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Learning Forex trading from the books
For traders who keen to learn via the traditional way (books!), here are the list of books we found helpful for traders. A brief intro and reader's review are quoted else where from the Internet for your ease of review. In our opinion, you don't need a lot of books (rather, you need to practice your trade as much as possible with a demo acc) to learn FX trading - instead, you need just one or two good books for the references. Hence, we list out only a few which we think are the best of the best.
Recommended Forex learning books
Forex Conquered: High Probability Systems and Strategies
for Active Traders
by John L. Person (Author)
What's in the book?
The "Forex Conquered" offers easy-to-learn trading strategies for profiting from today's FX market.
When to increase lot size? When to move stops? How to use auto trading system to max out the profits, how to use technical tools to guide your trades? How to develop a trading system that suits your financial needs? How to utilize the fundamentals of Candlestick and Elliot Wave charting in the Forex market?
You can find all the detail answers here in John Person's book.
In addition to the valuable information found throughout these pages, this book's companion CD contains a Fibonacci calculator as well as a pivot point calculator, which can assist you in developing a trading plan without having to purchase extra software. Best of all, these calculators may give you an edge in determining longer-term price objectives, such as quarterly or annual price outlooks, which most software cannot do. The CD also includes six separate tutorials totaling more than 40 minutes of one-on-one instruction.
Reader reviews
"In this amazing book, John covers it all. From trading systems to money management to emotions, he explains easily how to pull money consistently from the most complicated financial market in the world. John packs more new, innovative information into this book than I have ever seen in a trading book before."&mdashRob Booker, independent currency trader
"John Person is one of the few rare talents that are uniquely qualified to help traders understand the process of successful trading. With today's markets becoming increasingly challenging, John has cut right into the essentials and brought forward the much-needed tools of forex trading. This clear and well-organized publication is a major step forward in helping traders gain an edge. I would highly recommend Forex Conquered as a valuable handbook for both aspiring and experienced traders alike." &mdashSandy Jadeja, Chief Market Analyst and EditorLondon Stock Exchange, London, England
"Forex Conquered is a bold title, but this book delivers the tools needed for successful forex trading. There is no fluff here, just the wisdom of a trading veteran that I have always respected-and followed." &mdashMichael Kahn, Editor, Quick Takes Pro market letter and Columnist, Barron's Online
About the author
John L. Person, CTA (Palm Beach, FL), is President of Nationalfutures.com, a professional advisory service and President of J&B Capital Management. He is a registered Commodity Trading Advisor. With almost thirty years of experience in the trading business&mdashas a broker, trader, and teacher of traders&mdashPerson understands what it takes to make it in this fast-paced environment, and with Forex Conquered, he wants to show you how. In 1998, he developed his own proprietary trading system and began publishing ''The Bottom-Line Financial and Futures Report''.'
Buy this books at offer price now!
Adventure Of A Currency Trader: A
Fable about Trading, Courage, and Doing the Right Thing
by Rob Booker
Feeling bored with the usual trading books serious tones? Now learning Forex trading can be like reading Harry Potter's adventures with Rob Booker's Advernture of a currency trader: A Fable about Trading, Courage, and Doing the Right Thing.
Let author Rob Booker introduce you to Harry Banes. Harry represents every trader. He doesn't start trading with a huge amount of money, and his ambition is larger than his ability. His financial situation and life as a new trader may be difficult, but his determination allows him to prevail in Adventures of a Currency Trader.
What you'll get with this book?
Funny, entertaining, and, above all, educational, Adventures of a Currency Trader demonstrates exactly what it takes to capitalize on today's volatile and potentially profitable foreign exchange markets. Told through the eyes of a fictional character by the name of Harry Banes&mdashan aspiring trader who works as a filing clerk in a busy New York law firm&mdashAdventures of a Currency Trader explains in a powerful and compelling manner how you can implement a consistent trading approach in the foreign currency market and become a financially independent currency trader in the process.
There's a little bit of each of us in Harry Banes, and as the story progresses, you'll discover how to turn the lessons outlined in this book into potentially profitable trades. Harry admits early on that he's a rookie trader, which won't adequately prepare you for how bad he really is. But we'll stand by him as he picks himself up from early disappointments and begins to implement the wise counsel of a veteran trader&mdashHarvey Winklestein&mdashwho agrees to mentor him.
From Harry's experiences, you'll learn how to recover from disastrous losses, set yourself up as a full-time trader, and talk to loved ones about what you're doing. But that's not all. Through Harry's numerous journeys, you'll also discover how to create reliable charts, perform the proper type of analysis, and make effective trades. Most importantly, you'll learn how to generate substantial profits&mdashand keep them.
Reader reviews
"Brilliant! Rob's humor and humanity shine through in this parable about trading and life. Filled with wisdom and wit, it's an exhilarating rollercoaster ride through the peaks and valleys of the learning curve, with many valuable lessons learned along the way." &mdashEd Ponsi, President, FXEducator.com
"Rob's fable of everyman 'Harry Banes' is destined to become a trading classic. This is both the missing piece and the foundation that comes before the strategies and methodologies. The search for the Holy Grail begins and ends in the heart and mind. The journey is authentic and real and if you're willing to take it with Rob, you will be rewarded in the end. Seldom has psychology and wisdom been so entertaining!" &mdashRaghee Horner, trader and author of Forex Trading for Maximum Profit and Days of Forex Trading
"In a series of insightful and entertaining vignettes, Rob Booker teaches both the novice and the experienced trader some hard won truths about the currency market. It's a must read book written by a guy who survived the trenches and went on to prosper in the biggest and most competitive financial market in the world." &mdashBoris Schlossberg, Senior Currency Strategist, Forex Capital Markets LLC, and author of Technical Analysis of the Currency Market
About the Author
Rob Booker is a foreign currency trader and a trainer of traders. His Web site, www.robbooker.com, and blog, www.piptopia.com, are two of the most popular destinations on the Web for traders, and both provide educational and inspirational materials on trading. Booker has the reputation of being one of the best trainers of traders in the foreign exchange industry. Hundreds of people he has trained now trade for a living. Booker's growing popularity is a result of both his success as a trainer and his ability to impart his knowledge in an appealing manner through stories and anecdotes.
Trading in the Zone: Master the Market with
Confidence, Discipline and a Winning Attitude
Trading in the Zone might not be the book specifically for Forex traders.
However, maximizing the trader&rsquos state of mind is ALWAYS the key to successful results in any trading business. Conflicts, contradictions and paradoxes in thinking can spell disaster for even a highly motivated, astute and well grounded trader. We found this Mark Douglas's book a very good read for any traders who wish to improve their financial pyschology.
Trading In The Zone offers specific solutions to the &ldquopeople factor&rdquo of commodity price movement. It uncovers the true culprit for lack of consistency when it comes to stock picking: lack of focus and self-confidence. Through simple exercises, traders will learn how to think in terms of probabilities, and adopt the specific beliefs necessary to developing a winner&rsquos mindset. Along the way, they&rsquoll gain valuable insights into their own entrenched misconceptions about the market.
Backed by compelling examples, Trading In The Zone adds a new dimension to getting an edge on the market. Through a better understanding of themselves, as well as of Wall Street&rsquos realities, traders will come to leverage the power of their psyche for unprecedented profitability.
Reader reviews
This book was able to put the concerns traders face on the psychological level in a clear and understandable way without talking down to the reader. These concerns are things I face in every facet of my life, so once I became aware of them for purposes of trading, I have seen that I am better able to understand why I do and react certain ways in other things. I like the clear strategy to start to deal with the fears of trading. Mr. Douglas does state "its harder than it sounds in the book" but I read it thinking "oh no problem"... but the execution of applying the strategy has been a challenge. Its worth the time I took to read it. - T. Glowicki "Forex Trader" (West Chicago, IL United States)
I had big problem with emotions, particularly "hope", in trading. This book immediately helped me improve control of my emotions. "Don't try to predict what market/price is going to do." "only focus on what price and indcators are doing right now." "you don't need to know where market is going to go to make money." Many such "gems" in the book helped me to form and maintain a rational and objective mindset in trading. Highly recommended to new traders like myself. I got a lot out of this book than from "disciplined traders", which is also an excellent book on psychology. Thanks, Mark, for this wonderful book! - X. Li
About the Author
Mark Douglas is the author of NYIF's The Disciplined Trader. He is president of Trading Behavior Dynamics, which develops seminars on trading psychology for brokerage houses, clearing firms, and banks, among a wide range of professional organizations. He lives in Scottsdale, Arizona.
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