Forex or foreign exchange market is the largest financial market in the world, with a daily trading volume of about $5.3 trillion. It’s a market where currencies are traded 24 hours a day, five days a week. Forex trading can be a profitable venture, but it requires knowledge, skills, and patience. One of the best ways to learn forex is by reading books. In this article, we’ll discuss the best book to learn forex.
The best book to learn forex is “Currency Trading for Dummies” by Mark Galant and Brian Dolan. This book is an excellent starting point for beginners who are interested in forex trading. It covers all the basics of forex trading, including how the forex market works, how to read forex charts, how to analyze currency pairs, and how to develop a trading plan.
One of the strengths of this book is its simplicity. The authors use plain language and avoid technical jargon, making it easy for beginners to understand the concepts. They also use real-life examples and case studies to illustrate the concepts, which makes it easier for readers to relate to the material.
Another strength of this book is its comprehensive coverage. It covers all aspects of forex trading, from the basics to advanced strategies. It also includes a glossary of forex terms, which can be helpful for beginners who are unfamiliar with the terminology.
The book also includes a section on trading psychology, which is often overlooked in other forex books. Trading psychology is an essential aspect of forex trading as it affects how traders make decisions. This section covers topics such as discipline, emotions, and risk management.
The authors also provide information on forex brokers, trading platforms, and trading tools. This information is valuable for beginners who are just starting as it helps them choose the right broker and platform to suit their needs.
Overall, “Currency Trading for Dummies” is an excellent book for beginners who want to learn forex. It’s easy to read, comprehensive, and covers all the basics of forex trading. It’s also affordable and widely available in both print and ebook formats.
However, it’s worth noting that this book is not suitable for advanced traders who are looking for more in-depth analysis and strategies. For such traders, there are other books such as “The Disciplined Trader” by Mark Douglas and “Trading in the Zone” by Ari Kiev, which delve deeper into trading psychology and advanced strategies.
In conclusion, if you’re a beginner who wants to learn forex, “Currency Trading for Dummies” is the best book to start with. It’s an excellent resource that covers all the basics of forex trading in a simple and easy-to-understand manner. However, if you’re an advanced trader, you may want to consider other books that offer more in-depth analysis and strategies.
