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22.03.2021

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Author: Shams ul Zoha

Books every Forex Trader should Read

Introduction

Trading books are a source of knowledge for traders of all levels, beginners, amateurs, and professionals. The volumes primarily relate to a particular topic and cover it in detail. These publications are made by various noted participants who have faced significant hurdles within the financial markets yet have come out strong. After combining all their information sincerely and concisely, they now present it to the public. A few of these stand out amongst the others and are recommended by every mentor for their students.

Benefits of trading books

Before diving into the best trading books of the time, let us discuss some of the key advantages of reading them:

  • Errors. Reading a book that highlights all the major mistakes can help you prepare for them beforehand.

  • Focus. It can help you keep your focus on what is right and avoid any distractions. Your technical and fundamental analysis will definitely be boosted if you read the books properly.

  • Strategies. Opens up your brain to a different approach. Each strategy comes in a detailed manner to help you understand it better.

  • Learning curve. Your learning curve will become faster and easier. Getting knowledge from others can save you from experimentation on your own, thus saving time.

  • Other advantages. Reading has, over time, shown tremendous benefits on human brain activity. It reduces stress, improves mental stimulation, and increases memory storage.

Top trading books

An abundance of excellent trading books provide excellent knowledge on almost all topics of the financial industry.

Trading in the Zone by Mark Douglas

This master book on trading psychology was published in 1995 by Mark Douglas. The markets regard Mark as one of the best teachers in teaching traders how to develop great confidence and a strong mindset. His publication forces a trader to look in the mirror and answer questions about his trading activity with pure truth. If there any psychological hurdles in the way of your success, then Trading in the Zone is the perfect read, as you can fix them with the mind hacks contained within. The book is an ideal option for beginners and amateurs who believe the best strategy is enough to win in the markets.

Market Wizards by Jack D.Swanger

The futures analyst Jack D. Swanger's Market Wizards covers interviews from top traders such as Paul Tudor Jones, Ed Seykota, and 14 more in one of the top trading books of all time. Reading and rereading about the trading journey and execution strategies of the best the industry offers will undoubtedly change your approach towards the market for the positive. The book still holds its relevance even after 31 years have passed since its publication, as the market principles and the core values remain the same.

Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy

John J. Murphy shifts his focus from futures to all financial markets, providing information on technical analysis, computer tools, and indicators. The second edition of the read covers aspects of reading candlestick charts, gives examples, and shows intermarket relationships, making it perfect for anyone looking to improve their technical skills in market reading. The publication easily makes its way into the top 10 technical analysis books.

The Intelligent Investor by Benjamin Graham

A perfect read for anyone looking to increase their value investing skills. The best investment advisor, Benjamin Graham, advises investors on how to shield themselves from potential errors and teaches them long-term strategies. These have proved their value over and over again since 1949. He also provides knowledge on determining the intrinsic value of an asset and placing your positions accurately as the market takes off. Warren Buffet regards it as one of his favorite books that taught him stock trading.

How to Day Trade for a Living: A Beginner’s Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz

This guide to day trading is efficiently compiled by Andrew Aziz, where he elaborates on important fundamentals, strategies, and investment guides in one of the greatest trading book ever written. The book primarily caters to the needs of beginners who are new to this concept. The overall short length makes it easy to read as the reader doesn’t lose his attention in the middle. Intermediate traders can jump ahead to chapter 7, which explains advanced strategies. Each game plan comes with useful information on stop loss, take profit, indicators, and stock hunting.

Trade Your Way to Financial Freedom by Van K.Tharp

The holy grail of information gives traders a lot of advice and ideas related to financial markets to develop their trading methodology. It covers everything from interviews, charts, and risk-reward analyses. In the second edition of his book, Van K.Tharp also features his 17 step trading model.

About Forex Copier

Forex Copier is an automated software that helps you copy your trades on the same or different PCs. It has two versions:

  • Forex Copier remote 2 for copying trades remotely from one MetaTrader® platform to another.

  • Forex Copier 3 copies trade between MetaTrader® platforms on similar PCs.

The copy trading software has many valuable features, including lot/risk management, price adjustments, order filtering, tweaking SL/TP, and emergency stops to help you get an easy edge in the industry. It is possible to diversify your trading accounts and brokers by distributing your equity over several portfolios and using the auto trade copier to copy positions from one account to all of the others. You can also choose to sell subscriptions to your signals and EAs to investors worldwide, with or without access to their login credentials.

The scope here is unlimited, as the Forex Copier can help gurus in teaching by sharing their executions. For traders on a losing streak, the mirror trading software offers a reverse mode that turns all incoming buys into sales and vice versa with modifications of the exit and entry points.