7 books that will benefit your trading
The
Forex market is the world’s largest market and operates 24 hours during
workdays. Its principle is simple – trading currencies for global nations.
However, trading is not as smooth as it sounds. The Forex market is affected by
several factors, such as the nation’s GDP, interest rates, inflation, etc.
Therefore, this market is not for everyone. It demands discipline, commitment, mental endurance, a whole bunch of
knowledge, and a right financial service provider like HFTrading.
HFTrading is regulated by two major financial bodies,
i.e. the Australian Securities and Investments Commission (ASIC) of Australia
and the Financial Markets Authority (FMA) of New Zealand. The license number
for ASIC is AFSL 414198, and FSP197465 for the FMA. Open an account with us .
And,
for Forex, the best way to acquire lots of knowledge quickly is by reading
books. There have been a number of Forex books in the past, but here are the seven
best ones in our opinion.
7 best Forex trading books 2020
Currency Forecasting: The first book on our list
is for beginners. The Currency Forecasting was written by Michael Rosenberg who
is a long time technical examiner at Merill Lynch. As the name suggests, the
book helps the traders in price predictions. The book was written way back in
1995 and is still loved because of its simple, brief, and logical language
used.
Rosenberg
used long term skills of his career and a combined monetary dynamics &
macroeconomics of the international Forex market. The book combined fundamental
and technical analyses logically and understandably.
Thus,
it helps significantly in forecasting prices – the book makes emphasis on
technical analysis through tools, which
help traders to make a prediction.
offers primary tools, indicators, signals, charts, and patterns for users. All
these tools are free to use for all
clients.
Use these tools with our MT4 trading platform. It is
a tool which offers the best user experience.
Trading in the Zone: The second book is a
masterpiece by Mark Douglas. The book focuses on a Forex trader’s emotional
aspect. As per Mark, feelings such as fear and greed are prevalent among
traders and overcoming them is the very first step.
The
book helps the traders by providing the techniques to avoid these emotional
trading pitfalls. Not only this, but the book also describes the required
emotional and psychological traits of a successful Forex trader and the methods
to develop them.
Also,
Douglas has introduced a “Thinking Strategy” which presents five elements that
are common in most successful and consistent Forex winners. Mark believed that
the Forex market moves within the probability dimensions and not on the right
or wrong mentality, which most traders think! Therefore, take every decision in
thinking odds and evens.
Japanese Candlestick Chart Technique: the Candlestick chart
is a quite popular tool among traders now and holds a different place in their
hearts. In this chart, every candle contains lots of information which helps
traders make better and accurate decisions. A trader would be able to know the
opening price, closing price, market behaviour, high, and low in each candle.
However, remember that only reading the book is not
enough, implementing the techniques and practising them is also necessary. Open
an account with HFTrading.com.au
now and execute all your candlestick strategies with us.
Steve
Nison wrote the book, and it helps you understand this chart pattern. It also
helps on how to combine and use this tool along with other devices.
Steve
Nison introduced the chart pattern through this book in 1991, and today, the
trend is widely used in almost every trading market and by every trader. The
writer, after the success of this book, wrote several other similar books like
Beyond Candlesticks and Candlestick Charting Basics.
The Disciplined Trader: Here’s another
excellent write-up by Mark Douglas. The book is an eye-opener for all the
traders who think that their attitude has no role in their profits. Most of the
trading books are related to theories, case studies, tools, techniques, and
strategies, but as the name suggests, the book points the importance of
discipline.
Douglas believed that a weak or unskilled trader
might win once, but a trader with no discipline over his emotions can never
succeed in the market.
The book goes on with telling the tips on controlling the emotions and
emphasises that it is more complicated than it sounds.
Mark
wrote this book after a series of significant losses in his trading decisions.
After losing almost everything, Mark analysed all his trades and described the
lessons learnt from them. The trader would also be able to mitigate his risk
levels and track his performance while trading after reading this book.
Day Trading and Swing Trading the Currency Market: Now comes in line one
of the best-selling books on intraday trading. The author of the book is Kathy
Lien, a well-known market examiner. The author frequently makes guest
appearances on several finance shows and channels like Bloomberg & CNBC (as
a guest).
The
book, Day Trading and Swing Trading the
Currency Market: technical
and fundamental strategies to gain from
market moves, also provides insight into
the invaluable learning experience of the author. The writer, who is also the
MD of BK Asset Management firm, uses a balanced trading approach using both
technical and fundamental analyses for Forex trading.
The
book also covers a brief hand on primary factors, both long and short term,
which affect the currency market prices.
Forex Trading: The Basic Explained in Simple Terms: This simple
book is written by Jim Brown, the Australian Forex trader with years of
experience. The publishing cover majors topics like explaining Forex, market,
pairs, lots, size, risk, analysis, and a lot more in detail. Although the book
covers most of the essential topics only, it includes one crucial problem, i.e.
choosing a broker.
A financial service provider is an agent or trading
website through which a trader executes his trades. A good example is
HFtrading.
is a regulated and popular financial service provider. It offers some tools,
platforms, financial instruments, and many more other features at highly
competitive prices.
The financial service provider offers the popular
trading platform MT4, on which Jim Brown has wrote other books too. Remember, the
right financial service provider can help you to build a strong knowledge base
that may lead to prudent decision making while the wrong one can eat up your
money.
Technical Analysis of the Financial Market: The author of our last
book, on the list, is John J. Murphy, also known as the father of inter-market
technical analysis. The write introduces technical analysis and goes on to
explain the advanced concepts required to do trading.
The
book is so popular among traders that many consider it as a “bible for
traders”. Almost every top analyst suggests this write up in the top forex
books category.
The
book contains 400+ charts and indicators to explain technical analysis in the
most exciting way. One would also get the methods to implement all the lessons
learnt into real trading.
The bottom line
is an Australian financial service provider licensed
under the financial body, ASIC (Australian Securities & Exchange
Commission). The financial service
provider’s website offers a wide range of tradable assets which includes CFDs
on stocks, indices, cryptocurrencies, forex pairs, and commodities. The minimum
deposit to start an account with the broker is $250, and spreads & charges
are competitive.
There
is no commission on executing a trade (excluding the spread), and the financial service provider provides high
leverage facility of 1:400 (maximum) on some of the offered accounts types.
There are several free deposit and withdrawal methods which include credit
card, debit cards, Neteller, Skrill, and bank transfer.
CFDs are a leveraged product and can result in losses
that exceed deposits. You do not own or have any interest in the underlying
asset. Please consider the Margin Trading Product Disclosure Statement (PDS) before
entering into any CFD transaction with us.
The value of shares and ETFs bought through an
Hftrading.com share trading account can fall as well as rise, which could mean
getting back less than you originally put in.
Please ensure you fully understand the risks and take
care to manage your exposure.
Hftrading.com.au does not issue advice, recommendations or
opinion in relation to acquiring, holding or disposing of our products.
Hftrading.com.au is not a financial advisor and all services are provided on an
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