Too much knowledge is a myth. Don’t waste your time if you glance at the charts and don’t find a suitable trading setup or you are getting to your main job on a bus or a train. Spend this time beneficially. Read a book that will give you enough proven knowledge that can make you a promising Forex trader.
Today we’ll talk about books that will be most useful for day traders. But even if you have chosen a different trading style for yourself many of the tips from these works will still be useful to you as well.
"The Intelligent Investor" by Benjamin Graham
Benjamin Graham could be the most famous investor of the 20th century if it didn't happen to his student - Warren Buffett. By the way, Warren says that this is the best trading book for investors ever.
"The Intelligent Investor" was published in 1949, this is a classic book on value investing that is one of the most popular investment strategies in the world, even in our time.
"Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications" by John Murphy
John Murphy is an American financial market analyst. John revised and updated his bestseller "Technical Analysis of the Futures Markets" to include there all the markets. This text covers the last technical indicators and tools to bring your trading to a new level, so this is one of the best trading books you can find.
“One Up on Wall Street” by Peter Lynch
Many people think that the story of a simple man who has achieved incredible success on Wall Street is just a fairy tale. However, there have been such cases and, fortunately, some of those people are ready to share the secrets of their success.
Peter Lynch tells how he started and how he moved toward his goals. From this book, you will learn that you should never build your trading strategy on luck. You need to learn how to make informed financial decisions. This is an extremely useful book for novice traders.
“Come Into My Trading Room” by Dr. Alexander Elder
This book is already for more advanced traders. The author is disclosing the topics of the main problems and the risks involved in complex trading strategies. For a novice trader, such terms and ideas might seem too complicated. However, if you already feel quite confident in the Forex market and want to move to a new level and learn how to earn real money, then this book will be a very useful guide for you.
“The Disciplined Trader” by Mark Douglas
It is a well-known fact that the ego is one of the main opponents of a good trader. The author of the book compares Forex trading with poker as discipline and self-control are extremely important in both fields. Mark Douglas will tell you how to focus exclusively on the trading process and how not to see money in numbers on your screen. If you learn to distance yourself from profit and loss, you will be one step closer to your goal of becoming a successful trader.
“Day Trade Online” by Christopher Farrell
An indispensable book for scalping enthusiasts. The author managed to describe this method in detail in a very measured manner, despite the enormous pace and the risks involved in this trading style. Christopher Farrell really knows how to make money on scalping. His advice will help even the most inexperienced traders to really understand this trading style
“How to Day Trade for a Living” by Andrew Aziz
The book offers a view to trading opposite from the book “The Disciplined Trader” by Mark Douglas. The author believes that Forex cannot be associated with poker in any way since it is impossible to rely on chance here.
Andrew Aziz offers the reader step-by-step instructions for daily trading, provides novice traders with a good understanding of the topic and explains how to make the first steps in your trading career.
“Market Wizards” by Jack D Schwager
This book will give you a chance to learn from the best. “Market Wizards” is a collection of interviews for traders who have made a fortune in the forex market, such as Bruce Kovner and Paul Tudor Jones.
These Forex giants will share their secrets and tell you how to combine hard work and the right attitude in order to achieve success the way they did. The book was written back in 1989, but the advice you find there remains relevant to this day.
“Intelligent Investor” by Benjamin Graham
Warren Buffett named this book “the best book about investing ever written”. Warren Buffett is one of the best Wall Street experts to date. At least this should make you consider looking at this book.
Benjamin Graham’s work was published back in 1949, but this did not stop the author from touching upon a topic that is still relevant today. The author believed that it is profitability that distinguishes investment from speculation. The book will tell you how to make more reasonable decisions and not to lose your money from the start.
“Trade Your Way to Financial Freedom” by Dr. Van Tharp
This book reveals the psychological side of trading. The author tells how to set goals and develop the concept of a trading system. Thanks to Dr. Tharp, you will stop chasing the well-known “holy grail” and get rid of superficial thinking in order to focus on the main thing.
The author reveals in his book one of the most important concepts of Forex trading - the simpler your system the better. After reading this book, you will stop complicating everything and will be able to move towards your goals.
The list of useful books does not end there. Start with the ones described above and look for new ones. Even if you can draw only one useful piece of advice from an entire book, it’s worth it. From these grains, you can build your own unique system that will make you a truly successful trader.