Top 8+ Best Selling Forex Trading Books For 2022 (Ranked)
Forex, or foreign exchange, trading is a decentralized global market where all world currencies are traded. It is the largest and most liquid market in the world with an average daily trading volume of $6-7 trillion. There is no central exchange for forex trading. It takes place through a network of banks, brokers, and traders. In order to step into this world we collected both the top beginner and advanced books for forex trading.
Unlike the stock market, the forex market is far more volatile, which can lead to quick and significant profits for an experienced and focused trader. However, this volatility also comes with a much higher level of leverage, which can lead to large losses if a trade goes against you. For this reason, it is important to carefully research the markets before entering into any trades.
Forex trading books can be a great way to learn about the currency markets and how to trade them profitably. They can teach you about different strategies and give you insights into what makes successful traders successful. Reading one or more of these books can help you become a better trader and improve your chances of success in the forex market.
01 Price Action Trading Secrets: Trading Strategies, Tools, and Techniques to Help You Become a Consistently Profitable Trader, by Rayner Teo (2021)
Price action trading is a method to read the markets and make trades based on the actual price movements, as opposed to relying on indicators or other analysis. This can be a very effective way to trade, especially if you are able to develop your own price action trading strategies. There are many resources available to help you learn how to trade using price action, including books, websites, and even online courses.
One of the best ways to learn price action trading is by studying the charts and analyzing what the prices are doing. You can find patterns and clues that will help you anticipate future price movements. In this book the author want to teach you how to become a consistently profitable trader without relying on fundamentals news, trading indicators, or signal services. The four major kinds of market structure that every professional trader should know. Once you know it, you’ll be able to “catch” the market's game and learn more about how it functions.
02 Naked Forex: High-Probability Techniques for Trading Without Indicators, by Alex Nekritin (2012)
In the world of Forex trading, technical analysis books written for stock, futures, and option traders are the most commonly relied upon sources of information. This is likely because many Forex traders are former stock, futures, or option traders who transitioned to Forex trading. It wasn't until computers and calculators became ubiquitous that technical analysis truly came into its own as a tool for analyzing financial markets. However, long before that time technical analysis was used by some of the most successful traders in history.
Because traders using standard technical indicators concentrate on the indicators, traders using naked trading techniques concentrate on the price chart. Naked trading is a straightforward and fast way to trade, and it's particularly beneficial to traders who are looking to get experience with a trading technique that is easy to use.
Without a doubt Naked Forex is one of the best forex trading books on the market.
03 Forex Trading: The Basics Explained in Simple Terms, by Jim Brown (2015)
When it comes to Forex trading, there are a lot of resources available online to help you get started. But with so many different sources, it can be difficult to determine which information is relevant and which is outdated or simply incorrect.
This book is for those of you who are just starting to consider trading Forex but don’t know where to start. It provides an overview of the basics of Forex trading and offers advice on how to get started. The goal is to give you a good foundation so that you can make informed decisions about your trading career.
Forex trading can be profitable if done correctly, but it’s important to remember that there is always risk involved. Before starting out, it’s important to do your research and understand the risks involved in order to make informed decisions about your trades. If you are looking for a beginner friendly book, this one would be your best forex book choice.
04 The Art of Currency Trading: A Professional's Guide to the Foreign Exchange Market, by Brent Donnelly (2019)
The Art of Currency Trading is a comprehensive guide that will teach you how to profitably trade currencies in the real world. Author Brent Donnelly has been a successful currency trader for greater than 20 years. In this book, he shares the trade secrets he has developed over the course of his career.
In this book your will find an insider's perspective on the pillars of currency trading. How macro-level issues, technical analysis, and individual investment research can be interwoven for successful investing.
05 The Black Book of Forex Trading, by Paul Langer (2015)
There are a lot of books on the market that offer to teach you how to trade Forex, but most of them are filled with fluff and filler content. This book is different. It includes a link to more than 80 minutes of video content, where the author will walk you through and help you easily get started with his working trading system.
This short book is an essential read for anyone who wants to learn how to trade Forex successfully. It covers a lot of practical aspects from basics to more advanced strategies, and it's all presented in a clear, easy-to-follow format.
I have to admit Paul's book about forex trading is a really helpful resource for new traders.
06 Forex For Beginners, by Anna Coulling (2013)
Forex trading can be profitable if done correctly. However, it is important to learn the basics of Forex trading before diving in head first. This is where Forex For Beginners comes in.
Forex For Beginners is a comprehensive guide that will teach you everything you need to know about Forex trading. It covers topics such as what Forex is, how to trade currencies, and how to use indicators and analysis techniques to make profitable trades.
Hence the book isn't new, it provides the fundamentals of trading. Once you have read and understood Forex For Beginners, you will be ready to start trading currencies yourself.
07 Trading for Beginners: The 2022 Crash Course, by Ray Bears (2022)
If you are new to the world of trading, or even if you have some experience but want to learn more about options trading and forex, this book bundle is for you. It will give you a basic understanding of the concepts and best strategies for swing and day trading.
With this knowledge, you can begin to maximize your profits in the markets. The bundle includes two courses: one on options trading and one on forex. In each course, you will learn about the basics of the market, how to trade using various strategies, and how to protect your investments.
The courses are taught by experienced trader with many years of experience in these markets. The author will guide you step by step through each lesson, so that you can understand and apply what you learn quickly and easily.
08 No Nonsense Forex Trading Psychology, by Patrick Victor (2020)
Finally a must read trading psychology book. In order to be a successful trader, you first and foremost need to have full understanding on your own and others psychology. Without this knowledge, you will be only a trader from the crowd. It doesn't matter what you do, if you can't control your own emotions and thought patterns, you will never be successful in trading.
The key to having full control of your psychology is to be self-aware. You need to understand how your mind works, what triggers your emotions, and how to stay rational in times of stress. The more aware you are of yourself, the easier it will be to keep your emotions under control.
Unlike most trading psychology books you will find on the subject, which is usually nothing more than theory, this book breaks down trading psychology into actionable steps that you can use to improve your own trading.
The author, an experienced trader, provides real-world examples of how to apply each step so that you can see how it works in practice. You will also learn about the common psychological traps that traders fall into and how to avoid them. This book is a must-read for anyone who wants to be an experienced trader.
09 Trading in the Zone, by Mark Douglas (2000)
The book Trading in the Zone provides critical information regarding trading methods that are employed by successful traders. Most traders can operate at a profit but never break their streak of profits. The consistency of a successful trader is something increasingly important mastered.
Traders don't seem to recognize that their trading issues caused by their viewpoint of the market. Mark states that understanding the market is important but in most cases it isn't the main reason why we have losses on a market. The main point of the author is that you have to be in the ‘zone' which makes the trader successful.
The critic of this book is mainly due the repetitive nature of Mark's writing. Mark needs lots of words and repeats himself over and over to make his ideas clear. However, if this sort of writing appeals to you, then you will surely enjoy his message.
10 Market Wizzards, by Jack D. Schwager (2012)
In the book, one of the successful stock traders personally checked the traffic of different brands shop in order to make the decision whether he should buy the stock of the brands.
The author put several interviews with highly successful traders, like Stuart Walton or Steve Watson to share their worldview with the readers. You will get insight how these traders think about the world and the markets they are working with on daily basis.
If you are looking to learn about trading mindset this book will be a great choice for you!
Forex Trading Books: Conclusion
In conclusion, the best forex trading books are those that teach you how to trade and how to read the market. They also provide you with real-world examples so that you can apply what you learn in the book to your own trading. Finally, a good forex trading book will also be up-to-date with the latest changes in the market.