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Most Useful Forex Information from Best Books

8:43 AM Dec 30, 2019
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Trading Psychology

At the moment, the Internet is full of misinformation and really non-useful tips from traders that are in a hurry to share their experiences without even showing any successful results themselves. They tell about their pseudoscience on the forums, they write in blogs and print articles. Following their advice, you can easily empty your trading account and never return to Forex because of the disappointment you’ve gained.

So how to highlight useful information among this garbage? Of course, you can seek help from a mentor. He will carefully filter the data that comes to you and share his personal experience. Or you can collect useful information from trusted books. Today, we’ll talk about that.

“Trading in the Zone” by Mark Douglas

The main reason traders leave Forex is the psychological aspect. The book “Trading in the Zone” reveals all the nuances of a healthy trading mindset. The author gives many examples of trading in situations where something might go wrong. He explains the reasons why such situations might happen and helps to treat them correctly. Thanks to this book, you will learn to accept your losses, gain self-confidence, and be able to tune your mind in the right way.

“Forex Trading: The Basics Explained In Simple Terms” by Jim Brown

It’s a perfect first book for novice traders. Jim Brown is a reputed participant of the Forex community who uses a special trading technique that he has developed himself. Through this book, the author shares his strategy.

In addition, in his work, you will find all the necessary basic Forex knowledge, ranging from a detailed description of how the market works and ending with the smart choice of a broker. With the information obtained in this book, you can safely proceed to your first Forex trades.

“How to Make a Living Trading Foreign Exchange” by Courtney Smith

If you are a Forex beginner and still have not decided on a strategy, then this book will give you a hand. Courtney Smith describes in detail 6 successful and easy-to-use trading strategies that any novice trader can master.

In addition, the author talks about some useful tips that might be helpful for the described techniques. For example, the mentioned “rejection rule” will help you reduce the risks in the strategy of the price channels breakouts and still maintain the level of the potential profitability of those trades.

“Japanese Candlestick Charting Techniques” by Steve Nison

Technical market analysis and trading using candlestick patterns are considered to be the most complex things to handle in Forex trading. Steve Nison managed to present a difficult strategy in simple words. At first, the book may seem rather hard to read. However, when you finish it, you will notice that the author managed to change your overall approach to trading and to money in general.

This book will open the door to the world of trading on Japanese candles and answer any questions that you may have during the learning process. Following the first book, Steve Nison published two more: “Candlestick Course” and “Beyond Candlesticks.” The last two editions complement the first book and talk about newly developed strategies, such as Renko and Kagi.

Of course, the list of useful Forex books does not end there. In other articles, I will tell you about other great publications that will help you become a confident and savvy novice trader.

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