Top 10 forex books 2021

8. A. Elder “stocks basics”. The book describes one of the famous trading strategies – the “three screens”.

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Best Forex Books, top 10 forex books 2021.

Much attention is given to technical analysis, but of most interest are the chapters on the psychology of trading. The author is not only trading on the stock exchange, but is a practicing physician. The book will be interesting for any trader regardless of level of knowledge. Selection of literature for new and experienced traders differs significantly. The relevant forex books for beginners are of vital necessity, as they have to learn the basics of forex before proceeding to real trading. For an experienced trader with extensive theoretical and practical knowledge it will also be useful to track down information, appearing in new editions. Such branch of knowledge, as forex market trading, is characterized by high dynamics of development: new strategies, techniques, analysis, trading platform, expert advisors and indicators.

Best forex books

The benefits of a good book for traders are endless – new knowledge, experience of battle seasoned colleagues, and innovative ideas. The best trading books by itself can’t make you rich and successful, it contributes to determination of the way to your further learning and self-improvement. Reading best books on forex trading should be approached comprehensively, it is recommended to makes notes of appropriate points, calculation formulas, factors that cause fluctuation of exchange rates and everything that might be useful for future work.

The entire complex of top literature sources on the forex market can be divided into two groups: literature, forming a general idea about trading on the forex market, written in encyclopedic manner, and popular books on specific issues. Further classification involves an impressive range of applicable criteria, such as day trading books or books on fundamental analysis or books on technical analysis or some other kinds. Let us specify some of them.

First, specificity of the analyzed markets (stock market, forex, options).

Second, methodology (methods of technical or fundamental analysis, intraday trading or long term investing, wave analysis, or point and figure charting, etc.).

Third, depth of detalization (description of general trade principles or a particular trading method or description of the specific trading strategies with comprehensive explanation of the rules of entry, exit, lot amount, etc.).

Some popular books are written as the description of the author’s trading strategy, specific software packages. The last type of best trading books for forex traders is captivating in its specifics, but it should be borne in mind that without knowledge of the general principles and other methods you will not be able to develop and modernize the system under changing market conditions.

Selection of literature for new and experienced traders differs significantly. The relevant forex books for beginners are of vital necessity, as they have to learn the basics of forex before proceeding to real trading. For an experienced trader with extensive theoretical and practical knowledge it will also be useful to track down information, appearing in new editions. Such branch of knowledge, as forex market trading, is characterized by high dynamics of development: new strategies, techniques, analysis, trading platform, expert advisors and indicators.

While reading best forex trading books you need to be constantly aware of innovations, to improve skills in order to trade more efficiently. If we are speaking about forex trading books for beginners, they, first of all, should be easy-to-follow. Of course, you will not be able to work effectively in the forex market without the knowledge of many specific terms and concepts (for example, lot, spread, leverage) and best trading books will help you to get all the necessary knowledge.

So, let us specify those top 10 forex books, which, in our opinion, can serve as a good start on forex or clarify some theoretical or practical aspects of the trading mechanism. A description of the literary source is given according to the following pattern: author, title, summary, strengths/weaknesses, recommendations for the training level of the intended audience.

1. E. L. Neiman “small encyclopedia of trader” this popular book is one of the best trading books and forex books for beginners. It may be attributed to the series “little bit of everything”. Describes the basics of fundamental and technical analysis. Contains useful information on trading psychology. Due attention is given to risk management. To use this book effectively you should have basic knowledge about the market.

Fundamental analysis lets you predict price movement, having regard to macroeconomic statistics, economic and political news of the countries which currency is traded on the forex market. The books, covering fundamental analysis, familiarizing currency traders with the financial markets mechanism, that they can’t see just analyzing graphs of exchange rates on the screens of the terminals. Fundamental analysis establishes the relationship of exchange rates with the economic situation and competitive position of the trading countries, explains the objectives and instruments of monetary policy of central banks, shows the relationship between various financial markets, the reasons of their ups and downs. Among the most famous and popular best books on forex trading on fundamental analysis, we can note the following works: A. Damodaran “investment fables – exposing the myths of win-win exchange strategies”, D. Greenblatt “the little book that beats the market”, S. Cottle, R. Murray, F. Block “securities analysis by graham and dodd”, L. Levy, J. Linden “backstage wall street”, frank knight “risk, uncertainty and profit”, richard J. Teweles “stock market” and others.

Technical analysis is the method of price forecasting and market movement based on price history with construction of charts. It’s statistical-mathematical analysis, which assumes that prices are characterized by directional movement, history repeats itself, and the market movement considers everything. There are many tools and techniques used to conduct technical analysis of the market. In addition to above mentioned work of E. L. Neimann, here we shall note the following books on technical analysis: D. Schwager “technical analysis. Full course”, A. Ehrlich “technical analysis of commodity and financial markets”, J.J. Murphy “the visual investor”, R. Bensignor “new thinking in technical analysis”, cornelius luca “technical analysis applications in the global currency markets”, michael kahn “technical analysis”, T.R. Demark “the new science of technical analysis”, C. Lebeau and D. Lucas ” technical traders guide to computer analysis of the futures markets” and others. These are the books that describe all the intricacies of technical analysis, analysis tools and their use.

2. S. B. Achelis “technical analysis from A to Z”. This book is written by the author, who is the development engineer of the famous program metastock, which on its own speaks a lot. There is nothing superfluous in this book. The scheme of presentation is the follwoing: the indicator, definition, interpretation, example, calculation (formula).

3. J. J. Murphy’s “technical analysis of the futures markets: theory and practice”. You should pay special attention to this book, as many authors are using it for writing their own works, and it is considered to be one of the best books for traders. It is no exaggeration to say that this is the first and one of the most complete books on technical analysis. A huge plus is the simplicity of presentation.

4. B. Williams “new trading dimensions: how to profit from chaos in stocks, bonds, and commodities”. Very original and interesting book. It will just suffice to mention one statement: “technical analysis doesn’t work”. It contains very detailed description of trading on the basis of fractals and the “alligator”. The book provides clear and complete algorithm for making financial decisions. A large amount of theoretical material (chaos theory, information theory) may be attributed to disadvantages.

5. R. Fisher “fibonacci applications and strategies for traders”. If you are familiar with the elliott wave theory and would like to explore it in more details, then this book is for you. Operation with 5 wave pattern, corrections and many other issues.

6. Yuri zhvakolyuk “intraday trading in the forex market”. The title of the book speaks for itself. The main attention is paid to the technical analysis and japanese candles in particular. There is no a word about the fundamental analysis. Of course, intraday trading is not based on fundamental analysis, but it is worth to mention its impact on the prices movement within a trading day (for example, decisions on interest rates). The book will be useful to the traders who know the basics of trading. I do not recommend this book for beginners.

Among the most popular day trading books that describe the specifics and strategy of day trading in the foreign exchange market we can name the following works: larry williams “long-term secrets to short term trading”, kathy lien “day trading the currency market”, van K. Tharp’s “financial freedom through electronic day trading”, wolff K. “momentum investing”, L.B. Raschke “swing trading: rules and philosophy”, farrell, K.A. “day trade online”, friedfertig M., west J. “E- intraday trading”.

7. V. N. Lihovidov “fundamental analysis of global currency markets: methods of forecasting and decision making”. In the book the main indicators of economic activity and the degree of their influence on the market are described. A large number of examples is provided.

8. A. Elder “stocks basics”. The book describes one of the famous trading strategies – the “three screens”. Much attention is given to technical analysis, but of most interest are the chapters on the psychology of trading. The author is not only trading on the stock exchange, but is a practicing physician. The book will be interesting for any trader regardless of level of knowledge.

9. S. Nison “japanese candlestick charting techniques: graphical analysis of financial markets”. The book contains detailed explanation of rules of the japanese method of technical analysis application. Today this method is widely spread. This is one of the best forex books on “candles”.

10. Alex nekritin and walter peters “naked forex: high-probability techniques for trading without indicators”. The book contains description of trading methods based on the analysis of price charts without the use of complex mathematical or graphical models. All is very simple and understandable.

In this article the author has made an attempt to represent the general overview of best books on forex trading, focusing on such fundamental aspects as the technical analysis and fundamental analysis, day trading, and of course on training for beginners in the forex market. Studying this work will allow the trader to form an idea about the foreign exchange market and to use the information obtained in practice, when managing his account.

We wish you success in trading!

Notes; the sequence in which the literature sources are described, is random and limited. All evaluations, qualifications, conclusions and recommendations given in this article about best books for traders do not claim to be scientific or absolutely objective and are formed on the basis of professional experience, knowledge and skills of the author. This material reflects solely the author’s point of view on the covered issues and cannot be considered as the paid expert opinion.

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Top 10 best forex trading books

If you want to become really successful at forex trading, you’ve got to trade like the pros do. And that’s why it’s important to read helpful books every once in a while. In this write-up, we’ve shortlisted the top 10 books for forex traders. Read on.

1. Currency trading for dummies

Authored by brian dolan, this is one of the best fx books to read if this is your first-time trading or investing. It contains all the details you need to build and consolidate a winning strategy. One thing we like about it is that it brings together instructions that are packaged in an easy-to-learn manner.

Even though the book was originally published in 2011, it remains relevant all thanks to the updates from the forex.Com team.

2. Japanese candlestick charting techniques

Steve nison, the author of this book is not your ordinary wannabe trader. In fact, he is often described as the father of modern candlestick charting. His masterpiece provides detailed education on candlestick charting along with details on hedging, futures, equities, and speculation.

If you have ever wanted to make good use of technical analysis in your trading life, this is definitely a book worthy of your attention.

However, we’d like to warn you that this book is quite technical. So, if you’re into fundamental analysis, it might not be an easy read. But if you’re into technical analysis, it’s worth the read.

3. Forex trading: the basics explained in simple terms

Have you been considering getting started in forex but have no clue where to start? Well, this publication by jim brown might be worth your attention. Jim has more than 17 years of trading experience and claims to have tried almost every other popular trading method out there. His rewarding experience as a trader makes him a confident tutor especially for anyone looking to learn the basics.

That said, there are some who think that the details covered in this program are quite basic. Therefore, if you’re already familiar with these and are looking to expand your skills, you might want to go for a more advanced book or course.

4. The disciplined trader

Is there anything that’s important as self-discipline when it comes to trading? One minute the markets are moving in your favor and before you know it, the odds shift against you and you’re in the red. Indeed, trading can be an emotional roller-coaster and that’s why we think that mark douglas’ book is worth checking out.

Inside this book, mark trains you on good psychological control. Indeed, you’ll also be exposed to a rigorous self-examination journey which will help you overcome fear.

5. How to start A trading business with $500

There are so many entry-level forex books available out there but none of them comes close to what this one by heikin ashi trader has to offer. First, if you’ve been trading for quite some time, chances are that you are already familiar with the heikin ashi strategy which is quite useful for predicting future prices.

The “how to start A trading business with $500” is authored by someone who uses this very same tool to make huge returns. And the best part is that he guides you on a step-by-step journey on how you also can get started on a small budget.

To us, this book makes a lot of sense to entry-level traders who might be wondering whether they have a winning chance in a world dominated by the wallstreet fat cats.

6. The black book of forex trading

This book’s title tells it all. You see, there’s a lot of stuff that happens behind the scenes causing the markets to move. Successful traders are ones who are able to get the hang of these behind the scenes occurrences.

Indeed, this book by paul langer teaches you the macroeconomics bit of forex and also highlights the international monetary dynamics of both technical and fundamental analyses.

So, irrespective of which method you settle for, this old book has what it takes to make life a lot easier for you.

7. Day trading and swing trading the currency market

The managing director of BK asset management is probably one of the most sought-after forex analysts globally. Educated at the new york university stern school of business, kathy lien has been running a successful career on wall street for more than 2 decades now.

It’s no wonder her book “day trading and swing trading the currency market” is quite popular. In it, she provides actionable insights on the use of technical and fundamental strategies. Most importantly, she details out the short-term and long-term factors affecting currency pairs.

8. How to make a living trading foreign exchange

For those who are still on the fence about trading, this book is worth checking out. The author, courtney smith provides you with awesome trading strategies that you can use to make money even when the markets are tough. Smith also shares a strategy aimed at doubling profit generated using a simple channel breakout system.

9. Reminiscences of a stock operator

Edwin lefevre’s book reminds us of jesse livermore who’s one of the most productive traders of all time. In this book, edwin walks us through the journey of one mr. Livingston who moves from being financially broke to amassing unbelievable wealth over time. This is a book that’s all about recovering and rising from the ashes. So, if you’ve been on a loss-making streak and looking for inspiration, be sure to give edwin’s book a shot.

10. MT4/MT5 high probability forex trading method

A seasoned expert in momentum indicators, jim brown provides you with the latest insights from the financial world. What’s more? He equips you with 75 useful graphics that provide you with useful information regarding the merits and demerits of different technical indicators used today.

If you’re a MACD trader, this book is sure to provide you with the inspiration you need to make the most of MACD divergence also. It’s no wonder the publication ranked as one of the best-selling forex books in 2018.

Final words

So, there you have it. The complete list of some of the good forex trading books we could find out there. We hope that you’ll be able to pick one of these 10 and that you’ll see your trading life change for the better with each chapter you peruse.

Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in new york city.

Best forex trading books

List of top 10 forex trading books

As technology and communication have advanced to unscaled heights and no boundaries are existing between countries, foreign exchange has become an inseparable part of the economy today. We provide a heads up to the top best foreign exchange trading books. Below is the list of such books –

FOREX TRADING: the basics explained in simple terms ( get this book )

The death of money: the coming collapse of the international monetary system ( get this book )

How to start a trading business with $500( get this book )

Forex trading money management system( get this book )

FOREX: using fundamental analysis & fundamental trading techniques to maximize your gains ( get this book )

Foreign exchange option pricing: A practitioner’s guide [amalinkspro type=”text-link” asin=”0470683686″ associate-id=”wallstreetmoj-20″ new-window=”true” addtocart=”false” nofollow=”true”]( get this book )[/amalinkspro]

The black book of forex trading( get this book )

Forex: A beginner’s guide to forex trading, forex trading strategies ( get this book )

The simple strategy( get this book )

Currency trading for dummies( get this book )

Let us discuss each of these forex trading books in detail along with its key takeaways and reviews.

#1 – FOREX TRADING: the basics explained in simple terms

By jim brown

Key takeaways

It is of great use for those who have started trading foreign exchange and require appropriate guidance, given the abundance of information on the internet. It is a good book for gaining understanding from the very basic. The author has also mentioned one of his trading systems and the indicators without any further costs associated.

The essential concepts and principles have been covered in a direct manner and a simple language. Examples that traders encounter in daily work have also been highlighted for the readers to have a practical understanding.

#2 – the death of money: the coming collapse of the international monetary system

By james richards

Key takeaways

The US dollar has been the centerpiece of the world economy since world war II, and its performance can have a ripple effect on the financial condition of other countries around the globe. This book is a fast-paced look at the financial future, taking into consideration the greed of the financiers, incompetence of the central bank, and dangers of over-reliance on the US dollar as the reserve currency.

The 2008 global financial crisis has haunted the US economy, and the FED is paying the price for helping the bankers. It is forced to print money to create inflation for offsetting the deflationary effects of the debt overhang from the banking crisis. The government borrowing ability is required to come as a savior to wall street. The drawbacks of devaluation due to excess printing, reducing the intrinsic value have also been extensively mentioned. The author has made 2 assumptions for arriving at given theories:

The recession of 2007-08 has been structural, and the central banks have been using the wrong tools, assuming it is a cyclical situation.

Gold is the only ‘true money.’

Neither of the assumptions has been sufficiently supported by this book. However, it is written in simple language, and one can expand their financial understanding by linking the basic financial knowledge and the prevailing economic situation in the world.

#3 – how to start a trading business with $500

By heiken ashi trader

Key takeaways

Most of the new traders who start their business have very little means of raising capital. This top forex trading book highlights a realistic way of how one can become a full-time trader with limited capital, including private traders. It provides a step by step guidance on how to approach trading business with a capital of as low as $500. However, this foreign exchange trading book will not highlight on how to expand the business rapidly to a large target, say $100,000. Some of the other important components of the book are:

How should one acquire and smoothly implement good trading habits

How to be a disciplined trader

Social trading

Communication skills with broker

How to be a professional trader

Maximize returns from the available $500 and make it feel a very large amount

Trading activities for a hedge fund

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#4 – forex trading money management system

By don guy

Key takeaways

This book contains a simple theory provided by the author, which reverses the FOREX market movement with a simplified money management system and aids in maximizing profits. The cover of the book highlights this difference, which shows the performance of the market with and without the system.

It is popularly called as ‘roulette trader money management’ which implements reverse engineering to magnify profits while simultaneously reducing drawdown in most of the scenarios. The author has once visited a casino in las vegas, whereby he made a loss of $2000 while playing russian roulette. In order to counter the same, this system was established to ‘crush financial markets like a professional gambler.’ this system can be automated and can be used manually, as well.

Post developing the system, the author returned to las vegas with $20 and turned it into a profit of $500 in a time span of 1 hour, which was locked in from the automatic profit locking mechanism, and the same gets applicable in financial markets as well. The cover page will itself highlight how the profit is almost 4 times greater, and the maximum drawdown is only about one-third the size.

#5 – FOREX: using fundamental analysis & fundamental trading techniques to maximize your gains

By dave matias

Key takeaways

This edition will lay its focus on the importance of fundamental analysis in the movement of the FX markets. Fundamental analysis is the base of trading and a primary driver of FX flows and also provides one with the practical knowledge and understanding, which is unique. The market is very volatile in nature and is sensitive to any kind of micro and macro releases and hence making use of such fundamental analysis is of high importance.

Though one should not neglect technical analysis, one needs to keep a blend of both this analysis. This book will highlight the following aspects:

Myths of fundamental trading

How can macro and micro events influence the market

Currencies and bonds

Usage of practical examples and use of models in fundamental trading

Global market flows and other important trading concepts

Trade and capital flow in relation to the FX market.

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#6 – foreign exchange option pricing: A practitioner’s guide

By iain J. Clark

Key takeaways

This publication will cover all the aspects of FOREX options from the point of view of a finance practitioner and contains all essential information that a trader or quantitative analyst is required to possess working in a bank or a hedge fund. It covers up the theoretical mathematics aspect as well as the comprehensive coverage of implementation, pricing, and calibration.

The content is developed with inputs from traders and real-life examples. It also will introduce to the more commonly requested products from the FX options trading desks along with various models capturing the risk characteristics essential for accurate pricing of the products. Another aspect covered is the numerical methods required for calibration of these models, a crucial component in practice but often neglected. Robust treatment is given to the following features:

Precise market conventions for FX volatility management

Adjustment for settlement and delayed options delivery

Pricing of vanilla and barrier options contract under volatile conditions

Three-factor long-dated FX model

Numerical calibration techniques for all the models under consideration

Adopting variable approaches for strongly path-dependent options using either partial differential equations or monte carlo simulation.

Connecting the mathematically robust theory with live practical scenarios, this guide is essential to FOREX options in the context of the real-life market place.

#7 – the black book of forex trading

By paul langer

Key takeaways

The contents of this edition are crafted after multiple years of testing and getting fingers burnt in the volatility of the financial market. One can follow the success stories of those who have made it big in the financial world, but few will understand the skills and swiftness one learns after going through failure, and this book highlights the same.

This book is targeted for beginners to intermediate traders who are still struggling to make it big in the trading world and can be equipped with rugged tactics to handle complex situations as well. It will cover the 3 main areas in forex trading:

How to construct a definite winning strategy adhering to the personal lifestyles and requirements.

Ways to optimize and maximize gains without taking unnecessary risks.

Traders are required to take control of their emotions and biases while execution and follow a few simple steps to be followed while trading.

Certain other aspects which are covered are:

Combatting struggling market scenarios

Start earning money on a consistent basis

Tactics to become a successful trader in 4 months

Ensuring one can plan their financial freedom within the specified boundaries and limitations

Gain sufficient confidence to trade with the appropriate knowledge and numbers in place.

The size of the book is relatively less but the knowledge it imparts is significantly irreplaceable and can be adopted under complex situations for a long period of time.

#8 – forex: A beginner’s guide to forex trading, forex trading strategies

By matthew maybury

Forex: Guide - 3 Manuscripts: A Beginner

Key takeaways

It will focus on 2 broad areas: one is a beginner’s guide to FOREX trading, and the other is best strategies or high profit and reduced risk.

The beginner’s guide provides a blueprint to build a trading plan with the use of forex and how one can maximize their earnings with the same. It will highlight the absolute basic components towards an introduction to the $2000 billion forex market. This foreign exchange book enhances how an individual should strive to create a pool of money depending on their financial needs over a period of time for certain events like marriage, retirement, etc. One can gain a profit margin in the range of 70-90% following simple rules of the FOREX market.

The second aspect will focus on the best forex trading strategies for high profit and reduced risk. One can become an expert in FOREX with the use of several different strategies required to make a successful trader. Additionally, for an experienced trader, they can explore a strategy that must not have been encountered before. Hence, if one is a reader to gain knowledge of the foreign exchange or as a daily task, this book will teach the following:

Basics of forex trading

Determining and understanding market trend

Strategies such as moving averages, price action, candlestick, turtle, scalping, etc.

Reducing the risk of loss

Street smart tactics to survive choppy market conditions.

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#9 – the simple strategy

By markus heitkoetter

Key takeaways

This top forex trading book is a powerful trend-following day trading strategy for the trading of futures, stocks, ETF’s, and FOREX. The popularity has increased due to the following reasons:

Clear entry rules are based on specific indicators such as the MACD above the zero lines or not, and the entries are easy to identify and execute.

Clear exit rules whereby one will have a clear idea to exit the market at the time of taking the position. This way, one can manage the quantum of risk to be assumed for the sizing of the positions and money management. One can also keep the trade on auto-pilot once the entry order is filled, keeping the trade management to a minimum and thereby reducing costs.

Taking advantage of small intra-day trends: trading can be executed on the beating of a pulse, and one may not necessarily wait for the trading day to be completed. This forex trading book will offer tips to tackle such situations as well.

Sophisticated trading software is not required: A simple charting software with basic capabilities is required for plotting range bars, bollinger bands, MACD, and RSI. One is not required to purchase any proprietary indicators or expensive charting software.

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#10 – currency trading for dummies

By kathleen brooks

Key takeaways

This is a user-friendly guide explaining the functioning of a FOREX market and how one can benefit from the same. It offers easy to follow introduction to the global FOREX market, which explains the size, scope, players, and other major economic drivers that influence currency values and how to interpret the data and events in a channelized manner. One will explore various trading styles for constructing a concrete strategy and a game plan for execution. The areas to focus on are:

Currency trading convention and its tools

Providing an insider’s look at key characteristics of established and successful currency traders.

Understanding the importance of organization and preparation

Offering guidance on the pitfalls of trading to be avoided and rules to manage various kinds of risks.

This best forex trading book will go to the grass root levels for trading and will enhance the mechanics of trading on how the currencies are traded, pairing of currencies, understanding price quotes, how the global trading day flows, and so on. Subsequently, one can put their knowledge and intuition to test by getting a practice trading account with an online foreign brokerage before actually putting money in the real market.

9 of the best forex trading books in 2021

Best Forex Trading Books for the Currency Markets

An experienced trader knows that forex is pretty easy to understand, but hard to master.

We wouldn’t argue with that.

But at the same time, getting the basics right can be as difficult as working the forex trading market like a pro.

We thought we’d dive into the best forex trading books, to bring you a heads-up on what is worth spending time on.

#9. Forex trading: the basics explained in simple terms

Jim brown is an established expert on many different aspects of trading, but this forex trading book has it all if you’re interested in learning the basics. It covers pretty much everything, but the simple and accessible structure and language make it an essential text for the absolute beginner. It is for that reason that we see it as one of the best forex books available.

He’s been trading in forex for over 14 years now, and was there back when traders were using manual charting, so he knows exactly what the ‘nuts and bolts’ of forex trading involves, right down to the particular behaviours of each currency pair. His journey has taken him from those manual charts to the incredibly quick and challenging modern forex arena.

Every single aspect of forex for beginners is covered.

Choosing brokers and managing pips effectively are also key areas of the work.

He also does something that many forex experts don’t. He tells you where he trades forex and he also offers a system that you can pick up and run with, as part of the package.

The value continues with brown’s online presence.

Even if you just read the book and took advantage of his system offer, you’d still be using a book that delivers a great and useful experience. But he’s also a trader who regularly creates videos and explains his system to all those who are interested. That means facebook groups and youtube, with regular updates on the principles covered in this book.

One of the best resources in currency trading for beginners.

Interested in day trading instead of forex trading?: 9 of the best day trading books you need to read

#8. Trading in the zone

Mark douglas wrote this book to help traders master their own issues around nerves and confidence. It is arguably one of the first effective trading psychology texts ever written, and definitely one of the best currency trading books. Smart and focused, the book takes you on a huge journey.

Read this forex trading book and, at the end of it, you’ll understand a lot more about yourself as a trader.

It’s a complex book, and it’s possibly quite difficult to explain the concepts. This complexity is why the book is so famous. Simple principles that come into play every time you set up a trade are explained. Then, douglas takes you through the reality of trades. This means thinking about how they could go either way, and how you could lose money even if the trade seems perfect.

By covering points like this, douglas ensures that the psychology of a winning trader is what you walk away with. If we were to try and summarise what he is saying in the book, it’s essentially a new mindset that is being delivered. He wants traders to feel okay about loss, and feel exactly the same way with success.

This is what makes a trader invulnerable to the stress and strain that takes place when trades are occurring.

#7. How to trade in stocks

We’re including this one from the great jesse livermore because it has all of the fundamentals required for modern forex trading. In the end, anyone who is successful in trading on any market has to be capable of reading that market, and acting accordingly.

Livermore’s seminal text tells you how to do that.

Let’s not forget that livermore is still viewed as being one of the giants of investment strategies. His approach was one that he never really discussed openly, but this book affords you an insight into just what it was that drove him to invest.

Livermore was such a prominent figure in his time that he was accused of causing the stock market crash in 1929. At one point he made $3 million in one day with trading. That crash, which essentially brought america to its knees, brought him $100 million. That shows his depth of knowledge and his acute ability to read what is happening with money.

He died in 1940, and while this may initially make you feel that he was part of a different trading culture, the ideas put forward in this book will still make you more effective in forex trading, they are that useful. This book comes highly recommended, and it should be a part of every trader’s library.

#6. Candlestick charting

This is without a doubt a classic piece of work on charting, which can be one of the most dense and complex aspects of managing forex. Steve nison delivers a very detailed guide to forex book, which may scare some potential readers away, but if you stick at it you’re looking at a system that will bring you success.

The candlestick method is from the far east, and nison regularly comments on the culture surrounding that origin. He has also created whole courses around the charting method, as well as follow-up books and extra modules that expand the candlestick method even further.

It’s pretty deep stuff that just keeps evolving.

Candlestick charting is about patterns and names in the currency market, and nison makes this easy to digest and follow through on. The best thing about this forex trading book is the simplicity behind it all. Nison does an excellent job of making everything feel simple to understand, while he delivers one of the most complex strategies in modern trading.

For forex traders, you are simply buying a unique system here.

But this is also one of those books that we feel could be enjoyed by anyone who is interested at all in finance and money. So while it will help you chart more effectively, it will also give you some fundamental lessons about life.

We’re serious on this one.

Buy it, and disappear for a couple of days while you read it. It will change your entire perspective on trading in general. And it will give you a solid grounding in technical analysis and forex trading strategies.

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#5. Day trading the currency market

Kathy lien is widely respected in the markets arena, and this book shows you why. The whole thing is beautifully put together, and it caters to some beginner principles as well as more advanced analysis techniques that you can use in the forex market when you are more experienced.

One of the most useful aspects of the work is lien’s ability to take a graduated approach. She looks at currency pairs and how they will change in the medium to long-term, for example, but doesn’t swamp you with information.

This makes hers an agreeable and useful guide.

The book has been carefully written, and lien’s aim here is to ensure that readers can take practical steps away with them. Following the approaches and principles in the book will lead you towards profit, as well as improve your forex skills overall.

#4. Currency forecasting

While the title of this book may seem a little idealistic to anyone who has lost money with forex in their lives, there’s a lot of good work here. Michael rosenberg works for the mighty merrill lynch, and he has spent a good part of his career on technical analysis.

All of that knowledge is delivered perfectly in this book, which is an absolute must if you want to get serious about trading forex.

The book came out in 1995, but it is testament to rosenberg’s expertise that is consistently referred to by analysts and forex professionals today. There is nothing here that is anything less than highly useful.

If we were to pick out any favourite lessons to learn here, it would be the understanding that the international political and financial situation is not always mirrored in what happens on the markets.

#3. How to make a living trading foreign exchange

Trading forex is more than hard, it’s a daily challenge. Having the right approach from the outset counts for a lot. Courtney smith is an excellent guide along that path. He outlines a superb and simple beginner strategy, one which brings instant confidence to the reader.

The ‘rejection rule’ is what the book is most famous for, and rightly so. The rule is useful for making profit, and is successful. But that is just one of the highlights. Smith frames the book around six key strategies that should help both beginner and expert profit from the forex markets.

The strategies for trading foreign exchange here are sound, and easy to follow. It’s a book that deserves a full read-through immediately though, so give yourself the time to digest the concepts.

#2. How to start a trading business with $500

It’s a tempting title, and the inside of the book delivers on the promise. As you will know, one of the most challenging aspects of an individual trader’s life is the raising of capital. This book takes you through the approach you will need to take to forex when capital is as low as $500.

A large emphasis is placed upon key aspects like communicating effectively with a broker, something that is so important when you’re starting out, but even more so when capital is low. The book also offers some great insight into the self-discipline and the trading style required to be a successful trader.

This section is perhaps the most enlightening part if you’re new to the arena.

Well-written, and incredibly easy to understand, this basic text will help anyone who has low capital at their disposal, but still wants to make a living from the foreign exchange market and the foreign currencies traded on it.

#1. 50 pips a day forex strategy

This is a little-known book that has a lot to offer beginners and intermediates. It basically does what it says it will, and can get you on the road to success within just a few days. In a simple and clear style, the book outlines what you need to do to make sure that you make profit, pure and simple.

What’s great about this book by laurentiu damir is the inclusion of a trading system process that allows you to create your own forex strategy. In this sense it is an empowering book that should allow anyone to jump into a profit situation reasonably quickly.

It also allows you to get a hold on money management, so you don’t make any silly mistakes with the funds that you have. A perfect little introduction to forex, and a very empowering book for anyone who is just starting out.

This is a useful list of recommended forex trading books, and using any one of these books will make your forex experience a successful one.

Obviously, it is important that you follow the instructions and advice from the various authors here. They can make you a better trader, but you have to put the work in first if you’re going to make the best use of the material. The availability of these titles is good, and you’ll find them in the forex books section on amazon.

Books

Day trading books can teach you about strategy, risk management, psychology, and a great deal about technical analysis. Unfortunately, librarians and book retailers aren’t day traders. This makes tracking down the best books somewhat challenging. Fortunately, this page has broken down and collated the best books for beginners, top books for particular assets, as well as detailing how different formats can best suit your individual needs.

Best ebooks for day traders

ETX ebook library

ETX capital deliver a broad library of ebooks for traders to use. From technical analysis to global trends, there are ebooks that can help you whether you trade forex, commodities or stocks. All the resources are free and are well worth making use of.

Day trading books for beginners

When you decide to take the plunge into trading, you swiftly realise how complex strategies, charts, patterns, platforms, and fees can get. This is all the more reason to utilise the resources around you to hit the ground running. The best books for beginners keep it simple and offer step by step guides on how to choose stock, implement strategy and manage your capital and risk.

Below are 3 of the top books for beginners.

1. A beginner’s guide to day trading online, toni turner

Written by a trader and educator, the book gives clear direction and is also up to date with industry developments. You’ll get a detailed overview of risk management, technical analyses, plus how to set up a trading plan. Recent editions have been renamed “A beginner’s guide to short term trading”

The book is also a fantastic learning tool because it’s packed full of quizzes and checklists. The author also runs through all the basic jargon, whilst somehow managing to keep you engaged. It’s great for the day trader specifically because it distinguishes between short term and long term trading, the benefits, the risks and the concepts you need to focus on.

2. Start day trading now: A quick and easy introduction to making money while managing your risk, micheal sincere

Written from the perspective of an experienced trade, this book centres on technical analysis and also offers some invaluable money management lessons. It initially centres on charts, patterns, and indicators. You’ll then be walked through the practicalities of making your first trade.

You also get the benefit of hearing from interviews with experienced traders, hopefully enabling you to avoid any of the pitfalls they fell down at. Plus, at less than 200 pages this book is an easily digestible read for the aspiring trader.

3. Day trading for dummies, ann C logue

Although the author’s not a trader, her book is diverse, covering a wide range of topics, making it ideal for those who want to get a broad initial understanding. This book is less of a guide and more information on every day trading topic under the sun. You won’t get detail, but that also means you shouldn’t get lost. This all makes it one of the best books on trading for beginners.

If you had to answer ‘what’s the best books for beginners?’ all of the texts above would top the list. They give you the platform you need to start, as well as somewhere you can turn to for answers as you get going.

Remember, good day trading books for beginners keep it straightforward. They walk you through the entire process, from choosing a stock and strategy, to psychology and risk management.

Best books

For those looking for more detailed books that offer in-depth technical analysis, advanced strategies, and comprehensive information on all things day trading, there are a number of books you can turn to.

Below we have collated the top 10 books, taking into account reviews, ease of use and comprehensiveness.

1. High probability trading: take the steps to become a successful trader, marcel link

This book centres on the notion of only making trades when the odds are in your favour, so it delves into how you set up your trades, and what to look for to know exactly what to trade and how much.

The author calls on years of successful experience in the markets and you can benefit from his trial and error approach to avoid future mistakes yourself. It’s well written and to the point, making it worthy of a spot on this list.

2. The truth about day trading stocks, josh dipetrio

Whilst many books sing about the potential riches, josh dipetrio emphasises day trading is not a get rich quick scheme. His writing is easy to follow and you can tell he genuinely wants to make you aware of the dangers, and advise you on how to manage them.

There are some essential lessons you can glean from this book and you get the resounding feeling you’re getting the truth from the first chapter until the last.

3. Mastering the trade, john carter

This is one of the top books because there is so much detailed instruction on how to set up trades. He leaves no stone unturned as he breaks down numerous strategies and different markets. It’s also well established as one of the go-to psychology books.

If you’re looking for a crystal clear guide to what, how, why, when and where, then this is the book you need. It’s also considered one of the best emini books, calling on real life examples to prove points.

4. Day trading and swing trading the currency market: technical and fundamental strategies to profit from market moves, kathy lien

One of the best selling day trading books, you get to benefit from the experience of one of the most highly regarded analysts in the forex world. If you haven’t seen her on bloomberg or CNN, then you’ll enjoy her to the point style.

You’ll gain an insight into conducting accurate market analysis, plus the author’s a solid source of trade ideas. If you’re looking for one of the best forex books, then look no further.

5. The disciplined trader: developing winning attitudes, mark douglas

A lot of good books focus on technical analysis, strategy and risk management, but not so many focus on the complexities of trading psychology. As this book aptly highlights, you can have all the best strategies in the world, but without discipline, you’ll struggle to turn a profit.

The book details why not yielding to your emotions is harder than it sounds and offers you a multitude of tips for keeping calm and getting in the right headspace. You’ll also get on advice on how to document your trade performance and minimise risk.

6. Digital day trading, howard abell

Although not quite making the top 5 books, this text deserves a look in. If you’re looking for an easy to understand book that doesn’t waste words, then this is a sensible choice. The author focuses on market philosophy and delves into his own trading psychology. You’ll also benefit from three interviews with successful day traders, picking up an array of useful tips.

The only thing to point out is that this book was written during the highly volatile period of the dotcom boom, so some information may be outdated.

7. The stock trader: how I make a living trading stocks, tony oz

If you want strategies you can take from the book and apply with ease then this is a good choice. You get a number of detailed strategies that cover entry and exit points, charts to use, patterns to identify, plus a number of other telling indicators.

This book gets glowing reviews and is written in an engaging way, giving it appeal to a wide audience. It’s not surprising then it’s thought to be up there with the best trading books of all time.

8. Range trading, micheal young

If you’re looking for a specific, honed strategy, then this book deserves your attention. The book explains why most strategies such as scalping struggle to overcome high intraday costs and fees. It then offers you a tried and tested alternative, known as ‘range trading’.

This is a self-proclaimed step by step guide, taking a complex system and making it easy to follow. If you’re looking for a high level of detail and an alternative approach, then you’ll see why this one of the best intraday trading books around.

9. The simple strategy, markus heitkotter

If you’re looking for widely regarded forex and options books, then this won’t disappoint. The success of this book comes from the clear instructions you get around entry and exit rules, how to capitalise on small intraday trends, plus advice on the software you do and do not need.

In addition, it’s been written so you don’t have to be a rocket scientist to get through it. The author also keeps it light-hearted and engaging throughout, making it one of the must read trading books.

10. Day trading grain futures: A practical guide to trading for A living, david bennett

If you’re looking for specific futures books then this deserves a look in. There are no mincing words, it offers you practical advice from page one on how to trade futures effectively.

Firstly, you’ll hear why the author prefers day trading and why the grains futures market specifically. Then you’ll get clear strategies, built on timeless trading concepts, that don’t rely on highly technical and complex indicators. You can also apply the philosophies and strategies found here to any number of intraday markets.

Live webinars and trader courses

ETX capital are currently offering a range of educational tools to traders. They are free to enrol for any traders who have made a deposit of any size. More details can be found here.

Courses are delivered by in-house experts at ETX, and an independent trading company. This ensures a rounded service for those who have enrolled. Most courses and webinars are delivered online.

Alternative formats

Thanks to the wonders of technology you can now get day trading audiobooks and ebooks. Audiobooks are ideal for listening to whilst you’re driving, on the treadmill, or when you simply want to block out the noisy kids. They also allow you to take notes whilst you listen, or apply the information in real-time on your platform.

You can also get books in pdf, as free downloads. Just like ebooks, having these open in a separate window whilst you trade allows you to easily follow instructions and put into practice what you’re reading. You’ll also have something you can quickly refer back to with just a click of the mouse.

Trading log books

These popular day trading books are an extremely useful tool that many people overlook, to their detriment. They will allow you to keep a detailed record of all your trades. These can then be used to check back to when you’re looking for patterns, or when you want to backtest a potential strategy. Some essentials to note down are the following:

Entry date

Equity symbol

Entry price

Total purchase price (including commission)

Number of shares purchased

Initial stop loss

Profit target

Exit price

Total sale price (including commission)

Profit/loss (total sale -total purchase)

Profit/loss % (-1)

Trading order books

These serve a different purpose from the bestseller trading books outlined above. An order book is an electronic list of buy and sell orders for your specified security or instrument, organised by price level. You’ll be able to see which brokerages are buying or selling the stock and whether the market is being pushed by institutions or retail investors.

This will help you make informed and accurate decisions. They are also useful because they reveal order imbalances, giving you an indication as to the assets direction in the short term. If for example, there was a significant imbalance of buy orders, this may signal a move higher in the asset as a result of buying pressure.

Different markets, different texts

If you want day trading books for the UK, europe, U.S, and canada then all of the books above will be relevant and applicable to markets close to home. But, if you’re looking to delve into markets on the other side of the world, you may want to look for books specific to that region.

If you’re looking to get into the indian stock market, for example, you’ll want books specifically for day trading in india. One of the best books on day trading in india, which is also written by indian authors is ‘intraday trading ki pechan’, by ankit gala & jitendra gala. Alternatively, ’how to make money trading with charts’ by ashwani gujral also scores highly in recent reviews of trading books.

If you want books with an australian slant and also written by an australian author, then you may want to look at ‘why gold matters’, by peter J. August. ‘adaptive analysis for australian stocks’ by nick radge also scores highly in reviews.

Final chapter

Finding online books, in general, is relatively easy, but finding the right one for your needs isn’t always straightforward. Before you make your purchase, consider precisely what you want to learn. Are you looking for strategies books, books on forex, psychology, or for beginners? Do you want a step by step guide, or do you just want to hear stories and advice from successful traders?

Once you know that, decide what format will make the information easy to digest and straightforward to apply, hardback, ebook, pdf or audiobook. It’s also always worth checking reviews of the supposed ‘best trading books’, just to be sure you’ll get precisely what you’re looking for.

The top 10 day trading books for 2021

Are you trying to get started as a day trader ? This article will help you to take your first steps by providing you with a review of the top 10 day trading books.

Day trading can be very lucrative, that’s sure. Combined that with the freedom to work wherever and whenever you want, no wonder it attracts so many aspiring investors.

But very few traders make it. The reasons? Not the ones we think.

Finding a trading strategy is not that difficult, but what is more difficult, is getting the right mindset.

There are many books on day trading, and making a choice isn’t simple. The books I’ve selected fall in several categories.

The best day trading books for beginners

The best books for advanced day trading techniques

Books on the psychology of day trading

If you’re a complete beginner and want to know more about trading before you start reading books, you can check my full guide to start trading.

What does day trading mean and what are the requirements?

A day trader is basically a trader with an intraday strategy. That means he will open and close all his positions within the same trading day. At the market bell every day he will have no open position.

The favorite markets for most day traders are forex or stocks. They are the most liquid, with competitive transaction costs.

Some years ago, day trading would actually only be done on the trading floors of banks, hedge funds or financial institutions. With internet and the development of online brokerage, day trading is now accessible to the retail trader.

However, it is quite regulated. For example, in the US, the “pattern day trader” rule obliges day traders to keep a minimum balance of $25,000 on their accounts at all times, or face account closure. This acts as a security

Day trading requires a good background in technical analysis and a solid psychological profile, especially for the more agressive forms of day trading such as scalping or high-frequency trading.

So now let’s dive in, and find out about the top 10 day trading books for 2020.

The best day trading books for beginners

How to day trade for a living: tools, tactics, money management, discipline and trading psychology, by andrew aziz

This book is a bestseller and one of the best day trading books around. It comes out consistently on top of most rankings when it comes to trading books.

If your goal is to be a day trader, to have the freedom to work and live from anywhere in the world, with the flexibility and money that comes from successful training, then this book is a good place to start.

Andrew aziz also runs a website called bearbulltraders.Com where he has gathered a community of traders around his methods and strategies.

Topics covered in the book: how day trading works, risk and account management, how to find stocks for trades, tools, and platforms, introduction to candlesticks, most important day trading strategies, step-by-step successful trading, next steps for beginner traders, andrew’s 11 rules of day trading.

Andrew aziz has also written a practical guide to follow up from his bestseller.

Advanced techniques in day trading: A practical guide to high probability strategies and methods

This books looks at all the tools you need as a day trader, from stock scanners, to software and platforms.

It then moves on to practical subjects such as how to find the right stocks, how to trace support and resistance and how best to manage your trades.

It is well illustrated and contains numerous trade examples.

A beginner’s guide to day trading online by toni turner

This book has been an amazon bestseller for years. Toni turner is a trader / educator with over 15 years experience, she’s a popular speaker at financial conferences and trading forums all over the US.

Her book explains what it means to be day trader. It gives a complete overview of the strategies, the risk management and the psychological aspects of a day trader. Rarely will you find so many aspects covered in a single book. The book is full of quizzes, checklists, and covers all the technical terms you need to learn, making it an extremely practical startup guide.

How to make money in stocks: A winning system in good times and bad, by william J. O’neil

No serious trader can ignore this book and the teachings from the legendary william O’neil. The book has sold over 2 million copies, and has popularized the author’s famous CANSLIM model.

It offers a full investing system with a 7-step process tuned towards selecting the best stocks while optimizing your risk / reward ratio. The system is a philosophy of screening, selecting, buying and selling common stocks. The letters refer to :

C=current earnings (stocks with recent quarterly growth in EPS)

A=annual earnings (annual EPS growing for the past 5 years)

N=new (the company should have undergone a recent change)

S=supply and demand (the universal laws governing markets)

L=leader or laggard (pick the leaders in their industry)

I=institutional sponsorship (are the big money managers in?)

M=market direction (are you in a bear or bull market?)

The book explains in great detail each of these elements, with concrete examples, charts, graphs and methodologies. There are numerous results showing the superior performance of the CANSLIM model.

If you want to know more about william O’neil’s investing principles, he is the founder of the incomparable investors business daily (IBD) website, the no.1 website to help traders make the best investment decisions. You can check that out too.

William O’neil has also written a book dedicated at “putting the CAN SLIM concepts into action“.

The best books for advanced day trading techniques

Forex price action scalping: an in-depth look into the field of professional scalping, by bob volman

Scalping is an intense form of day trading where you take numerous short trades (sometimes only a few seconds), making the most of small movements in the market.

This book will cover all the intraday tactics that can help you become a successful scalper. The chart setups, the trade entries, and trade management tactics, along with the money management aspects.

There aren’t that many books covering the topic in detail, from the technical aspects to the psychological ones. The techniques taught in the book are mainly price action.

Bob volman’s book is a must-have in everyday serious trader’s library.

Topics covered in the book: basics of scalping, trade entries, trade management, trade selection, account management.

Mastering the trade: proven techniques for profiting from intraday and swing trading setups, by john F. Carter

John F. Carter is a well-known contributor to leading publications such as SFO magazine. He’s been featured on ABC money and a regular speaker at trader expo. He has been a professional trader and trading advisor since 1998 and has launched the website tradethemarket.Com.

In mastering the trade, he covers the tools and techniques that every day trader needs in order to master what he calls the “5 key traits of professional traders”.

The book has three parts:

The first part is a trader bootcamp, explaining how markets work and what are the best ways to get mentally prepared for successful trading and investing.

The second part analyzes the best intraday and swing-trading setups for futures, stocks, options, and forex.

Finally, the third part gets into the details of traders’ game plan, with premarket checklists, the traders’ business plan, and the tips and tricks when it’s not working for you, no matter what you do.

The best books on the psychology of day trading

Trading in the zone by mark douglas

Mark douglas goes after the mental reasons that prevent traders from getting consistent results.

He tackles the market’s myths, challenges them and teaches traders to face the reality of risk and overcome random outcomes.

Trading in the zone is about the mindset needed by successful traders. Now, if you’re a beginner, you might be under the impression that what you need most is a strategy, indicators, trade plans. In fact, that’s only a small part of what you need to be successful.

All traders know it, your greatest enemy is within you. Failure will usually come not from a failed system but from a weak mindset.

This is why this book might not be the first one you need to read. However at one point it will become essential, and that’s the reason it has been receiving so much praise for so long.

Stop thinking, start doing. Your WILL see a difference in your trading results.

Topics covered in the book: fundamental, technical or mental analysis, the lure and dangers of trading, taking responsibility, consistency: a state of mind, the dynamics of perception, the market’s perspective, the trader’s edge (thinking in probabilities), working with your beliefs, the nature of beliefs and their impact on trading, thinking like a trader.

The new trading for a living: psychology, discipline, trading tools and systems risk control, trade management, by alexander elder

The first edition of this book, trading for a living, is one of the best-selling trading books of all time. In this updated version, dr elder teaches a complete approach to the markets for anyone wanting to develop a successful trading system.

The book includes trade plans, charts, graphs, templates for rating stock picks, and basically all the tools and techniques you need to develop a systematic approach to markets. It will also give you very actionable advice on risk management, trading psychology, and basically all the things we do that prevent us from being successful.

Many traders still refer to this book as their favorite.

Topics covered in the book: individual and mass psychology, classical chart analysis, computerized technical analysis, volume and time, general market indicators, trading systems, trading vehicles, risk management, practical details, good record-keeping.

If you’re interested, there’s also a full study guide that complements the book.

The daily trading coach: 101 lessons for becoming your own trading psychologist, by brett N. Steenbarger

This book is quite unique. It is organized in ten chapters containing 10 lessons each, destined to help traders improve every aspect of their approach, mindset and techniques.

It covers the change process you need to engage in if you want to become a confident trader and the ways you can cope with stress and distress. The book also details the steps toward self improvement and many techniques of self coaching (tolerating discomfort, challenging our defenses, …).

Most lessons are quite short, 3 to 5 pages long, making this an easy book to pick up and read on the fly.

As a constant improvement and self-coaching tool, this book is a useful addition to any serious trader’s library.

Trade your way to financial freedom by van K. Tharp

This book has been called the holy grail of trading information.

It exposes van K. Tharp’s unique 17 step trading model in a real trading masterpiece. It features interviews with traders, and breaks down what a trading system is and how you can develop your own by picking some examples within the book.

It is a kind of self-help psychology manual for traders and is necessary for anyone wishing to get serious with day trading.

Topics covered in the book: the legend of the holy grail, judgemental biases, setting objectives, steps to developing a system, selecting a concept that works, trading strategies that fit the big picture, six keys to a great trading system, using setups to jumpstart your system, entry or market timing, knowing when to fold’em, how to take profits.

I hope this list has proven useful. I’d love to know what are your favorite day trading books, leave me a comment below and share your tips!

So, let's see, what we have: the benefits of a good book for traders are endless – new knowledge, experience of battle seasoned colleagues, and innovative ideas. The best trading books by itself can’t make you rich and successful, it contributes to... At top 10 forex books 2021