deeply ingrained, traditional thinking processes the readers possess.  The first step reveals knowledge of what psychological requirements are called for in a trading environment. The second part outlines the obstacles and problems that are involved in achieving success as a trader, including a considerable number of usable, on-target solutions. The third section tackles more on the necessary insights into the behavior that may need some changes and how a framework should be build to accomplish such goal. The book ends showing how distinct trading skills are to be developed based on an objective and clear perspective regarding market action.

This very informative book is always among the most highly suggested books for active traders and investors. Regardless of the new developments and market climate such as the increase of online investing, The Disciplined Trader remains significant to the present day and is still considered a must read book by major traders across the globe. A considerable number of traders read this material in the early stages of their career and choose one or a couple of tools. Most traders even understand and benefit more from this book after their second reading or as they have been trading for some time and being able to recognize the behaviors that need to be changed as targeted in the book. This straightforward, direct and simple book has played an important role in sharpening the traders’ trading skills and instincts.

Come Into My Trading Room: A Complete Guide to Trading

Come Into My Trading Room-- A Complete Guide to TradingThere is always a possibility for you to succeed at trading. It has always been true since before until now, for people across the globe. If learning gives you enjoyment, if taking risks does not scare you, if you are interested in rewards, if you don’t mind putting in more effort, you are on your way to accomplishing great projects.

Come Into My Trading Room: A Complete Guide to Trading was especially written by a noted author and trader Dr. Alexander Elder to take his readers even far beyond the 3 M’s (Mind, Money and Method) he introduced in his masterpiece, the international bestselling book Trading for a Living. Dr. Elder teaches his readers to manage their time, money and strategy in order for them to identify new, rarely known indicators which could lead them to gaining huge profits.

Considered as the new millennium’s trading bible, Come Into My Trading Room is an essential book for both the novice and the professional alike. It instructs the novice and strengthens the professional traders through tried and tested trading methodologies and expert advice. The readers are welcomed to visit his trading room by following his actual trades which illustrate most of the major concepts discussed in this book. There is no other trading book written so comprehensively than this book since it contains a full introduction to successful trading essentials; a fresh view on the 3 M’s which includes a step-by-step money management guide and risk control strategy; a practical information on technical analysis which includes new systems and indicators; an overview about the psychology of trading, both mass and individual market psychology; and accurate instructions for organizing trading time and keeping records. This amazing book reviews the essentials of trading futures, options, stocks and important psychological tactics needed for organization and discipline, aiming to turn any individual into a successful and well-rounded trader.

As the readers are shown ways to utilize the elements of money, method and mind altogether, this book provides readers with the insight and knowledge to confidently join the market and considerably gain profits. A complete degree of coverage and unparalleled depth keep traders of all levels informed, engaged and coming back to this compelling trading masterpiece over and over.

A practicing psychiatrist, professional trader and expert in technical analysis, Dr. Alexander Elder is also the Financial Trading Inc.’s founder aiming to provide traders across the globe with intensive trading camps. His pioneer written masterpiece Trading for a Living along with the study guide companion volume were sold in more than 160,000 copies. His Come Into My Trading Room has a study guide which is a companion volume worth reading as well. This is an important study guide for this book since it contains 100 questions with answers and nearly 50 charts to test the reader’s knowledge. By working through this amazing book’s volume companion, the reader is able to grade himself to be sure he knows enough concerning the 9 major points of trading. It would do well for the reader to work through 8 case histories, choose not only the entry but also exit points, and check out how well he understands what are needed to do in a trade. Consider using the author’s study guide to be certain that you can equal your competitors and even surpass them.

For those whose wishes include trading or investing in the capital market, Come Into My Trading is the excellent book for them. Very educational, this book informs the readers of all the crucial subjects pertaining to the realities of trading. Unlike the typical trading books that are sometimes difficult to comprehend, this book is quite an entertaining, easy read.

Japanese Candlestick Charting Techniques, Second Edition by Steve Nison

Japanese Candlestick Charting Techniques, Second Edition by Steve NissonThis book is a goldmine for Forex traders.  Steve Nison, the author of this book, is credited with introducing the Western World to the candlestick charts.  Chances are you’ve seen candlestick charts all throughout your Forex trading career as candlesticks are the most common chart format that traders use.

Japanese Candlesticks Charting Techniques, Second Edition is a very valuable book written by Steve Nison. This very interesting masterpiece is a must read for everyone. Whether you are a professional, an advanced, an intermediate or a novice trader this book is a very rare type of trading book of which you can benefit from tremendously. This is a great book and is highly recommended especially to more experienced traders since the readers may need some basic know-how of technical analysis prior to probing into this amazing book.

Nevertheless, Japanese Candlesticks Charting Techniques is quite comprehensive which includes a considerable number of candlestick charts. The charts are easily understood with detailed and easy explanations. This book is also primarily for those who want to gain more knowledge pertaining to the details of technical analysis and charts, particularly the so-called “candlestick charts.”

Its author Steve Nison is regarded as the “Father of Candlestick Charting” in the United States and most likely the Western region. He brought this concept to the United States from Japan. Thus, since this book is written by an authority on Candlestick charting, there is no better way to learn this concept than from the master himself through his masterpiece.

Japanese candlesticks are believed to be not only universally used but also highly valued in Japan making them an essential requirement before trading the Japanese market. This technical analysis technique is believed by a great number of traders and they find this useful as well. After introducing the Japanese market history in this book, in great detail and depth Nison discusses about them and how they are supposed to be used, giving readers a comprehensive understanding and knowledge of candlesticks. Considered an exceptional masterpiece on such subject, Japanese Candlestick Charting Techniques, Second Edition is a book that deserves a spot in your library.

Considered as versatile tools, Japanese candlestick charts can work well with every technical tool and is helpful in improving the market analysis of every technician. They are also useful for hedging and speculation, equities, futures or in any situation where there is an application of technical analysis.

Expert technicians will have the chance to discover that by fusing Japanese candlesticks with some technical tools, a powerful combination of techniques can be created. Beginners will also discover the effectiveness of candlestick charts. An easy book written in a comprehensible language, this title represents Nison’s years of research, study and his practical experience associated with this increasingly dynamic and popular approach concerning market analysis.

The comprehensive content of the book includes all the basics with a plethora of examples illustrating how such charting techniques are possibly used in most markets. There is more to this book than being a book for candlestick charts since it is also considered as an excellent TA work. This book helps a great deal in spotting reversing trends or continuation patterns. Candlesticks provide greater information regarding precise trade signals. As what a chart reading should be, the author clearly discusses the emotional and psychological aspects associated with each pattern.

If your goal is to know about candlestick charts and the way they should be used for your success in trading, this book is useful in giving you some knowledge about the basics of candlestick charts. In this unique book for trading, the practical application and background of these powerful charting techniques are discussed in full. The leading traders and analysts worldwide are well versed in these exciting and colorful techniques.

I want you to visit Steve’s blog.  Steve shares some videos on his blog that will teach you some more lessons about candlestick chart trading.  This is one of the most powerful principles in Forex—the chart patterns that can be found in all currency charts.

NOTE: candlestick chart patterns are most effective on the higher timeframes such as 4-hour and daily charts.  Some of the best traders in the world will use these patterns, combined with support and resistance levels, as the core of their entire trading system.

If you were to take the time to learn and master these chart patterns as presented by Nison, you would be well on your way to much more profitable trading.  I would encourage you to figure out how you can add the study of this book in particular to your daily regimen.  This is a book that will begin to pay you dividends in the form of profitable currency trades and I highly recommend it to you.

Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing (Wiley Trading) by Rob Booker

Adventures of a Currency Trader- A Fable about Trading, Courage, and Doing the Right Thing (Wiley Trading) by Rob BookerI left the fictional book for the end.  This one is not a how-to book but rather a fable about an imaginary trader and all of his victories and failures.  You can learn a lot about yourself in this book and it is optional reading, but one that many traders have found help and encouragement from.  Check it out, get it if you feel it’s good for you, and let me know what you think about it.

If trading books that teach the how-to stuff already bore you, Adventures of a Currency Trader is the perfect read for you. This interesting book is written for all traders. Through reading this masterpiece written by Rob Booker you will definitely learn something important about yourself. There is nothing easier, more enjoyable and unique than this trading book! The author creatively puts it in a funny way how to avoid committing the most usual mistakes in trading.

This fascinating book is an important read for all those who have ever traded and those who are planning on taking their chances on the Forex markets. Rob Booker uniquely transformed his years of knowledge about the market into an entertaining and educational experience that this book is considered a must have in every reader’s library.

A brilliant book ever written, Adventures of a Currency Trader is the type of book where the author’s humanity and humor shine through. This book is a parable about life and trading. Filled with wit and wisdom, this is an exhilarating account of the ups and downs of learning valuable lessons. This represents both what is missing and the cornerstone which come before the methodologies and strategies. This speaks of a story about finding success in the end. Through entertaining and insightful vignettes, the author teaches the beginner and experienced trader the truths regarding the currency market. This is a wonderful book written by the author who overcame obstacles and proceeded on prospering in the world’s most competitive and biggest financial market.

This fable in which the author introduces the readers to Harry Banes is a sure classic. Every trader is represented by Harry. As its title implies, Adventures of a Currency Trader talks about Harry who starts little at trading with an ambition that is greater than the ability he has. As a novice in trading, his life and financial situation may not be easy, but it is his determination that allows him to persevere.

Educational, entertaining and funny, this book demonstrates what is needed for one to leverage on today’s every potentially profitable and volatile foreign exchange market. This story is about a fictional character Harry Banes who aspires to be a trader as he works as a law firm’s filing clerk in New York. In this book, it is explained in a compelling and powerful manner how it is possible to implement a consistent approach on trading in the foreign currency markets and becomes a financially independent trader eventually.

Every trader can relatively relate in a way to Harry Banes. As you read on, you will know how to use the lessons included in this instructive book to come up with profitable trades. He admits how poor he is at trading early on, but later you will learn how he rises above his early disappointments and starts to practice the wise advice given to him by a veteran trader Harvey Winklestein who becomes his mentor.

Based on Harry’s experiences, the readers will discover ways to recover from their disastrous losses, to become a trader on a full-time basis, and discuss with their loved ones the things that they are into. But there are even more in this book. Through the main character’s many journeys, the readers will also learn ways to do the appropriate kind of analysis, come up with reliable charts, and produce effective trades. The most important of all is that the readers are able to learn ways not only to make substantial profits but also to be able to keep them.

Adventures of a Currency Trader is both motivational and technical in nature. Thus, its nature makes it an excellent instructional book to trading, providing the readers with a strong foundation related to this field.

Taking Action

Can you read 10 pages a day from one of these books?  It’s not too difficult.  Doing so you will read more than 3000 pages in an entire year.  Do you think your trading business and skills would improve dramatically if you studied each and every day and read more than 3000 pages on currency trading each year?  Of course the answer is most likely, YES.

Will you commit to this discipline?  That is for you to figure out for yourself.  Remember, the best and most committed professionals, in any field, commit themselves to lifelong learning and study in their fields.  You, as a currency trader, should be no different.  You should commit to lifelong learning.  Chances are, if you have made it to the end of this article then you either skipped to the end at the outset, or you have read this entire article and you are already one of the few who commit already to lifelong learning.  In this case I congratulate you!

What will you do to make reading high quality trading books a part of your regular schedule?

Check out these book reviews by John Forman.

About the author

Rimantas Petrauskas

First I am a father, a husband and then the author of the book “How to Start Your Own Forex Signals Service”. I am also a Forex trader, a programmer, an entrepreneur, and the founder of ea-coder.com Forex blog. I have created two of the most popular trade copiers and other trading tools for MT4 that are already used world wide by hundreds of currency traders.

2 Comments

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  • Excellent breakdown on these books. It’s a lot to read on a webpage but worth it. I even got a pdf to one of the books and it happened to be the exact area of which I wanted to spend time and do some in depth study in. Probably the most worthwhile Christmas gift I’ll get this year.
    Thanks Rimantas

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Copyright © 2009-2018. Rimantas Petrauskas | Terms and ConditionsPrivacy PolicyEarnings Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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Clearly understand this: Information contained in this product are not an invitation to trade any specific investments. Trading requires risking money in pursuit of future gain. That is your decision. Do not risk any money you cannot afford to lose. This document does not take into account your own individual financial and personal circumstances. It is intended for educational purposes only and NOT as individual investment advice. Do not act on this without advice from your investment professional, who will verify what is suitable for your particular needs & circumstances. Failure to seek detailed professional personally tailored advice prior to acting could lead to you acting contrary to your own best interests & could lead to losses of capital.
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